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Discussion Starter · #1 ·
660 Credit Score Bond Eliminated!! BUT if your credit is still less than the 660 threshold, you will need to either have an irrevocable letter of credit or take the 14-hour financial responsibility classes.
Here is the text from the Florida Administrative Code:
61G4-15.006 Financial Responsibility and Financial Stability, Grounds for Denial.
(1) The financial responsibility ground on which the Board shall refuse to qualify an applicant is failure to provide a current consumer credit report, as defined in rule 61G4-12.011, F.A.C., which consumer credit report does not disclose any unsatisfied judgments or liens against the applicant. In addition, there must not be any unsatisfied judgments or liens against the business entity which the applicant previously qualified as a primary qualifier or which the applicant has applied to qualify.
(2) The financial stability ground on which the Board shall refuse to qualify an applicant is failure to provide proof of a credit score, FICO derived, of 660 or higher. Applicants who are unable to provide a credit score, FICO derived, of 660 or higher, shall meet the financial stability requirement by completion of a 14-hour financial responsibility course approved by the Board.
(3) An applicant may meet both the financial responsibility and financial stability requirements by providing proof of a current consumer credit report, as defined in rule 61G4-12.011, F.A.C, with a credit score, FICO derived, of 660 or higher, which consumer credit report does not disclose any unsatisfied judgments or liens against the applicant. In addition, there must not be any unsatisfied judgments or liens against the business entity which the applicant previously qualified as a primary qualifier or which the applicant has applied to qualify.
Rulemaking Authority 489.115(5) FS. Law Implemented 489.115(5) FS. History–New 1-6-80, Amended 5-4-80, Formerly 21E-15.06, 21E-15.006, Amended 10-31-96, 11-13-97, 2-12-08, 4-13-22..

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I don’t work in Fla so this does not affect me, i’m just trying to understand it.
1 financial responsibility … good credit report, no liens
2 financial stability … 660 score or 14 hr course
3 or satisfy both with a good credit report and a 660 score.

So … how is item 3 any different than 1 & 2 individually?
 

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FL CBC / SC RBC / SC RBI
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I don’t work in Fla so this does not affect me, i’m just trying to understand it.
1 financial responsibility … good credit report, no liens
2 financial stability … 660 score or 14 hr course
3 or satisfy both with a good credit report and a 660 score.
So … how is item 3 any different than 1 & 2 individually?
1 and 2 set the grounds for denial, 3 sets the way to meet 1 and 2 requirements.

1 financial responsibility … liens are grounds for denial
2 financial stability … under 660 score or no 14 hr course are grounds for denial
3 To prove you meet the requirements - provide a current consumer credit report - failure to provide the report are grounds for denial
 

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Contractor Government Paperwork / Consultant
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Discussion Starter · #4 ·
1 and 2 set the grounds for denial, 3 sets the way to meet 1 and 2 requirements.

1 financial responsibility … liens are grounds for denial
2 financial stability … under 660 score or no 14 hr course are grounds for denial
3 To prove you meet the requirements - provide a current consumer credit report - failure to provide the report are grounds for denial
That is correct!! 🙂/ The only major difference is they are not making you get the bond anymore on a score less than 660 and taking a Financial Class is a piece of cake and alot cheaper! 🙂
 
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