218.386 Bonds; finder's fees
prohibited. ---
(1)
(a) As used in this section, "finder" means a person
who is not regularly employed by, or not a partner or officer of,
an underwriter, bank, banker, or financial consultant or adviser
and who enters into an understanding with either the issuer or the
managing underwriter, or both, for any paid or promised
compensation or valuable consideration directly or indirectly,
expressly or impliedly, to act solely as an intermediary between
such issuer and managing underwriter for the purpose of influencing
any transaction in the purchase of such bonds.
(b) No underwriter, commercial bank, investment banker, or
financial consultant or adviser shall pay any finder any bonus,
fee, or gratuity in connection with the sale of general obligation
bonds or revenue bonds issued by any unit of local government,
unless full disclosure is made to the unit of local government
prior to or concurrently with the submission of a purchase proposal
for bonds by the underwriter, commercial bank, investment banker,
or financial consultant or adviser and subsequently in the official
statement or offering circular, if any, detailing the name and
address of any finder and the amount of bonus, fee, or gratuity
paid to such finder.
(2) The willful violation of this section is a felony
of the third degree, punishable as provided in s. 775.082, s.
775.083, or s. 775.084.
(3) No violation of this section shall affect the
validity of the bond issue.
History: s. 2, ch. 80-98; s. 3, ch. 82-195.
SURPLUS FUNDS