Florida Office of Financial Regulation (5%)

Question 1

oversees the regulation of non-depository financial services professionals including mortgage loan originators, mortgage brokers, and mortgage lenders, as well as collection agencies, consumer finance companies, retail installment sales, money services businesses and title loan companies

Answer 1

The Division of Finance (the Division)

Question 2

oversees all financial institutions in the state of Florida.

Answer 2

The Florida Office of Financial Regulation (OFR or the Office)

Question 3

Within the Office, there are three Divisions:

Answer 3

1. The Division of Finance
2. the Division of Financial Institutions
3. Division of Securities.

Question 4

What is the sector of the Office that regulates state-chartered financial institutions, including state-chartered commercial banks, credit unions, savings associations, savings banks, credit card banks, non-deposit trust companies, and state-licensed international banking agencies, branch offices, representative offices and administrative offices?

Answer 4

The Division of Financial Institutions

Question 5

What is the agency head of the Office and is the rulemaking body?

Answer 5

The Financial Services Commission (the Commission)

Question 6

The Commission is comprised of the

Answer 6

1. Governor
2. Chief Financial Officer
3. Attorney General
4. Agriculture Commissioner

Question 7

The Financial Services Commission appoints the…

Answer 7

Director of the OFR, who is the agency head for purposes of final agency action and for all areas delegated to the Director’s office. The Director, sometimes called “Commissioner,” supervises, directs, coordinates, and administers all activities of the OFR.

Question 8

The Commissioner all activities of the OFR:

Answer 8

Supervises, Directs, Coordinates, Administers

Question 9

Has the job to make sure that the OFR’s mission and objectives are met

Answer 9

Director

Question 10

Provides legal support of the OFR’s daily operation and represents the OFR in legal issues

Answer 10

General Counsel

Question 11

Provides agency with a Central point for coordination for activities to promote; accountability, integrity and efficiency in the Fla. government

Answer 11

Inspector General

Question 12

oversees agencies legislative activities. (advancing, initiatives, analyzes bills)

Answer 12

Director of Legislative & Cabinet Affairs

Question 13

oversees the agency budget

Answer 13

Planning and Budget Administrator

Question 14

handles all media relations

Answer 14

Communication Director

Question 15

Responsible for licensing and regulating all non-depository service industries

Answer 15

Division of Finance

Question 16

The Division consists of the following functional areas:

Answer 16

 Bureau of Money Transmitter Regulation
 Bureau of Regulatory Review
 Director’s Office - Budget, Fiscal and Technology Unit

Question 17

oversees all non-depository financial services to make sure they comply with statutes and rules

Answer 17

Bureau of Finance Regulation

Question 18

reviews licensure applications to see if they meet requirements

Answer 18

Bureau of Regulatory Review

Question 19

Florida established specific rules for Commission to follow pertaining to criminal convictions

Answer 19

• Felony (fraud) permanent
• Felony (moral turpitude) 15 years
• All other felonies 7 years
• Misdemeanor (fraud) 5 years

Question 20

If exam is out of state; licensee must pay for;

Answer 20

 Travel expenses
 Per diem at the rate provided by law for up to 30 eight-hour days, per year, for each Office examiner who participates in an examination

-If exam involves or reveals fraud per diem rate has no limit