FirstKey Business Lending, LLC, (FKBL); The petition sought the Office’s interpretation on the following: Whether FKBL is required to be licensed as a Florida mortgage lender to make investment property loans depends on two factors: (1) whether FKBL ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

NOTICE IS HEREBY GIVEN that the Office of Financial Regulation has issued an order disposing of the petition for declaratory statement filed by FirstKey Business Lending, LLC, (FKBL) on March 31, 2016. The following is a summary of the agency’s disposition of the petition:

The petition sought the Office’s interpretation on the following: Whether FKBL is required to be licensed as a Florida mortgage lender to make investment property loans depends on two factors: (1) whether FKBL falls within the Act’s definition of “mortgage lender;” and (2) whether FKBL can satisfy any of the Act’s exemptions to licensure. On May 26, 2016, the Office issued a Final Order. Based on the information provided and subject to the caveat expressly provided, the Office answers the petition and declares that with the exception of loans on properties consisting of five or more dwelling units, the loans described by FKBL are not “mortgage loans” as defined by section 494.001 (24), Florida Statutes. The mortgage loans that are described are “nonresidential mortgage loans” subject to the exemption from licensure under 494.00115(2)(d), Florida Statutes. Therefore, FKBL is not required to obtain a license from the Office before offering or making such loans in Florida.

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], [e-mail] or online:

https://real.flofr.com/ConsumerServices/SearchLegalDocuments/LDSearch.aspx#/searchLegalDocuments.