280.055 Cease and desist order; corrective order; administrative penalty.

290 words·~1 min read·/fl/title-xix/chapter-280/280-055

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(1)The Chief Financial Officer may issue a cease and desist order and a corrective order upon determining that:

(a)A qualified public depository has requested and obtained a release of pledged collateral without approval of the Chief Financial Officer;

(b)A bank, credit union, savings association, or other financial institution is holding public deposits without a certificate of qualification issued by the Chief Financial Officer;

(c)A qualified public depository pledges, deposits, or arranges for the issuance of unacceptable collateral;

(d)A custodian has released pledged collateral without approval of the Chief Financial Officer;

(e)A qualified public depository or a custodian has not furnished to the Chief Financial Officer, when the Chief Financial Officer requested, a power of attorney or bond power or bond assignment form required by the bond agent or bond trustee for each issue of registered certificated securities pledged and registered in the name, or nominee name, of the qualified public depository or custodian;

(f)A qualified public depository; a bank, credit union, savings association, or other financial institution; or a custodian has committed any other violation of this chapter or any rule adopted pursuant to this chapter that the Chief Financial Officer determines may be remedied by a cease and desist order or corrective order; or

(g)A qualified public depository no longer meets the definition of a qualified public depository under s. 280.02 .

(2)Any qualified public depository or other bank, credit union, savings association, or financial institution or custodian that violates a cease and desist order or corrective order of the Chief Financial Officer is subject to an administrative penalty not exceeding $1,000 for each violation of the order. Each day the violation of the order continues constitutes a separate violation.