The Florida Senate

560.112  Procedures for disciplinary actions.--

(1)  The office may issue and serve upon any person a complaint stating charges whenever the office has reason to believe that such person has engaged in or is engaging in conduct described in s. 560.114

(2)  The complaint must contain the statement of facts and notice of opportunity for a hearing pursuant to ss. 120.569 and 120.57

(3)  If no hearing is requested within the time allowed by ss. 120.569 and 120.57, or if a hearing is held and the office finds that any of the charges are true, the office may enter an order directing the money transmitter, the money transmitter-affiliated party, or the person named therein to cease and desist from engaging in the conduct complained of and to take reasonable corrective action. The office may also issue an order suspending or barring any money transmitter-affiliated party from continuing to be employed by or associated with any money transmitter or authorized vendor during the period such order is in effect.

(4)  If any person named in such order fails to respond to the complaint within the time allotted in ss. 120.569 and 120.57, such failure constitutes a default and justifies the entry of a cease and desist order or removal order.

(5)  A contested or default cease and desist order or removal order, pursuant to subsections (3) and (4), is effective when reduced to writing and served upon the money transmitter, the money transmitter-affiliated party, or the person named therein. An uncontested cease and desist order or removal order is effective as agreed.

(6)  Whenever the office finds that conduct described in s. 560.114 is likely to cause substantial dissipation of assets or earnings of the money transmitter or insolvency or substantial prejudice to the customers of the money transmitter or authorized vendor, it may issue an emergency removal order or an emergency cease and desist order requiring any person to disassociate itself from participating in the affairs of the money transmitter or authorized vendor or to immediately cease and desist from engaging in the conduct complained of and to take corrective action. The emergency order is effective immediately upon service of the order upon the person and remains effective for 90 days. Such person may object to the issuance of the emergency order pursuant to the provisions of chapter 120. Such objection must be in writing and must include a request for a formal hearing, which is to be promptly instituted and acted upon. If the office begins nonemergency proceedings under subsection (1), the emergency order remains effective until the conclusion of the proceedings under ss. 120.569 and 120.57

History.--s. 1, ch. 94-238; s. 1, ch. 94-354; s. 252, ch. 96-410; s. 695, ch. 2003-261.