# Fla. Stat. § 634.045: 634.045 Guarantee agreements

> Florida · Statutes · In force

URL: https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.045

## Section

- **Citation:** Fla. Stat. § 634.045
- **Heading:** 634.045 Guarantee agreements
- **Jurisdiction:** Florida
- **Kind:** Statutes
- **Status:** In force
- **Text as of:** August 14, 2026
- **Source:** Compiled text
- **Location:** Florida Code / Title XXXVII / Chapter 634 / Part I / Section 634.045

## Text

In order to include receivables from affiliated companies as assets under s. 634.041, the motor vehicle service agreement company shall provide a written guarantee to assure repayment of all receivables, loans, and advances from affiliated companies, provided that the written guarantee is made by a guaranteeing organization which:

(1) Has been in continuous operation for 10 years or more and has net assets of the greater of $5 million or 2 times the minimum net asset requirements of the motor vehicle service agreement company. In any determination of the financial condition of the guaranteeing organization, the definitions of assets and liabilities, set forth in this part shall apply, except that investments in or loans to any organizations guaranteed by the guaranteeing organization shall be excluded from net assets. If the guaranteeing organization is sponsoring more than one organization, the net asset requirement shall be increased by a multiple equal to the number of such organizations.

(2) Submits a guarantee that is approved by the office as meeting the requirements of this part, provided that the written guarantee contains a provision which requires that the guarantee be irrevocable unless the guaranteeing organization can demonstrate to the office that the cancellation of the guarantee will not result in the net assets of the motor vehicle service agreement company falling below its minimum net asset requirement and the office approves cancellation of the guarantee.

(3) Initially submits its audited financial statements, certified by an independent certified public accountant, prepared in accordance with generally accepted accounting principles, covering its two most current annual accounting periods.

(4) Submits annually, within 3 months after the end of its fiscal year, an audited financial statement certified by an independent certified public accountant, prepared in accordance with generally accepted accounting principles. The office may, as it deems necessary, require quarterly financial statements from the guaranteeing organization.

(5) The filings made by a guarantee organization pursuant to this section are confidential and exempt from the provisions of s. 119.07(1).

(6) Nothing in this section shall be construed to prevent the use of such filings in judicial or administrative proceedings when ordered to be produced by appropriate subpoena or by order of the court or an administrative law judge.

History: s. 2, ch. 90-153; s. 68, ch. 91-106; s. 19, ch. 91-201; s. 115, ch. 92-318; s. 1, ch. 93-117; s. 20, ch. 93-195; s. 393, ch. 96-406; s. 278, ch. 96-410; s. 1420, ch. 2003-261.

## Nearby sections

- [Fla. Stat. § 634.011 634.011 Definitions.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.011.md)
- [Fla. Stat. § 634.021 634.021 Powers of department, commission, and office; rules.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.021.md)
- [Fla. Stat. § 634.023 634.023 Part exclusive; applicability of other laws.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.023.md)
- [Fla. Stat. § 634.031 634.031 License required.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.031.md)
- [Fla. Stat. § 634.041 634.041 Qualifications for license.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.041.md)
- [Fla. Stat. § 634.042 634.042 Prohibited investments and loans.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.042.md)
- [Fla. Stat. § 634.044 634.044 Assets and liabilities.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.044.md)
- [Fla. Stat. § 634.045 634.045 Guarantee agreements.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.045.md)
- [Fla. Stat. § 634.052 634.052 Required deposit.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.052.md)
- [Fla. Stat. § 634.053 634.053 Levy upon deposit limited.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.053.md)
- [Fla. Stat. § 634.061 634.061 Application for and issuance of license.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.061.md)
- [Fla. Stat. § 634.071 634.071 License continuance.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.071.md)
- [Fla. Stat. § 634.081 634.081 Suspension or revocation of license; grounds.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.081.md)
- [Fla. Stat. § 634.095 634.095 Prohibited acts.](https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.095.md)

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Source: Frix Law Library, https://www.frixlaw.com/law-library/statutes/STATE_FL_TXXXVII_C634_PI_S634.045. Check the current official text before relying on it. Not legal advice.