Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. CS for SB 830
       
       
       
       
       
       
                                Ì333732ÉÎ333732                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/17/2017           .                                
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       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.