Florida Senate - 2017                              CS for SB 830
       
       
        
       By the Committee on Regulated Industries; and Senator Baxley
       
       
       
       
       
       580-03438-17                                           2017830c1
    1                        A bill to be entitled                      
    2         An act relating to mortgage brokering; amending s.
    3         494.00115, F.S.; providing an exemption from
    4         regulation under parts I and II of ch. 494, F.S.,
    5         under certain circumstances, for certain securities
    6         dealers, investment advisers, and associated persons;
    7         providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsections (2) and (3) of section 494.00115,
   12  Florida Statutes, are renumbered as subsections (3) and (4),
   13  respectively, and a new subsection (2) is added to that section,
   14  to read:
   15         494.00115 Exemptions.—
   16         (2) A securities dealer, an investment adviser, or an
   17  associated person registered under s. 517.12 is exempt from
   18  regulation under this part and part II of this chapter if such
   19  person, in the normal course of conducting securities business
   20  with a corporate or an individual client:
   21         (a) Solicits or offers to solicit a mortgage loan from a
   22  securities client or refers a securities client to an entity
   23  exempt under paragraph (1)(b), a licensed mortgage broker, a
   24  licensed mortgage lender, or a registered loan originator; and
   25         (b) Does not accept or offer to accept an application for a
   26  mortgage loan, negotiate or offer to negotiate the terms or
   27  conditions of a new or existing mortgage loan on behalf of a
   28  borrower or lender, or negotiate or offer to negotiate the sale
   29  of an existing mortgage loan to a noninstitutional investor for
   30  compensation or gain.
   31         Section 2. This act shall take effect July 1, 2017.