Florida Senate - 2019                                    SB 1632
       By Senator Taddeo
       40-01320A-19                                          20191632__
    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” to remove a condition that residential
    5         loans be primarily for personal, family, or household
    6         use; correcting a cross-reference; providing an
    7         effective date.
    9         WHEREAS, the Legislature finds that Florida borrowers who
   10  apply for and receive business purpose loans, which are mortgage
   11  loans for business purposes which are secured by dwellings, are
   12  afforded limited consumer protection, and
   13         WHEREAS, the Legislature finds it is in the public interest
   14  to provide regulatory oversight over persons originating,
   15  brokering, or lending such business purpose loans, NOW,
   18  Be It Enacted by the Legislature of the State of Florida:
   20         Section 1. Subsection (25) of section 494.001, Florida
   21  Statutes, as amended by section 1 of chapter 2018-61, Laws of
   22  Florida, is amended to read:
   23         494.001 Definitions.—As used in this chapter, the term:
   24         (25) “Mortgage loan” means any:
   25         (a) Residential loan that primarily for personal, family,
   26  or household use which is secured by a mortgage, deed of trust,
   27  or other equivalent consensual security interest on a dwelling,
   28  as defined in s. 103(w) s. 103(v) of the federal Truth in
   29  Lending Act, 15 U.S.C. s. 1602(w), or for the purchase of
   30  residential real estate upon which a dwelling is to be
   31  constructed;
   32         (b) Loan on commercial real property if the borrower is an
   33  individual or the lender is a noninstitutional investor; or
   34         (c) Loan on improved real property consisting of five or
   35  more dwelling units if the borrower is an individual or the
   36  lender is a noninstitutional investor.
   37         Section 2. This act shall take effect July 1, 2019.