Purpose


Section 624.308(1), F.S., authorizes the Department of Financial Services to adopt rules to implement law that confers duties upon the Department. The reason that necessitates the proposed action is that modification is to delete the illegal standard to determine the Department’s duties related to refusal, suspension, or revocation of agent’s license in conjunction with the sale of Certificates of Deposit if an agent has been a source of loss to the public, pursuant to Section 626.621(6), F.S. The words “detrimental to public interest” as used in section 626.621, F.S., were found to be unconstitutionally vague in Whitaker v. Department of Insurance and Treasurer, 680 So.2d 528 (Fla. 1st DCA 1996). The proposed amendments will update the rule to remove the illegal standard.