The Florida Senate

494.0072  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 that 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 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.

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

(f)  Failure to account for or deliver to any person any personal property that has come into his or her hands and that is not his or her property or that he or she 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 his or her care to which he or she 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 the provisions of ss. 494.001-494.0077.

(k)  Acting as a mortgage lender or correspondent mortgage lender without a current, active license issued under ss. 494.006-494.0077.

(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 or 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 the closing costs.

(p)  Failure to comply with, or violations 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 any 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 lender or correspondent mortgage lender is subject to the disciplinary actions specified in subsection (1) if any officer, member, director, control person, joint venturer, or ultimate equitable owner of a 10-percent or greater interest in the mortgage lender or correspondent mortgage lender, associate, or employee of the mortgage lender or correspondent mortgage lender violates or has violated any provision of subsection (2).

(4)  A natural person who is an associate of or employed by a mortgage lender or correspondent mortgage lender is subject to the disciplinary actions specified in subsection (1) if such person violates any provision of subsection (2).

(5)  A principal representative of a mortgage lender or correspondent mortgage lender is subject to the disciplinary actions specified in subsection (1) for violations of subsection (2) by associates or employees in the course of an association or employment with the correspondent mortgage lender or the mortgage lender. The principal representative is only subject to suspension or revocation for associate or employee actions if there is a pattern of repeated violations by associates or employees or if the principal broker or principal representative had knowledge of the violations.

History.--ss. 43, 50, ch. 91-245; s. 4, ch. 91-429; s. 550, ch. 97-103; s. 26, ch. 99-155; s. 25, ch. 99-213; s. 544, ch. 2003-261; s. 31, ch. 2004-234; s. 21, ch. 2006-213; s. 11, ch. 2007-182.