State RegulationsFL specificDifficulty 2/5
A consumer finance company repeatedly violates Florida lending law. Which agency action may the Office of Financial Regulation take?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
Under Florida's financial services laws administered by the Office of Financial Regulation, the OFR may deny, suspend, or revoke the license or registration of a financial institution or lender, impose administrative fines, and issue cease-and-desist orders for violations. These agency actions are the OFR's principal means of enforcing compliance among the entities it supervises.
Why the other options are wrong
- B) Appointing company officers to advisory boards is not a sanction and plays no enforcement role.
- C) The unclaimed property program holds abandoned funds, not the active loan portfolio of a violator.
- D) The guaranty association pays covered claims of failed insurers; it has no role with finance companies.
Memory hook
OFR enforces with licenses, fines, and orders.