Lewis R. Cohen, Esq, Cohen Nicoleau, Attorneys at Law; The petition sought a declaratory statement from the Office on whether Petitioner's proposed business activities (of forming an LLC for the purpose of making commercial loans to business ...

 

DEPARTMENT OF FINANCIAL SERVICES

Securities

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by Lewis R. Cohen, Esq, Cohen Nicoleau, Attorneys at Law on January 12, 2016. The following is a summary of the agency’s disposition of the petition:

The petition sought a declaratory statement from the Office on whether Petitioner’s proposed business activities (of forming an LLC for the purpose of making commercial loans to business entities, secured by non-residential real property falls within Florida’s Mortgage Brokerage and Lending Act, Chapter 494, Florida Statutes.) The petition seeks the Office’s interpretation on two issues: 1) Whether the proposed LLC company would be considered an “institutional investor” if they only make commercial loans to business entities, but do not make “Mortgage Loans” as defined by Section 494.001(24), Florida Statutes; and 2) Whether all the members of the proposed LLC company would be considered “Accredited Investors” (as defined by 17 CFR 230.500), and therefore be exempt from licensing as an “Institutional Investor” so long as it does not lend to individuals and does not make loans secured by residential property. A Final Order was issued April 6, 2016. Petitioner does not provide necessary and adequate facts relating to its proposed circumstances therefore the Petition is Denied.

A copy of the Order Disposing of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone] or [e-mail].