October 27, 2020
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The Florida Statutes

The 2010 Florida Statutes(including Special Session A)

Title XXXVIII
BANKS AND BANKING
Chapter 655
FINANCIAL INSTITUTIONS GENERALLY
View Entire Chapter
F.S. 655.041
655.041 Administrative fines; enforcement.
(1) The office may, by complaint, initiate a proceeding pursuant to chapter 120 to impose an administrative fine against any person found to have violated any provision of the financial institutions codes or a cease and desist order of the office or any written agreement with the office. No such proceeding shall be initiated and no fine shall accrue pursuant to this section until after such person has been notified in writing of the nature of the violation and has been afforded a reasonable period of time, as set forth in the notice, to correct the violation and has failed to do so.
(2) Any such fine may not exceed $2,500 a day for each violation except as provided in this section.
(a) If the office determines that any such person has recklessly violated any provision of the financial institutions codes or a cease and desist order of the office or any written agreement with the office, which violation results in more than a minimal loss to a financial institution, subsidiary, or service corporation, or a pecuniary benefit to such person, the office may impose a fine not exceeding $10,000 a day for each day the violation continues.
(b) If the office determines that any such person has knowingly violated any provision of the financial institutions codes or a cease and desist order of the office or any written agreement with the office, which violation results in more than a minimal loss to a financial institution, subsidiary, or service corporation, or a pecuniary benefit to such a person, the office may impose a fine not exceeding the lesser of $500,000 per day or 1 percent of the total assets in the case of a financial institution, or $50,000 per day in any other case for each day the violation continues.
(c) The office may by complaint impose an administrative fine, not exceeding $10,000 a day, upon any financial institution-affiliated party, and upon a state financial institution, subsidiary, service corporation, or affiliate, who refuses to permit an examiner to examine a state financial institution, subsidiary, or service corporation, who refuses to permit an examiner to review the books and records of an affiliate, or who refuses to give an examiner any information required in the course of any examination or review of the books and records.
(3) Any administrative fine levied by the office may be enforced by the office by appropriate proceedings in the circuit court of the county in which such person resides or in which the principal office of a state financial institution is located. In any administrative or judicial proceeding arising under this section, a party may elect to correct the violation asserted by the office and, upon doing so, any fine ceases to accrue; however, an election to correct the violation does not render any administrative or judicial proceeding moot.
History.s. 1, ch. 80-273; s. 1, ch. 85-65; s. 5, ch. 89-229; s. 1, ch. 91-307; ss. 1, 22, ch. 92-303; s. 1714, ch. 2003-261.
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