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Surety Bond Changes for Florida Citrus Dealers Proposed

Florida Department of Citrus has adopted regulations to implement a new law enacted under HB 1237 (2012), which revises the surety bond requirement for citrus fruit dealers. The new law permits a letter of credit to be posted. Current law requires a surety bond or cash deposit. The new law eliminated the bond amounts from the statute and provides that the bond amount will be determined through regulations. The new rules implement the same schedule for the bond amount that was in place in the statute. The schedule for the bond amount under the new rules are as follows:

  • $1,000 for up to 2,000 boxes;
  • $2,000 for up to 5,000 boxes;
  • $3,750 for up to 7,500 boxes;
  • $5,000 for up to 10,000 boxes;
  • $10,000 up to 20,000 boxes;
  • $1,000 for each additional 20,000 boxes or fraction thereof in excess of 20,000 boxes.
  • The maximum bond amount would be $100,000. The rules also implement the new law permitting a letter of credit to be posted exactly.

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