The Florida Senate

537.006  Denial, suspension, or revocation of license.--

(1)  The following acts are violations of this act and constitute grounds for the disciplinary actions specified in subsection (2):

(a)  Failure to comply with any provision of this act, any rule or order adopted pursuant to this act, or any written agreement entered into with the department.

(b)  Fraud, misrepresentation, deceit, or gross negligence in any title loan transaction, regardless of reliance by or damage to the borrower.

(c)  Fraudulent misrepresentation, circumvention, or concealment of any matter required to be stated or furnished to a borrower pursuant to this act, regardless of reliance by or damage to the borrower.

(d)  Imposition of illegal or excessive charges in any title loan transaction.

(e)  False, deceptive, or misleading advertising by a title loan lender.

(f)  Failure to maintain, preserve, and keep available for examination all books, accounts, or other documents required by this act, by any rule or order adopted pursuant to this act, or by any agreement entered into with the department.

(g)  Aiding, abetting, or conspiring by a title loan lender with a person to circumvent or violate any of the requirements of this act.

(h)  Refusal to provide information upon request of the department, to permit inspection of books and records in an investigation or examination by the department, or to comply with a subpoena issued by the department.

(i)  Pleading nolo contendere to or having been convicted or found guilty, regardless of whether adjudication was withheld, of a crime involving fraud, dishonest dealing, or any act of moral turpitude or acting as an ultimate equitable owner of 10 percent or more of a licensee who has pled nolo contendere to or has been convicted or found guilty, regardless of whether adjudication was withheld, of a crime involving fraud, dishonest dealing, or any act of moral turpitude.

(j)  Making or having made material misstatement of fact in an initial or renewal application for a license.

(k)  Having been the subject of any decision, finding, injunction, suspension, prohibition, revocation, denial, judgment, or administrative order by any court of competent jurisdiction or administrative law judge, or by any state or federal agency, involving a violation of any federal or state law relating to title loans or any rule or regulation adopted under such law, or has been the subject of any injunction or adverse administrative order by a state or federal agency regulating banking, insurance, finance or small loan companies, real estate, mortgage brokers, or other related or similar industries for acts involving fraud, dishonest dealing, or any act of moral turpitude.

(l)  Failing to continuously maintain the bond, certificate of deposit, or letter of credit required by s. 537.005(3).

(m)  Failing to timely pay any fee, charge, or fine imposed or assessed pursuant to this act or rules adopted under this act.

(n)  Having a license or registration, or the equivalent, to practice any profession or occupation denied, suspended, revoked, or otherwise acted against by a licensing authority in any jurisdiction for fraud, dishonest dealing, or any act of moral turpitude.

(o)  Having demonstrated unworthiness, as defined by department rule, to transact the business of a title loan lender.

(2)  Upon a finding by the department that any person has committed any of the acts set forth in subsection (1), the department may enter an order taking one or more of the following actions:

(a)  Denying an application for licensure under this act.

(b)  Revoking or suspending a license previously granted pursuant to this act.

(c)  Placing a licensee or an applicant for a license on probation for a period of time and subject to such conditions as the department specifies.

(d)  Issuing a reprimand.

(e)  Imposing an administrative fine not to exceed $5,000 for each separate act or violation.

(3)  If a person seeking licensure is anything other than a natural person, the eligibility requirements of this section apply to each direct or ultimate equitable owner of 10 percent or more of the outstanding equity interest of such entity and to each director, general partner, and executive officer.

(4)  It is sufficient cause for the department to take any of the actions specified in subsection (2), as to any entity other than a natural person, if the department finds grounds for such action as to any member of such entity, as to any executive officer or director of the entity, or as to any person with power to direct the management or policies of the entity.

(5)  Each licensee is subject to the provisions of subsection (2) for the acts of employees and agents of the licensee if the licensee knew or should have known about such acts.

(6)  Licensure under this act may be denied or any license issued under this act may be suspended or restricted if an applicant or licensee is charged, in a pending enforcement action or pending criminal prosecution, with any conduct that would authorize denial or revocation under this section.

History.--s. 6, ch. 2000-138.