The Florida Senate

494.0072  Administrative penalties and fines; license violations.--

(1)  Whenever the department 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 department specifies.

(c)  Placement of the licensee or applicant on probation for a period of time and subject to all reasonable conditions that the department 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)  Being convicted or found guilty, regardless of adjudication, of a crime in any jurisdiction which involves fraud, dishonest dealing, or any other 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 Mortgage Brokerage Guaranty 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 department 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 Division of Finance.

(n)  Refusal to permit an investigation or examination of books and records, or refusal to comply with a department 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.

(3)  A mortgage lender or correspondent mortgage lender is subject to the disciplinary actions specified in subsection (1) for a violation of subsection (2) by any officer, director, or ultimate equitable owner of a 10-percent or greater interest in the mortgage lender or correspondent mortgage lender, or employee of the licensee.

(4)  A natural person employed by a mortgage lender or correspondent mortgage lender is subject to the disciplinary actions specified in subsection (1) for a violation of subsection (2) regarding any action for which such person was involved.

History.--ss. 43, 50, ch. 91-245; s. 4, ch. 91-429; s. 550, ch. 97-103.