The Florida Senate

494.0035  Principal broker and branch broker requirements.--

(1)  Each mortgage brokerage business must have a principal broker who shall operate the business under such broker's full charge, control, and supervision. The principal broker must have been a licensed mortgage broker pursuant to s. 494.0033 for at least 1 year prior to being designated as a principal broker, or shall demonstrate to the satisfaction of the office that such principal broker has been actively engaged in a mortgage-related business for at least 1 year prior to being designated as a principal broker. Each mortgage brokerage business shall maintain a form as prescribed by the commission indicating the business's designation of principal broker and the individual's acceptance of such responsibility. If the form is unavailable, inaccurate, or incomplete, it is deemed that the business was operated in the full charge, control, and supervision by each officer, director, or ultimate equitable owner of a 10-percent or greater interest in the mortgage brokerage business, or any other person in a similar capacity.

(2)  Each branch office of a mortgage brokerage business must have a designated branch broker who shall operate the business under such broker's full charge, control, and supervision. The designated branch broker must be a licensed mortgage broker pursuant to s. 494.0033 Each branch office shall maintain a form as prescribed by the commission logging the branch's designation of a branch broker and the individual's acceptance of such responsibility. If the form is unavailable, inaccurate, or incomplete, it is deemed that the branch was operated in the full charge, control, and supervision by each officer, director, or ultimate equitable owner of a 10-percent or greater interest in the mortgage brokerage business, or any other person in a similar capacity.

History.--ss. 22, 50, ch. 91-245; s. 4, ch. 91-429; s. 5, ch. 2001-228; s. 531, ch. 2003-261.