Florida Senate - 2017 COMMITTEE AMENDMENT Bill No. SB 1298 Ì395062#Î395062 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/27/2017 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Garcia) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Subsection (24) of section 494.001, Florida 6 Statutes, is amended to read: 7 494.001 Definitions.—As used in this chapter, the term: 8 (24) “Mortgage loan” means any: 9 (a) Residential loan that
primarily for personal, family,10 or household use whichis secured by a mortgage, deed of trust, 11 or other equivalent consensual security interest on a dwelling, 12 as defined in s. 103(w) s. 103(v)of the federal Truth in 13 Lending Act, or for the purchase of residential real estate upon 14 which a dwelling is to be constructed; 15 (b) Loan on commercial real property if the borrower is an 16 individual or the lender is a noninstitutional investor; or 17 (c) Loan on improved real property consisting of five or 18 more dwelling units if the borrower is an individual or the 19 lender is a noninstitutional investor. 20 Section 2. Subsection (4) is added to section 494.00115, 21 Florida Statutes, to read: 22 (4) As used in this section, the term “hold himself or 23 herself out to the public as being in the mortgage lending 24 business” includes any of the following: 25 (a) Representing to the public, through advertising or 26 other means of communicating or providing information (including 27 the use of business cards, stationery, brochures, signs, rate 28 lists, or promotional items), by any medium whatsoever, that 29 such individual can or will perform the activities described in 30 s. 494.001(23). 31 (b) Soliciting in a manner that would lead the intended 32 audience to reasonably believe that such individual is in the 33 business of performing the activities described in s. 34 494.001(23). 35 (c) Maintaining a commercial business establishment at 36 which, or premises from which, such individual regularly 37 performs the activities described in s. 494.001(23) or regularly 38 meets with current or prospective borrowers. 39 (d) Advertising, soliciting, or conducting business through 40 use of a name, trademark, service mark, trade name, Internet 41 address, or logo which indicates or reasonably implies that the 42 business being advertised, solicited, or conducted is the kind 43 or character of business transacted or conducted by a licensed 44 mortgage lender or which is likely to lead any person to believe 45 that such business is that of a licensed mortgage lender. 46 (e) Using any form promulgated by the Federal National 47 Mortgage Association, the Federal Home Loan Mortgage 48 Corporation, the United States Department of Housing and Urban 49 Development, or the Consumer Financial Protection Bureau in 50 performing the activities described in s. 494.001(23). 51 Section 3. This act shall take effect January 1, 2018. 52 53 ================= T I T L E A M E N D M E N T ================ 54 And the title is amended as follows: 55 Delete everything before the enacting clause 56 and insert: 57 A bill to be entitled 58 An act relating to mortgage lending; amending s. 59 494.001, F.S.; revising the definition of the term 60 “mortgage loan”; amending s. 494.00115, F.S.; 61 providing a definition for the term “hold himself or 62 herself out to the public as being in the mortgage 63 lending business”; providing an effective date.