Florida Senate - 2018                                     SB 282
       By Senator Baxley
       12-00470A-18                                           2018282__
    1                        A bill to be entitled                      
    2         An act relating to mortgage regulation; amending s.
    3         494.001, F.S.; revising the definition of the term
    4         “mortgage loan”; amending s. 494.00115, F.S.;
    5         providing an exemption from regulation under parts I
    6         and II of ch. 494, F.S., for certain securities
    7         dealers, investment advisers, and associated persons;
    8         providing requirements for certain solicitations and
    9         referrals; providing an effective date.
   11  Be It Enacted by the Legislature of the State of Florida:
   13         Section 1. Subsection (24) of section 494.001, Florida
   14  Statutes, is amended to read:
   15         494.001 Definitions.—As used in this chapter, the term:
   16         (24) “Mortgage loan” means any:
   17         (a) Residential loan that primarily for personal, family,
   18  or household use which is secured by a mortgage, deed of trust,
   19  or other equivalent consensual security interest on a dwelling,
   20  as defined in s. 103(w) s. 103(v) of the federal Truth in
   21  Lending Act, or for the purchase of residential real estate upon
   22  which a dwelling is to be constructed;
   23         (b) Loan on commercial real property if the borrower is an
   24  individual or the lender is a noninstitutional investor; or
   25         (c) Loan on improved real property consisting of five or
   26  more dwelling units if the borrower is an individual or the
   27  lender is a noninstitutional investor.
   28         Section 2. Present subsections (2) and (3) of section
   29  494.00115, Florida Statutes, are redesignated as subsections (3)
   30  and (4), respectively, and a new subsection (2) is added to that
   31  section, to read:
   32         494.00115 Exemptions.—
   33         (2)(a)A securities dealer, an investment adviser, or an
   34  associated person registered under s. 517.12 is exempt from
   35  regulation under this part and part II of this chapter if such
   36  person, in the normal course of conducting securities business
   37  with a corporate or an individual client:
   38         1.Solicits or offers to solicit a mortgage loan from a
   39  securities client or refers a securities client to an entity
   40  exempt under paragraph (1)(b), a licensed mortgage broker, a
   41  licensed mortgage lender, or a registered loan originator; and
   42         2.Does not accept or offer to accept an application for a
   43  mortgage loan, negotiate or offer to negotiate the terms or
   44  conditions of a new or existing mortgage loan on behalf of a
   45  borrower or lender, or negotiate or offer to negotiate the sale
   46  of an existing mortgage loan to a noninstitutional investor for
   47  compensation or gain.
   48         (b)Any solicitation or referral made pursuant to this
   49  subsection must comply with chapter 517; the federal Real Estate
   50  Settlement Procedures Act, 12 U.S.C. ss. 2601 et seq.; and any
   51  applicable federal law or general law of this state.
   52         Section 3. This act shall take effect July 1, 2018.