Published on: 8984157. This is the Final Public Hearing on the adoption of proposed amendments to Rule Chapter 69V-40, F.A.C., published on June 18, 2010, in Vol. 36, No. 24 of the Florida Administrative Weekly. A notice of change for these rules is also published in this edition of the Florida Administrative Weekly.; August 26, 2010, 9:00 a.m., during a regular meeting of the Financial Services Commission; Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee, Florida
Published on: 8852625. Definitions, Effect of Law Enforcement Records on Applications for Loan Originator, Mortgage Broker, and Mortgage Lender Licensure., Adoption of Forms, Electronic Filing of Forms and Fees, Fees and Commissions, Demonstrating Character, General Fitness, and Financial Responsibility, Fictitious Name Registration, Quarterly Report Filing Requirements, Mortgage Broker Examination, Curriculum for Mortgage Broker Pre-licensing Classroom Education, Mortgage Broker Pre-licensing Education Requirement, Professional Continuing Education Requirements for Mortgage Brokers, Loan Originators, and Principal Representatives, Permit for Mortgage Business School, Mortgage Business Schools Prohibited Practices and Advertising/Publicity, Mortgage Business School Permit Renewal, Accreditation Process for a Mortgage Business School, Application Procedure for Mortgage Broker License, Effect of Law Enforcement Records on Applications for Mortgage Broker Licensure, Application Procedure for Loan Originator License, Loan Originator License Renewal, Application Procedure for a Mortgage Broker License, Mortgage Broker License Renewal, Disciplinary Guidelines for Mortgage Business Schools, Declaration of Intent to Engage Solely in Loan Processing, Application Procedure for a Mortgage Broker Branch Office License, Mortgage Broker License Renewal and Reactivation, Application Procedure for Mortgage Brokerage Business License, Effect of Law Enforcement Records on Applications for Mortgage Brokerage Business Licensure, Mortgage Brokerage Business License and Branch Office License Renewal and Reactivation, Application Procedure for Mortgage Brokerage Business Branch Office License, Fees Earned Upon Obtaining a Bona Fide Commitment, Application Procedure for a Mortgage Lender License, Mortgage Lender License Renewal, Application Procedure for a Mortgage Lender Branch Office License, Referrals, Amendments, Change of Name, Change of Entity and Change in Control or Ownership, Application Procedure for Transfer in Ownership or Control of Saving Clause Mortgage Lender, Branch Office License for Transfer in Ownership or Control of Saving Clause Mortgage Lender, Lock-in Statement, Third-party Fee Accounts, Principal Brokers, Branch Brokers, Books and Records, Mortgage Brokerage Files, Mortgage Brokerage and Lending Transaction Journal, Application Procedure for Mortgage Lender License, Effect of Law Enforcement Records on Applications for Mortgage Lender and Correspondent Lender Licensure, Mortgage Lender License, Mortgage Lender License Pursuant to Saving Clause, and Branch Office License Renewal and Reactivation, Application Procedure for Correspondent Mortgage Lender License, Correspondent Mortgage Lender License and Branch Office License Renewal and Reactivation, Application Procedure for Mortgage Lender or Correspondent Mortgage Lender Branch Office License, Principal Representative, Independent Contractors, Documentation of Net Worth and Surety Bond, Mortgage Lender Files, Mortgage Brokerage and Lending Transaction Journal, Noninstitutional Investor Funds Account, Acts Requiring Licensure as a Mortgage Broker, Mortgage Brokerage Business, Mortgage Lender or Correspondent Mortgage Lender
Published on: 8745149. In 2009, the Florida Legislature passed Senate Bill 2226 to bring Florida law into compliance with the federal S.A.F.E. Mortgage Licensing Act of 2008, Title V of P.L. 110-289. (See Chapter 2009-241, Laws of Florida.) In addition, during the 2010 legislation session, the Florida Legislature passed additional changes to Chapter 494, F.S. (See HB 1281, Chapter 2010-67, Laws of Florida.) These changes will take effect on October 1, 2010, which coincides with when the new licensure requirements to implement SB 2226 will take effect. The proposed changes to Rule Chapter 69V-40, F.A.C., reflect and implement the new statutory licensure requirements for mortgage loan originators, mortgage brokers and mortgage lenders; conform terminology to statutory changes; repeal rules that have been superseded by state or federal statutes; and make other changes to clarify and simplify regulations relating to mortgage brokering and lending.
Published on: 8676570. In 2009, the Florida Legislature passed Senate Bill 2226 to bring Florida law into compliance with the federal S.A.F.E. Mortgage Licensing Act of 2008, Title V of P.L. 110-289. SB 2226 was signed into law on June 29, 2009. See Chapter 2009-241, Laws of Florida. The Office of Financial Regulation is proposing rule changes to Rule Chapter 69V-40, F.A.C., to reflect the statutory changes to Chapter 494, F.S.
Published on: 7304505. Persons seeking licensure as a mortgage broker, mortgage brokerage business or mortgage lender under Chapter 494, Florida Statutes, must disclose to the Office of Financial Regulation any pending criminal charges and all criminal matters in which the applicant has pled guilty or nolo contendere to, or has been convicted or found guilty, regardless of whether adjudication was withheld, of any crime. These requirements also apply to the relevant persons of an applicant in the case of a mortgage brokerage business or mortgage lender (e.g., officers, directors, control persons, etc.) The rules require the submission of certain documentation relating to the applicant’s law enforcement record. Currently, the rules provide that the omission of any part of a law enforcement record that is required under the rules to be disclosed is deemed a material misrepresentation or material misstatement on the license application. The purpose of the proposed rule amendments is to clarify that the omission of any “material” part of a law enforcement record is a material misrepresentation or material misstatement on the license application.
Published on: 6286878. This is the Final Public Hearing on the adoption of proposed rules 69V-40.0311, 69V-40.0511, and 69V-40.201, Florida Administrative Code, published on September 26, 2008, in Volume 34, Number 39, of the Florida Administrative Weekly. No changes have been made to the proposed rules.; October 28, 2008, 9:00 a.m.; Cabinet Meeting Room, Lower Level, The Capitol, Tallahassee, Florida
Published on: 6012077. The rules set forth the policies of the Office of Financial Regulation with respect to processing license applications for persons who have been found guilty of, or who have pled guilty or nolo contendere to, certain crimes. The policies address applications for licensure as mortgage brokers, mortgage lenders, correspondent lenders, and mortgage brokerage businesses.
The rules provide that a person who has been found guilty of, or who has pled guilty or nolo contendere to, a felony involving fraud, dishonesty, breach of trust or money laundering is not eligible for licensure as a mortgage broker. These crimes are classified as Class “A” crimes under the rules. A person who has been found guilty of, or who has pled guilty or nolo contendere to, certain other felonies constituting moral turpitude, including but not limited to specified serious violent crimes (e.g. murder, rape, armed robbery, etc.) is not eligible for licensure as a mortgage broker until 15 years have passed. These crimes are classified as Class “B” crimes. A person who has been found guilty of, or who has pled guilty or nolo contendere to, a felony constituting an act of moral turpitude that is not addressed under Class “A” or “B” crimes is not eligible for licensure as mortgage broker until seven years have elapsed. These crimes are classified as Class “C” crimes. A person who has been found guilty of, or who has pled guilty or nolo contendere to, a misdemeanor involving fraud, dishonest dealing or moral turpitude, is not eligible for licensure as a mortgage broker until five years have elapsed. These crimes are classified as Class “D” crimes.
For applicants applying for licensure as a mortgage lender, correspondent lender, or mortgage brokerage business, the applicant is not eligible for licensure until 15 years have elapsed, if a “relevant person” of the applicant has been found guilty of, or has pled guilty or nolo contendere to, a felony involving fraud, dishonesty, breach of trust or money laundering or certain other specified crimes constituting moral turpitude (e.g. murder, rape, armed robbery, etc.) These crimes are classified as Class “A” crimes under the rules. For applicants seeking licensure as a mortgage lender, correspondent lender, or mortgage brokerage business, the applicant is not eligible for licensure until seven years have elapsed, if a “relevant person” of the applicant has been found guilty of, or has pled guilty or nolo contendere to, any felony constituting moral turpitude that is not addressed under Class A crimes. These crimes are classified as Class “B” crimes. For “relevant persons” of the applicant who have been found guilty of, or who have pled guilty or nolo contendere to, a misdemeanor involving fraud, dishonest dealing or moral turpitude, the applicant is not eligible for licensure as a mortgage broker business, correspondent lender or mortgage lender until five years have elapsed. These crimes are classified as Class “C” crimes.
“Relevant persons” include each officer, director, control person, member, partner, or joint venturer of a mortgage brokerage business license applicant or of a mortgage lender of correspondent lender license applicant. The term also includes each ultimate equitable owner with a 10-percent or greater interest in the license applicant.
The rules provide for factors that may lengthen or shorten the time periods discussed above for applicants for licensure as a mortgage broker, mortgage brokerage business, mortgage lender or correspondent mortgage lender.