The Office of Financial Regulation proposes to amend existing rules to conform to and implement Chapter No. 2018-7, Laws of Florida (Military Fee Waiver), which was signed into law on March 14, 2018. The legislation requires the Financial Services ...

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NOS.:RULE TITLES:

69V-40.002Adoption of Forms

69V-40.0312Application Procedure for Loan Originator License

69V-40.0313Loan Originator License Renewal and Reactivation

PURPOSE AND EFFECT: The Office of Financial Regulation proposes to amend existing rules to conform to and implement Chapter No. 2018-7, Laws of Florida (Military Fee Waiver), which was signed into law on March 14, 2018. The legislation requires the Financial Services Commission to implement certain parts of the military fee waiver provision by rule.

SUMMARY: The amended rules set out to provide fee waiver procedures for military personnel, veterans, and spouses seeking loan originator licensure or renewal of loan originator licensure.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential impact conducted by persons with subject matter knowledge of this rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 494.0011, 494.00312(8), 494.00313(4) FS.

LAW IMPLEMENTED: 494.0011, 494.00312(8), 494.00313(4) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Sheila Harley, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69V-40.002 Adoption of Forms.

(1)(a) No change.

(b) Florida Forms:

1. Mortgage Brokerage Deposit Account Form, Form OFR-494-09, effective March 23, 2008,

2. Mortgage Brokerage Transaction and Lending Journal, Form OFR-494-10, effective March 23, 2008,

3. Calculation of Aggregate Value of Mortgage Loans Serviced, Form OFR-494-11, effective March 23, 2008,

4. Noninstitutional Investor’s Funds Account Form, Form OFR-494-12, effective March 23, 2008.

5. Declaration of Intent to Engage Solely in Loan Processing, Form OFR-494-13, effective October 1, 2010.

6. Form OFR-MIL, effective XX-XXXX, and incorporated by reference in Rules 69V-40.0312 and 69V-40.0313, F.A.C., and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX.

(2) No change.

Rulemaking Authority 494.0011(2)(a), 494.001(1), (2)(b), 494.0016(4), 494.00312(2), 494.00312(8), 494.00313(1), 494.00313(4), 494.00321(2), 494.00322(1), 494.00331(2), 494.0036(2), 494.00611(2), 494.00612(1), 494.0066(2) FS. Law Implemented 494.0016, 494.00312, 494.00313, 494.00321, 494.00322, 494.00331, 494.0036, 494.00611, 494.00612, 494.0066 FS. History–New 3-23-08, Amended 12-25-08, 10-1-10, 11-30-15, Amended________.

 

69V-40.0312 Application Procedure for Loan Originator License.

(1) through (6) No change.

(7) Persons wishing to obtain a waiver of licensure fees as set forth in s. 494.00312(8), F.S., shall submit to the Office of Financial Regulation, via electronic filing through the Registry, a completed Form OFR-MIL, effective XX-XXXX, which is hereby incorporated by reference, and also incorporated by reference in Rule 69V-40.002, F.A.C., and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. Such form must be submitted within one hundred eighty (180) days after payment of licensure fees. For the complete processing of FORM OFR-MIL, a loan originator application must be deemed received pursuant to the provisions of s. 494.00312(3), F.S.

Rulemaking Authority 494.0011(2), 494.00312(2), 494.00312(8), 494.00313(4) FS. Law Implemented 494.0011(2), 494.00312, 494.00313 FS. History–New 10-1-10, Amended 11-9-15, 11-24-16, Amended________.

 

69V-40.0313 Loan Originator License Renewal and Reactivation.

(1) through (5) No change.

(6) Persons wishing to obtain a waiver of licensure fees as set forth in s. 494.00313(4), F.S., shall submit to the Office of Financial Regulation, via electronic filing through the Registry, a completed Form OFR-MIL, effective XX-XXXX, which is hereby incorporated by reference, and also incorporated by reference in Rule 69V-40.002, F.A.C., and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXXX. For complete processing, Form OFR-MIL must be submitted within one hundred eighty (180) days after payment of renewal fees.

Rulemaking Authority 494.0011(2), 494.00312(8), 494.00313, 494.00313(4)  FS. Law Implemented 494.0011(2), 494.00312(8), 494.00313 FS. History–New 10-1-10, Amended 11-30-15, 11-24-16, Amended________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Gregory C. Oaks, Director, Division of Consumer Finance

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 13, 2018

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: May 24, 2018