Florida Senate - 2017 COMMITTEE AMENDMENT Bill No. CS for SB 830 Ì333732ÉÎ333732 LEGISLATIVE ACTION Senate . House Comm: RCS . 04/17/2017 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Banking and Insurance (Baxley) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Subsections (2) and (3) of section 494.00115, 6 Florida Statutes, are renumbered as subsections (3) and (4), 7 respectively, and a new subsection (2) is added to that section, 8 to read: 9 494.00115 Exemptions.— 10 (2)(a) A securities dealer, an investment adviser, or an 11 associated person registered under s. 517.12 is exempt from 12 regulation under this part and part II of this chapter if such 13 person, in the normal course of conducting securities business 14 with a corporate or an individual client: 15 1. Solicits or offers to solicit a mortgage loan from a 16 securities client or refers a securities client to an entity 17 exempt under paragraph (1)(b), a licensed mortgage broker, a 18 licensed mortgage lender, or a registered loan originator; and 19 2. Does not accept or offer to accept an application for a 20 mortgage loan, negotiate or offer to negotiate the terms or 21 conditions of a new or existing mortgage loan on behalf of a 22 borrower or lender, or negotiate or offer to negotiate the sale 23 of an existing mortgage loan to a noninstitutional investor for 24 compensation or gain. 25 (b) Any solicitation or referral made pursuant to this 26 subsection must comply with chapter 517; the federal Real Estate 27 Settlement Procedures Act, 12 U.S.C. ss. 2601 et seq.; and any 28 applicable federal law or general law of this state. 29 Section 2. This act shall take effect July 1, 2017. 30 31 ================= T I T L E A M E N D M E N T ================ 32 And the title is amended as follows: 33 Delete everything before the enacting clause 34 and insert: 35 A bill to be entitled 36 An act relating to mortgage brokering; amending s. 37 494.00115, F.S.; providing an exemption from 38 regulation under parts I and II of ch. 494, F.S., for 39 certain securities dealers, investment advisers, and 40 associated persons; providing requirements for certain 41 solicitations and referrals; providing an effective 42 date.