Fla. Admin. Code Ann. R. 61B-41.003 - Penalty Guidelines

The following penalty guidelines are established for each violation:

STATUTE/RULE

GENERAL DESCRIPTION

PENALTY per violation (Priors)

PART I VACATION PLANS AND TIMESHARING

Section 721.056, F.S.;

Rule Chapters 61B-37; 61B-39; 61B-40, F.A.C.

Developer's supervisory duties

2, 500(0), 3, 500(1)

5, 000(1+)

Section 721.06, F.S.;

Rules 61B-39.002; 61B-39.003;

61B-39.007, F.A.C.

Purchase contracts

$2, 500(0)

$3, 500(1)

$5, 000(1+)

Section 721.06(4), F.S.

One to one ratio

$5, 000

Section 721.065, F.S.;

Rule 61B-39.002, F.A.C.

Resale purchase contract

$1, 000(0)

$2, 000(1)

$3, 500(1+)

Section 721.07, F.S.

Public offering statement rejection/revocation

$5, 000/POS-

Use of unapproved

$5, 000(0)

Public Offering Statement

$10, 000(1+)

Section 721.07(6), F.S.

Failure to deliver

$10, 000

Section 721.07(5), F.S.

contents, maintenance

$2, 500

Rules 61B-39.002; 61B-39.003;

61B-39.004; 61B-39.007; 61B-39.008; 61B-40.003; 61B-40.004; 61B-40.006; 61B-40.0061; 61B-40.0062, F.A.C.

POS-rejection/revocation

Section 721.075, F.S.;

Paragraph 61B-39.007(6)(e), F.A.C.

Incidental benefits

$1, 000(0)

$2, 000(1)

$3, 000(1+)

Section 721.08, F.S.; Paragraphs

61B-39.003(4)(c); 61B-39.005(5)(c); 61B-39.007(6)(e), F.A.C.

Escrow accounts; nondisturbance instruments; alternate security arrangements

$5, 000(0)

$7, 500(1)

$10, 000(1+)

Section 721.09, F.S.

Reservation agreements; escrows

$1, 000(0)

$2, 000(1)

$5, 000(1+)

Section 721.10, F.S.

Cancellation; termination

$5, 000

$7, 500

$10, 000

Section 721.11(1), (5), F.S.;

Subsection 61B-37.004(3), F.A.C.

Advertising materials and disclosures

$3, 500(0)

$5, 000(1)

$10, 000(1+)

Section 721.11(4), F.S.;

Rule 61B-37.002, F.A.C.

Misrepresentations; inducements; referrals

$2, 500(0)

$5, 000(1)

$10, 000(1+)

Section 721.111, F.S.;

Rule 61B-37.004, F.A.C.

Promotional offers

$3, 500(0)

$5, 000(1)

$10, 000(1+)

Section 721.12, F.S.

Sellers' record keeping

$1, 000(0)

$2, 000(1)

$5, 000(1+)

Section 721.13, F.S.; Rules 61B-40.003; 61B-40.004; 61B-40.005; 61B-40.006, F.A.C.

Management; CAM license; books & records; lockout; quorum

$1, 000(0)

$2, 000(1)

$5, 000(1+)

Rule 61B-40.0061, F.A.C.

Reserve funding

$2, 000(0)

$3, 500(1)

$5, 000(1+)

Section 721.13(2)(a), F.S.; and

Rule 61B-40.004, F.A.C.

Fiduciary Duty as separate and distinct from other violations

$10, 000

Section 721.13(3)(e), F.S.; and

Rule 61B-40.007, F.A.C.

Annual audit failure to arrange failure to file

$2, 500(0)

$3, 500(1)

$5, 000(1+)

$2, 500(0)

$3, 500(1)

$5, 000(1+)

Section 721.13(3)(f), F.S.

Inspection of books

$2, 500

Receipts and disbursements

$1, 000(0)

$1, 500(1)

$2, 000(1+)

Sections 721.13(3)(i) and 192.037(6)(e), 721.15, F.S.; Rules 61B-40.004; 61B-40.005; 61B-40.006; 61B-40.0061; 61B-40.0062, F.A.C.

Assessments; guarantees, common expenses; billing

$1, 000 (0)

$2, 000 (1)

$5, 000 (1+)

Failure to pay Assessments on Developer owned units

$10, 000

Section 721.15(8), F.S.

Commingling

$5, 000

Section 721.165, F.S.;

Paragraph 61B-39.007(6)(f), F.A.C.

Insurance disclosure

$10, 000

$1, 000

Section 721.17, F.S.

Transfer of interest

$5, 000

Section 721.18(1), F.S.

Exchange programs

Failure to provide written documents

$5, 000(0)

$10, 000(1+)

Section 721.18(5), F.S.

Unfair deceptive act or practice

$5, 000(0)

$10, 000(1+)

Section 721.20(1), F.S.

Broker licensing

$5, 000

Section 721.20(2), F.S.;

Section 721.20(4), F.S.

Solicitor licensing

Advance fees

$10, 000

Section 721.26(7)(a), F.S.

Exchange Company Deceptive act or practice

$5, 000(0)

$10, 000(1+)

Section 721.27, F.S.

Managing entity fees to statutory late fee

$1, 000 in addition

PART II VACATION CLUBS

Section 721.53, F.S.;

Rule 61B-39.003, F.A.C.

Subordination instruments

$10, 000

Subsection 61B-39.005(7), F.A.C.

Security arrangements

$3, 000(0)

$5, 000(1)

$10, 000(1+)

Section 721.54, F.S.

Multisite term

$5, 000

Section 721.55, F.S.

Public Offering Statement

rejection/revocation

Use of unapproved

$5, 000/POS

$5, 000(0)

$10, 000(1+)

Section 721.55, F.S.; Rules 61B-39.002; 61B-39.005; 61B-39.007; 61B-39.008, F.A.C.

Public offering statement contents, maintenance

$5, 000

Section 721.551, F.S.; Rules 61B-39.002; 61B-39.006; 61B-39.007; 61B-39.008, F.A.C.

Failure to deliver public offering statement

$10, 000

Section 721.552, F.S.;

Subsection 61B-39.007(9), F.A.C.

Change in component site accommodations & facilities

$5, 000

Sections 721.552(1)(b), (2)(g), F.S.

Fiduciary duty

$10, 000

Section 721.553, F.S.

Portrayal of component sites

$1, 000(0)

$2, 000(1)

$5, 000(1+)

Rule 61B-37.002, F.A.C.

misrepresentations

$2, 500(0)

$3, 500(1)

$5, 000(1+)

Sections 721.56(1), (2), F.S.;

Paragraph 61B-39.005(5)(e), F.A.C.

Management rejection/revocation

$5, 000/POS-

Section 721.56(3), F.S.;

Escrow accounts

$3, 000(0)

$5, 000(1)

$10, 000(1+)

Paragraph 61B-39.007(6)(e), F.A.C.

amendment disclosures

$1, 000

Section 721.56(5), F.S.;

Reservation system

$5, 000

Subsection 61B-39.005(7), F.A.C.

filing

$2, 500

Section 721.56(6);

Developer duties

$10, 000

Subsection 61B-39.005(7), F.A.C.

filing

$2, 500

Section 721.57, F.S.

Multisite disclosures

$5, 000

Section 721.58(1), F.S.

Filing fee

rejection

Section 721.58(2), F.S.

Managing entity fees to statutory late fees

$1, 000 in addition

NOTE: The designation of (0) means no prior violations;

(1) means one prior violation; and (1+) means more than one prior violation.

Notes

Fla. Admin. Code Ann. R. 61B-41.003

Rulemaking Authority 721.26(6) FS. Law Implemented 721.26(5)(e) FS.
New 2-4-98, Amended by Florida Register Volume 43, Number 186, September 26, 2017 effective 10/12/2017.

New 2-4-98, Amended 10-12-17.

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