Industry Alerts

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...

05/13/2022

Tallahassee, Fla. – Today, Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida House Bill 273 – Money Services Businesses. OFR Commissioner Russell C. Weigel, III, said, “The Office of Financial Regulation is committed to fostering innovation in the financial services industry while ensuring Floridians are protected from scams and bad actors. I thank Governor Ron DeSantis for supporting..

03/29/2022

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today reminds Money Transmitter Part II licensees with an expiration year of 2022, to complete the renewal process before May 2, 2022, to maintain their active license status. Florida law requires businesses and individuals to have an active license with the OFR to conduct certain types of financial services business.

03/09/2022

Tallahassee, Fla. - Strong cybersecurity measures are critically important and vulnerabilities present risks to businesses and their infrastructure. The Office of Financial Regulation (OFR) today reminds Florida financial services businesses and professionals to stay updated on the latest cybersecurity measures and possible threats.

12/03/2021

Tallahassee, Fla. – The Office of Financial Regulation’s (OFR) renewal cycle is underway for businesses and individuals licensed with OFR under Chapters 494, 517, 559, F.S., and a portion of the businesses licensed under Chapter 560, F.S. Businesses and individuals are reminded to complete the renewal process to maintain their active license status. Florida law requires businesses and individuals to have an active license with the OFR to conduct certain types of financial services business.

08/17/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) recently responded to entities who had filed Petitions for a Declaratory Statement concerning their intended business activity of selling virtual currency in the State of Florida. The agency informed those entities that it had changed its previous legal interpretation due to the recent holding in the Florida Third District Court of Appeal’s decision in State v. Espinoza, 264 So. 3d 1055, 1065 (Fla. 3rd DCA 2019).

03/30/2021

Tallahassee, Fla. – The Office of Financial Regulation (OFR) today reminds those with Money Transmitter Part II licenses with an expiration year of 2021, to complete the renewal process before April 30, 2021, to maintain their active license status. Please visit www.flofr.gov/sitePages/MoneyTransmitters.htm, for more information on Money Transmitter Part II license requirements. Florida law requires businesses and individuals to have an active license with the OFR to conduct certain..

02/10/2021

Tallahassee, Fla. - The Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides fast and direct economic assistance for consumers and businesses negatively impacted by COVID-19, includes requirements regarding consumer credit reporting. The Office of Financial Regulation (OFR) is taking this opportunity to remind lenders and loan servicers to review and follow the federal guidance previously issued by the Consumer Financial Protection Bureau (CFPB) to ensure compliance with the Fair...

12/30/2020

The license renewal process is open for those licensed with the Florida 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 can renew through the OFR Online Services Portal by logging in as a returning user on...

11/08/2020

The Florida Office of Financial Regulation has issued proclamations to Florida state-chartered financial institutions and securities professionals regarding Tropical Storm Eta. Please check out the links below for more information: OFR Division of Financial Institutions Proclamation OFR Division of Securities Proclamation

09/15/2020

The Florida Office of Financial Regulation has issued proclamations to Florida state-chartered financial institutions and securities professionals regarding Hurricane Sally. Please check out the links below for more information: OFR Division of Financial Institutions Proclamation OFR Division of Securities Proclamation

06/30/2020

Read more: OFR Emergency Order 2020-04

05/04/2020

Tallahassee, Fla. - The Florida Office of Financial Regulation (OFR) today reminds Money Transmitter Part II licensees they now have until June 1, 2020, to renew their licenses. Money Transmitter Part II licenses were previously set to expire on April 30, 2020. However, OFR Commissioner Russell C. Weigel, III, issued OFR Emergency Order 2020-01 on March 20, 2020, extending the deadline to June 1, 2020.Read OFR Emergency Order 2020-01. Review renewal information.

04/17/2020

Tallahassee, Fla. - The Florida Office of Financial Regulation (OFR) today issued an emergency order to allow additional time before a first payment is due on an automobile loan. A motor vehicle retail installment seller, licensed with OFR per Chapter 520, Florida Statutes, may allow the first payment of a motor vehicle retail installment contract to be scheduled up to 90 days from the date of the loan.

04/02/2020

Tallahassee, Fla. – On Friday, March 27, 2020, President Donald J. Trump signed the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) into law. This new federal law provides economic relief for businesses and individuals being negatively impacted by the outbreak of COVID-19. CFO Jimmy Patronis said, “As a former small business owner, I know all too well the burden the COVID-19 pandemic has had on our state’s small business community and we must do all we can to support them...

04/01/2020

Tallahassee, Fla. – As financial services organizations establish remote workplaces due to COVID-19, the Florida Office of Financial Regulation (OFR) is sharing information on cybersecurity tips for the security of information technology systems. As financial services businesses continue to navigate an everchanging situation and adjust to remote workstations, the following are some important cybersecurity tips: Ensure remote access systems are fully patched and appropriate system...