The Florida Senate

626.9917  Denial, suspension, revocation, or nonrenewal of viatical settlement broker license; grounds; administrative fine.--

(1)  The department shall deny an application for, suspend, revoke, or refuse to renew the license of any viatical settlement broker if the department finds that the licensee:

(a)  Has made a misrepresentation in the application for the license;

(b)  Has engaged in fraudulent or dishonest practices, or otherwise has been shown to be untrustworthy or incompetent to act as a viatical settlement broker;

(c)  Has been found guilty of, or has pleaded guilty or nolo contendere to, any felony, or a misdemeanor involving fraud or moral turpitude, regardless of whether a judgment of conviction has been entered by the court;

(d)  Deals in bad faith with viators;

(e)  Has violated any provision of the insurance code or of this act;

(f)  Employs any person who materially influences the licensee's conduct and who fails to meet the requirements of this act;

(g)  No longer meets the requirements for initial licensure; or

(h)  Has received a fee, commission, or other valuable consideration for his or her services involving unlicensed providers with respect to viatical settlements.

(2)  The department may, in lieu of or in addition to any suspension or revocation, assess an administrative fine not to exceed $2,500 for each nonwillful violation or $10,000 for each willful violation by a viatical settlement broker licensee. The department may also place a viatical settlement broker licensee on probation for a period not to exceed 2 years.

History.--s. 8, ch. 96-336.