; The petition sought a declaratory statement from the Office on whether (Petitioner would be in compliance Section 494.001(17), Florida Statutes, (the "Amended Act") if Petitioner were to start compensating Financial Advisors for the Limited ...

 

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 on May 16, 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 would be in compliance Section 494.001(17), Florida Statutes, (the “Amended Act”) if Petitioner were to start compensating Financial Advisors for the Limited Intercorporate Activities ("as described in the Petition) if those Financial Advisors are not licensed as loan originators), the Florida Mortgage Brokerage and Mortgage Lending Act, Chapter 494, Florida Statutes (“Amended Act”). The Office issued a Final Order on August 15, 2016; Petitioner would not be in compliance with the Florida Mortgage Lending and Brokerage Act if it were to begin compensating Financial Advisors for the “Limited Intercorporate Activities” described in its petition if those Financial Advisors are not licensed as loan originators.

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 at:

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