Florida Proposes to Review Associated Person Applicants' Law Enforcement Record

As proposed, the law enforcement records of associated person applicants who have been found guilty of, or who have pled guilty or nolo contendere to, certain crimes would be reviewed by the Office of Financial Regulation to determine their eligibility to register in Florida. Applicants would be disqualified from registration for certain periods based upon criminal convictions, pleas of nolo contendere, or pleas of guilt, whether or not there was an adjudication. Class A crimes (felonies) involving fraud, dishonesty or any other acts of moral turpitude would disqualify applicants from associated person registration for 15 years while Class B crimes (misdemeanors) would disqualify applicants from registration for five years. Disqualification periods could be extended for applicants having committed multiple Class A or B crimes but could also be reduced with mitigating factors. Applicants would have the burden to prove they're entitled to register when their disqualifying periods expire.

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