Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. SB 1298
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/27/2017           .                                

       The Committee on Banking and Insurance (Garcia) recommended the
    1         Senate Amendment (with title amendment)
    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 which is 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.
   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.