Florida Nursing Homes Patient Trust Surety Bond
Florida Statutes require each nursing home to post a surety bond, in an amount equal to twice the average monthly balance in the patient trust fund during the prior year or $5,000.00, whichever is greater.
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The Florida Nursing Homes Patient Trust Surety Bond app outlines a surety bond agreement. The condition of this app is such that the Principal shall: (1) well and truly hold separately and in trust all patients’ funds deposited with Principal as a nursing home and (2) shall administer said funds on behalf of said patients in the manner directed by Florida Statutes, and (3) shall render true and complete accounts to the patients, the depositors and the Obligee when requested, and (4) upon termination of each such deposit , shall account for all funds received thereunder, expended and held on hand, then this obligation shall be null and void, otherwise to remain in full force and effect. Check out the full agreement in the app.
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