Florida Yacht and Ship Salesperson or Broker Bond
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How much does a Florida yacht and ship salesperson or broker bond cost?
A Florida yacht and ship salesperson bond costs $175 for two years and is issued instantly online. Yacht and ship broker bonds are required for a higher amount and the cost is therefore subject to review by an underwriter. The price a broker will pay is determined by their qualifications for licensure, including a credit review for all owners with at least a 10% ownership stake in the business. Brokers who are considered highly qualified can pay as little as $437.50 for their yacht and ship broker bond.
Why are yacht and ship brokers and salespersons bonded?
The Florida Department of Business and Professional Regulation requires yacht and ship salespersons to have a $10,000 surety bond and yacht and ship brokers to have a $25,000 surety bond. The requirement for licensees to be bonded is mandated by Chapter 326.004 of the Florida Statutes.
Florida yacht and ship salesperson or broker bonds ensure that principals (salespersons/brokers) comply with all provisions of the Yacht and Ship Brokers’ Act and all rules and regulations made by the Florida Department of Business and Professional Regulation - Division of Florida Land Sales, Condominiums, Mobile Homes, Section of General Regulation. Specifically, the bond guarantees that brokers and salespersons will faithfully apply all funds given to them by consumers.
If the principal or any of their employees or agents fail to adhere to these terms, the bond protects consumers from financial loss up to the full bond amount.
How to become a licensed yacht and ship salesperson or broker in Florida
To become a licensed yacht and ship salesperson or broker in Florida, applicants must submit the following materials:
- Surety bond in correct amount
- Completed application
- Check or money order for $551 application fee payable to DBPR - Division of Florida Condominiums, Timeshares, and Mobile Homes
- Completed fingerprint card
- Personal background check
How long are broker and salesperson bonds effective?
Yacht and ship salesperson or broker bonds in Florida remain valid for the principal’s entire two-year licensing period. At the end of the second year, a new bond or continuation certificate must be submitted to the Department of Business and Professional Regulation. Failure to provide a new bond or continuation certificate may result in the license being revoked, at which point the broker or salesperson must start the application process from the beginning.
Can a broker or salesperson bond be canceled?
A broker or salesperson’s bond may be canceled by the surety at any time by giving written notice of cancellation to the division 30 days prior to the effective termination date. If the surety cancels the bond, the salesperson or broker’s license is automatically suspended until he or she files a new surety bond.
Additional Resources
Application for a Yacht and Ship Employing Broker, Broker or Salesperson’s License
Florida Statutes Title 24 Chapter 326 Yacht and Ship Brokers
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