Florida Senate - 2018                                     SB 894
       By Senator Garcia
       36-01122-18                                            2018894__
    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.; defining
    5         the term “hold himself or herself out to the public as
    6         being in the mortgage lending business”; providing an
    7         effective date.
    9  Be It Enacted by the Legislature of the State of Florida:
   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 which is 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         494.00115 Exemptions.—
   29         (4) As used in this section, the term “hold himself or
   30  herself out to the public as being in the mortgage lending
   31  business” includes any of the following:
   32         (a) Representing to the public, through advertising or
   33  other means of communicating or providing information, and by
   34  any medium whatsoever, including the use of business cards,
   35  stationery, brochures, signs, rate lists, or promotional items,
   36  that such individual can or will perform the activities
   37  described in s. 494.001(23).
   38         (b) Soliciting in a manner that would lead the intended
   39  audience to reasonably believe that such individual is in the
   40  business of performing the activities described in s.
   41  494.001(23).
   42         (c) Maintaining a commercial business establishment at
   43  which, or premises from which, such individual regularly
   44  performs the activities described in s. 494.001(23) or regularly
   45  meets with current or prospective borrowers.
   46         (d) Advertising, soliciting, or conducting business through
   47  use of a name, trademark, service mark, trade name, Internet
   48  address, or logo that indicates or reasonably implies that the
   49  business being advertised, solicited, or conducted is the kind
   50  or character of business transacted or conducted by a licensed
   51  mortgage lender or that is likely to lead any person to believe
   52  that such business is that of a licensed mortgage lender.
   53         Section 3. This act shall take effect January 1, 2019.