Florida Senate - 2017 CS for SB 1298 By the Committee on Banking and Insurance; and Senator Garcia 597-02947-17 20171298c1 1 A bill to be entitled 2 An act relating to mortgage lending; amending s. 3 494.001, F.S.; revising the definition of the term 4 “mortgage loan”; amending s. 494.00115, F.S.; 5 providing a definition for the term “hold himself or 6 herself out to the public as being in the mortgage 7 lending business”; providing an effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1. Subsection (24) of section 494.001, Florida 12 Statutes, is amended to read: 13 494.001 Definitions.—As used in this chapter, the term: 14 (24) “Mortgage loan” means any: 15 (a) Residential loan that
primarily for personal, family,16 or household use whichis secured by a mortgage, deed of trust, 17 or other equivalent consensual security interest on a dwelling, 18 as defined in s. 103(w) s. 103(v)of the federal Truth in 19 Lending Act, or for the purchase of residential real estate upon 20 which a dwelling is to be constructed; 21 (b) Loan on commercial real property if the borrower is an 22 individual or the lender is a noninstitutional investor; or 23 (c) Loan on improved real property consisting of five or 24 more dwelling units if the borrower is an individual or the 25 lender is a noninstitutional investor. 26 Section 2. Subsection (4) is added to section 494.00115, 27 Florida Statutes, to read: 28 (4) As used in this section, the term “hold himself or 29 herself out to the public as being in the mortgage lending 30 business” includes any of the following: 31 (a) Representing to the public, through advertising or 32 other means of communicating or providing information (including 33 the use of business cards, stationery, brochures, signs, rate 34 lists, or promotional items), by any medium whatsoever, that 35 such individual can or will perform the activities described in 36 s. 494.001(23). 37 (b) Soliciting in a manner that would lead the intended 38 audience to reasonably believe that such individual is in the 39 business of performing the activities described in s. 40 494.001(23). 41 (c) Maintaining a commercial business establishment at 42 which, or premises from which, such individual regularly 43 performs the activities described in s. 494.001(23) or regularly 44 meets with current or prospective borrowers. 45 (d) Advertising, soliciting, or conducting business through 46 use of a name, trademark, service mark, trade name, Internet 47 address, or logo which indicates or reasonably implies that the 48 business being advertised, solicited, or conducted is the kind 49 or character of business transacted or conducted by a licensed 50 mortgage lender or which is likely to lead any person to believe 51 that such business is that of a licensed mortgage lender. 52 (e) Using any form promulgated by the Federal National 53 Mortgage Association, the Federal Home Loan Mortgage 54 Corporation, the United States Department of Housing and Urban 55 Development, or the Consumer Financial Protection Bureau in 56 performing the activities described in s. 494.001(23). 57 Section 3. This act shall take effect January 1, 2018.