Florida Senate - 2016 COMMITTEE AMENDMENT Bill No. SB 260 Ì878296\Î878296 LEGISLATIVE ACTION Senate . House Comm: RCS . 01/11/2016 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Smith) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete lines 37 - 46 4 and insert: 5 701.03 Cancellation.—When
Wheneverthe amount of moneydue 6 under a promissory note secured by onany mortgage is shall be7 fully paid, the mortgagee or assignee shall, within 45 60days 8 after satisfaction of the mortgage, thereaftercancel the 9 mortgage samein 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. 31 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.