THE 660 BOND IS GONE!
Great news for construction contractors with less than great credit scores: THE 660 BOND IS GONE! However, 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.
https://www.flrules.org/gateway/RuleNo.asp?title=CERTIFICATION%20AND%20REGISTRATION&ID=61G4-15.006
