HB 0381CS

CHAMBER ACTION



1The State Administration Appropriations Committee recommends the
2following:
3
4     Council/Committee Substitute
5     Remove the entire bill and insert:
6
A bill to be entitled
7An act relating to financial entities and transactions;
8amending s. 494.0011, F.S.; authorizing the Financial
9Services Commission to require electronic submission of
10forms, documents, or fees; providing for accommodating a
11technological or financial hardship; authorizing the
12commission to adopt rules relating to obtaining such an
13accommodation; providing a requirement for granting or
14denying a license; amending s. 494.0016, F.S.; authorizing
15the commission to prescribe requirements for destroying
16books, accounts, records, and documents; authorizing the
17commission to recognize alternative statutes of limitation
18for such destruction; providing for procedures; amending
19s. 494.0029, F.S.; specifying criteria for receipt of
20certain applications; specifying that certain permits are
21not transferable or assignable; amending s. 494.00295,
22F.S.; revising provisions to specify continuing education
23for certain professions; amending s. 494.003, F.S.;
24clarifying application of an exemption from application of
25specified mortgage broker licensure requirements to
26certain entities; amending s. 494.0031, F.S.; requiring
27licensure of mortgage brokerage businesses; specifying
28criteria for receipt of applications; authorizing the
29commission or the Office of Financial Regulation to
30require specified information from certain applicants;
31revising certain fingerprinting requirements; authorizing
32the commission to prescribe fees and procedures for
33processing fingerprints; authorizing the office to
34contract for fingerprinting services; specifying that
35certain licenses are not transferable or assignable;
36amending s. 494.0033, F.S.; clarifying requirements for
37mortgage broker licensure; authorizing the commission to
38waive certain examination requirements under specified
39circumstances; authorizing the commission to prescribe
40additional testing fees; revising fingerprinting
41requirements; authorizing the commission to prescribe fees
42and procedures for processing fingerprints; authorizing
43the office to contract for certain fingerprinting
44services; specifying criteria for receipt of applications;
45deleting provisions relating to cancellation and
46reinstatement of licenses; amending s. 494.0034, F.S.;
47clarifying the commission's authorization to prescribe
48license renewal forms; amending s. 494.0036, F.S.;
49clarifying provisions relating to issuance of licenses to
50mortgage brokerage business branch offices; specifying
51criteria for receipt of certain applications; amending s.
52494.004, F.S.; conforming cross references; amending s.
53494.0041, F.S.; specifying an additional ground for
54disciplinary action; amending s. 494.006, F.S.; clarifying
55the application of an exemption from mortgage lender
56licensure requirements to certain entities; amending s.
57494.0061, F.S.; requiring licensure of mortgage lenders;
58specifying criteria for receipt of applications; revising
59fingerprinting requirements; authorizing the commission to
60prescribe fees and procedures for processing fingerprints;
61authorizing the office to contract for certain
62fingerprinting services; deleting certain provisions
63relating to cancellation and reinstatement of licenses;
64authorizing the commission to waive specified examination
65requirements under certain circumstances; authorizing the
66commission to prescribe additional testing fees; amending
67s. 494.0062, F.S.; requiring licensure of correspondent
68mortgage lenders; specifying criteria for receipt of
69applications; authorizing the office to require applicants
70to provide certain information; revising fingerprinting
71requirements; authorizing the commission to prescribe fees
72and procedures for processing fingerprints; authorizing
73the office to contract for certain fingerprinting
74services; deleting certain provisions relating to
75cancellation and reinstatement of licenses; authorizing
76the commission to waive specified examination requirements
77under certain circumstances; authorizing the commission to
78prescribe additional testing fees; requiring notice of a
79change in principal representatives; providing educational
80requirements for principal representatives; amending s.
81494.0064, F.S.; clarifying a reference to professional
82continuing education for certain licensees; amending s.
83494.0065, F.S.; specifying criteria for receipt of
84applications; specifying education and testing
85requirements for certain principal representatives and for
86certain applications or transfer applications; authorizing
87the commission to waive specified examination requirements
88under certain circumstances; authorizing the commission to
89prescribe additional testing fees; increasing a license
90transfer fee; revising fingerprinting requirements;
91authorizing the commission to prescribe fees and
92procedures for processing fingerprints; authorizing the
93office to contract for certain fingerprinting services;
94requiring mortgage lenders to designate a principal
95representative; providing criteria and requirements;
96requiring notice of a change in principal representatives;
97amending s. 494.0066, F.S.; clarifying licensure
98requirements for branch offices; amending s. 494.0067,
99F.S.; clarifying reference to professional continuing
100education requirements; amending s. 494.0072, F.S.;
101providing an additional ground for disciplinary action;
102amending s. 494.00721, F.S.; correcting cross-references;
103amending s. 501.137, F.S.; imposing attorney's fees and
104costs on lenders under certain circumstances; amending s.
105516.03, F.S.; specifying criteria for receipt of certain
106applications; providing that specified fees are
107nonrefundable; authorizing the commission to require
108electronic submission of forms, documents, or fees;
109providing for accommodating a technological or financial
110hardship; authorizing the commission to make rules
111relating to obtaining such an accommodation; amending s.
112516.031, F.S.; increasing a reimbursement charge for
113certain investigation costs; amending s. 516.05, F.S.;
114deleting provisions relating to fees for licenses that
115have been denied; amending s. 516.07, F.S.; providing an
116additional ground for disciplinary action; amending s.
117516.12, F.S.; authorizing the commission to prescribe
118minimum information that must be shown in a licensee's
119books, accounts, records, and documents; authorizing the
120commission to prescribe requirements for destroying books,
121accounts, records, and documents; authorizing the
122commission to recognize alternative statutes of limitation
123for such destruction; providing for procedures; amending
124s. 517.061, F.S.; revising provisions related to exempt
125transactions; amending ss. 517.051 and 517.081, F.S.;
126revising standards for accounting principles to be used in
127preparing certain financial statements; amending s.
128517.12, F.S.; revising provisions for taking and
129submitting fingerprints of dealers, associated persons,
130and similarly situated persons; revising provisions
131relating to expiration and renewal of registration of such
132persons; providing an exemption from registration
133requirements for a Canadian dealer and an associated
134person who represents a Canadian dealer, under certain
135conditions; providing for notice filing by a Canadian
136dealer under certain conditions; authorizing the Office of
137Financial Regulation of the Financial Services Commission
138to issue a permit to evidence the effectiveness of a
139notice filing for a Canadian dealer; providing for the
140renewal of a notice filing by a Canadian dealer; providing
141for reinstatement of a notice filing; providing
142obligations for a Canadian dealer who has given notice of
143filing; providing obligations for an associated person
144representing a Canadian dealer who has given notice of
145filing; providing for the termination of a notice of
146filing; providing for the collection of fees; amending s.
147517.131, F.S.; revising conditions under which recovery
148can be made from the Securities Guaranty Fund; amending s.
149517.141, F.S.; prescribing circumstances under which a
150claimant must reimburse the fund; providing for
151rulemaking; amending s. 517.161, F.S.; providing an
152additional ground for revocation, restriction, or
153suspension of a registration; amending ss. 520.03, 520.32,
154520.52, and 520.63, F.S.; specifying criteria for receipt
155of certain applications; providing that certain fees are
156nonrefundable; amending s. 520.994, F.S.; authorizing the
157commission to require electronic submission of forms,
158documents, or fees; providing for accommodating a
159technological or financial hardship; providing for
160rulemaking; amending s. 520.995, F.S.; providing an
161additional ground for disciplinary action; amending ss.
162520.997 and 537.009, F.S.; authorizing the commission to
163prescribe certain minimum information that must be shown
164in a licensee's books, accounts, records, and documents;
165authorizing the commission to prescribe requirements for
166destroying books, accounts, records, and documents;
167authorizing the commission to recognize alternative
168statutes of limitation for such destruction; providing for
169procedures; amending ss. 560.105 and 560.118, F.S.;
170authorizing the commission to require electronic
171submission of forms, documents, or fees; providing for
172accommodating a technological or financial hardship;
173amending s. 560.114, F.S.; providing an additional ground
174for disciplinary action; amending s. 560.121, F.S.;
175authorizing the commission to prescribe certain minimum
176information that must be shown in a licensee's books,
177accounts, records, and documents; authorizing the
178commission to prescribe requirements for destroying books,
179accounts, records, and documents; authorizing the
180commission to recognize alternative statutes of limitation
181for such destruction; providing for procedures; decreasing
182the required time period for the office to retain certain
183reports, records, applications, and related information;
184amending s. 560.126, F.S.; requiring notice of changes in
185information contained in a registration application;
186amending s. 560.205, F.S.; revising fingerprinting
187requirements; authorizing the commission to prescribe fees
188and procedures for processing fingerprints; authorizing
189the office to contract for certain fingerprinting
190services; authorizing the commission to establish
191procedures for depositing fees and filing documents
192electronically; deleting a requirement that an applicant
193provide a list of certain vendors; requiring the reporting
194of certain changes of registration by written amendment;
195amending s. 560.207, F.S.; authorizing the commission to
196establish procedures for depositing fees and filing
197documents electronically; revising procedures for renewing
198a registration; providing that specified fees are
199nonrefundable; providing conditions to the reinstatement
200of a registration; amending s. 560.210, F.S.; revising
201permissible investment requirements for certain
202registrants; specifying in general that accounting
203principles are those generally accepted in the United
204States; amending ss. 560.211 and 560.310, F.S.; requiring
205notice to the office of the location of certain amended
206records; amending ss. 560.305 and 560.308, F.S.; revising
207procedures for renewing a registration; providing that
208specified fees are nonrefundable; providing conditions to
209the reinstatement of a registration; authorizing the
210commission to establish procedures for depositing fees and
211filing documents electronically; amending s. 560.306,
212F.S.; revising certain fingerprinting requirements;
213authorizing the commission to prescribe fees and
214procedures for processing fingerprints; authorizing the
215office to contract for certain fingerprinting services;
216requiring the reporting of certain changes of registration
217by written amendment; specifying commission authority by
218rules; amending s. 560.403, F.S.; revising requirements
219for giving notice of intent in connection with the renewal
220of registration; providing that specified fees are
221nonrefundable; providing conditions to the reinstatement
222of a notice of intent; amending s. 655.935, F.S.;
223authorizing the search of a safe-deposit box co-leased by
224a decedent; providing limitations; amending s. 655.936,
225F.S.; providing for the delivery of a safe-deposit box to
226a court-appointed personal representative; amending s.
227655.937, F.S.; revising provisions for access to safe-
228deposit boxes; amending s. 733.6065, F.S.; revising
229provisions related to the initial opening of a safe-
230deposit box leased or co-leased by a decedent; amending s.
231817.801, F.S.; providing a definition; amending s.
232817.802, F.S.; revising the amount of fees that a debt
233manager or credit counselor may charge to certain debtors;
234amending s. 817.804, F.S.; revising an audit requirement;
235amending s. 817.805, F.S.; providing that creditor
236contributions are exempt from disbursement requirements;
237providing appropriations; providing an effective date.
238
239Be It Enacted by the Legislature of the State of Florida:
240
241     Section 1.  Subsection (2) of section 494.0011, Florida
242Statutes, is amended, and subsection (6) is added to said
243section, to read:
244     494.0011  Powers and duties of the commission and office.--
245     (2)  The commission may has authority to adopt rules
246pursuant to ss. 120.536(1) and 120.54 to implement ss. 494.001-
247494.0077. The commission may adopt rules that require to allow
248electronic submission of any forms, documents, or fees required
249by this act if such rules reasonably accommodate technological
250or financial hardship. The commission may prescribe by rule
251requirements and procedures for obtaining an exemption due to a
252technological or financial hardship. The commission may also
253adopt rules to accept certification of compliance with
254requirements of this act in lieu of requiring submission of
255documents.
256     (6)  The granting or denial of a license must be in
257accordance with s. 120.60.
258     Section 2.  Subsection (4) of section 494.0016, Florida
259Statutes, is amended to read:
260     494.0016  Books, accounts, and records; maintenance;
261examinations by the office.--
262     (4)  The commission may prescribe by rule the minimum
263information to be shown in the books, accounts, records, and
264documents of licensees so that such records will enable the
265office to determine the licensee's compliance with ss. 494.001-
266494.0077. In addition, the commission may prescribe by rule the
267requirements for destruction of books, accounts, records, and
268documents retained by the licensee after completion of the time
269period indicated in subsection (3). Notwithstanding the 3-year
270retention period provided in subsection (3), if the office
271identifies a statute of limitations in a federal law or rule or
272another law or rule of this state which statute of limitations
273is reasonably related by subject matter to the administration of
274this chapter, the commission may identify that statute of
275limitations by rule and may prohibit the destruction of records
276required to be maintained by this chapter for a period of time,
277established by rule, which is reasonably related to such statute
278of limitations. The commission shall prescribe by rule those
279documents or records that are to be preserved under the
280identified statute of limitations.
281     Section 3.  Subsections (1) and (2) of section 494.0029,
282Florida Statutes, are amended to read:
283     494.0029  Mortgage business schools.--
284     (1)(a)  Each person, school, or institution, except
285accredited colleges, universities, community colleges, and
286career centers in this state, which offers or conducts mortgage
287business training as a condition precedent to licensure as a
288mortgage broker, mortgage or lender, or a correspondent mortgage
289lender shall obtain a permit from the office and abide by the
290regulations imposed upon such person, school, or institution by
291this chapter and rules adopted pursuant to this chapter. The
292commission shall, by rule, recertify the permits annually with
293initial and renewal permit fees that do not exceed $500 plus the
294cost of accreditation.
295     (b)  An application is considered received for purposes of
296s. 120.60 upon receipt of a completed application form as
297prescribed by commission rule, a nonrefundable application fee
298of $500, and any other fee prescribed by law.
299     (c)  A permit issued under this section is not transferable
300or assignable.
301     (2)  All such schools shall maintain curriculum and
302training materials necessary to determine the school's
303compliance with this chapter and rules adopted under pursuant to
304this chapter.  Any school that offers or conducts mortgage
305business training shall at all times maintain an operation of
306training, materials, and curriculum which is open to review by
307the office to determine compliance and competency as a mortgage
308business school. All documents prescribed by commission rule
309must be submitted with the initial application or
310recertification.
311     Section 4.  Section 494.00295, Florida Statutes, is amended
312to read:
313     494.00295  Professional continuing education.--
314     (1)  Each mortgage broker, mortgage lender, and
315correspondent mortgage lender must certify to the office at the
316time of renewal that during the 2 years prior to an application
317for license renewal, all mortgage brokers, and the principal
318representative, and loan originators, and associates of a
319mortgage lender or correspondent mortgage lender have
320successfully completed at least 14 hours of professional
321continuing education programs covering primary and subordinate
322mortgage financing transactions and the provisions of this
323chapter. Licensees shall maintain records documenting compliance
324with this subsection for a period of 4 years.
325     (2)  Professional continuing education programs must
326contribute directly to the professional competency of the
327participants, may only be offered by permitted mortgage business
328schools or entities specifically exempted from permitting as
329mortgage business schools, and may include electronically
330transmitted or distance education courses.
331     (3)  The commission shall adopt rules necessary to
332administer this section, including rules governing qualifying
333hours for professional continuing education programs and
334standards for electronically transmitted or distance education
335courses, including course completion requirements.
336     Section 5.  Paragraphs (b) and (c) of subsection (1) and
337paragraph (e) of subsection (2) of section 494.003, Florida
338Statutes, are amended to read:
339     494.003  Exemptions.--
340     (1)  None of the following persons is subject to the
341requirements of ss. 494.003-494.0043:
342     (b)  A state or federal chartered bank, bank holding
343company, trust company, savings and loan association, savings
344bank, or credit union, bank holding company regulated under the
345laws of any state or the United States, or consumer finance
346company licensed pursuant to chapter 516.
347     (c)  A wholly owned bank holding company subsidiary formed
348and regulated under the laws of any state or the United States
349or a wholly owned savings and loan association holding company
350subsidiary that is approved or certified by the Department of
351Housing and Urban Development, the Veterans Administration, the
352Government National Mortgage Association, the Federal National
353Mortgage Association, or the Federal Home Loan Mortgage
354Corporation.
355     (2)  None of the following persons is required to be
356licensed under ss. 494.003-494.0043:
357     (e)  A wholly owned subsidiary of a state or federal
358chartered bank or savings and loan association the sole activity
359of which is to distribute the lending programs of such state or
360federal chartered bank or savings and loan association to
361persons who arrange loans for, or make loans to, borrowers.
362     Section 6.  Section 494.0031, Florida Statutes, is amended
363to read:
364     494.0031  Licensure as a mortgage brokerage business.--
365     (1)  Each person who acts as a mortgage brokerage business
366must be licensed under this section unless otherwise exempt from
367licensure.
368     (2)(1)  The commission or office may require each applicant
369for a mortgage brokerage business license to provide any
370information reasonably necessary to determine the applicant's
371eligibility for licensure. The office shall issue a mortgage
372brokerage business license to each person who:
373     (a)  Has submitted a completed application form and a
374nonrefundable application fee of $425.; and
375     (b)  Has a qualified principal broker pursuant to s.
376494.0035.
377
378An application is considered received for purposes of s. 120.60
379upon receipt of a completed application form as prescribed by
380commission rule, a nonrefundable application fee of $425, and
381any other fee prescribed by law.
382     (3)(2)  The commission may require by rule that each
383officer, director, and ultimate equitable owner of a 10-percent
384or greater interest in the mortgage brokerage business submit a
385complete set of fingerprints. A fingerprint card submitted to
386the office must be taken by an authorized law enforcement agency
387if the fingerprint card is submitted to the office in paper
388form. In addition to the fees prescribed in s. 215.405, the
389commission may prescribe by rule an additional fee, not to
390exceed $30, for processing the fingerprints. The commission may
391prescribe by rule procedures for submitting fingerprints and
392fees by electronic means to the office. In order to implement
393the submission and processing of fingerprints as specified by
394rule under this section, the office may contract with another
395state agency that provides fingerprinting services. The office
396shall submit the fingerprints to the Department of Law
397Enforcement for state processing and the Department of Law
398Enforcement shall forward the fingerprints to the Federal Bureau
399of Investigation for federal processing. The cost for the
400fingerprint processing may be borne by the office, the employer,
401or the person subject to the background check. The Department of
402Law Enforcement shall submit an invoice to the office for the
403fingerprints received each month. The office shall screen the
404background results to determine if the applicant meets licensure
405requirements officer.
406     (4)(3)  Notwithstanding the provisions of subsection (2)
407(1), it is a ground for denial of licensure if the applicant;
408designated principal mortgage broker; any officer, director,
409partner, or joint venturer of the applicant; any natural person
410owning a 10-percent or greater interest in the mortgage
411brokerage business; or any natural person who is the ultimate
412equitable owner of a 10-percent or greater interest in the
413mortgage brokerage business has committed any violation
414specified in ss. 494.001-494.0077 or has pending against him or
415her in any jurisdiction any criminal prosecution or
416administrative enforcement action that, in any jurisdiction,
417which involves fraud, dishonest dealing, or any other act of
418moral turpitude.
419     (5)(4)  A mortgage brokerage business or branch office
420license may be canceled if it was issued through mistake or
421inadvertence of the office. A notice of cancellation must be
422issued by the office within 90 days after the issuance of the
423license. A notice of cancellation is shall be effective upon
424receipt. The notice of cancellation must shall provide the
425applicant with notification of the right to request a hearing
426within 21 days after the applicant's receipt of the notice of
427cancellation. A license must shall be reinstated if the
428applicant can demonstrate that the requirements for obtaining
429the license under pursuant to this chapter have been satisfied.
430     (6)(5)  A license issued under this part is not
431transferable or assignable. If an initial mortgage brokerage
432business or branch office license has been issued but the check
433upon which the license is based is returned due to insufficient
434funds, the license shall be deemed canceled. A license deemed
435canceled pursuant to this subsection shall be reinstated if the
436office receives a certified check for the appropriate amount
437within 30 days after the date the check was returned due to
438insufficient funds.
439     Section 7.  Subsections (1), (2), and (7) of section
440494.0033, Florida Statutes, are amended to read:
441     494.0033  Mortgage broker's license.--
442     (1)  Each natural person who acts as a mortgage broker for
443a mortgage brokerage business or acts as an associate for a
444mortgage lender or correspondent mortgage lender must be
445licensed under pursuant to this section. To act as a mortgage
446broker, an individual must be an associate of a mortgage
447brokerage business, mortgage lender, or correspondent mortgage
448lender. A mortgage broker is prohibited from being an associate
449of more than one mortgage brokerage business, mortgage lender,
450or correspondent mortgage lender.
451     (2)  Each initial application for a mortgage broker's
452license must be in the form prescribed by rule of the
453commission. The commission may require each applicant to provide
454any information reasonably necessary to make a determination of
455the applicant's eligibility for licensure. The office shall
456issue an initial license to any natural person who:
457     (a)  Is at least 18 years of age.;
458     (b)  Has passed a written test adopted and administered by
459the office, or has passed an electronic test adopted and
460administered by the office or a third party approved by the
461office, which is designed to determine competency in primary and
462subordinate mortgage financing transactions as well as to test
463knowledge of ss. 494.001-494.0077 and the rules adopted pursuant
464thereto. The commission may prescribe by rule an additional fee
465not to exceed $100 for the electronic version of the mortgage
466broker test. The commission may waive by rule the examination
467requirement for any individual who has passed a comparable test
468offered by a national group of state mortgage regulators or a
469federal governmental agency which test covers primary and
470subordinate mortgage financing transactions.;
471     (c)  Has submitted a completed application and a
472nonrefundable application fee of $200. An application is
473considered received for purposes of s. 120.60 upon receipt of a
474completed application form as prescribed by commission rule, a
475nonrefundable application fee of $200, and any other fee
476prescribed by law. The commission may set by rule an additional
477fee for a retake of the examination; and
478     (d)  Has filed a complete set of fingerprints, taken by an
479authorized law enforcement officer, for submission by the office
480to the Department of Law Enforcement or the Federal Bureau of
481Investigation for processing. A fingerprint card submitted to
482the office must be taken by an authorized law enforcement agency
483if the fingerprint card is submitted to the office in paper
484form. In addition to the fees prescribed in s. 215.405, the
485commission may prescribe by rule additional fees, not to exceed
486$30, for processing the fingerprints. The commission may
487prescribe by rule procedures for submitting fingerprints and
488fees by electronic means to the office. In order to implement
489the submission and processing of fingerprints as specified by
490rule under this section, the office may contract with another
491state agency that provides fingerprinting services. The office
492shall submit the fingerprints to the Department of Law
493Enforcement for state processing and the Department of Law
494Enforcement shall forward the fingerprints to the Federal Bureau
495of Investigation for federal processing. The cost for the
496fingerprint processing may be borne by the office, the employer,
497or the person subject to the background check. The Department of
498Law Enforcement shall submit an invoice to the office for the
499fingerprints received each month. The office shall screen the
500background results to determine if the applicant meets licensure
501requirements.
502     (7)  If an initial mortgage broker license has been issued
503but the check upon which the license is based is returned due to
504insufficient funds, the license shall be deemed canceled. A
505license deemed canceled pursuant to this subsection shall be
506reinstated if the office receives a certified check for the
507appropriate amount within 30 days after the date the check was
508returned due to insufficient funds.
509     Section 8.  Subsection (2) of section 494.0034, Florida
510Statutes, is amended to read:
511     494.0034  Renewal of mortgage broker's license.--
512     (2)  The commission shall adopt rules establishing a
513procedure for the biennial renewal of mortgage broker's
514licenses. The commission may prescribe the form of the renewal
515application and may require an update of information since the
516licensee's last renewal.
517     Section 9.  Subsection (2) of section 494.0036, Florida
518Statutes, is amended to read:
519     494.0036  Mortgage brokerage business branch offices.--
520     (2)  The office shall issue a mortgage brokerage business
521branch office license to a mortgage brokerage business licensee
522after the office determines that the licensee has submitted upon
523receipt of a completed branch office application in a form as
524prescribed by commission rule and payment of an initial
525nonrefundable branch office license fee of $225. Branch office
526licenses must be renewed in conjunction with the renewal of the
527mortgage brokerage business license. The branch office license
528shall be issued in the name of the mortgage brokerage business
529that maintains the branch office. An application is considered
530received for purposes of s. 120.60 upon receipt of a completed
531application form as prescribed by commission rule, a
532nonrefundable application fee of $225, and any other fee
533prescribed by law.
534     Section 10.  Subsections (1), (2), and (4) of section
535494.004, Florida Statutes, are amended to read:
536     494.004  Requirements of licensees.--
537     (1)  Each licensee under ss. 494.003-494.0043 shall report,
538in writing, any conviction of, or plea of nolo contendere to,
539regardless of adjudication, any crime or administrative
540violation that involves fraud, dishonest dealing, or any other
541act of moral turpitude, in any jurisdiction, by the licensee or
542any natural person named in s. 494.0031(4)(3), not later than 30
543days after the date of conviction, entry of a plea of nolo
544contendere, or final administrative action.
545     (2)  Each licensee under ss. 494.003-494.0043 shall report,
546in a form prescribed by rule of the commission, any conviction
547of, or plea of nolo contendere to, regardless of whether
548adjudication is withheld, any felony committed by the licensee
549or any natural person named in s. 494.0031(4)(3), not later than
55030 days after the date of conviction or the date the plea of
551nolo contendere is entered.
552     (4)  Each licensee under ss. 494.003-494.0043 shall report
553any change in the form of business organization or any change of
554a person named, pursuant to s. 494.0031(4)(3), to the office in
555writing not later than 30 days after the change is effective.
556     Section 11.  Paragraph (s) is added to subsection (2) of
557section 494.0041, Florida Statutes, to read:
558     494.0041  Administrative penalties and fines; license
559violations.--
560     (2)  Each of the following acts constitutes a ground for
561which the disciplinary actions specified in subsection (1) may
562be taken:
563     (s)  Payment to the office for a license or permit with a
564check or electronic transmission of funds which is dishonored by
565the applicant's or licensee's financial institutions.
566     Section 12.  Paragraphs (a) and (c) of subsection (1) and
567paragraph (a) of subsection (2) of section 494.006, Florida
568Statutes, are amended to read:
569     494.006  Exemptions.--
570     (1)  None of the following persons are subject to the
571requirements of ss. 494.006-494.0077 in order to act as a
572mortgage lender or correspondent mortgage lender:
573     (a)  A state or federal chartered bank, a bank holding
574company, trust company, a savings and loan association, a
575savings bank, or credit union, a bank holding company regulated
576under the laws of any state or the United States, or an
577insurance company if the insurance company is duly licensed in
578this state.
579     (c)  A wholly owned bank holding company subsidiary formed
580and regulated under the laws of any state or the United States
581or a wholly owned savings and loan association holding company
582subsidiary that is approved or certified by the Department of
583Housing and Urban Development, the Veterans Administration, the
584Government National Mortgage Association, the Federal National
585Mortgage Association, or the Federal Home Loan Mortgage
586Corporation.
587     (2)(a)  A natural person employed by a mortgage lender or
588correspondent mortgage lender licensed under ss. 494.001-
589494.0077 is exempt from the licensure requirements of ss.
590494.001-494.0077 when acting within the scope of employment with
591the licensee.
592     Section 13.  Section 494.0061, Florida Statutes, is amended
593to read:
594     494.0061  Mortgage lender's license requirements.--
595     (1)  Each person who acts as a mortgage lender must be
596licensed under this section unless otherwise exempt from
597licensure.
598     (2)(1)  The commission or office may require each applicant
599for a mortgage lender license to provide any information
600reasonably necessary to make a determination of the applicant's
601eligibility for licensure. The office shall issue an initial
602mortgage lender license to any person that submits:
603     (a)  A completed application form.;
604     (b)  A nonrefundable application fee of $575.;
605     (c)  Audited financial statements, which documents disclose
606that the applicant has a bona fide and verifiable net worth,
607pursuant to United States generally accepted accounting
608principles, of at least $250,000, which must be continuously
609maintained as a condition of licensure.;
610     (d)  A surety bond in the amount of $10,000, payable to the
611state and conditioned upon compliance with ss. 494.001-494.0077,
612which inures to the office and which must be continuously
613maintained thereafter in full force.;
614     (e)  Documentation that the applicant is duly incorporated,
615registered, or otherwise formed as a general partnership,
616limited partnership, limited liability company, or other lawful
617entity under the laws of this state or another state of the
618United States.; and
619     (f)  For applications submitted after October 1, 2001,
620Proof that the applicant's principal representative has
621completed 24 hours of classroom instruction in primary and
622subordinate financing transactions and in the provisions of this
623chapter and rules adopted under this chapter. This requirement
624is satisfied if the principal representative has continuously
625served in the capacity of a principal representative for a
626licensed entity under this chapter for at least 1 year and has
627not had a lapse in designation as a principal representative of
628more than 2 years prior to the date of the submission of the
629application or amendment in the case of a change in the
630principal representative. This requirement is also satisfied if
631the principal representative currently has an active mortgage
632broker license in this state.
633
634An application is considered received for purposes of s. 120.60
635upon receipt of a completed application form as prescribed by
636commission rule, a nonrefundable application fee of $575, and
637any other fee prescribed by law.
638     (3)(2)  Notwithstanding the provisions of subsection
639(2)(1), it is a ground for denial of licensure if the applicant,
640any principal officer, or director, partner, or joint venturer
641of the applicant, or any natural person owning a 10-percent or
642greater interest in the applicant, or any natural person who is
643the ultimate equitable owner of a 10-percent or greater interest
644in the applicant has committed any violation specified in s.
645494.0072, or has pending against her or him any criminal
646prosecution or administrative enforcement action, in any
647jurisdiction, which involves fraud, dishonest dealing, or any
648act of moral turpitude.
649     (4)(3)  Each initial application for a mortgage lender's
650license must be in a form prescribed by the commission. The
651commission or office may require each applicant to provide any
652information reasonably necessary to make a determination of the
653applicant's eligibility for licensure. The commission or office
654may require that each officer, director, and ultimate equitable
655owner of a 10-percent or greater interest in the applicant
656submit a complete set of fingerprints. A fingerprint card
657submitted to the office must be taken by an authorized law
658enforcement agency if the fingerprint card is submitted to the
659office in paper form. In addition to the fees prescribed in s.
660215.405, the commission may prescribe by rule an additional fee,
661not to exceed $30, for processing the fingerprints. The
662commission may prescribe by rule procedures for submitting
663fingerprints and fees by electronic means to the office. In
664order to implement the submission and processing of fingerprints
665as specified by rule under this section, the office may contract
666with another state agency that provides fingerprinting services.
667The office shall submit the fingerprints to the Department of
668Law Enforcement for state processing and the Department of Law
669Enforcement shall forward the fingerprints to the Federal Bureau
670of Investigation for federal processing. The cost for the
671fingerprint processing may be borne by the office, the employer,
672or the person subject to the background check. The Department of
673Law Enforcement shall submit an invoice to the office for the
674fingerprints received each month. The office shall screen the
675background results to determine if the applicant meets licensure
676requirements officer.
677     (5)(4)  A person required to be licensed under ss. 494.006-
678494.0077, or an agent or employee thereof, is deemed to have
679consented to the venue of courts of competent jurisdiction in
680this state regarding any matter within the authority of ss.
681494.001-494.0077 regardless of where an act or violation was
682committed.
683     (6)(5)  A license issued in accordance with ss. 494.006-
684494.0077 is not transferable or assignable.
685     (7)(6)  A mortgage lender or branch office license may be
686canceled if it was issued through mistake or inadvertence of the
687office. A notice of cancellation must be issued by the office
688within 90 days after the issuance of the license. A notice of
689cancellation shall be effective upon receipt. The notice of
690cancellation shall provide the applicant with notification of
691the right to request a hearing within 21 days after the
692applicant's receipt of the notice of cancellation. A license
693shall be reinstated if the applicant can demonstrate that the
694requirements for obtaining the license under pursuant to this
695chapter have been satisfied.
696     (7)  If an initial mortgage lender or branch office license
697has been issued but the check upon which the license is based is
698returned due to insufficient funds, the license shall be deemed
699canceled. A license deemed canceled pursuant to this subsection
700shall be reinstated if the office receives a certified check for
701the appropriate amount within 30 days after the date the check
702was returned due to insufficient funds.
703     (8)  Each lender, regardless of the number of branches it
704operates, shall designate a principal representative who
705exercises control of the licensee's business and shall maintain
706a form prescribed by the commission designating the principal
707representative. If the form is not accurately maintained, the
708business is considered to be operated by each officer, director,
709or equitable owner of a 10-percent or greater interest in the
710business.
711     (9)  After October 1, 2001, An applicant's principal
712representative must pass a written test prescribed by the
713commission and administered by the office, or must pass an
714electronic test prescribed by the commission and administered by
715the office or a third party approved by the office, which covers
716primary and subordinate mortgage financing transactions and the
717provisions of this chapter and rules adopted under this chapter.
718The commission may set by rule a fee not to exceed $100 for the
719electronic version of the mortgage broker test. The commission
720may waive by rule the examination requirement for any individual
721who has passed a comparable test offered by a national group of
722state mortgage regulators or a federal governmental agency which
723test covers primary and subordinate mortgage financing
724transactions. This requirement is satisfied if the principal
725representative has continuously served in the capacity of a
726principal representative for a licensed entity under this
727chapter for at least 1 year and has not had a lapse in
728designation as a principal representative of more than 2 years
729prior to the date of the submission of the application or
730amendment in the case of a change in the principal
731representative. This requirement is also satisfied if the
732principal representative currently has an active mortgage broker
733license in this state.
734     (10)  A lender shall notify the office of any change in the
735designation of its principal representative within 30 days. A
736new principal representative shall satisfy the name and address
737of any new principal representative and shall document that the
738person has completed the educational and testing requirements of
739this section within 90 days after being designated as upon the
740designation of a new principal representative. This requirement
741is satisfied if the principal representative has continuously
742served in the capacity of a principal representative for a
743licensed entity under this chapter for at least 1 year and has
744not had a lapse in designation as a principal representative of
745more than 2 years prior to the date of the submission of the
746application or amendment in the case of a change in the
747principal representative. This requirement is also satisfied if
748the principal representative currently has an active mortgage
749broker license in this state.
750     Section 14.  Section 494.0062, Florida Statutes, is amended
751to read:
752     494.0062  Correspondent mortgage lender's license
753requirements.--
754     (1)  Each person who acts as a correspondent mortgage
755lender must be licensed under this section unless otherwise
756exempt from licensure.
757     (2)(1)  The office may require each applicant to provide
758any information reasonably necessary to determine the
759applicant's eligibility for licensure. The office shall issue an
760initial correspondent mortgage lender license to any person who
761submits:
762     (a)  A completed application form.;
763     (b)  A nonrefundable application fee of $500.;
764     (c)  Audited financial statements that, which document that
765the applicant application has a bona fide and verifiable net
766worth, pursuant to United States generally accepted accounting
767principles, of $25,000 or more, and which must be continuously
768maintained as a condition of licensure.;
769     (d)  A surety bond in the amount of $10,000, payable to the
770State of Florida and conditioned upon compliance with ss.
771494.001-494.0077, which inures to the office and which must be
772continuously maintained, thereafter, in full force.;
773     (e)  Documentation that the applicant is duly incorporated,
774registered, or otherwise formed as a general partnership,
775limited partnership, limited liability company, or other lawful
776entity under the laws of this state or another state of the
777United States.; and
778     (f)  For applications filed after October 1, 2001, Proof
779that the applicant's principal representative has completed 24
780hours of classroom instruction in primary and subordinate
781financing transactions and in the provisions of this chapter and
782rules enacted under this chapter. This requirement is satisfied
783if the principal representative has continuously served in the
784capacity of a principal representative for a licensed entity
785under this chapter for at least 1 year and has not had a lapse
786in designation as a principal representative of more than 2
787years prior to the date of the submission of the application or
788amendment in the case of a change in the principal
789representative. This requirement is also satisfied if the
790principal representative currently has an active mortgage broker
791license in this state.
792
793An application is considered received for purposes of s. 120.60
794upon receipt of a completed application form as prescribed by
795commission rule, a nonrefundable application fee of $500, and
796any other fee prescribed by law.
797     (3)(2)  Notwithstanding the provisions of subsection
798(2)(1), it is a ground for denial of licensure if the applicant,
799any principal officer or director of the applicant, or any
800natural person who is the ultimate equitable owner of a 10-
801percent or greater interest in the applicant has committed any
802violation specified in s. 494.0072, or has pending against her
803or him any criminal prosecution or administrative enforcement
804action, in any jurisdiction, which involves fraud, dishonest
805dealing, or any act of moral turpitude.
806     (4)(3)  Each initial application for a correspondent
807mortgage lender's license must be in a form prescribed by the
808commission. The commission or office may require each applicant
809to provide any information reasonably necessary to make a
810determination of the applicant's eligibility for licensure. The
811commission or office may require by rule that each officer,
812director, and ultimate equitable owner of a 10-percent or
813greater interest submit a complete set of fingerprints. A
814fingerprint card submitted to the office must be taken by an
815authorized law enforcement agency if the fingerprint card is
816submitted to the office in paper form. In addition to the fees
817prescribed in s. 215.405, the commission may prescribe by rule
818an additional fee, not to exceed $30, for processing the
819fingerprints. The commission may prescribe by rule procedures
820for submitting fingerprints and fees by electronic means to the
821office. In order to implement the submission and processing of
822fingerprints as specified by rule under this section, the office
823may contract with another state agency that provides
824fingerprinting services. The office shall submit the
825fingerprints to the Department of Law Enforcement for state
826processing and the Department of Law Enforcement shall forward
827the fingerprints to the Federal Bureau of Investigation for
828federal processing. The cost for the fingerprint processing may
829be borne by the office, the employer, or the person subject to
830the background check. The Department of Law Enforcement shall
831submit an invoice to the office for the fingerprints received
832each month. The office shall screen the background results to
833determine if the applicant meets licensure requirements officer.
834     (5)(4)  Each license is valid for the remainder of the
835biennium in which the license is issued.
836     (6)(5)  A person licensed as a correspondent mortgage
837lender may make mortgage loans, but may not service a mortgage
838loan for more than 4 months after the date the mortgage loan was
839made or acquired by the correspondent mortgage lender.
840     (7)(6)  A licensee under ss. 494.006-494.0077, or an agent
841or employee thereof, is deemed to have consented to the venue of
842courts of competent jurisdiction in this state regarding any
843matter within the authority of ss. 494.001-494.0077 regardless
844of where an act or violation was committed.
845     (8)(7)  A correspondent mortgage lender is subject to the
846same requirements and restrictions as a licensed mortgage lender
847unless otherwise provided in this section.
848     (9)(8)  A license issued under this section is not
849transferable or assignable.
850     (10)(9)  A correspondent mortgage lender or branch office
851license may be canceled if it was issued through mistake or
852inadvertence of the office. A notice of cancellation must be
853issued by the office within 90 days after the issuance of the
854license. A notice of cancellation shall be effective upon
855receipt. The notice of cancellation shall provide the applicant
856with notification of the right to request a hearing within 21
857days after the applicant's receipt of the notice of
858cancellation. A license shall be reinstated if the applicant can
859demonstrate that the requirements for obtaining the license
860pursuant to this chapter have been satisfied.
861     (10)  If an initial correspondent mortgage lender or branch
862office license has been issued but the check upon which the
863license is based is returned due to insufficient funds, the
864license shall be deemed canceled. A license deemed canceled
865pursuant to this subsection shall be reinstated if the office
866receives a certified check for the appropriate amount within 30
867days after the date the check was returned due to insufficient
868funds.
869     (11)  Each correspondent lender shall designate a principal
870representative who exercises control over the business and shall
871maintain a form prescribed by the commission designating the
872principal representative. If the form is not accurately
873maintained, the business is considered to be operated by each
874officer, director, or equitable owner of a 10-percent or greater
875interest in the business.
876     (12)  After October 1, 2001, An applicant's principal
877representative must pass a written test prescribed by the
878commission and administered by the office or a third party
879approved by the office which test covers primary and subordinate
880mortgage financing transactions and the provisions of this
881chapter and rules adopted under this chapter. The commission may
882waive by rule the examination requirement for any individual who
883has passed a comparable test offered by a national group of
884state mortgage regulators or a federal governmental agency which
885test covers primary and subordinate mortgage financing
886transactions. The commission may set by rule a fee not to exceed
887$100 for taking the examination. This requirement is satisfied
888if the principal representative has continuously served in the
889capacity of a principal representative for a licensed entity
890under this chapter for at least 1 year and has not had a lapse
891in designation as a principal representative of more than 2
892years prior to the date of the submission of the application or
893amendment in the case of a change in the principal
894representative. This requirement is also satisfied if the
895principal representative currently has an active mortgage broker
896license in this state.
897     (13)  A correspondent lender shall notify the office of any
898change in the designation of its principal representative within
89930 days. A new principal representative shall satisfy the name
900and address of any new principal representative and shall
901document that such person has completed the educational and
902testing requirements of this section within 90 days after being
903designated as upon the lender's designation of a new principal
904representative. This requirement is satisfied if the principal
905representative has continuously served in the capacity of a
906principal representative for a licensed entity under this
907chapter for at least 1 year and has not had a lapse in
908designation as a principal representative of more than 2 years
909prior to the date of the submission of the application or
910amendment in the case of a change in the principal
911representative. This requirement is also satisfied if the
912principal representative currently has an active mortgage broker
913license in this state.
914     Section 15.  Paragraph (b) of subsection (1) of section
915494.0064, Florida Statutes, is amended to read:
916     494.0064  Renewal of mortgage lender's license; branch
917office license renewal.--
918     (1)
919     (b)  A licensee shall also submit, as part of the renewal
920form, certification that during the preceding 2 years the
921licensee's principal representative and, loan originators, and
922associates have completed the professional continuing education
923requirements of s. 494.00295.
924     Section 16.  Section 494.0065, Florida Statutes, is amended
925to read:
926     494.0065  Saving clause.--
927     (1)(a)  Any person in good standing who holds an active
928registration pursuant to former s. 494.039 or license pursuant
929to former s. 521.205, or any person who acted solely as a
930mortgage servicer on September 30, 1991, is eligible to apply to
931the office for a mortgage lender's license and is eligible for
932licensure if the applicant:
933     1.  For at least 12 months during the period of October 1,
9341989, through September 30, 1991, has engaged in the business of
935either acting as a seller or assignor of mortgage loans or as a
936servicer of mortgage loans, or both;
937     2.  Has documented a minimum net worth of $25,000 in
938audited financial statements; and
939     3.  Has applied for licensure pursuant to this section by
940January 1, 1992, and paid an application fee of $100.
941     (b)  A licensee pursuant to paragraph (a) may operate a
942wholly owned subsidiary or affiliate for the purpose of
943servicing accounts if the subsidiary or affiliate is operational
944as of September 30, 1991. Such subsidiary or affiliate is not
945required to obtain a separate license, but is subject to all the
946requirements of a licensee under ss. 494.006-494.0077.
947     (2)  A licensee issued a license pursuant to subsection (1)
948may renew its mortgage lending license if it documents a minimum
949net worth of $25,000, according to United States generally
950accepted accounting principles, which must be continuously
951maintained as a condition to licensure. The office shall require
952an audited financial statement which documents such net worth.
953     (3)  The commission may prescribe by rule forms and
954procedures for application for licensure, and amendment and
955withdrawal of application for licensure, or transfer, including
956any existing branch offices, in accordance with subsections (4)
957and (5), and for renewal of licensure of licensees under this
958section. An application is considered received for purposes of
959s. 120.60 upon receipt of a completed application form as
960prescribed by commission rule, a nonrefundable application fee
961of $575, and any other fee prescribed by law.
962     (4)(a)  Notwithstanding ss. 494.0061(6)(5) and 494.0067(3),
963the ultimate equitable owner, as of the effective date of this
964act, of a mortgage lender licensed under this section may
965transfer, one time, at least 50 percent of the ownership,
966control, or power to vote any class of equity securities of such
967mortgage lender, except as provided in paragraph (b). For
968purposes of this subsection, satisfaction of the amount of the
969ownership transferred may be met in multiple transactions or in
970a single transaction.
971     (b)  A person who is an ultimate equitable owner on the
972effective date of this act may transfer, at any time, at least
97350 percent of the ownership, control, or power to vote any class
974of equity securities of such person to the person's spouse or
975child, and any such transferee may transfer, at any time, such
976ownership, control, or power to vote to a spouse or child of
977such transferee, in perpetuity.
978     (c)  For any transfer application filed on or after October
9791, 2005:
980     1.  An applicant must provide proof that the applicant's
981principal representative has completed 24 hours of instruction
982in primary and subordinate financing transactions and in the
983provisions of this chapter and rules adopted under this chapter.
984This requirement is satisfied if the principal representative
985has continuously served in the capacity of a principal
986representative for a licensed entity under this chapter for at
987least 1 year and has not had a lapse in designation as a
988principal representative of more than 2 years prior to the date
989of the submission of the application or amendment in the case of
990a change in the principal representative. This requirement is
991also satisfied if the principal representative currently has an
992active mortgage broker license in this state.
993     2.  An applicant's principal representative must pass a
994written test prescribed by the commission and administered by
995the office, or must pass an electronic test prescribed by the
996commission and administered by the office or a third party
997approved by the office which test covers primary and subordinate
998mortgage financing transactions and the provisions of this
999chapter and rules adopted under this chapter. The commission may
1000set by rule a fee not to exceed $100 for the electronic version
1001of the mortgage broker test. The commission may waive by rule
1002the examination requirement for any individual who has passed a
1003comparable test offered by a national group of state mortgage
1004regulators or a federal governmental agency which test covers
1005primary and subordinate mortgage financing transactions. This
1006requirement is satisfied if the principal representative has
1007continuously served in the capacity of a principal
1008representative for a licensed entity under this chapter for at
1009least 1 year and has not had a lapse in designation as a
1010principal representative of more than 2 years prior to the date
1011of the submission of the application or amendment in the case of
1012a change in the principal representative. This requirement is
1013also satisfied if the principal representative currently has an
1014active mortgage broker license in this state.
1015     (5)  The commission or office may require each applicant
1016for any transfer to provide any information reasonably necessary
1017to make a determination of the applicant's eligibility for
1018licensure. The office shall issue the transfer of licensure to
1019any person who submits the following documentation at least 90
1020days prior to the anticipated transfer:
1021     (a)  A completed application form.
1022     (b)  A nonrefundable fee set by rule of the commission in
1023the amount of $575 $500.
1024     (c)  Audited financial statements that substantiate that
1025the applicant has a bona fide and verifiable net worth,
1026according to United States generally accepted accounting
1027principles, of at least $25,000, which must be continuously
1028maintained as a condition of licensure.
1029     (d)  Documentation that the applicant is incorporated,
1030registered, or otherwise formed as a general partnership,
1031limited partnership, limited liability company, or other lawful
1032entity under the laws of this state or another state of the
1033United States.
1034
1035An application is considered received for purposes of s. 120.60
1036upon receipt of a completed application form as prescribed by
1037commission rule, a nonrefundable application fee of $575, and
1038any other fee prescribed by law. The commission or office may
1039require by rule that each officer, director, and ultimate
1040equitable owner of a 10-percent or greater interest in the
1041applicant submit a complete set of fingerprints. A fingerprint
1042card submitted to the office must be taken by an authorized law
1043enforcement agency if the fingerprint card is submitted to the
1044office in paper form. In addition to the fees prescribed in s.
1045215.405, the commission may prescribe by rule an additional fee,
1046not to exceed $30, for processing the fingerprints. The
1047commission may prescribe by rule procedures for submitting
1048fingerprints and fees by electronic means to the office. In
1049order to implement the submission and processing of fingerprints
1050as specified by rule under this section, the office may contract
1051with another state agency that provides fingerprinting services.
1052The office shall submit the fingerprints to the Department of
1053Law Enforcement for state processing and the Department of Law
1054Enforcement shall forward the fingerprints to the Federal Bureau
1055of Investigation for federal processing. The cost for the
1056fingerprint processing may be borne by the office, the employer,
1057or the person subject to the background check. The Department of
1058Law Enforcement shall submit an invoice to the office for the
1059fingerprints received each month. The office shall screen the
1060background results to determine if the applicant meets licensure
1061requirements officer.
1062     (6)  Notwithstanding subsection (5), a transfer under
1063subsection (4) may be denied if the applicant, any principal
1064officer or director of the applicant, or any natural person
1065owning a 10-percent or greater interest in the applicant has
1066committed any violation specified in s. 494.0072, or has entered
1067a plea of nolo contendere, regardless of adjudication, or has an
1068action pending against the applicant in any criminal prosecution
1069or administrative enforcement action, in any jurisdiction, which
1070involves fraud, dishonest dealing, or any act of moral
1071turpitude.
1072     (7)  A license issued in accordance with this section is
1073not transferable or assignable except as provided in subsection
1074(4).
1075     (8)  Each person applying for a transfer of any branch
1076office pursuant to subsection (4) must comply with the
1077requirements of s. 494.0066.
1078     (9)  Each mortgage lender shall designate a principal
1079representative who exercises control over the business and shall
1080keep current the designation on a form prescribed by commission
1081rule designating the principal representative. If the
1082information on the form is not kept current, the business is
1083considered to be operated by each officer, director, or
1084equitable owner of a 10-percent or greater interest in the
1085business.
1086     (10)  A lender shall notify the office of any change in the
1087designation of its principal representative within 30 days. A
1088new principal representative shall satisfy the educational and
1089testing requirements of this section within 90 days after being
1090designated as new principal representative. This requirement is
1091satisfied if the principal representative has continuously
1092served in the capacity of a principal representative for a
1093licensed entity under this chapter for at least 1 year and has
1094not had a lapse in designation as a principal representative of
1095more than 2 years prior to the date of the submission of the
1096application or amendment in the case of a change in the
1097principal representative. This requirement is also satisfied if
1098the principal representative currently has an active mortgage
1099broker license in this state.
1100     Section 17.  Subsection (2) of section 494.0066, Florida
1101Statutes, is amended to read:
1102     494.0066  Branch offices.--
1103     (2)  The office shall issue a branch office license to a
1104licensee licensed under s. 494.0065(1) or a transfer licensee
1105after the office determines that the licensee has submitted upon
1106receipt of a completed branch office application form as
1107prescribed by rule by the commission and an initial
1108nonrefundable branch office license fee of $325. The branch
1109office application must include the name and license number of
1110the licensee under ss. 494.006-494.0077, the name of the
1111licensee's employee in charge of the branch office, and the
1112address of the branch office. The branch office license shall be
1113issued in the name of the licensee under ss. 494.006-494.0077
1114and must be renewed in conjunction with the license renewal.
1115     Section 18.  Paragraph (a) of subsection (10) of section
1116494.0067, Florida Statutes, is amended to read:
1117     494.0067  Requirements of licensees under ss. 494.006-
1118494.0077.--
1119     (10)(a)  Each licensee shall require the principal
1120representative and all loan originators or associates who
1121perform services for the licensee to complete 14 hours of
1122professional continuing education during each biennial license
1123period. The education shall cover primary and subordinate
1124mortgage financing transactions and the provisions of this
1125chapter and the rules adopted under this chapter.
1126     Section 19.  Paragraph (s) is added to subsection (2) of
1127section 494.0072, Florida Statutes, to read:
1128     494.0072  Administrative penalties and fines; license
1129violations.--
1130     (2)  Each of the following acts constitutes a ground for
1131which the disciplinary actions specified in subsection (1) may
1132be taken:
1133     (s)  Payment to the office for a license or permit with a
1134check or electronic transmission of funds which is dishonored by
1135the applicant's or licensee's financial institution.
1136     Section 20.  Subsection (2) of section 494.00721, Florida
1137Statutes, is amended to read:
1138     494.00721  Net worth.--
1139     (2)  If a mortgage lender or correspondent mortgage lender
1140fails to satisfy the net worth requirements, the mortgage lender
1141or correspondent mortgage lender shall immediately cease taking
1142any new mortgage loan applications. Thereafter, the mortgage
1143lender or correspondent mortgage lender shall have up to 60 days
1144within which to satisfy the net worth requirements. If the
1145licensee makes the office aware, prior to an examination, that
1146the licensee no longer meets the net worth requirements, the
1147mortgage lender or correspondent mortgage lender shall have 120
1148days within which to satisfy the net worth requirements. A
1149mortgage lender or correspondent mortgage lender shall not
1150resume acting as a mortgage lender or correspondent mortgage
1151lender without written authorization from the office, which
1152authorization shall be granted if the mortgage lender or
1153correspondent mortgage lender provides the office with
1154documentation which satisfies the requirements of s.
1155494.0061(2)(1)(c), s. 494.0062(2)(1)(c), or s. 494.0065(2),
1156whichever is applicable.
1157     Section 21.  Paragraph (c) of subsection (3) of section
1158501.137, Florida Statutes, is amended to read:
1159     501.137  Mortgage lenders; tax and insurance payments from
1160escrow accounts; duties.--
1161     (3)
1162     (c)  If the lender violates paragraph (a) and the premium
1163payment is more than 90 days overdue or if the insurer refuses
1164to reinstate the insurance policy, the lender shall pay the
1165difference between the cost of the previous insurance policy and
1166a new, comparable insurance policy for a period of 2 years. If
1167the lender refuses, the lender shall be liable for the
1168reasonable attorney's fees and costs of the property owner for a
1169violation of this section.
1170     Section 22.  Section 516.03, Florida Statutes, is amended
1171to read:
1172     516.03  Application for license; fees; etc.--
1173     (1)  APPLICATION.--Application for a license to make loans
1174under this chapter shall be in the form prescribed by rule of
1175the commission, and shall contain the name, residence and
1176business addresses of the applicant and, if the applicant is a
1177copartnership or association, of every member thereof and, if a
1178corporation, of each officer and director thereof, also the
1179county and municipality with the street and number or
1180approximate location where the business is to be conducted, and
1181such further relevant information as the commission or office
1182may require. At the time of making such application the
1183applicant shall pay to the office a nonrefundable biennial
1184license fee of $625. Applications, except for applications to
1185renew or reactivate a license, must also be accompanied by a
1186nonrefundable an investigation fee of $200. An application is
1187considered received for purposes of s. 120.60 upon receipt of a
1188completed application form as prescribed by commission rule, a
1189nonrefundable application fee of $625, and any other fee
1190prescribed by law. The commission may adopt rules to require
1191allow electronic submission of any form, document, or fee
1192required by this act if such rules reasonably accommodate
1193technological or financial hardship. The commission may
1194prescribe by rule requirements and procedures for obtaining an
1195exemption due to a technological or financial hardship.
1196     (2)  FEES.--Fees herein provided for shall be collected by
1197the office and shall be turned into the State Treasury to the
1198credit of the regulatory trust fund under the office. The office
1199shall have full power to employ such examiners or clerks to
1200assist the office as may from time to time be deemed necessary
1201and fix their compensation. The commission may adopt rules to
1202require allow electronic submission of any fee required by this
1203section if such rules reasonably accommodate technological or
1204financial hardship. The commission may prescribe by rule
1205requirements and procedures for obtaining an exemption due to a
1206technological or financial hardship.
1207     Section 23.  Paragraph (a) of subsection (3) of section
1208516.031, Florida Statutes, is amended to read:
1209     516.031  Finance charge; maximum rates.--
1210     (3)  OTHER CHARGES.--
1211     (a)  In addition to the interest, delinquency, and
1212insurance charges herein provided for, no further or other
1213charges or amount whatsoever for any examination, service,
1214commission, or other thing or otherwise shall be directly or
1215indirectly charged, contracted for, or received as a condition
1216to the grant of a loan, except:
1217     1.  An amount not to exceed $25 $10 to reimburse a portion
1218of the costs for investigating the character and credit of the
1219person applying for the loan;
1220     2.  An annual fee of $25 on the anniversary date of each
1221line-of-credit account;
1222     3.  Charges paid for brokerage fee on a loan or line of
1223credit of more than $10,000, title insurance, and the appraisal
1224of real property offered as security when paid to a third party
1225and supported by an actual expenditure;
1226     4.  Intangible personal property tax on the loan note or
1227obligation when secured by a lien on real property;
1228     5.  The documentary excise tax and lawful fees, if any,
1229actually and necessarily paid out by the licensee to any public
1230officer for filing, recording, or releasing in any public office
1231any instrument securing the loan, which fees may be collected
1232when the loan is made or at any time thereafter;
1233     6.  The premium payable for any insurance in lieu of
1234perfecting any security interest otherwise required by the
1235licensee in connection with the loan, if the premium does not
1236exceed the fees which would otherwise be payable, which premium
1237may be collected when the loan is made or at any time
1238thereafter;
1239     7.  Actual and reasonable attorney's fees and court costs
1240as determined by the court in which suit is filed;
1241     8.  Actual and commercially reasonable expenses of
1242repossession, storing, repairing and placing in condition for
1243sale, and selling of any property pledged as security; or
1244     9.  A delinquency charge not to exceed $10 for each payment
1245in default for a period of not less than 10 days, if the charge
1246is agreed upon, in writing, between the parties before imposing
1247the charge.
1248
1249Any charges, including interest, in excess of the combined total
1250of all charges authorized and permitted by this chapter
1251constitute a violation of chapter 687 governing interest and
1252usury, and the penalties of that chapter apply. In the event of
1253a bona fide error, the licensee shall refund or credit the
1254borrower with the amount of the overcharge immediately but
1255within 20 days from the discovery of such error.
1256     Section 24.  Subsection (1) of section 516.05, Florida
1257Statutes, is amended to read:
1258     516.05  License.--
1259     (1)  Upon the filing of an application for a license and
1260payment of all applicable fees, the office shall, unless the
1261application is to renew or reactivate an existing license, make
1262an investigation of the facts concerning the applicant's
1263proposed activities. If the office determines that a license
1264should be granted, it shall issue the license for a period not
1265to exceed 2 years. Biennial licensure periods and procedures for
1266renewal of licenses shall be established by the rule of the
1267commission. If the office determines that grounds exist under
1268this chapter for denial of an application other than an
1269application to renew a license, it shall deny such application,
1270return to the applicant the sum paid as a license fee, and
1271retain the investigation fee.
1272     Section 25.  Paragraph (p) is added to subsection (1) of
1273section 516.07, Florida Statutes, to read:
1274     516.07  Grounds for denial of license or for disciplinary
1275action.--
1276     (1)  The following acts are violations of this chapter and
1277constitute grounds for denial of an application for a license to
1278make consumer finance loans and grounds for any of the
1279disciplinary actions specified in subsection (2):
1280     (p)  Payment to the office for a license or permit with a
1281check or electronic transmission of funds which is dishonored by
1282the applicant's or licensee's financial institution.
1283     Section 26.  Subsection (3) is added to section 516.12,
1284Florida Statutes, to read:
1285     516.12  Records to be kept by licensee.--
1286     (3)  The commission may prescribe by rule the minimum
1287information to be shown in the books, accounts, records, and
1288documents of licensees for purposes of enabling the office to
1289determine the licensee's compliance with ss. 516.001-516.36. In
1290addition, the commission may prescribe by rule the requirements
1291for destruction of books, accounts, records, and documents
1292retained by the licensee after completion of the time period
1293specified in subsection (1). Notwithstanding the 2-year
1294retention period specified in subsection (1), if the office
1295identifies a statute of limitations in another civil or criminal
1296state or federal law or rule which statute of limitations is
1297reasonably related by subject matter to the administration of
1298this chapter, the commission may identify that statute of
1299limitations by rule and may prohibit the destruction of records
1300required to be maintained by this chapter for a period of time,
1301established by rule, which is reasonably related to such statute
1302of limitations. The commission shall prescribe by rule those
1303documents or records that are to be preserved under the
1304identified statute of limitations.
1305     Section 27.  Subsection (9) of section 517.051, Florida
1306Statutes, is amended to read:
1307     517.051  Exempt securities.--The exemptions provided herein
1308from the registration requirements of s. 517.07 are
1309self-executing and do not require any filing with the office
1310prior to claiming such exemption. Any person who claims
1311entitlement to any of these exemptions bears the burden of
1312proving such entitlement in any proceeding brought under this
1313chapter. The registration provisions of s. 517.07 do not apply
1314to any of the following securities:
1315     (9)  A security issued by a corporation organized and
1316operated exclusively for religious, educational, benevolent,
1317fraternal, charitable, or reformatory purposes and not for
1318pecuniary profit, no part of the net earnings of which
1319corporation inures to the benefit of any private stockholder or
1320individual, or any security of a fund that is excluded from the
1321definition of an investment company under s. 3(c)(10)(B) of the
1322Investment Company Act of 1940; provided that no person shall
1323directly or indirectly offer or sell securities under this
1324subsection except by an offering circular containing full and
1325fair disclosure, as prescribed by the rules of the commission,
1326of all material information, including, but not limited to, a
1327description of the securities offered and terms of the offering,
1328a description of the nature of the issuer's business, a
1329statement of the purpose of the offering and the intended
1330application by the issuer of the proceeds thereof, and financial
1331statements of the issuer prepared in conformance with United
1332States generally accepted accounting principles. Section 6(c) of
1333the Philanthropy Protection Act of 1995, Pub. L. No. 104-62,
1334shall not preempt any provision of this chapter.
1335     Section 28.  Subsection (18) of section 517.061, Florida
1336Statutes, is amended to read:
1337     517.061  Exempt transactions.--The exemption for each
1338transaction listed below is self-executing and does not require
1339any filing with the office prior to claiming such exemption.  
1340Any person who claims entitlement to any of the exemptions bears
1341the burden of proving such entitlement in any proceeding brought
1342under this chapter.  The registration provisions of s. 517.07 do
1343not apply to any of the following transactions; however, such
1344transactions are subject to the provisions of ss. 517.301,
1345517.311, and 517.312:
1346     (18)  The offer or sale of any security effected by or
1347through a person in compliance with registered pursuant to s.
1348517.12(17).
1349     Section 29.  Paragraph (g) of subsection (3) of section
1350517.081, Florida Statutes, is amended to read:
1351     517.081  Registration procedure.--
1352     (3)  The office may require the applicant to submit to the
1353office the following information concerning the issuer and such
1354other relevant information as the office may in its judgment
1355deem necessary to enable it to ascertain whether such securities
1356shall be registered pursuant to the provisions of this section:
1357     (g)1.  A specimen copy of the security and a copy of any
1358circular, prospectus, advertisement, or other description of
1359such securities.
1360     2.  The commission shall adopt a form for a simplified
1361offering circular to be used solely by corporations to register,
1362under this section, securities of the corporation that are sold
1363in offerings in which the aggregate offering price in any
1364consecutive 12-month period does not exceed the amount provided
1365in s. 3(b) of the Securities Act of 1933.  The following issuers
1366shall not be eligible to submit a simplified offering circular
1367adopted pursuant to this subparagraph:
1368     a.  An issuer seeking to register securities for resale by
1369persons other than the issuer.
1370     b.  An issuer who is subject to any of the
1371disqualifications described in 17 C.F.R. s. 230.262, adopted
1372pursuant to the Securities Act of 1933, or who has been or is
1373engaged or is about to engage in an activity that would be
1374grounds for denial, revocation, or suspension under s. 517.111.
1375For purposes of this subparagraph, an issuer includes an
1376issuer's director, officer, shareholder who owns at least 10
1377percent of the shares of the issuer, promoter, or selling agent
1378of the securities to be offered or any officer, director, or
1379partner of such selling agent.
1380     c.  An issuer who is a development-stage company that
1381either has no specific business plan or purpose or has indicated
1382that its business plan is to merge with an unidentified company
1383or companies.
1384     d.  An issuer of offerings in which the specific business
1385or properties cannot be described.
1386     e.  Any issuer the office determines is ineligible if the
1387form would not provide full and fair disclosure of material
1388information for the type of offering to be registered by the
1389issuer.
1390     f.  Any corporation which has failed to provide the office
1391the reports required for a previous offering registered pursuant
1392to this subparagraph.
1393
1394As a condition precedent to qualifying for use of the simplified
1395offering circular, a corporation shall agree to provide the
1396office with an annual financial report containing a balance
1397sheet as of the end of the issuer's fiscal year and a statement
1398of income for such year, prepared in accordance with United
1399States generally accepted accounting principles and accompanied
1400by an independent accountant's report. If the issuer has more
1401than 100 security holders at the end of a fiscal year, the
1402financial statements must be audited. Annual financial reports
1403must be filed with the office within 90 days after the close of
1404the issuer's fiscal year for each of the first 5 years following
1405the effective date of the registration.
1406     Section 30.  Subsections (7), (10), (11), (15), and (17) of
1407section 517.12, Florida Statutes, are amended to read:
1408     517.12  Registration of dealers, associated persons,
1409investment advisers, and branch offices.--
1410     (7)  The application shall also contain such information as
1411the commission or office may require about the applicant; any
1412partner, officer, or director of the applicant or any person
1413having a similar status or performing similar functions; any
1414person directly or indirectly controlling the applicant; or any
1415employee of a dealer or of an investment adviser rendering
1416investment advisory services.  Each applicant shall file a
1417complete set of fingerprints. A fingerprint card submitted to
1418the office must be taken by an authorized law enforcement agency
1419if the fingerprint card is submitted to the office in paper
1420form. In addition to the fees prescribed in s. 215.405, the
1421commission may prescribe by rule an additional fee, not to
1422exceed $30, for processing the fingerprints. The commission may
1423prescribe by rule procedures for submitting fingerprints and
1424fees by electronic means to the office. In order to implement
1425the submission and processing of fingerprints as specified by
1426rule under this section, the office may contract with another
1427state agency that provides fingerprint services officer. The
1428office shall submit the Such fingerprints shall be submitted to
1429the Department of Law Enforcement for state processing and the
1430Department of Law enforcement shall forward the fingerprints to
1431or the Federal Bureau of Investigation for state and federal
1432processing. The cost for the fingerprint processing may be borne
1433by the office, the employer, or the person subject to the
1434background check. The Department of Law Enforcement shall submit
1435an invoice to the office for the fingerprints received each
1436month. The office shall screen the background results to
1437determine if the applicant meets licensure requirements. The
1438commission may waive, by rule, the requirement that applicants
1439must file a set of fingerprints or the requirement that such
1440fingerprints must be processed by the Department of Law
1441Enforcement or the Federal Bureau of Investigation.  The
1442commission or office may require information about any such
1443applicant or person concerning such matters as:
1444     (a)  His or her full name, and any other names by which he
1445or she may have been known, and his or her age, photograph,
1446qualifications, and educational and business history.
1447     (b)  Any injunction or administrative order by a state or
1448federal agency, national securities exchange, or national
1449securities association involving a security or any aspect of the
1450securities business and any injunction or administrative order
1451by a state or federal agency regulating banking, insurance,
1452finance, or small loan companies, real estate, mortgage brokers,
1453or other related or similar industries, which injunctions or
1454administrative orders relate to such person.
1455     (c)  His or her conviction of, or plea of nolo contendere
1456to, a criminal offense or his or her commission of any acts
1457which would be grounds for refusal of an application under s.
1458517.161.
1459     (d)  The names and addresses of other persons of whom the
1460office may inquire as to his or her character, reputation, and
1461financial responsibility.
1462     (10)  An applicant for registration shall pay an assessment
1463fee of $200, in the case of a dealer or investment adviser, or
1464$40, in the case of an associated person.  The assessment fee of
1465an associated person shall be reduced to $30, but only after the
1466office determines, by final order, that sufficient funds have
1467been allocated to the Securities Guaranty Fund pursuant to s.
1468517.1203 to satisfy all valid claims filed in accordance with s.
1469517.1203(2) and after all amounts payable under any service
1470contract entered into by the office pursuant to s. 517.1204, and
1471all notes, bonds, certificates of indebtedness, other
1472obligations, or evidences of indebtedness secured by such notes,
1473bonds, certificates of indebtedness, or other obligations, have
1474been paid or provision has been made for the payment of such
1475amounts, notes, bonds, certificates of indebtedness, other
1476obligations, or evidences of indebtedness.  An associated person
1477may not having current fingerprint cards filed with the National
1478Association of Securities Dealers or a national securities
1479exchange registered with the Securities and Exchange Commission
1480shall be assessed an additional fee to cover the cost for said
1481fingerprint cards to be processed by the office.  Such fee shall
1482be determined by rule of the commission.  Each dealer and each
1483investment adviser shall pay an assessment fee of $100 for each
1484office in this state, except its designated principal office.
1485Such fees become the revenue of the state, except for those
1486assessments provided for under s. 517.131(1) until such time as
1487the Securities Guaranty Fund satisfies the statutory limits, and
1488are not returnable in the event that registration is withdrawn
1489or not granted.
1490     (11)  If the office finds that the applicant is of good
1491repute and character and has complied with the provisions of
1492this chapter and the rules made pursuant hereto, it shall
1493register the applicant.  The registration of each dealer,
1494investment adviser, and associated person expires will expire on
1495December 31, of the year the registration became effective
1496unless the registrant has renewed his or her registration on or
1497before that date. and The registration of each branch office
1498expires will expire on March 31 or, once the National
1499Association of Securities Dealers develops the capacity to
1500process branch office registration through the Central
1501Registration Depository, December 31 of the year in which it
1502became effective unless the registrant has renewed its
1503registration on or before that date. The commission may
1504establish by rule the initial year in which branch renewals
1505shall be processed through the Central Registration Depository
1506of the National Association of Securities Dealers. The
1507commission may establish by rule procedures for renewing branch
1508registrations through the Central Registration Depository.
1509Registration may be renewed by furnishing such information as
1510the commission may require, together with payment of the fee
1511required in subsection (10) for dealers, investment advisers,
1512associated persons, or branch offices and the payment of any
1513amount lawfully due and owing to the office pursuant to any
1514order of the office or pursuant to any agreement with the
1515office.  Any dealer, investment adviser, or associated person
1516registrant who has not renewed a registration by the time the
1517current registration expires may request reinstatement of such
1518registration by filing with the office, on or before January 31
1519of the year following the year of expiration, such information
1520as may be required by the commission, together with payment of
1521the fee required in subsection (10) for dealers, investment
1522advisers, or associated persons and a late fee equal to the
1523amount of such fee.  Any reinstatement of registration granted
1524by the office during the month of January shall be deemed
1525effective retroactive to January 1 of that year.
1526     (15)  In lieu of filing with the office the applications
1527specified in subsection (6), the fees required by subsection
1528(10), and the termination notices required by subsection (12),
1529the commission may by rule establish procedures for the deposit
1530of such fees and documents with the Central Registration
1531Depository or the Investment Advisor Registration Depository of
1532the National Association of Securities Dealers, Inc., as
1533developed under contract with the North American Securities
1534Administrators Association, Inc.; provided, however, that such
1535procedures shall provide the office with the information and
1536data as required by this section.
1537     (17)(a)  A dealer that is located in Canada, does not have
1538an and has no office or other physical presence in this state,
1539and has made a notice filing in accordance with this subsection
1540is exempt from the registration requirements of this section and
1541may, provided the dealer is registered in accordance with this
1542section, effect transactions in securities with or for, or
1543induce or attempt to induce the purchase or sale of any security
1544by:
1545     1.  A person from Canada who is present temporarily resides
1546in this state and with whom the Canadian dealer had a bona fide
1547dealer-client relationship before the person entered the United
1548States; or
1549     2.  A person from Canada who is present in a resident of
1550this state, and whose transactions are in a self-directed tax-
1551advantaged tax advantage retirement plan in Canada of which the
1552person is the holder or contributor.
1553     (b)  A notice filing under this subsection must consist of
1554documents that the commission by rule requires to be filed,
1555together with a consent to service of process and a filing fee
1556of $200. The commission may establish by rule procedures for the
1557deposit of fees and the filing of documents to be made by
1558electronic means, if such procedures provide the office with the
1559information and data required by this section.
1560     (c)  A Canadian dealer may make a notice filing under this
1561subsection if such dealer provides to the office:
1562     1.  A notice filing in the form that the commission by rule
1563requires.
1564     2.  A consent to service of process.
1565     3.  Evidence that the Canadian dealer is registered as a
1566dealer in the jurisdiction in which its main office is located.
1567     4.  Evidence that the Canadian dealer is a member of a
1568self-regulatory organization or stock exchange in Canada.
1569     (d)  The office may issue a permit to evidence the
1570effectiveness of a notice filing for a Canadian dealer.
1571     (e)  A notice filing is effective upon receipt. A notice
1572filing expires on December 31 of the year in which the filing
1573becomes effective unless the Canadian dealer has renewed the
1574filing on or before that date. A Canadian dealer may annually
1575renew a notice filing by furnishing to the office such
1576information as the office requires together with a renewal fee
1577of $200 and the payment of any amount due and owing the office
1578pursuant to any agreement with the office. Any Canadian dealer
1579who has not renewed a notice filing by the time a current notice
1580filing expires may request reinstatement of such notice filing
1581by filing with the office, on or before January 31 of the year
1582following the year the notice filing expires, such information
1583as the commission requires, by rule, together with the payment
1584of $200 and a late fee of $200. Any reinstatement of a notice
1585filing granted by the office during the month of January is
1586effective retroactively to January 1 of that year.
1587     (f)  An associated person who represents a Canadian dealer
1588who has made a notice filing under this subsection is exempt
1589from the registration requirements of this section and may
1590effect transactions in securities in this state as permitted for
1591a dealer under paragraph (a) if such person is registered in the
1592jurisdiction from which he or she is effecting transactions into
1593this state.
1594     (g)  A Canadian dealer who has made a notice of filing
1595under this subsection shall:
1596     1.  Maintain its provincial or territorial registration and
1597its membership in a self-regulatory organization or stock
1598exchange in good standing.
1599     2.  Provide the office upon request with its books and
1600records relating to its business in this state as a dealer.
1601     3.  Provide the office upon request notice of each civil,
1602criminal, or administrative action initiated against the dealer.
1603     4.  Disclose to its clients in this state that the dealer
1604and its associated persons are not subject to the full
1605regulatory requirements under this chapter.
1606     5.  Correct any inaccurate information within 30 days after
1607the information contained in the notice of filing becomes
1608inaccurate for any reason.
1609     (h)  An associated person representing a Canadian dealer
1610who has made a notice of filing under this subsection shall:
1611     1.  Maintain provincial or territorial registration in good
1612standing.
1613     2.  Provide the office upon request with notice of each
1614civil, criminal, or administrative action initiated against such
1615person.
1616     (i)  A notice filing may be terminated by filing notice of
1617such termination with the office. Unless another date is
1618specified by the Canadian dealer, such notice is effective upon
1619its receipt by the office.
1620     (j)  All fees collected under this subsection become the
1621revenue of the state, except for those assessments provided for
1622under s. 517.131(1), until the Securities Guaranty Fund has
1623satisfied the statutory limits, and these fees are not
1624returnable if a notice filing is withdrawn.
1625     (b)  An associated person who represents a Canadian dealer
1626registered under this section may, provided the agent is
1627registered in accordance with this section, effect transactions
1628in securities in this state as permitted for a dealer, under
1629subsection (a).
1630     (c)  A Canadian dealer may register under this section
1631provided that such dealer:
1632     1.  Files an application in the form required by the
1633jurisdiction in which the dealer has a head office.
1634     2.  Files a consent to service of process.
1635     3.  Is registered as a dealer in good standing in the
1636jurisdiction from which it is effecting transactions into this
1637state and files evidence of such registration with the office.
1638     4.  Is a member of a self-regulatory organization or stock
1639exchange in Canada.
1640     (d)  An associated person who represents a Canadian dealer
1641registered under this section in effecting transactions in
1642securities in this state may register under this section
1643provided that such person:
1644     1.  Files an application in the form required by the
1645jurisdiction in which the dealer has its head office.
1646     2.  Is registered in good standing in the jurisdiction from
1647which he or she is effecting transactions into this state and
1648files evidence of such registration with the office.
1649     (e)  If the office finds that the applicant is of good
1650repute and character and has complied with the provisions of
1651this chapter, the office shall register the applicant.
1652     (f)  A Canadian dealer registered under this section shall:
1653     1.  Maintain its provincial or territorial registration and
1654its membership in a self-regulatory organization or stock
1655exchange in good standing.
1656     2.  Provide the office upon request with its books and
1657records relating to its business in this state as a dealer.
1658     3.  Provide the office notice of each civil, criminal, or
1659administrative action initiated against the dealer.
1660     4.  Disclose to its clients in this state that the dealer
1661and its agents are not subject to the full regulatory
1662requirements under this chapter.
1663     5.  Correct any inaccurate information within 30 days, if
1664the information contained in the application form becomes
1665inaccurate for any reason before or after the dealer becomes
1666registered.
1667     (g)  An associated person of a Canadian dealer registered
1668under this section shall:
1669     1.  Maintain provincial or territorial registration in good
1670standing.
1671     2.  Provide the office with notice of each civil, criminal,
1672or administrative action initiated against such person.
1673     3.  Through the dealer, correct any inaccurate information
1674within 30 days, if the information contained in the application
1675form becomes inaccurate for any reason before or after the
1676associated person becomes registered.
1677     (h)  Renewal applications for Canadian dealers and
1678associated persons under this section must be filed before
1679December 31 each year.  Every applicant for registration or
1680renewal registration under this section shall pay the fee for
1681dealers and associated persons under this chapter.
1682     Section 31.  Paragraphs (b) and (e) of subsection (3) of
1683section 517.131, Florida Statutes, are amended, and subsection
1684(5) is added to said section, to read:
1685     517.131  Securities Guaranty Fund.--
1686     (3)  Any person is eligible to seek recovery from the
1687Securities Guaranty Fund if:
1688     (b)  Such person has made all reasonable searches and
1689inquiries to ascertain whether the judgment debtor possesses
1690real or personal property or other assets subject to being sold
1691or applied in satisfaction of the judgment, and by her or his
1692search the person has discovered no property or assets; or she
1693or he has discovered property and assets and has taken all
1694necessary action and proceedings for the application thereof to
1695the judgment, but the amount thereby realized was insufficient
1696to satisfy the judgment.  To verify compliance with such
1697condition, the office may require such person to have a writ of
1698execution be issued upon such judgment, and may further require
1699a showing that no personal or real property of the judgment
1700debtor liable to be levied upon in complete satisfaction of the
1701judgment can be found, or may require an affidavit from the
1702claimant setting forth the reasonable searches and inquiries
1703undertaken and the result.
1704     (e)  The office waives compliance with the requirements of
1705paragraph (a) or paragraph (b). The office may waive such
1706compliance if the dealer, investment adviser, or associated
1707person which is the subject of the claim filed with the office
1708is the subject of any proceeding in which a receiver has been
1709appointed by a court of competent jurisdiction. If the office
1710waives such compliance, the office may, upon petition by the
1711claimant, the debtor, or the court-appointed trustee, examiner,
1712or receiver, distribute funds from the Securities Guaranty Fund
1713up to the amount allowed under s. 517.141. Any waiver granted
1714pursuant to this section shall be considered a judgment for
1715purposes of complying with the requirements of this section and
1716of s. 517.141.
1717     (5)  The commission may by rule specify the procedures for
1718complying with subsections (2), (3), and (4), including rules
1719for the form of submission and guidelines for the sufficiency
1720and content of submissions of notices and claims.
1721     Section 32.  Subsections (2) and (5) of section 517.141,
1722Florida Statutes, are amended, and subsection (11) is added to
1723said section, to read:
1724     517.141  Payment from the fund.--
1725     (2)  Regardless of the number of claims or claimants
1726involved, payments for claims shall be limited in the aggregate
1727to $100,000 against any one dealer, investment adviser, or
1728associated person. If the total claims exceed the aggregate
1729limit of $100,000, the office shall prorate the payment based
1730upon the ratio that the person's claim bears to the total claims
1731filed.
1732     (5)  If the final judgment that which gave rise to the
1733claim is overturned in any appeal or in any collateral
1734proceeding, the claimant shall reimburse the fund all amounts
1735paid from the fund to the claimant on the claim. If the claimant
1736satisfies the judgment referred to in s. 517.131(3)(a), the
1737claimant shall reimburse the fund all amounts paid from the fund
1738to the claimant on the claim. Such reimbursement shall be paid
1739to the office within 60 days after the final resolution of the
1740appellate or collateral proceedings or the satisfaction of
1741judgment, with the 60-day period commencing on the date the
1742final order or decision is entered in such proceedings.
1743     (11)  The commission may by rule specify the procedures for
1744complying with this section, including rules for the form of
1745submission and guidelines for the sufficiency and content of
1746submissions of notices and claims.
1747     Section 33.  Subsection (1) of section 517.161, Florida
1748Statutes, is amended to read:
1749     517.161  Revocation, denial, or suspension of registration
1750of dealer, investment adviser, associated person, or branch
1751office.--
1752     (1)  Registration under s. 517.12 may be denied or any
1753registration granted may be revoked, restricted, or suspended by
1754the office if the office determines that such applicant or
1755registrant:
1756     (a)  Has violated any provision of this chapter or any rule
1757or order made under this chapter;
1758     (b)  Has made a material false statement in the application
1759for registration;
1760     (c)  Has been guilty of a fraudulent act in connection with
1761rendering investment advice or in connection with any sale of
1762securities, has been or is engaged or is about to engage in
1763making fictitious or pretended sales or purchases of any such
1764securities or in any practice involving the rendering of
1765investment advice or the sale of securities which is fraudulent
1766or in violation of the law;
1767     (d)  Has made a misrepresentation or false statement to, or
1768concealed any essential or material fact from, any person in the
1769rendering of investment advice or the sale of a security to such
1770person;
1771     (e)  Has failed to account to persons interested for all
1772money and property received;
1773     (f)  Has not delivered, after a reasonable time, to persons
1774entitled thereto securities held or agreed to be delivered by
1775the dealer, broker, or investment adviser, as and when paid for,
1776and due to be delivered;
1777     (g)  Is rendering investment advice or selling or offering
1778for sale securities through any associated person not registered
1779in compliance with the provisions of this chapter;
1780     (h)  Has demonstrated unworthiness to transact the business
1781of dealer, investment adviser, or associated person;
1782     (i)  Has exercised management or policy control over or
1783owned 10 percent or more of the securities of any dealer or
1784investment adviser that has been declared bankrupt, or had a
1785trustee appointed under the Securities Investor Protection Act;
1786or is, in the case of a dealer or investment adviser, insolvent;
1787     (j)  Has been convicted of, or has entered a plea of guilty
1788or nolo contendere to, a crime against the laws of this state or
1789any other state or of the United States or of any other country
1790or government which relates to registration as a dealer,
1791investment adviser, issuer of securities, associated person, or
1792branch office; which relates to the application for such
1793registration; or which involves moral turpitude or fraudulent or
1794dishonest dealing;
1795     (k)  Has had a final judgment entered against her or him in
1796a civil action upon grounds of fraud, embezzlement,
1797misrepresentation, or deceit;
1798     (l)  Is of bad business repute; or
1799     (m)  Has been the subject of any decision, finding,
1800injunction, suspension, prohibition, revocation, denial,
1801judgment, or administrative order by any court of competent
1802jurisdiction, administrative law judge, or by any state or
1803federal agency, national securities, commodities, or option
1804exchange, or national securities, commodities, or option
1805association, involving a violation of any federal or state
1806securities or commodities law or any rule or regulation
1807promulgated thereunder, or any rule or regulation of any
1808national securities, commodities, or options exchange or
1809national securities, commodities, or options association, or has
1810been the subject of any injunction or adverse administrative
1811order by a state or federal agency regulating banking,
1812insurance, finance or small loan companies, real estate,
1813mortgage brokers, or other related or similar industries.  For
1814purposes of this subsection, the office may not deny
1815registration to any applicant who has been continuously
1816registered with the office for 5 years from the entry of such
1817decision, finding, injunction, suspension, prohibition,
1818revocation, denial, judgment, or administrative order provided
1819such decision, finding, injunction, suspension, prohibition,
1820revocation, denial, judgment, or administrative order has been
1821timely reported to the office pursuant to the commission's
1822rules; or.
1823     (n)  Made payment to the office for a license or permit
1824with a check or electronic transmission of funds which is
1825dishonored by the applicant's or registrant's financial
1826institution.
1827     Section 34.  Subsections (2) and (3) of section 520.03,
1828Florida Statutes, are amended to read:
1829     520.03  Licenses.--
1830     (2)  An application for a license under this part must be
1831submitted to the office in such form as the commission may
1832prescribe by rule. If the office determines that an application
1833should be granted, it shall issue the license for a period not
1834to exceed 2 years. A nonrefundable application fee of $175 shall
1835accompany an initial application for the principal place of
1836business and each application for a branch location of a retail
1837installment seller who is required to be licensed under this
1838chapter. An application is considered received for purposes of
1839s. 120.60 upon receipt of a completed application form as
1840prescribed by commission rule, a nonrefundable application fee
1841of $175, and any other fee prescribed by law.
1842     (3)  The nonrefundable renewal fee for a motor vehicle
1843retail installment seller license shall be $175. The commission
1844shall establish by rule biennial licensure periods and
1845procedures for renewal of licenses. A license that is not
1846renewed by the end of the biennium established by the commission
1847shall revert from active to inactive status. An inactive license
1848may be reactivated within 6 months after becoming inactive upon
1849filing a completed reactivation form, payment of the
1850nonrefundable renewal fee, and payment of a nonrefundable
1851reactivation fee equal to the renewal fee. A license that is not
1852reactivated within 6 months after becoming inactive
1853automatically expires.
1854     Section 35.  Subsections (2) and (3) of section 520.32,
1855Florida Statutes, are amended to read:
1856     520.32  Licenses.--
1857     (2)  An application for a license under this part must be
1858submitted to the office in such form as the commission may
1859prescribe by rule. If the office determines that an application
1860should be granted, it shall issue the license for a period not
1861to exceed 2 years. A nonrefundable application fee of $175 shall
1862accompany an initial application for the principal place of
1863business and each application for a branch location of a retail
1864installment seller. An application is considered received for
1865purposes of s. 120.60 upon receipt of a completed application
1866form as prescribed by commission rule, a nonrefundable
1867application fee of $175, and any other fee prescribed by law.
1868     (3)  The nonrefundable renewal fee for a retail seller
1869license shall be $175. Biennial licensure periods and procedures
1870for renewal of licenses may also be established by the
1871commission by rule.  A license that is not renewed at the end of
1872the biennium established by the commission shall revert from
1873active to inactive status.  An inactive license may be
1874reactivated within 6 months after becoming inactive upon filing
1875a completed reactivation form, payment of the nonrefundable
1876renewal fee, and payment of a reactivation fee equal to the
1877nonrefundable renewal fee.  A license that is not reactivated
1878within 6 months after becoming inactive automatically expires.
1879     Section 36.  Subsections (2) and (3) of section 520.52,
1880Florida Statutes, are amended to read:
1881     520.52  Licensees.--
1882     (2)  An application for a license under this part must be
1883submitted to the office in such form as the commission may
1884prescribe by rule. If the office determines that an application
1885should be granted, it shall issue the license for a period not
1886to exceed 2 years. A nonrefundable application fee of $175 shall
1887accompany an initial application for the principal place of
1888business and each branch location of a sales finance company. An
1889application is considered received for purposes of s. 120.60
1890upon receipt of a completed application form as prescribed by
1891commission rule, a nonrefundable application fee of $175, and
1892any other fee prescribed by law.
1893     (3)  The nonrefundable renewal fee for a sales finance
1894company license shall be $175. Biennial licensure periods and
1895procedures for renewal of licenses may also be established by
1896the commission by rule. A license that is not renewed at the end
1897of the biennium established by the commission shall revert from
1898active to inactive status. An inactive license may be
1899reactivated within 6 months after becoming inactive upon filing
1900a completed reactivation form, payment of the nonrefundable
1901renewal fee, and payment of a reactivation fee equal to the
1902nonrefundable renewal fee. A license that is not reactivated
1903within 6 months after becoming inactive automatically expires.
1904     Section 37.  Subsections (2) and (3) of section 520.63,
1905Florida Statutes, are amended to read:
1906     520.63  Licensees.--
1907     (2)  An application for a license under this part must be
1908submitted to the office in such form as the commission may
1909prescribe by rule. If the office determines that an application
1910should be granted, it shall issue the license for a period not
1911to exceed 2 years. A nonrefundable application fee of $175 shall
1912accompany an initial application for the principal place of
1913business and each application for a branch location of a home
1914improvement finance seller. An application is considered
1915received for purposes of s. 120.60 upon receipt of a completed
1916application form as prescribed by commission rule, a
1917nonrefundable application fee of $175, and any other fee
1918prescribed by law.
1919     (3)  The nonrefundable renewal fee for a home improvement
1920finance license shall be $175. Biennial licensure periods and
1921procedures for renewal of licenses may also be established by
1922the commission by rule. A license that is not renewed at the end
1923of the biennium established by the commission shall
1924automatically revert from active to inactive status. An inactive
1925license may be reactivated within 6 months after becoming
1926inactive upon filing a completed reactivation form, payment of
1927the nonrefundable renewal fee, and payment of a nonrefundable
1928reactivation fee equal to the renewal fee. A license that is not
1929reactivated within 6 months after becoming inactive
1930automatically expires.
1931     Section 38.  Subsection (5) of section 520.994, Florida
1932Statutes, is amended to read:
1933     520.994  Powers of office.--
1934     (5)  The office shall administer and enforce this chapter.
1935The commission has authority to adopt rules pursuant to ss.
1936120.536(1) and 120.54 to implement the provisions of this
1937chapter. The commission may adopt rules to require allow
1938electronic submission of any form, document, or fee required by
1939this chapter if such rules reasonably accommodate technological
1940or financial hardship. The commission may prescribe by rule
1941requirements and procedures for obtaining an exemption due to a
1942technological or financial hardship.
1943     Section 39.  Paragraph (k) is added to subsection (1) of
1944section 520.995, Florida Statutes, to read:
1945     520.995  Grounds for disciplinary action.--
1946     (1)  The following acts are violations of this chapter and
1947constitute grounds for the disciplinary actions specified in
1948subsection (2):
1949     (k)  Payment to the office for a license or permit with a
1950check or electronic transmission of funds which is dishonored by
1951the applicant's or licensee's financial institution.
1952     Section 40.  Subsection (4) of section 520.997, Florida
1953Statutes, is amended to read:
1954     520.997  Books, accounts, and records.--
1955     (4)  The commission may prescribe by rule the minimum
1956information to be shown in the books, accounts, documents, and
1957records of licensees so that such records will enable the office
1958to determine compliance with the provisions of this chapter. In
1959addition, the commission may prescribe by rule the requirements
1960for destruction of books, accounts, records, and documents
1961retained by the licensee after completion of the time period
1962specified in subsection (3). Notwithstanding the 2-year
1963retention period specified in subsection (3), if the office
1964identifies a statute of limitations in another civil or criminal
1965law or federal law or rule which statute of limitations is
1966reasonably related by subject matter to the administration of
1967this chapter, the commission may identify that statute of
1968limitations by rule and may prohibit the destruction of records
1969required to be maintained by this chapter for a period of time,
1970established by rule, which is reasonably related to such statute
1971of limitations. The commission shall prescribe by rule those
1972documents or records that are to be preserved under the
1973identified statute of limitations.
1974     Section 41.  Subsection (5) of section 537.009, Florida
1975Statutes, is amended to read:
1976     537.009  Recordkeeping; reporting; safekeeping of
1977property.--
1978     (5)  The commission may prescribe by rule the books,
1979accounts, documents, and records, and the minimum information to
1980be shown in the books, accounts, documents, and records, of
1981licensees so that such records will enable the office to
1982determine compliance with the provisions of this act. In
1983addition, the commission may prescribe by rule the requirements
1984for destruction of books, accounts, records, and documents
1985retained by the licensee after completion of the time period
1986specified in subsection (3). Notwithstanding the 2-year
1987retention period specified in subsection (3), if the office
1988identifies a statute of limitations in another civil or criminal
1989law or federal law or rule which statute of limitations is
1990reasonably related by subject matter to the administration of
1991this chapter, the commission may identify that statute of
1992limitations by rule and may prohibit the destruction of records
1993required to be maintained by this chapter for a period of time,
1994established by rule, which is reasonably related to such statute
1995of limitations. The commission shall prescribe by rule those
1996documents or records that are to be preserved under the
1997identified statute of limitations.
1998     Section 42.  Subsection (3) is added to section 560.105,
1999Florida Statutes, to read:
2000     560.105  Supervisory powers; rulemaking.--
2001     (3)  The commission may adopt rules that require electronic
2002submission of any forms, documents, or fees required by this act
2003if such rules reasonably accommodate technological or financial
2004hardship. The commission may prescribe by rule requirements and
2005procedures for obtaining an exemption due to a technological or
2006financial hardship.
2007     Section 43.  Paragraph (y) is added to subsection (1) of
2008section 560.114, Florida Statutes, to read:
2009     560.114  Disciplinary actions.--
2010     (1)  The following actions by a money transmitter or money
2011transmitter-affiliated party are violations of the code and
2012constitute grounds for the issuance of a cease and desist order,
2013the issuance of a removal order, the denial of a registration
2014application or the suspension or revocation of any registration
2015previously issued pursuant to the code, or the taking of any
2016other action within the authority of the office pursuant to the
2017code:
2018     (y)  Payment to the office for a license or permit with a
2019check or electronic transmission of funds which is dishonored by
2020the applicant's or licensee's financial institution.
2021     Section 44.  Paragraph (b) of subsection (2) of section
2022560.118, Florida Statutes, is amended to read:
2023     560.118  Examinations, reports, and internal audits;
2024penalty.--
2025     (2)
2026     (b)  The commission may, by rule, require each money
2027transmitter or authorized vendor to submit quarterly reports to
2028the office. The commission may adopt rules that require
2029electronic submission of any forms, documents, or fees required
2030by this act if such rules reasonably accommodate technological
2031or financial hardship. The commission may prescribe by rule
2032requirements and procedures for obtaining an exemption due to a
2033technological or financial hardship. The commission may require
2034that each report contain a declaration by an officer, or any
2035other responsible person authorized to make such declaration,
2036that the report is true and correct to the best of her or his
2037knowledge and belief. Such report must include such information
2038as the commission by rule requires for that type of money
2039transmitter.
2040     Section 45.  Subsection (2) of section 560.121, Florida
2041Statutes, is amended to read:
2042     560.121  Records; limited restrictions upon public
2043access.--
2044     (2)  The commission may prescribe by rule the minimum
2045information that must be shown in the books, accounts, records,
2046and documents of licensees for purposes of enabling the office
2047to determine the licensee's compliance with ss. 560.101-560.408.
2048In addition, the commission may prescribe by rule the
2049requirements for destruction of books, accounts, records, and
2050documents retained by the licensee after completion of the time
2051period specified in this subsection. Notwithstanding the 3-year
2052retention period specified in this subsection, if the office
2053identifies a statute of limitations in another civil or criminal
2054law or federal law or rule which statute of limitations is
2055reasonably related by subject matter to the administration of
2056this chapter, the commission may identify that statute of
2057limitations by rule and may prohibit the destruction of records
2058required to be maintained by this chapter for a period of time,
2059established by rule, which is reasonably related to such statute
2060of limitations. The commission shall prescribe by rule those
2061documents or records that are to be preserved under the
2062identified statute of limitations. Examination reports,
2063investigatory records, applications, and related information
2064compiled by the office, or photographic copies thereof, shall be
2065retained by the office for a period of at least 3 years
2066following the date that the examination or investigation ceases
2067to be active. Application records, and related information
2068compiled by the office, or photographic copies thereof, shall be
2069retained by the office for a period of at least 2 years
2070following the date that the registration ceases to be active.
2071     Section 46.  Section 560.126, Florida Statutes, is amended
2072to read:
2073     560.126  Significant events; notice required.--
2074     (1)  Unless exempted by the office, every money transmitter
2075must provide the office with a written notice within 30 15 days
2076after the occurrence or knowledge of, whichever period of time
2077is greater, any of the following events:
2078     (a)(1)  The filing of a petition under the United States
2079Bankruptcy Code for bankruptcy or reorganization by the money
2080transmitter.
2081     (b)(2)  The commencement of any registration suspension or
2082revocation proceeding, either administrative or judicial, or the
2083denial of any original registration request or a registration
2084renewal, by any state, the District of Columbia, any United
2085States territory, or any foreign country, in which the money
2086transmitter operates or plans to operate or has registered to
2087operate.
2088     (c)(3)  A felony indictment relating to the money
2089transmission business involving the money transmitter or a money
2090transmitter-affiliated party of the money transmitter.
2091     (d)(4)  The felony conviction, guilty plea, or plea of nolo
2092contendere, if the court adjudicates the nolo contendere pleader
2093guilty, or the adjudication of guilt of a money transmitter or
2094money transmitter-affiliated party.
2095     (e)(5)  The interruption of any corporate surety bond
2096required by the code.
2097     (f)(6)  Any suspected criminal act, as defined by the
2098commission by rule, perpetrated in this state against a money
2099transmitter or authorized vendor.
2100
2101However, a person does not incur liability no liability shall be
2102incurred by any person as a result of making a good-faith good
2103faith effort to fulfill this disclosure requirement.
2104     (2)  If the information contained in any registration
2105application or any amendment thereto has changed, the registrant
2106shall, within 30 days after the change occurs, file an amendment
2107correcting the information on forms prescribed by the
2108commission.
2109     Section 47.  Section 560.205, Florida Statutes, is amended
2110to read:
2111     560.205  Qualifications of applicant for registration;
2112contents.--
2113     (1)  To qualify for registration under this part, an
2114applicant must demonstrate to the office such character and
2115general fitness as to command the confidence of the public and
2116warrant the belief that the registered business will be operated
2117lawfully and fairly. The office may investigate each applicant
2118to ascertain whether the qualifications and requirements
2119prescribed by this part have been met. The office's
2120investigation may include a criminal background investigation of
2121all controlling shareholders, principals, officers, directors,
2122members, and responsible persons of a funds transmitter and a
2123payment instrument seller and all persons designated by a funds
2124transmitter or payment instrument seller as an authorized
2125vendor. Each controlling shareholder, principal, officer,
2126director, member, and responsible person of a funds transmitter
2127or payment instrument seller, unless the applicant is a publicly
2128traded corporation as defined by the commission by rule, a
2129subsidiary thereof, or a subsidiary of a bank or bank holding
2130company organized and regulated under the laws of any state or
2131the United States, shall file a complete set of fingerprints. A
2132fingerprint card submitted to the office must be taken by an
2133authorized law enforcement agency if the fingerprint card is
2134submitted to the office in paper form. In addition to the fees
2135prescribed in s. 215.405, the commission may prescribe by rule
2136an additional fee, not to exceed $30, for processing the
2137fingerprints. The commission may prescribe by rule procedures
2138for submitting fingerprints and fees by electronic means to the
2139office. In order to implement the submission and processing of
2140fingerprints as specified by rule under this section, the office
2141may contract with another state agency that provides
2142fingerprinting services officer. The office shall submit the
2143Such fingerprints must be submitted to the Department of Law
2144Enforcement for state processing and the Department of Law
2145Enforcement shall forward the fingerprints to or the Federal
2146Bureau of Investigation for state and federal processing. The
2147cost for the fingerprint processing may be borne by the office,
2148the employer, or the person subject to the background check. The
2149Department of Law Enforcement shall submit an invoice to the
2150office for the fingerprints received each month. The office
2151shall screen the background results to determine if the
2152applicant meets licensure requirements. The commission may waive
2153by rule the requirement that applicants file a set of
2154fingerprints or the requirement that such fingerprints be
2155processed by the Department of Law Enforcement or the Federal
2156Bureau of Investigation.
2157     (2)  Each application for registration must be submitted
2158under oath to the office on such forms as the commission
2159prescribes by rule and must be accompanied by a nonrefundable
2160application fee. The commission may establish by rule procedures
2161for depositing fees and filing documents by electronic means.
2162Such fee may not exceed $500 for each payment instrument seller
2163or funds transmitter and $50 for each authorized vendor or
2164location operating within this state. The application must
2165contain forms shall set forth such information as the commission
2166reasonably requires by rule, including, but not limited to:
2167     (a)  The name and address of the applicant, including any
2168fictitious or trade names used by the applicant in the conduct
2169of its business.
2170     (b)  The history of the applicant's material litigation,
2171criminal convictions, pleas of nolo contendere, and cases of
2172adjudication withheld.
2173     (c)  A description of the activities conducted by the
2174applicant, the applicant's history of operations, and the
2175business activities in which the applicant seeks to engage in
2176this state.
2177     (d)  A list identifying the applicant's proposed authorized
2178vendors in this state, including the location or locations in
2179this state at which the applicant and its authorized vendors
2180propose to conduct registered activities.
2181     (d)(e)  A sample authorized vendor contract, if applicable.
2182     (e)(f)  A sample form of payment instrument, if applicable.
2183     (f)(g)  The name and address of the clearing financial
2184institution or financial institutions through which the
2185applicant's payment instruments will be drawn or through which
2186such payment instruments will be payable.
2187     (g)(h)  Documents revealing that the net worth and bonding
2188requirements specified in s. 560.209 have been or will be
2189fulfilled.
2190     (3)  Each application for registration by an applicant that
2191is a corporation shall contain also set forth such information
2192as the commission reasonably requires by rule, including, but
2193not limited to:
2194     (a)  The date of the applicant's incorporation and state of
2195incorporation.
2196     (b)  A certificate of good standing from the state or
2197country in which the applicant was incorporated.
2198     (c)  A description of the corporate structure of the
2199applicant, including the identity of any parent or subsidiary of
2200the applicant, and the disclosure of whether any parent or
2201subsidiary is publicly traded on any stock exchange.
2202     (d)  The name, business and residence addresses, and
2203employment history for the past 5 years for each executive
2204officer, each director, each controlling shareholder, and the
2205responsible person who will be in charge of all the applicant's
2206business activities in this state.
2207     (e)  The history of material litigation and criminal
2208convictions, pleas of nolo contendere, and cases of adjudication
2209withheld for each executive officer, each director, each
2210controlling shareholder, and the responsible person who will be
2211in charge of the applicant's registered activities.
2212     (f)  Copies of the applicant's audited financial statements
2213for the current year and, if available, for the immediately
2214preceding 2-year period. In cases where the applicant is a
2215wholly owned subsidiary of another corporation, the parent's
2216consolidated audited financial statements may be submitted to
2217satisfy this requirement. An applicant who is not required to
2218file audited financial statements may satisfy this requirement
2219by filing unaudited financial statements verified under penalty
2220of perjury, as provided by the commission by rule.
2221     (g)  An applicant who is not required to file audited
2222financial statements may file copies of the applicant's
2223unconsolidated, unaudited financial statements for the current
2224year and, if available, for the immediately preceding 2-year
2225period.
2226     (h)  If the applicant is a publicly traded company, copies
2227of all filings made by the applicant with the United States
2228Securities and Exchange Commission, or with a similar regulator
2229in a country other than the United States, within the year
2230preceding the date of filing of the application.
2231     (4)  Each application for registration submitted to the
2232office by an applicant that is not a corporation shall contain
2233also set forth such information as the commission reasonably
2234requires by rule, including, but not limited to:
2235     (a)  Evidence that the applicant is registered to do
2236business in this state.
2237     (b)  The name, business and residence addresses, personal
2238financial statement, and employment history for the past 5 years
2239for each individual having a controlling ownership interest in
2240the applicant, and each responsible person who will be in charge
2241of the applicant's registered activities.
2242     (c)  The history of material litigation and criminal
2243convictions, pleas of nolo contendere, and cases of adjudication
2244withheld for each individual having a controlling ownership
2245interest in the applicant and each responsible person who will
2246be in charge of the applicant's registered activities.
2247     (d)  Copies of the applicant's audited financial statements
2248for the current year, and, if available, for the preceding 2
2249years. An applicant who is not required to file audited
2250financial statements may satisfy this requirement by filing
2251unaudited financial statements verified under penalty of
2252perjury, as provided by the commission by rule.
2253     (5)  Each applicant shall designate and maintain an agent
2254in this state for service of process.
2255     (6)  Changes in registration occasioned by changes in
2256personnel of a partnership or in the principals, members,
2257partners, officers, directors, controlling shareholders, or
2258responsible persons of a money transmitter or by changes of any
2259material fact or method of doing business shall be reported by
2260written amendment in such form and at such time as the
2261commission specifies by rule.
2262     Section 48.  Section 560.207, Florida Statutes, is amended
2263to read:
2264     560.207  Renewal of registration; registration fee.--
2265     (1)  Registration may be renewed for a 24-month period or
2266the remainder of any such period without proration following the
2267date of its expiration by furnishing such information as the
2268commission requires by rule, together with the payment of the
2269fees required under subsections (2), (3), and (4), upon the
2270filing with the office of an application and other statements
2271and documents as may reasonably be required of registrants by
2272the commission. The commission may establish by rule procedures
2273for depositing fees and filing documents by electronic means.
2274However, the registrant must remain qualified for such
2275registration under the provisions of this part.
2276     (2)  Each application for renewal of All registration must
2277renewal applications shall be accompanied by a nonrefundable
2278renewal fee not to exceed $1,000. A registration expires on
2279April 30 of the year in which the existing registration expires,
2280unless the registrant has renewed his or her registration on or
2281before that date. All renewal applications must be filed on or
2282after January 1 of the year in which the existing registration
2283expires, but before the expiration date of April 30. If the
2284renewal application is filed prior to the expiration date of an
2285existing registration, no late fee shall be paid in connection
2286with such renewal application. If the renewal application is
2287filed within 60 calendar days after the expiration date of an
2288existing registration, then, in addition to the $1,000 renewal
2289fee, the renewal application shall be accompanied by a
2290nonrefundable late fee of $500. If the registrant has not filed
2291a renewal application within 60 calendar days after the
2292expiration date of an existing registration, a new application
2293shall be filed with the office pursuant to s. 560.205.
2294     (3)  In addition to the renewal fee required under
2295subsection (2), each registrant must pay Every registration
2296renewal application shall also include a 2-year nonrefundable
2297registration renewal fee of $50 for each authorized vendor or
2298location operating within this state or, at the option of the
2299registrant, a total 2-year nonrefundable renewal fee of $20,000
2300may be paid to renew the registration of all such locations
2301currently registered at the time of renewal.
2302     (4)  A registration may be reinstated only if the renewal
2303fee and a nonrefundable late fee of $500 are filed within 60
2304calendar days after the expiration of the existing registration.
2305The office must grant a reinstatement of registration for which
2306application is filed during the 60 calendar days, and the
2307reinstatement is effective upon receipt of the required fees and
2308any information that the commission requires by rule.  If the
2309registrant has not filed application for reinstatement of the
2310registration within the 60 calendar days after the expiration of
2311an existing registration, the registration expires, and a new
2312application must be filed with the office pursuant to s.
2313560.205.
2314     Section 49.  Subsection (1) of section 560.210, Florida
2315Statutes, is amended to read:
2316     560.210  Permissible investments.--
2317     (1)  A registrant shall at all times possess permissible
2318investments with an aggregate market value calculated in
2319accordance with United States generally accepted accounting
2320principles of not less than the aggregate face amount of all
2321outstanding funds transmissions transmitted and outstanding
2322payment instruments issued or sold by the registrant or an
2323authorized vendor in the United States.
2324     Section 50.  Subsection (2) of section 560.211, Florida
2325Statutes, is amended to read:
2326     560.211  Records.--
2327     (2)  The records required to be maintained by the code may
2328be maintained by the registrant at any location, provided that
2329the registrant notifies the office in writing of the location of
2330the records in its application or otherwise by amendment as
2331prescribed by commission rule. The registrant shall make such
2332records available to the office for examination and
2333investigation in this state, as permitted by the code, within 7
2334days after receipt of a written request.
2335     Section 51.  Section 560.305, Florida Statutes, is amended
2336to read:
2337     560.305  Application.--Each application for registration
2338must shall be in writing and under oath to the office, in such
2339form as the commission prescribes. The commission may establish
2340by rule procedures for depositing fees and filing documents by
2341electronic means. The application must contain such information
2342as the commission requires by rule, including, but not limited
2343to shall include the following:
2344     (1)  The legal name and residence and business addresses of
2345the applicant if the applicant is a natural person, or, if the
2346applicant is a partnership, association, or corporation, the
2347name of every partner, officer, or director thereof.
2348     (2)  The location of the principal office of the applicant.
2349     (3)  The complete address of any other locations at which
2350the applicant proposes to engage in such activities since the
2351provisions of registration apply to each and every operating
2352location of a registrant.
2353     (4)  Such other information as the commission or office
2354reasonably requires with respect to the applicant or any money
2355transmitter-affiliated party of the applicant; however, the
2356commission or office may not require more information than is
2357specified in part II.
2358     Section 52.  Subsections (1) and (4) of section 560.306,
2359Florida Statutes, are amended, and subsection (6) is added to
2360said section, to read:
2361     560.306  Standards.--
2362     (1)  In order to qualify for registration under this part,
2363an applicant must demonstrate to the office that he or she has
2364such character and general fitness as will command the
2365confidence of the public and warrant the belief that the
2366registered business will be operated lawfully and fairly. The
2367office may investigate each applicant to ascertain whether the
2368qualifications and requirements prescribed by this part have
2369been met. The office's investigation may include a criminal
2370background investigation of all controlling shareholders,
2371principals, officers, directors, members, and responsible
2372persons of a check casher and a foreign currency exchanger and
2373all persons designated by a foreign currency exchanger or check
2374casher as an authorized vendor. Each controlling shareholder,
2375principal, officer, director, member, and responsible person of
2376a check casher or foreign currency exchanger, unless the
2377applicant is a publicly traded corporation as defined by the
2378commission by rule, a subsidiary thereof, or a subsidiary of a
2379bank or bank holding company organized and regulated under the
2380laws of any state or the United States, shall file a complete
2381set of fingerprints. A fingerprint card submitted to the office
2382must be taken by an authorized law enforcement agency if the
2383fingerprint card is submitted to the office in paper form. In
2384addition to the fees prescribed in s. 215.405, the commission
2385may prescribe by rule an additional fee, not to exceed $30, for
2386processing the fingerprints. The commission may prescribe by
2387rule procedures for submitting fingerprints and fees by
2388electronic means to the office. In order to implement the
2389submission and processing of fingerprints as specified by rule
2390under this section, the office may contract with another state
2391agency that provides fingerprinting services officer. The office
2392shall submit the Such fingerprints must be submitted to the
2393Department of Law Enforcement for state processing and the
2394Department of Law Enforcement shall forward the fingerprints to
2395or the Federal Bureau of Investigation for state and federal
2396processing. The cost for the fingerprint processing may be borne
2397by the office, the employer, or the person subject to the
2398background check. The Department of Law Enforcement shall submit
2399an invoice to the office for the fingerprints received each
2400month. The office shall screen the background results to
2401determine if the applicant meets licensure requirements. The
2402commission may waive by rule the requirement that applicants
2403file a set of fingerprints or the requirement that such
2404fingerprints be processed by the Department of Law Enforcement
2405or the Federal Bureau of Investigation.
2406     (4)  Each registration application and renewal application
2407must specify the location at which the applicant proposes to
2408establish its principal place of business and any other
2409location, including authorized vendors operating in this state.
2410The registrant shall notify the office of any changes to any
2411such locations. Any registrant may satisfy this requirement by
2412providing the office with a list of such locations, including
2413all authorized vendors operating in this state, not less than
2414annually. A registrant may not transact business as a check
2415casher or a foreign currency exchanger except pursuant to the
2416name under which it is registered.
2417     (6)  Changes in registration occasioned by changes in
2418personnel of a partnership or in the principals, members,
2419partners, officers, directors, controlling shareholders, or
2420responsible persons of a money transmitter or by changes of any
2421material fact or method of doing business shall be reported by
2422written amendment in such form and at such time as the
2423commission specifies by rule.
2424     Section 53.  Section 560.308, Florida Statutes, is amended
2425to read:
2426     560.308  Registration terms; renewal; renewal fees.--
2427     (1)  Registration may be renewed for a 24-month period or
2428the remainder of any such period without proration following the
2429date of its expiration, by furnishing such information as the
2430commission requires by rule, together with the payment of the
2431fees required under subsections (2), (3), and (4). The
2432commission may establish by rule procedures for depositing fees
2433and filing documents by electronic means. Registration pursuant
2434to this part shall remain effective through the remainder of the
2435second calendar year following its date of issuance unless
2436during such calendar year the registration is surrendered,
2437suspended, or revoked.
2438     (2)  Each application for renewal of registration must be
2439accompanied by The office shall renew registration upon receipt
2440of a completed renewal form and payment of a nonrefundable
2441renewal fee not to exceed $500. The registration expires on
2442December 31 of the year in which the existing registration
2443expires, unless the registrant has renewed his or her
2444registration on or before that date. The completed renewal form
2445and payment of the renewal fee shall occur on or after June 1 of
2446the year in which the existing registration expires.
2447     (3)  In addition to the renewal fee required by subsection
2448(2), each registrant must pay a 2-year nonrefundable
2449registration renewal fee of $50 for each authorized vendor or
2450location operating within this state or, at the option of the
2451registrant, a total 2-year nonrefundable renewal fee of $20,000
2452may be paid to renew the registration of all such locations
2453currently registered at the time of renewal.
2454     (4)  Registration that is not renewed on or before the
2455expiration date of the registration period automatically
2456expires. A renewal application and fee, and a nonrefundable late
2457fee of $250, must be filed within 60 calendar days after the
2458expiration of an existing registration in order for the
2459registration to be reinstated. The office must grant a
2460reinstatement of registration for which application is filed
2461during the 60 calendar days, and the reinstatement is effective
2462upon receipt of the required fees and any information that the
2463commission requires by rule. If the registrant has not filed an
2464a renewal application for reinstatement within 60 calendar days
2465after the expiration date of an existing registration, the
2466registration expires and a new application must be filed with
2467the office pursuant to s. 560.307.
2468     Section 54.  Subsection (2) of section 560.310, Florida
2469Statutes, is amended to read:
2470     560.310  Records of check cashers and foreign currency
2471exchangers.--
2472     (2)  The records required to be maintained by the code may
2473be maintained by the registrant at any location, provided that
2474the registrant notifies the office, in writing, of the location
2475of the records in its application or otherwise by amendment as
2476prescribed by commission rule. The registrant shall make such
2477records available to the office for examination and
2478investigation in this state, as permitted by the code, within 7
2479days after receipt of a written request.
2480     Section 55.  Subsections (2) and (4) of section 560.403,
2481Florida Statutes, are amended to read:
2482     560.403  Requirements of registration; declaration of
2483intent.--
2484     (2)  A registrant under this part shall renew his or her
2485intent to engage in the business of deferred presentment
2486transactions or to act as a deferred presentment provider upon
2487renewing his or her registration under part II or part III and
2488shall do so by indicating his or her intent on the renewal form
2489and by submitting a nonrefundable deferred presentment provider
2490renewal fee of $1,000, in addition to any fees required for
2491renewal of registration under part II or part III.
2492     (4)  The notice of intent of a registrant under this part
2493who fails to timely renew his or her intent to engage in the
2494business of deferred presentment transactions or to act as a
2495deferred presentment provider on or before the expiration date
2496of the registration period automatically expires. A renewal
2497declaration of intent and fee, and a nonrefundable late fee of
2498$500, must be filed within 60 calendar days after the expiration
2499of an existing registration in order for the declaration of
2500intent to be reinstated. The office must grant a reinstatement
2501of a notice of intent for which application is filed during the
250260 calendar days, and the reinstatement is effective upon
2503receipt of the required fees and any information that the
2504commission requires by rule. If the registrant has not filed a
2505reinstatement of a renewal declaration of intent within 60
2506calendar days after the expiration date of an existing
2507registration, the notice of intent expires and a new declaration
2508of intent must be filed with the office.
2509     Section 56.  Section 655.935, Florida Statutes, is amended
2510to read:
2511     655.935  Search procedure on death of lessee.--If
2512satisfactory proof of the death of the lessee is presented, a
2513lessor shall permit the person named in a court order for the
2514purpose, or if no order has been served upon the lessor, the
2515spouse, a parent, an adult descendant, or a person named as a
2516personal representative in a copy of a purported will produced
2517by such person, to open and examine the contents of a safe-
2518deposit box leased or co-leased by a decedent, or any documents
2519delivered by a decedent for safekeeping, in the presence of an
2520officer of the lessor; and the lessor, if so requested by such
2521person, shall deliver:
2522     (1)  Any writing purporting to be a will of the decedent,
2523to the court having probate jurisdiction in the county in which
2524the financial institution is located;
2525     (2)  Any writing purporting to be a deed to a burial plot
2526or to give burial instructions, to the person making the request
2527for a search; and
2528     (3)  Any document purporting to be an insurance policy on
2529the life of the decedent, to the beneficiary named therein.
2530
2531No other contents may be removed pursuant to this section and
2532access granted pursuant to this section shall not be considered
2533the initial opening of the safe-deposit box pursuant to s.
2534733.6065 by a personal representative appointed by a court in
2535this state.
2536     Section 57.  Section 655.936, Florida Statutes, is amended
2537to read:
2538     655.936  Delivery of safe-deposit box contents or property
2539held in safekeeping to personal representative.--
2540     (1)  Subject to the provisions of subsection (3), the
2541lessor shall immediately deliver to a resident personal
2542representative appointed by a court in this state, upon
2543presentation of a certified copy of his or her letters of
2544authority, all property deposited with it by the decedent for
2545safekeeping, and shall grant the resident personal
2546representative access to any safe-deposit box in the decedent's
2547name and permit him or her to remove from such box any part or
2548all of the contents thereof.
2549     (2)  If a foreign personal representative of a deceased
2550lessee has been appointed by a court of any other state, a
2551lessor may, at its discretion, after 3 months from the issuance
2552to such foreign personal representative of his or her letters of
2553authority, deliver to such foreign personal representative all
2554properties deposited with it for safekeeping and the contents of
2555any safe-deposit box in the name of the decedent if at such time
2556the lessor has not received written notice of the appointment of
2557a personal representative in this state, and such delivery is a
2558valid discharge of the lessor for all property or contents so
2559delivered. A Such foreign personal representative appointed by a
2560court of any other state shall furnish the lessor with an
2561affidavit setting forth facts showing the domicile of the
2562deceased lessee to be other than this state and stating that
2563there are no unpaid creditors of the deceased lessee in this
2564state, together with a certified copy of his or her letters of
2565authority. A lessor making delivery pursuant to this subsection
2566shall maintain in its files a receipt executed by such foreign
2567personal representative which itemizes in detail all property so
2568delivered.
2569     (3)  Notwithstanding the provisions of subsection (1),
2570after the death of a lessee of a safe-deposit box, the lessor
2571shall permit the initial opening of the safe-deposit box and the
2572removal of the contents of the safe-deposit box in accordance
2573with s. 733.6065.
2574     (4)  A lessor is not liable for damages or penalty by
2575reason of any delivery made pursuant to this section.
2576     Section 58.  Section 655.937, Florida Statutes, is amended
2577to read:
2578     655.937  Access to safe-deposit boxes leased in two or more
2579names.--
2580     (1)  Unless When specifically provided in the lease or
2581rental agreement to the contrary, when covering a safe-deposit
2582box is heretofore or hereafter rented or leased in the names of
2583two or more lessees, that access to the safe-deposit box will be
2584granted to either lessee, or to either or the survivor, access
2585to the safe-deposit box shall be granted to:
2586     (a)  Either or any of such lessees, regardless of whether
2587or not the other lessee or lessees or any of them are living or
2588competent.; or
2589     (b)  Subject to s. 655.933, those persons named in s.
2590655.933.
2591     (c)  Subject to s. 655.935, those persons named in s.
2592655.935.
2593     (d)(b)  Subject to s. 733.6065, the personal representative
2594of the estate of either or any of such lessees who is deceased,
2595or the guardian of the property of either or any of such lessees
2596who is incapacitated.
2597     (2)  In all cases described in subsection (1),; and, in
2598either such case, the provisions of s. 655.933 apply, and the
2599signature on the safe-deposit entry or access record (or the
2600receipt or acquittance, in the case of property or documents
2601otherwise held for safekeeping) is a valid and sufficient
2602release and discharge to the lessor for granting access to such
2603safe-deposit box or for the delivery of such property or
2604documents otherwise held for safekeeping.
2605     (3)(2)  A lessor may not be held liable for damages or
2606penalty by reason of any access granted or delivery made
2607pursuant to this section.
2608     (4)  The right of access by a co-lessee is separate from
2609the rights and responsibilities of other persons who may be
2610granted access to a safe-deposit box after the death or
2611incapacity of another co-lessee and such right of access is not
2612subject to the provisions of s. 655.935 or s. 733.6065 or other
2613requirements imposed upon personal representatives, guardians,
2614or other fiduciaries.
2615     (5)  After the death of a co-lessee, the surviving co-
2616lessee or any other person who is granted access to the safe-
2617deposit box pursuant to this section may make a written
2618inventory of the box which shall be conducted by the person
2619making the request in the presence of one other person as
2620specified in this subsection. Each person present shall verify
2621the contents of the box by signing a copy of the inventory under
2622penalty of perjury.
2623     (a)  If the person making the written inventory is the
2624surviving co-lessee, the other person may be any other person
2625granted access pursuant to this section, an employee of the
2626institution where the box is located, or an attorney licensed in
2627this state.
2628     (b)  If the person making the written inventory is not a
2629surviving co-lessee, the other person may be a surviving co-
2630lessee, an employee of the institution where the box is located,
2631or an attorney licensed in this state.
2632     Section 59.  Section 733.6065, Florida Statutes, is amended
2633to read:
2634     733.6065  Opening safe-deposit box.--
2635     (1)  Subject to the provisions of s. 655.936(2), the
2636initial opening of a the decedent's safe-deposit box leased or
2637co-leased by the decedent shall be conducted in the presence of
2638any two of the following persons: an employee of the institution
2639where the box is located, the personal representative, or the
2640personal representative's attorney of record. Each person who is
2641present must verify the contents of the box by signing a copy of
2642the inventory under penalties of perjury. The personal
2643representative shall file the safe-deposit box inventory,
2644together with a copy of the box entry record from a date which
2645is 6 months prior to the date of death to the date of inventory,
2646with the court within 10 days after the box is opened. Unless
2647otherwise ordered by the court, this inventory and the attached
2648box entry record is subject to inspection only by persons
2649entitled to inspect an inventory under s. 733.604(1). The
2650personal representative may remove the contents of the box.
2651     (2)  The right to open and examine the contents of a safe-
2652deposit box leased by a decedent, or any documents delivered by
2653a decedent for safekeeping, and to receive items as provided for
2654in s. 655.935 are separate from in addition to the rights
2655provided for in subsection (1).
2656     Section 60.  Subsection (5) is added to section 817.801,
2657Florida Statutes, to read:
2658     817.801  Definitions.--As used in this part:
2659     (5)  "Creditor contribution" means any sum that a creditor
2660agrees to contribute to a credit counseling agency, whether
2661directly or by set-off, to amounts otherwise payable to the
2662creditor on behalf of debtors, provided that in no event shall a
2663creditor contribution reduce any sums to be credited to the
2664account of a debtor making a payment to the credit counseling
2665agency for further payment to the creditor.
2666     Section 61.  Subsection (1) of section 817.802, Florida
2667Statutes, is amended to read:
2668     817.802  Unlawful fees and costs.--
2669     (1)  It is unlawful for any person, while engaging in debt
2670management services or credit counseling services, to charge or
2671accept from a debtor residing in this state, directly or
2672indirectly, a fee or contribution greater than $50 for the
2673initial setup or initial consultation. Subsequently, the person
2674may not charge or accept a fee or contribution from a debtor
2675residing in this state greater than $120 per year for additional
2676consultations or, alternatively, if debt management services as
2677defined in s. 817.801(2)(b) are provided, the person may charge
2678the greater of 15 7.5 percent of the amount paid monthly by the
2679debtor to the person or $25 $35 per month, not to exceed a total
2680of $50 per month.
2681     Section 62.  Paragraph (a) of subsection (1) of section
2682817.804, Florida Statutes, is amended to read:
2683     817.804  Requirements; disclosure and financial
2684reporting.--
2685     (1)  Any person engaged in debt management services or
2686credit counseling services shall:
2687     (a)  Obtain from a certified public accountant licensed
2688under s. 473.308 an annual audit of all accounts which shall
2689include all accounts of such person in which the funds of
2690debtors are deposited and from which payments are made to
2691creditors on behalf of debtors.
2692     Section 63.  Section 817.805, Florida Statutes, is amended
2693to read:
2694     817.805  Disbursement of funds.--Any person engaged in debt
2695management or credit counseling services shall disburse to the
2696appropriate creditors all funds received from a debtor, less any
2697fees permitted by s. 817.802 and any creditor contributions,
2698within 30 days after receipt of such funds. Further, any person
2699engaged in such services shall maintain a separate trust account
2700for the receipt of any funds from debtors each debtor and the
2701disbursement of such funds on behalf of such debtors debtor.
2702     Section 64.  (1)  For fiscal year 2005-2006, the recurring
2703sum of $717,154 is appropriated from the Regulatory Trust Fund
2704to the Office of Financial Regulation for the purpose of
2705implementing the provisions of s. 494.0033(2)(b), Florida
2706Statutes, for third-party administration of the mortgage broker
2707test.
2708     (2)  For fiscal year 2005-2006, the recurring sum of
2709$758,290 is appropriated from the Regulatory Trust Fund, and the
2710recurring sum of $12,015 is appropriated from the General
2711Revenue Fund, to the Office of Financial Regulation, in the
2712special appropriation category "fingerprinting of applicants,"
2713for the purpose of implementing the provisions of ss. 494.0031,
2714494.0033(2)(d), 494.0061, 494.0062, 494.0065, 517.12, 560.205,
2715and 560.306, Florida Statutes, for fingerprint processing of
2716applicants.
2717     Section 65.  This act shall take effect October 1, 2005.


CODING: Words stricken are deletions; words underlined are additions.