The Florida Senate

626.9918  Effect of suspension or revocation of viatical settlement broker license; duration of suspension; reinstatement.--

(1)  When its license is suspended or revoked, the broker must proceed, immediately following the effective date of the suspension or revocation, to conclude the affairs it is transacting under its license. The broker may not perform any of the functions of a viatical settlement broker as defined in this act. The department retains jurisdiction over the provider until all contracts have been fulfilled or canceled or have expired.

(2)  The suspension of the license of a viatical settlement broker licensee may be for such period, not to exceed 2 years, as determined by the department. The department may shorten, rescind, or modify the suspension.

(3)  During the period of suspension, the licensee shall pay license fees, as required by the department, as if the license had continued in full force.

(4)  If, upon expiration of the suspension order, the license has not otherwise been terminated, the department must reinstate the license only upon written request by the suspended licensee unless the department finds that the grounds giving rise to the suspension have not been removed or that the licensee is otherwise not in compliance with the requirements of this act. The department shall give the licensee notice of its findings no later than 90 days after receipt of the request or upon expiration of the suspension order, whichever occurs later. If a license is not reinstated pursuant to the procedures set forth in this subsection, it expires at the end of the suspension or on the date it otherwise would have expired, whichever is sooner.

History.--s. 9, ch. 96-336.