How much Money do I need to have in the Bank to get my License?
To obtain a license in the State of Florida you are not required to have a money or cash balance. Many years ago, Florida use to require an individual to have a minimum amount of net worth. Now the State Licensing Board will measure your FICO score. If they FICO score does not meet the required amount Florida is asking for then you are required to get a bond. The bond amount will be determined by the amount of FICO score you have when filling out the application.
The individual obtaining the license will show proof of financial stability and responsibility. You would submit your credit report and your business entities (if applicable). There are only certain agencies the State Licensing Board will accept this information from but they have to meet the criteria listed in 61G4-12.011(12), Florida Administrative Code. If you are unable to find a company, please visit Credit Reporting Agencies.
Note: Fifty percent (50%) of the bond or letter of credit requirement may be met by completion of a 14-hour financial responsibility course approved by the Board.
For more information regarding the State Licensing Board's financial requirements, please visit Financial Stability and Responsibility.
- Written by Y. Altamirano