The Florida Senate

494.0041  Administrative penalties and fines; license violations.--

(1)  Whenever the office finds a person in violation of an act specified in subsection (2), it may enter an order imposing one or more of the following penalties against the person:

(a)  Revocation of a license or registration.

(b)  Suspension of a license or registration subject to reinstatement upon satisfying all reasonable conditions that the office specifies.

(c)  Placement of the licensee, registrant, or applicant on probation for a period of time and subject to all reasonable conditions that the office specifies.

(d)  Issuance of a reprimand.

(e)  Imposition of a fine in an amount not exceeding $5,000 for each count or separate offense.

(f)  Denial of a license or registration.

(2)  Each of the following acts constitutes a ground for which the disciplinary actions specified in subsection (1) may be taken:

(a)  Pleading nolo contendere to, or having been convicted or found guilty of, regardless of whether adjudication was withheld, a crime involving fraud, dishonest dealing, or any act of moral turpitude.

(b)  Fraud, misrepresentation, deceit, negligence, or incompetence, in any mortgage financing transaction.

(c)  A material misstatement of fact on an initial or renewal application.

(d)  Disbursement, or an act which has caused or will cause disbursement, to any person in any amount from the Regulatory Trust Fund, the Securities Guaranty Fund, or the Florida Real Estate Recovery Fund, regardless of any repayment or restitution to the disbursed fund by the licensee or any person acting on behalf of the licensee or registrant.

(e)  Failure to place immediately upon receipt, and maintain until authorized to disburse, any money entrusted to her or him by a person dealing with her or him as a mortgage broker in a segregated account of a federally insured financial institution in this state.

(f)  Failure to account or deliver to any person any property that has come into her or his hands and that is not her or his property or that she or he is not in law or equity entitled to retain, under the circumstances and at the time which has been agreed upon or is required by law or, in the absence of a fixed time, upon demand of the person entitled to such accounting and delivery.

(g)  Failure to disburse funds in accordance with agreements.

(h)  Any misuse, misapplication, or misappropriation of personal property entrusted to her or his care to which she or he had no current property right at the time of entrustment.

(i)  Having a license, or the equivalent, to practice any profession or occupation revoked, suspended, or otherwise acted against, including the denial of licensure by a licensing authority of this state or another state, territory, or country for fraud, dishonest dealing, or any other act of moral turpitude.

(j)  Failure to comply with any order or rule made or issued under ss. 494.001-494.0077.

(k)  Acting as a mortgage broker or mortgage brokerage business without a current, active license issued under ss. 494.003-494.0043.

(l)  Failure to timely pay any fee, charge, or fine under ss. 494.001-494.0077.

(m)  Failure to maintain, preserve, and keep available for examination all books, accounts, or other documents required by ss. 494.001-494.0077 and the rules of the commission.

(n)  Refusal to permit an investigation or examination of books and records, or refusal to comply with an office subpoena or subpoena duces tecum.

(o)  Consistently and materially underestimating maximum closing costs.

(p)  Failure to comply with, or violation of, any other provision of ss. 494.001-494.0077.

(q)  Commission of fraud, misrepresentation, concealment, dishonest dealing by trick, scheme, or device, culpable negligence, or breach of trust in any business transaction in any state, nation, or territory; or aiding, assisting, or conspiring with any other person engaged in any such misconduct and in furtherance thereof.

(r)  Failure to timely pay any fee, charge, or fine imposed or assessed pursuant to this chapter or rules adopted under this chapter.

(s)  Payment to the office for a license or permit with a check or electronic transmission of funds that is dishonored by the applicant's or licensee's financial institution.

(t)  Having a final judgment entered against the applicant or licensee in a civil action upon grounds of fraud, embezzlement, misrepresentation, or deceit.

(u)1.  Having been the subject of any decision, finding, injunction, suspension, prohibition, revocation, denial, judgment, or administrative order by any court of competent jurisdiction, administrative law judge, state or federal agency, national securities exchange, national commodities exchange, national option exchange, national securities association, national commodities association, or national option association involving a violation of any federal or state securities or commodities law or rule or regulation adopted under such law or involving a violation of any rule or regulation of any national securities, commodities, or options exchange or association.

2.  Having been the subject of any injunction or adverse administrative order by a state or federal agency regulating banking, insurance, finance or small loan companies, real estate, mortgage brokers or lenders, money transmitters, or other related or similar industries.

(v)  In any mortgage transaction, violating any provision of the federal Real Estate Settlement Procedure Act, as amended, 12 U.S.C. ss. 2601 et seq.; the federal Truth in Lending Act, as amended, 15 U.S.C. ss. 1601 et seq.; or any regulations adopted under such acts.

(3)  A mortgage brokerage business is subject to the disciplinary actions specified in subsection (1) for a violation of subsection (2) by any officer, member, director, control person, joint venturer, partner, ultimate equitable owner of a 10-percent or greater interest in the mortgage brokerage business, or associate mortgage broker of the licensee.

(4)  A principal mortgage broker is subject to the disciplinary actions specified in subsection (1) for violations of subsection (2) by associates in the course of an association with the mortgage brokerage business. The principal mortgage broker is only subject to suspension or revocation for associate actions if there is a pattern of repeated violations by associates or if the principal mortgage broker has knowledge of the violations.

(5)  A natural person who is associated with a mortgage brokerage business is subject to the disciplinary actions specified in subsection (1) for a violation of subsection (2) with respect to an action in which such person was involved.

History.--ss. 28, 50, ch. 91-245; s. 4, ch. 91-429; s. 546, ch. 97-103; s. 22, ch. 99-155; s. 18, ch. 99-213; s. 535, ch. 2003-261; s. 30, ch. 2004-234; s. 13, ch. 2006-213; s. 8, ch. 2007-182.