State of Florida Office of Financial Regulation

What State of Florida Office of Financial Regulation does

The State of Florida Office of Financial Regulation (OFR) is a state government regulatory agency created by the Governor and Cabinet to provide regulatory oversight for Florida's financial services industry. OFR organizes its operations around four primary functional divisions: the Division of Consumer Finance (regulating non-depository financial services such as mortgage brokers, lenders, loan originators, money transmitters, and retail installment sellers), the Division of Financial Institutions (conducting risk-based examinations of state-chartered banks, credit unions, and trust companies), the Division of Securities (administering the Florida Securities and Investor Protection Act), and the Bureau of Financial Investigations (the criminal justice section investigating financial fraud). Supporting offices include the Office of the Commissioner, Office of Fintech Policy, Office of Communications, Office of General Counsel, Office of Legislative & Cabinet Affairs, and Office of Inspector General.

OFR's core technology infrastructure is the REAL System (Regulatory Enforcement and Licensing System), a proprietary online portal at real.flofr.gov that handles license applications, renewals, amendments, and compliance filings for all regulated entities, with payment processing via Visa, MasterCard, American Express, Discover, and electronic checks. The agency oversees 472,000+ registered entities as of 2021 and 43,321 active mortgage loan originator licenses as of November 2020. Public-facing services include the License Verification tool, Complaint Filing System, Consumer Resources, and public information records. OFR does not generate commercial revenue; it is funded through state budget appropriations supported by licensing fees, renewal fees, and regulatory assessments set by Florida Statutes and Administrative Code. In 2020 OFR championed the Financial Technology Regulatory Sandbox, which began accepting innovator license applications in January 2021, expanding OFR's regulatory perimeter into fintech and crypto-adjacent services. The agency is headquartered in Tallahassee, Florida, with authority derived from Florida Statutes Chapters 494, 516, 517, 520, 559, and 560, and operates under the oversight of the Financial Services Commission (Governor and Cabinet).

Name

State of Florida Office of Financial Regulation

Legal name

Florida Office of Financial Regulation

Website

https://flofr.gov

Company type

Private

Founded year

2003

Operating status

Operating

Short description

The State of Florida Office of Financial Regulation is a state government agency that regulates Florida's financial services industry through licensing, examinations, and enforcement of state-chartered banks, securities firms, mortgage professionals, money transmitters, and consumer finance companies serving the state's residents.

Ownership category

akta.pro rank

Product category

Financial Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (926150)

SIC

Finance Services (6199)

akta.pro primary industry

Financial Services Regulators (Banking, Securities, Insurance) (BPAIAOAK)

akta.pro secondary industries

Financial Crime, AML/CFT & Sanctions Compliance (BPAHAFAE), Fraud Risk & Financial Crime Controls Advisory (BPAKADAL)

Keywords

• Financial regulation
• Securities licensing
• Consumer finance oversight
• Money transmitter licensing
• Financial institution examinations

Headquarters

HQ city

Tallahassee

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Others

Revenue model

1. Regulatory Licensing and Supervision Fees: OFR is funded through licensing fees, renewal fees, and regulatory assessments collected from regulated financial services businesses and professionals under Florida Statutes (Chapters 494, 516, 517, 520, 559, 560). Fees are set per Florida Statutes and Administrative Code.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

The Florida Office of Financial Regulation provides regulatory oversight of Florida's financial services industry through licensing, examinations, compliance monitoring, and enforcement actions. Its core offerings include licensing and renewal of consumer finance companies, mortgage brokers and lenders, money transmitters, securities dealers, investment advisers, and state-chartered banks, credit unions, and trust companies via the REAL System online portal. The agency also conducts risk-based examinations, investigates financial fraud, and administers the Florida Securities and Investor Protection Act, while educating consumers and enforcing compliance across the financial services marketplace.

Product overview

The Office of Financial Regulation is a state-government regulatory agency that provides oversight for Florida's financial services industry. Rather than a commercial product company, OFR offers a portfolio of regulatory services and programs. The core infrastructure consists of the REAL System online portal for license applications, renewals, and compliance filings. OFR operates through four main divisions: Division of Consumer Finance (regulating non-depository financial services), Division of Financial Institutions (examining banks and credit unions), Division of Securities (enforcing securities regulations), and Bureau of Financial Investigations (investigating financial crimes). Additionally, OFR administers a Financial Technology Sandbox program that enables fintech innovators to test new products under flexible regulatory conditions. The agency also provides public-facing services including license verification, complaint filing, consumer education resources, and public information records.

Differentiator

Problem solved

Functional benefit

Products and services

• REAL System (Regulatory Enforcement and Licensing System) Online portal system for license applications, renewals, amendments, and compliance filings for regulated entities. Provides electronic submission of required documents and enables payment via credit card (Visa, MasterCard, American Express, Discover) and electronic check (ACH).
• Financial Technology Sandbox Innovator License Regulatory sandbox license that enables financial technology innovators to test new products and services using exceptions to specified general law and waivers of corresponding rule requirements under defined conditions within consumer finance, payment instruments sellers, and money transmitter programs.
• License Verification Service Online tool allowing the public to verify the license status of financial services businesses and professionals before making decisions.
• Complaint Filing System Online system for submitting complaints or tips regarding financial fraud, misconduct, or suspicious activities by regulated entities or individuals.
• Consumer Resources Educational materials and resources to help consumers understand financial products, avoid scams, and make informed financial decisions.
• Public Information & Statistics Publicly available records including lists of licensed mortgage brokers, lenders, loan originators, money services businesses, securities dealers, and investment advisers, along with enforcement action data and statistical reports.

Quantifiable outcome

• More than 472,000 total registered entities under regulatory oversight
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

13 partnerships are on record, tiered core, major and minor.

• Financial Services CommissioncoreOthersThe Financial Services Commission (Governor and Cabinet) provides oversight and appoints the OFR Commissioner. The Commission meets publicly and reviews OFR matters.
• Florida Attorney General's OfficecoreImplementation/ SI/ Consulting PartnerOFR works with the Attorney General's Office on enforcement actions, including referrals and joint prosecutions of financial fraud cases. Statewide Prosecution office prosecutes OFR cases.
• Florida Department of Law Enforcement (FDLE)majorImplementation/ SI/ Consulting PartnerOFR coordinates with FDLE on criminal investigations involving financial crimes and fraud schemes.
• County State Attorney's OfficesmajorImplementation/ SI/ Consulting PartnerOFR cases are prosecuted by various county State Attorney's Offices including Clay County, Broward County, Hillsborough County, and Collier County.
• Florida Department of Economic Opportunity (DEO)majorStrategic or Co-development PartnerOFR partnered with DEO during COVID-19 to assist with unemployment compensation processing. OFR staff volunteered to help process unemployment claims.
• Small Business Administration (SBA)minorStrategic or Co-development PartnerOFR collaborated with SBA to assist financial institutions that provided Paycheck Protection Program loans to impacted businesses.
• Consumer Financial Protection Bureau (CFPB)majorStrategic or Co-development PartnerOFR coordinates with CFPB on credit reporting matters, consumer protection enforcement, and regulatory guidance. CFPB is the federal regulator for credit reporting agencies.
• North American Securities Administrators Association (NASAA)majorStrategic or Co-development PartnerOFR is a member of NASAA, participating in coordinated securities enforcement efforts and sharing information on investor threats and fraud trends across jurisdictions.
• Fort Lauderdale Police DepartmentminorImplementation/ SI/ Consulting PartnerOFR worked with Fort Lauderdale Police Department on investment fraud investigation (Angel Investment Partners case).
• Collier County Sheriff's OfficeminorImplementation/ SI/ Consulting PartnerOFR partnered with Collier County Sheriff's Office Economic Crimes Unit on investment fraud investigation (Richard Vincent Leli case).
• 28 Other States (Multistate Enforcement)majorStrategic or Co-development PartnerOFR participated in consolidated nationwide enforcement action with Florida AG and 28 other states against fraudulent precious metals scheme resulting in $180 million fraud.
• Florida LegislaturecoreOthersOFR coordinates with Florida Legislature on proposed legislation and responds to legislative requests. Statutory authority derives from Florida Statutes.
• Equifax, Experian, TransUnionminorOthersOFR contacted credit reporting agencies to express expectations regarding accurate credit reporting and correction of errors under CARES Act provisions.

Scale indicators9 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• California Department of Financial Protection and Innovation: California's state financial regulator covering consumer finance, securities, money transmission, and fintech oversight, including a regulatory sandbox. Highly comparable to OFR's Division of Consumer Finance, Division of Securities, and Office of Fintech Policy in scope and product offerings.
• Massachusetts Division of Banks: Regulates Massachusetts-chartered banks, credit unions, mortgage lenders, and money services businesses. Closely comparable to OFR's Division of Financial Institutions and Division of Consumer Finance on examination, licensing, and supervision activities.
• Illinois Department of Financial and Professional Regulation: Regulates Illinois financial institutions, consumer finance, and securities professionals. Comparable mid-to-large state financial regulator with similar licensing, examination, and enforcement structures as OFR.
• Texas Department of Banking: Regulates Texas-chartered banks, trust companies, and money services businesses with comparable consumer-finance and money-transmitter oversight responsibilities. Functions as OFR's Division of Financial Institutions and money-transmitter licensing counterpart.
• New York State Department of Financial Services: The largest U.S. state financial regulator, with overlapping statutory authority over banking, consumer finance, securities, money transmission, and fintech. Directly comparable in mission scope, licensing, examination, and enforcement functions to OFR, but at much larger scale.

Others

• Conference of State Bank Supervisors (CSBS): National association of state banking regulators that coordinates multistate bank supervision and provides technology infrastructure for state regulators. Comparable as the ecosystem body OFR's Division of Financial Institutions participates in.
• North American Securities Administrators Association (NASAA): Association of state securities regulators in which OFR is a member, supporting coordinated enforcement efforts and information sharing across jurisdictions. Directly comparable as the operational counterpart for OFR's Division of Securities multistate work.

Broad incumbents

• Consumer Financial Protection Bureau (CFPB): Federal regulator covering consumer finance, mortgage servicing, and credit reporting. Coordinates with OFR on credit reporting matters, consumer protection enforcement, and regulatory guidance, with overlapping scope in consumer-finance examinations.
• U.S. Securities and Exchange Commission (SEC): Federal regulator that partners with OFR's Division of Securities on enforcement (e.g., the $106M Vanguard multistate task force) and sets national policy on investment advisers and broker-dealers that OFR's state-registered advisers fall under.

Regional players

• Georgia Department of Banking and Finance: State financial regulator for Georgia chartered banks, mortgage lenders, and consumer finance providers. Comparable in core function but operates in a different Southeast geography, providing a regional benchmark for OFR's scale and operations.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/flofr

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

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M&A

Investments

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Frequently asked questions about State of Florida Office of Financial Regulation