The Florida Senate

280.055  Cease and desist order; corrective order; administrative penalty.--

(1)  The Treasurer may issue a cease and desist order and a corrective order upon determining that:

(a)  A qualified public depository has requested and obtained a release of pledged collateral without approval of the Treasurer;

(b)  A bank, savings association, or other financial institution is holding public deposits without a certificate of qualification issued by the Treasurer;

(c)  A qualified public depository pledges, deposits, or arranges for the issuance of unacceptable collateral;

(d)  A custodian has released pledged collateral without approval of the Treasurer;

(e)  A qualified public depository or a custodian has not furnished to the Treasurer, when the Treasurer requested, a power of attorney or bond power or bond assignment form required by the bond agent or bond trustee for each issue of registered certificated securities pledged and registered in the name, or nominee name, of the qualified public depository or custodian; or

(f)  A qualified public depository; a bank, savings association, or other financial institution; or a custodian has committed any other violation of this chapter or any rule adopted pursuant to this chapter that the Treasurer determines may be remedied by a cease and desist order or corrective order.

(2)  Any qualified public depository or other bank, savings association, or financial institution or custodian that violates a cease and desist order or corrective order of the Treasurer is subject to an administrative penalty not exceeding $1,000 for each violation of the order. Each day the violation of the order continues constitutes a separate violation.

History.--s. 10, ch. 87-409; s. 7, ch. 88-185; s. 7, ch. 2001-230.