Section 61G6-5.005 - Financial Responsibility; Definitions; Grounds for Denial(1) For purposes of this rule, the phrase "financial responsibility" is defined as the ability to insure that the public, the laborers, the materialmen, the supplier and other parties with whom the applicant will do business as an contractor, will not sustain economic losses resulting from the contractor's inability to pay his obligations to them.(2) The following factors will be reviewed when examining the financial responsibility of the applicant: (a) Evidence that the applicant or any of its corporate officers, or any of its shareholders holding 10% or more of the corporate stock has filed or been a party to voluntary or involuntary bankruptcy within the past five years preceding its application, arising out of the electrical contracting operations of said applicant, corporate officer or 10% shareholder.(b) The existence, within the past five years preceding the application, of a court judgment rendered against the applicant or any of its corporate officers, or any of its shareholders holding 10% or more of its corporate stock, based upon the failure of the applicant or any of its corporate officers or 10% shareholders to pay their obligations to materialmen, laborers, suppliers or any other parties with whom the applicant or corporate officer or 10% shareholder conducted business as a contractor.(c) The existence of any liens of record by the United States Internal Revenue Service or the State of Florida Department of Revenue against the applicant or any of its corporate officers or any of its 10% shareholders.(d) An unfavorable credit history as indicated by any of the documents submitted pursuant to Rule 61G6-5.004, F.A.C.(3) A determination by the Board that the applicant lacks the financial stability necessary to assure compliance with the standards set forth in subsection (1) of this rule. As guidelines for the determination of financial stability the Board shall consider the responses to the questions set forth in subsection 61G6-5.004(3), F.A.C., and the documents submitted pursuant to Rule 61G6-5.004, F.A.C.Fla. Admin. Code Ann. R. 61G6-5.005
Rulemaking Authority 489.521(3) FS. Law Implemented 589.521(3)(a) FS.
New 1-2-80, Amended 4-17-80, 4-30-81, 1-24-85, Formerly 21GG-5.05, Amended 2-23-86, 8-16-88, Formerly 21GG-5.005, Amended 2-13-97, 6-8-04.New 1-2-80, Amended 4-17-80, 4-30-81, 1-24-85, Formerly 21GG-5.05, Amended 2-23-86, 8-16-88, Formerly 21GG-5.005, Amended 2-13-97, 6-8-04.