The Florida Senate

604.20  Bond or certificate of deposit prerequisite; amount; form.--

(1)  Before any license is issued, the applicant therefor shall make and deliver to the department a surety bond or certificate of deposit in the amount of at least $3,000 or in such greater amount as the department may determine, not exceeding the maximum amount of business done or estimated to be done in any month by the applicant. Such bond must be executed by a surety corporation authorized to transact business in the state. For the purposes of ss. 604.19-604.21, the term "certificate of deposit" means a certificate of deposit at any recognized financial institution doing business in the United States. Such bond or any certificate of deposit assignment or agreement shall be upon a form prescribed or approved by the department and shall be conditioned to secure the faithful accounting for and payment to producers or their agents or representatives of the proceeds of all agricultural products handled or purchased by such dealer. The department shall determine by rule whether an annual or continuous bond or certificate of deposit will be required.

(2)  The amount of such bond or certificate of deposit shall, upon the order of the department at any time, be increased, if in its discretion the department finds such increase to be warranted by the volume of agricultural products being handled by the licensee. In the same manner, the amount of such bond or certificate of deposit may be decreased when a decrease in the volume of products handled warrants such decrease. These provisions apply to any bond or certificate of deposit, regardless of the anniversary date of its issuance, expiration, or renewal.

(3)  In order to effectuate the purposes of this section, the department or its agents may require from any applicant or licensee verified statements of the volume of her or his business or may review the applicant or licensee's records at her or his place of business during normal business hours for the purpose of determining her or his volume of business. The failure of a licensee to furnish such statement, to make such records available, or to make and deliver a new or additional bond or certificate of deposit shall be cause for suspension of the licensee's license. If the department finds such failure to be willful, the license may be revoked.

History.--s. 6, ch. 20678, 1941; s. 1, ch. 28032, 1953; s. 2, ch. 57-139; s. 3, ch. 61-412; ss. 14, 35, ch. 69-106; s. 3, ch. 76-168; s. 1, ch. 77-457; s. 6, ch. 78-95; ss. 7, 12, 14, ch. 79-238; ss. 2, 3, ch. 81-318; ss. 2, 4, ch. 83-6; ss. 2, 9, 10, ch. 90-161; s. 4, ch. 91-429; s. 996, ch. 97-103.