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The Florida Senate

2019 Florida Statutes

Title XXXVIII BANKS AND BANKING
Chapter 655 FINANCIAL INSTITUTIONS GENERALLY Entire Chapter
SECTION 041
Administrative fines; enforcement.
F.S. 655.041
655.041 Administrative fines; enforcement.—
(1) The office may, by complaint, initiate a proceeding pursuant to chapter 120 to impose an administrative fine against any person found to have violated a provision of the financial institutions codes or the rules adopted thereunder, an order of the office, or a written agreement with the office. Such proceeding may not be initiated until after such person has been notified in writing of the nature of the violation and afforded a reasonable period of time, as set forth in the notice, to correct the violation and has failed to do so. If the office provided such notice, a fine for a violation of an office order or written agreement begins to accrue immediately upon service of the complaint and continues to accrue until the violation is corrected.
(2) Such fine may not exceed $2,500 per day for each violation except as provided in this section.
(a) If the office determines that such person has recklessly violated a provision of the financial institutions codes, an order of the office, or a written agreement with the office, which violation results in more than a minimal loss to a financial institution, affiliate, subsidiary, or service corporation, or in a pecuniary benefit to such person, the office may impose a fine of up to $10,000 per day for each day the violation continues.
(b) If the office determines that such person has knowingly violated a provision of the financial institutions codes, an order of the office, or a written agreement with the office, which violation results in more than a minimal loss to a financial institution, affiliate, subsidiary, or service corporation, or in a pecuniary benefit to such person, the office may impose a fine of up to the lesser of $500,000 per day or 1 percent of the total assets in the case of a financial institution, or $50,000 per day in any other case for each day the violation continues.
(c) The office may by complaint impose an administrative fine of up to $10,000 per day on a financial institution-affiliated party, on a state financial institution, subsidiary, service corporation, or affiliate, or on a person subject to supervision by the office pursuant to s. 655.0391 which refuses to permit an examiner to examine a state financial institution, subsidiary, or service corporation; to permit an examiner to review the books and records of an affiliate or a contracting service entity subject to supervision by the office pursuant to s. 655.0391; or to give an examiner any information required in the course of an examination or review of the books and records.
(3) An administrative fine levied by the office may be enforced by the office in the circuit court of the county in which such person resides or in which the principal office of a state financial institution, affiliate, subsidiary, service corporation, or contracting service entity is located or does business in the state. In any administrative or judicial proceeding arising under this section, a party may elect to correct the violation asserted by the office and, upon doing so, any fine ceases to accrue; however, an election to correct the violation does not render an administrative or judicial proceeding moot.
History.—s. 1, ch. 80-273; s. 1, ch. 85-65; s. 5, ch. 89-229; s. 1, ch. 91-307; ss. 1, 22, ch. 92-303; s. 1714, ch. 2003-261; s. 7, ch. 2014-91.