Disciplinary Action

  1. In proceedings for the issuance, denial, renewal, or amendment of a license, the Office of Financial Regulation of the Financal Services Commision, must publish in the Florida Administrative Weekly notice of the application within how many days of receipt?
    21 days
  2. Within 21 days after publication of notice, any person may request a hearing in how many days?
    21 days after notice
  3. If a person does not request a hearing within 21 days after notice constitutes what?
    Waiver of any right to a hearing
  4. If a licensee requests a hearing, the person is required to?
    Publish-at its own cost- a notice of hearing in a newspaper of general circulation in the area affected by the application.
  5. What is the order of penalties ranging from lowest to highest in regards to The Office giving suspension, revocation, and recissions of licenses?
    • Notice of noncompliance
    • Reprimand
    • Fine
    • Probation
    • Suspension
    • Revocation
  6. Imposition of an administrative fine not exceeding ____________ for each count or separate offense for license violoations.
  7. Inposition of disciplinary penalties up to ___________ for each violation?
  8. An administrative fine of ___________ per day, up to a cumulative total __________ for each day that an unlicensed person acts in teh capacity of a licensee or licensee conducts business at an unlicensed branch office.
    $1,000 / $25,000
  9. There are penalties for failure to maintain files and required documentation. If a broker has numerous instancesof incomplete files and missing documentation, the Office may fine the licensee how much?
  10. When pertaining to the regulation of mortgage brokers defines "numerouse instances" as what?
    At least three instances and a percentage equal or greater to 20% of the files examined.
  11. If the (broker) licensee fails to maintain files and documentation so that an audit trail of all mortgage transactions can be provided, the penalty is?
    $1,000 fine and six-month suspension of the licensee
  12. A (broker) licensee may be fined how much per file?
  13. A (broker) licensee may be fined $250 per file for what violations?
    • Failing to provide a GFE
    • Providing a commitment to a client withou first obtaining a written commitment by the lender
    • Providing a loc-in for a loan without first obtaining a written lock-in by the lender
    • Failing to provide required disclosures
    • Failing to provide a non-institutional investor with the required documentation
  14. What is the penalty for gross negligence in maintaining disclosures related to non-institutional investor transactions?
    License Revocation
  15. In regards to Transaction Journals, after receiving first notice (notice of noncompliance) any subsequent violations of the rule during an examination or investigation face what?
    $500 fine
  16. The penalty for any intentional violation of the rule (Transaction Journal) is?
    $500 fine and suspension of the license
  17. What is the penatly to a mortage lender for failure to maintain files and required documentation (first offense)?
    $300 fine
  18. After the first offense, failure for lenders to maintain an audit trail of all mortgage transactions subjects a lender to?
    Fine of $1,000 and six month license suspension.
  19. Failure for lender to provide or maintain a copy of the good faith estimate may result in?
    $250 fine per file up to $2,500 per administrative complaint, in addition to other penalties.
  20. Failure for a lender to provide a non-institutional investor with proper documentation results in?
    $250 per file up to $2,500 per administrative complaint in addition to other penalties? The office will revoke a license of the licensee is grossly negligent in maintaining the required documentation.
  21. What is considered a third degree felony?
    • Knowing violation of the escrow requirement
    • Failure to deliver or account for property
    • Failing to disburse funds
  22. Under the Florida Statutes, third degree felonies carry a prison term for and fine?
    Up to five years and fine up to $5,000
  23. Habitual third degree felony offenders may receive?
    up to ten years in prison
  24. Violations of the law involving unlawfully obtained property/funds and multiple victims will result in great criminal liability. The punishment for first degree felony offenses are?
    30 years in prison and fine up to $10,000
  25. When is the crime considered a first degree felony?
    When the total value of money and property unlawfully obtained exceeds $50,000 and there are five or more victims.
  26. Habitual first degree felony offenders may receive what?
    Life Sentence
  27. If a mortgage transaction is made in violation of any provision of the law, who is liable?
    • The person making the transaction and
    • Every licensee, Director, or officer who participated in making the transaction
  28. How can a person no be considered liable?
    If he/she can prove actions were taken in good faith and without knowledge of the violation.
Card Set
Disciplinary Action
Florida Mortgage State Exam