69B-231.090. Penalties for Violations of Section 626.621, F.S.

The following stated penalties shall apply for violations under section 626.621, F.S., regarding discretionary suspension or revocation of license(s) and appointments(s):

(1) Section 626.621(1), F.S. – revocation.

(2) Section 626.621(2), F.S. – suspension for 3 months.

(3) Section 626.621(3), F.S. – suspension for 3 months.

(4) Section 626.621(4), F.S. – suspension for 9 months.

(5) Section 626.621(5), F.S. – suspension for 6 months.

(6) Section 626.621(6), F.S. – see rule 69B-231.100, F.A.C.

(7) Section 626.621(7), F.S. – suspension for 6 months.

(8) Section 626.621(8), F.S. – suspension for 3 months.

(9) Section 626.621(9), F.S. – suspension for 6 months and re-exam.

(10) Section 626.621(10), F.S. – suspension for 3 months.

(11) Section 626.621(11), F.S. – suspension for 6 months.

(12) Section 626.621(12), F.S. –

(a) The maximum identical or substantially similar penalty to the penalty imposed by the court, state or federal agency, or national securities, commodities or options exchange or association for the same type of violation.

1. A penalty of revocation, removal, lifetime bar, lifetime ban, lifetime prohibition, or its equivalent, or any suspension with a duration greater than 24 months, shall result in revocation; and,

2. A penalty of suspension with a duration of less than 24 months shall result in a suspension of equal duration.

(b) When substantially similar penalties are not available, the following penalties shall apply:

1. Penalties applicable to warnings, fines, restitution, cease and desist orders, injunctions, censures, probations, license denials, and licensing restrictions:

a. Suspension for 6 months when the order does not contain allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

b. Suspension for 12 months when the order contains allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

2. Penalties applicable to all other situations:

a. Suspension for 3 months when the order does not contain allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

b. Suspension for 9 months when the order contains allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

(13) Section 626.621(13), F.S. – suspension for 6 months.

(14) Section 626.621(14), F.S. – suspension for 6 months.

(15) Section 626.621(15), F.S –

(a) The maximum identical or substantially equivalent penalty to the penalty imposed by this state, any other state, any nation, any possession or district of the United States, any court, or any state or federal agency, for the same type of violation.

1. A penalty of revocation, removal, lifetime bar, lifetime ban, lifetime prohibition, or its equivalent, or any suspension with a duration greater than 24 months, shall result in revocation; and,

2. A penalty of suspension with a duration of less than 24 months shall result in a suspension of equal duration.

(b) When substantially similar penalties are not available, the following penalties shall apply:

1. Penalties applicable to warnings, fines, restitution, cease and desist orders, injunctions, censures, probations, license denials, and licensing restrictions:

a. Suspension for 6 months when the order does not contain allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

b. Suspension for 12 months when the order contains allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

2. Penalties applicable to all other situations:

a. Suspension for 3 months when the order does not contain allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

b. Suspension for 9 months when the order contains allegations or findings related to monetary loss, fraud, misappropriation, conversion, or unlawful withholding of money.

Rulemaking Authority 624.308(1), 626.207(8) FS. Law Implemented 624.307(1), 624.308, 626.207, 626.621 FS. History–New 7-13-93, Formerly 4-231.090, Amended 8-15-06, 3-24-14, 1-30-19.