On May 27, Florida Governor Charlie Crist approved SB 2086, a bill that amends the current statute regulating Florida consumer debt collection agencies. Specifically, the new law will:

• Enable the Florida Office of Financial Regulation (OFR) to more thoroughly investigate collection agencies through expanded subpoena power;
• Authorize the OFR to issue cease and desist orders and direct collection agencies to take corrective action; 
• Grant the OFR discretion to promptly respond to a certified consumer complaint (currently, the OFR must wait for five certified complaints to accumulate within a 12-month period before taking action); 
• Empower the Florida Attorney General to take action for debt collection violations in response to a certified consumer complaint; 
• Require debt collection agencies to maintain books and records necessary to determine compliance with the debt collection provisions; and
• Increase the cap on administrative fines (from $1,000 to $10,000) for both out-of-state agencies operating without proper registry and for registered agencies.