OFR News

06/27/2023

Tallahassee, Fla. - Today, the Office of Financial Regulation (OFR) notified all licensed check cashers of statutory changes to chapter 560, Florida Statutes, related to cashing corporate checks. House Bill 1185 was signed into law on May 24, 2023, and becomes effective July 1, 2023. The bill makes the following changes to chapter 560, Florida Statutes: Creates subsection 560.309(11), Florida Statutes, which prohibits a licensed check casher from cashing “corporate checks where...

06/09/2023

Tallahassee, Fla. – Today, the Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida Senate Bill 180 – Securities Regulation. OFR Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation will continue to encourage modernization in the financial services industry while ensuring Floridians are protected from scams and bad actors. I thank Governor Ron DeSantis for his...

05/25/2023

Tallahassee, Fla. – Today, the Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida House Bill 607 – Money Services Businesses. OFR Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation is committed to efficient and effective regulation of the financial services industry. I thank Governor Ron DeSantis for his leadership and support to continue to make Florida a...

05/16/2023

May 23, 2023 Financial Services Commission Meeting - Public Meeting of the Governor and Cabinet

03/14/2023

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today reminds Money Transmitter Part II licensees with an expiration year of 2023, to complete the renewal process on or before May 1, 2023, to maintain their active license status. Don’t wait; renew your license online today. Please visit www.flofr.gov/sitePages/MoneyTransmitters.htm, for more information on Money Transmitter Part II license requirements. Florida law requires businesses and...

02/27/2023

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today celebrates America Saves Week by highlighting financial wellness resources to help Floridians save money and build personal wealth. America Saves Week, recognized February 27-March 3, 2023, is an annual national campaign to encourage Americans to commit to saving successfully. CFO Jimmy Patronis said, “America Saves Week is an important time to encourage all Floridians to make saving a priority. Saving is a vital part of any...

01/09/2023

January 17, 2023 Financial Services Commission Meeting - Public Meeting of the Governor and Cabinet

12/23/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Anthony Michael Hernandez was arrested on charges of organized fraud, exploitation of an elderly person, selling securities as an unregistered person, and depositing funds in a bank with intent to defraud. Hernandez was booked into the Orange County Jail. His bond was set at $1.95 million. Attorney General Ashley Moody said, “This defendant placed misleading advertisements on television and social media,...

12/05/2022

Notice of Public Hearing - December 13, 2022 The agency is holding a public hearing regarding the proposed rulemaking related to certain financial institutions rules.

12/05/2022

Notice of Public Hearing - December 13, 2022 The agency is holding a public hearing regarding the proposed rulemaking related to certain consumer finance rules.

12/05/2022

Notice of Public Hearing - December 13, 2022 The agency is holding a public hearing regarding the proposed rulemaking related to certain securities rules.

12/02/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that it issued warning letters, subpoenas and/or document requests to more than a dozen unlicensed check-cashing entities that advertised check-cashing services at their locations, including check cashing through the use of purported “self-service check-cashing machines.” A warning letter was also issued to an unlicensed, out-of-state entity for supplying, maintaining and sharing fees derived from the unlawful operation...

12/02/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that it issued warning letters, subpoenas and/or document requests to more than a dozen unlicensed check-cashing entities that advertised check-cashing services at their locations, including check cashing through the use of purported “self-service check-cashing machines.” A warning letter was also issued to an unlicensed, out-of-state entity for supplying, maintaining and sharing fees derived from the unlawful operation...

11/17/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Konstantinos Konstantinou was sentenced to four years in prison for his role in a fraudulent investment scheme against an elderly couple. Konstantinou was also ordered to serve 25 years’ probation and to pay $707,395 to his victims. The sentence follows a September 2022 guilty plea. OFR Commissioner Russell C. Weigel, III said, “Thank you to OFR’s investigative team...

11/15/2022

Tallahassee, Fla. - The Office of Financial Regulation (OFR) today announced that Robert Lee Humphrey, Jr., was sentenced to 10 years’ probation after being declared guilty of 20 separate felony charges related to a fraudulent investment scheme. Prior to sentencing, Humphrey was required to pay restitution in the amount of $412,500 to the nine victims that cooperated with the investigation. As a condition of his probation, Humphrey is banned from engaging in securities...

11/07/2022

The Office of Financial Regulation today issued proclamations to Florida state-chartered financial institutions and securities professionals regarding Tropical Storm Nicole.

11/03/2022

Tallahassee, Fla. – The license renewal process is open for those licensed with the Office of Financial Regulation (OFR) under Chapters 494, 516, 517, 520, 559, Florida Statutes, and a portion of those licensed under Chapter 560, Florida Statutes. OFR reminds businesses and individuals to complete the renewal process to maintain their active license status. Businesses and individuals holding the below license types should renew through the Central Registration Depository (CRD) or Investment Adviser...

09/26/2022

The Office of Financial Regulation has issued proclamations to Florida state-chartered financial institutions and securities professionals regarding Hurricane Ian. OFR Division of Financial Institutions Proclamation OFR Division of Securities Proclamation

08/12/2022

Tallahassee, Fla. - Since at least 2012, a “money transmitter” in Florida has been defined as “a corporation, limited liability company, limited liability partnership, or foreign entity qualified to do business in this state which receives currency, monetary value, or payment instruments for the purpose of transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the internet, or through bill payment services or other businesses that...

07/27/2022

Recently, the insurance ratings agency, Demotech, Inc. (Demotech), which provides financial stability ratings of Florida property and casualty insurers, indicated that it may downgrade ratings for up to 17 Florida insurance carriers. On July 25, 2022, Demotech President Joseph Patrelli stated in an e-mail to the Commissioner of the Florida Office of Insurance Regulation (OIR), that Demotech had informed these 17 insurance companies that the ratings agency did not intend to take any rating action until...