The Florida Senate

494.0067  Requirements of licensees under ss. 494.006-494.0077.--

(1)  Each licensee under ss. 494.006-494.0077 which makes mortgage loans on real estate in this state shall transact business from a principal place of business. Each principal place of business and each branch office shall be operated under the full charge, control, and supervision of the licensee under ss. 494.006-494.0077.

(2)  A license issued under ss. 494.006-494.0077 is not transferable or assignable.

(3)  Each licensee under ss. 494.006-494.0077 shall report, on a form prescribed by rule of the commission, any change in the information contained in any initial application form, or any amendment thereto, not later than 30 days after the change is effective.

(4)  Each licensee under ss. 494.006-494.0077 shall report any changes in the partners, officers, members, joint venturers, directors, or control persons of any licensee or changes in the form of business organization by written amendment in such form and at such time that the commission specifies by rule.

(a)  In any case in which a person or a group of persons, directly or indirectly or acting by or through one or more persons, proposes to purchase or acquire a controlling interest in a licensee, such person or group must submit an initial application for licensure as a mortgage lender or correspondent mortgage lender before such purchase or acquisition and at the time and in the form prescribed by the commission by rule.

(b)  As used in this subsection, the term "controlling interest" means possession of the power to direct or cause the direction of the management or policies of a company whether through ownership of securities, by contract, or otherwise. Any person who directly or indirectly has the right to vote 25 percent or more of the voting securities of a company or who is entitled to 25 percent or more of the company's profits is presumed to possess a controlling interest.

(c)  Any addition of a designated principal representative, partner, officer, member, joint venturer, director, or control person of the applicant who does not have a controlling interest and who has not previously complied with the provisions of s. 494.0061(2)(g) and (h), s. 494.0062(2)(g) and (h), or s. 494.0065(5)(e) and (f) shall be subject to such provisions unless required to file an initial application in accordance with paragraph (a). If the office determines that the licensee does not continue to meet licensure requirements, the office may bring administrative action in accordance with s. 494.0072 to enforce the provisions of this section.

(d)  The commission shall adopt rules pursuant to ss. 120.536(1) and 120.54 providing for the waiver of the application required by this subsection if the person or group of persons proposing to purchase or acquire a controlling interest in a licensee has previously complied with the provisions of s. 494.0061(2)(g) and (h), s. 494.0062(2)(g) and (h), or s. 494.0065(5)(e) and (f) with the same legal entity or is currently licensed with the office under this chapter.

(5)  Each licensee under ss. 494.006-494.0077 shall report in a form prescribed by rule by the commission any indictment, information, charge, conviction, plea of nolo contendere, or plea of guilty to any crime or administrative violation that involves fraud, dishonest dealing, or any other act of moral turpitude, in any jurisdiction, by the licensee under ss. 494.006-494.0077 or any principal officer, director, or ultimate equitable owner of 10 percent or more of the licensed corporation, not later than 30 business days after the indictment, information, charge, conviction, or final administrative action.

(6)  Each licensee under ss. 494.006-494.0077 shall report any action in bankruptcy, voluntary or involuntary, to the office, not later than 7 business days after the action is instituted.

(7)  Each licensee under ss. 494.006-494.0077 shall designate a registered agent in this state for service of process.

(8)  Each licensee under ss. 494.006-494.0077 shall provide an applicant for a mortgage loan a good faith estimate of the costs the applicant can reasonably expect to pay in obtaining a mortgage loan. The good faith estimate of costs shall be mailed or delivered to the applicant within a reasonable time after the licensee receives a written loan application from the applicant. The estimate of costs may be provided to the applicant by a person other than the licensee making the loan. The commission may adopt rules that set forth the disclosure requirements of this section.

(9)  On or before April 30, 2000, each mortgage lender or correspondent mortgage lender shall file an initial report stating the full legal name, residential address, social security number, date of birth, mortgage broker license number, date of hire, and, if applicable, date of termination for each person who acted as a loan originator or an associate of the mortgage lender or correspondent mortgage lender during the immediate preceding quarter. Thereafter, a mortgage lender or correspondent mortgage lender shall file a report only if a person became or ceased to be a loan originator or an associate of the mortgage lender or correspondent mortgage lender during the immediate preceding quarter. Such report shall be filed within 30 days after the last day of each calendar quarter and shall contain the full legal name, residential address, social security number, date of birth, date of hire and, if applicable, the mortgage broker license number and date of termination of each person who became or ceased to be a loan originator or an associate of the mortgage lender or correspondent mortgage lender during the immediate preceding quarter. The commission shall prescribe, by rule, the procedures for filing reports required by this subsection.

(10)(a)  Each licensee shall require the principal representative and all loan originators who perform services for the licensee to complete 14 hours of professional continuing education during each biennial license period. The education shall cover primary and subordinate mortgage financing transactions and the provisions of this chapter and the rules adopted under this chapter.

(b)  The licensee shall maintain records of such training for a period of 4 years, including records of the content of and hours designated for each program and the date and location of the program.

(c)  Evidence of completion of such programs shall be included with the licensee's renewal application.

History.--ss. 38, 50, ch. 91-245; s. 4, ch. 91-429; ss. 23, 24, ch. 99-213; s. 9, ch. 2001-228; s. 542, ch. 2003-261; s. 20, ch. 2006-213.