Ray Wenger, as part of his continued outreach on behalf of the Department of Financial Services, suggested we remind our members that Florida Statutes §626.641 was revised last year to include subsection (3)(b):
(3)(a) If any of an individual’s licenses as an agent or customer representative or the eligibility to hold such license or licenses has been revoked at two separate times, the department may not thereafter grant or issue any license under this code to such individual.
(b) If a license as an agent or customer representative or the eligibility to hold such a license has been revoked resulting from the solicitation or sale of an insurance product to a person 65 years of age or older, the department may not thereafter grant or issue any license under this code to such individual.
This statute DOES apply to title insurance agents and agencies. That means a title agent or agency who issues a title insurance policy on a person who is age 65 or older and the transaction is found to violate the Florida Statutes, could find that their license is revoked and they would not be eligible to reinstate that license because of this statute.
This statute can dramatically increase the be extremely important to an agency specializing in reverse mortgage closings.
It will also apply if an agent or agency fails to respond to an administrative complaint against their license and the complaint includes an allegation involving a senior citizen. The license may be revoked under the Florida Statutes and the statute above would prevent the license from EVER being reinstated.