The Florida Senate

559.807  Bond or trust account required.--If the business opportunity seller makes any representations set forth in s. 559.801(1)(a)3., the seller must either have obtained a surety bond issued by a surety company authorized to do business in this state or have established a trust account or a guaranteed letter of credit with a licensed and insured bank or savings institution located in the state. The amount of the bond, trust account, or guaranteed letter of credit shall be an amount not less than $50,000. The bond or trust account shall be in the favor of the department. Any person who is damaged by any violation of ss. 559.80-559.815, or by the seller's breach of the contract for the business opportunity sale or of any obligation arising therefrom, may bring an action against the bond, trust account, or guaranteed letter of credit to recover damages suffered; however, the aggregate liability of the surety or trustee shall be only for actual damages and in no event shall exceed the amount of the bond, trust account, or guaranteed letter of credit.

History.--s. 1, ch. 79-374; s. 85, ch. 92-291; s. 65, ch. 2000-154.