Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SB 260
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/11/2016           .                                

       The Committee on Banking and Insurance (Smith) recommended the
    1         Senate Amendment (with title amendment)
    3         Delete lines 37 - 46
    4  and insert:
    5         701.03 Cancellation.—When Whenever the amount of money due
    6  under a promissory note secured by on any mortgage is shall be
    7  fully paid, the mortgagee or assignee shall, within 45 60 days
    8  after satisfaction of the mortgage, thereafter cancel the
    9  mortgage same in the manner provided by law. This section does
   10  not apply to any existing or future open-ended mortgage unless
   11  otherwise stated in the loan agreement. If, after fully
   12  satisfying the mortgage, the borrower provides written notice of
   13  his or her intent to close the open-ended mortgage, the
   14  mortgagee or assignee shall cancel the open-ended mortgage
   15  within 45 days after receiving the notice.
   16         Section 3. Paragraph (k) of subsection (1) of section
   17  516.07, Florida Statutes, is amended to read:
   18         516.07 Grounds for denial of license or for disciplinary
   19  action.—
   20         (1) The following acts are violations of this chapter and
   21  constitute grounds for denial of an application for a license to
   22  make consumer finance loans and grounds for any of the
   23  disciplinary actions specified in subsection (2):
   24         (k) Paying money or anything else of value, directly or
   25  indirectly, to any person as compensation, inducement, or reward
   26  for referring loan applicants to a licensee, if such amount is
   27  charged directly or indirectly to the borrower.
   28         Section 4. This act applies to remittance transfers
   29  initiated on or after July 1, 2016.
   30         Section 5. This act shall take effect July 1, 2016.
   32  ================= T I T L E  A M E N D M E N T ================
   33  And the title is amended as follows:
   34         Delete lines 9 - 13
   35  and insert:
   36         amending s. 701.03, F.S.; providing that a requirement
   37         that certain mortgages be cancelled within a specified
   38         timeframe of satisfaction does not apply to existing
   39         or future open-ended mortgages unless the requirement
   40         is specified in the loan agreement; requiring that an
   41         open-ended mortgage be cancelled within a specified
   42         timeframe if the borrower provides written notice of
   43         his or her intent to close the open-ended mortgage;
   44         amending s. 516.07, F.S.; revising the grounds for
   45         denial of an application for a license to make
   46         consumer finance loans; providing applicability;
   47         providing an effective date.