Enacted in 2012, Florida House Bill 1237 included changes that allow the Florida Department of Citrus to implement new regulations. As a result, the surety bond requirement for Florida citrus fruit dealers has since been revised with the passing of Florida 20-108.004.
As of January 28, 2013, the surety bond requirements for citrus fruit dealers in the state are as follows.
“(1) Subject to the provisions in subsection 20-108.004(4), F.A.C., the following schedules shall be used in calculating the amount of surety bond, certificate of deposit, or cash bond to be posted in support of the applicant’s citrus fruit dealer’s license:
(a) $1,000 up to 2,000 boxes;
(b) $2,000 up to 5,000 boxes;
(c) $3,750 up to 7,500 boxes;
(d) $5,000 up to $10,000 boxes;
(e) $10,000 up to 20,000 boxes;
(f) $1,000 for each additional 20,000 boxes or fraction thereof in excess of 20,000 boxes, with a maximum of $100,000.”
The new law also outlines bond requirements for both new and renewing applicants, as well as general requirements for both. Fruit dealers should note that a surety bond, a letter of credit or a cash deposit can be used to fulfill the financial security requirement under the new law. Previously, only a surety bond or cash deposit could fulfill the requirement.
Click here to read 20-108.004 in its entirety.
If you need a surety bond in Florida or any other state, contact an expert surety specialist online 24/7 or by phone at 1 (800) 308-4358 Monday through Friday, 7 a.m. to 7 p.m. CST.