December 08, 2019
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The Florida Statutes

The 2001 Florida Statutes

Title XIX
Public Business
Chapter 280
Security For Public Deposits
View Entire Chapter
Section 280.054, Florida Statutes 2001

280.054  Administrative penalty in lieu of suspension or disqualification.--

(1)  If the Treasurer finds that one or more grounds exist for the suspension or disqualification of a qualified public depository, the Treasurer may, in lieu of suspension or disqualification, impose an administrative penalty upon the qualified public depository.

(a)  With respect to any nonwillful violation, such penalty may not exceed $250 for each violation, exclusive of any restitution found to be due. If a qualified public depository discovers a nonwillful violation, the qualified public depository shall correct the violation; and, if restitution is due, the qualified public depository shall make restitution upon the order of the Treasurer and shall pay interest on such amount at the legal rate from the date of the violation. Each day a violation continues constitutes a separate violation.

(b)  With respect to any knowing and willful violation of a lawful order or rule, the Treasurer may impose a penalty upon the qualified public depository in an amount not exceeding $1,000 for each violation. If restitution is due, the qualified public depository shall make restitution upon the order of the Treasurer and shall pay interest on such amount at the legal rate. Each day a violation continues constitutes a separate violation.

(2)  The failure of a qualified public depository to make restitution when due as required under this section constitutes a willful violation of this chapter. However, if a qualified public depository in good faith is uncertain whether any restitution is due or as to the amount of restitution due, it shall promptly notify the Treasurer of the circumstances. The failure to make restitution pending a determination of whether restitution is due or the amount of restitution due does not constitute a violation of this chapter.

(3)  A qualified public depository is subject to an administrative penalty in an amount not exceeding the greater of $1,000 or 10 percent of the amount of withdrawal, not exceeding $10,000, if the depository fails to provide required collateral using eligible collateral and prescribed collateral agreements or withdraws collateral without the Treasurer's approval.

History.--s. 9, ch. 87-409; s. 6, ch. 2001-230.

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