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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
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Within 21 days after publication of notice, any person may request a hearing in how many days?
21 days after notice
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If a person does not request a hearing within 21 days after notice constitutes what?
Waiver of any right to a hearing
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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.
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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
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Imposition of an administrative fine not exceeding ____________ for each count or separate offense for license violoations.
$25,000
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Inposition of disciplinary penalties up to ___________ for each violation?
$5,000
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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
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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?
$300
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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.
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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
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A (broker) licensee may be fined how much per file?
$250
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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
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What is the penalty for gross negligence in maintaining disclosures related to non-institutional investor transactions?
License Revocation
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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
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The penalty for any intentional violation of the rule (Transaction Journal) is?
$500 fine and suspension of the license
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What is the penatly to a mortage lender for failure to maintain files and required documentation (first offense)?
$300 fine
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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.
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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.
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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.
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What is considered a third degree felony?
- Knowing violation of the escrow requirement
- Failure to deliver or account for property
- Failing to disburse funds
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Under the Florida Statutes, third degree felonies carry a prison term for and fine?
Up to five years and fine up to $5,000
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Habitual third degree felony offenders may receive?
up to ten years in prison
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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
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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.
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Habitual first degree felony offenders may receive what?
Life Sentence
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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
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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.
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