The purpose and effect of the amended rules is to allow for electronic submission of Form OFR-494-13, Declaration of Intent to Engage Solely in Loan Processing.

 

DEPARTMENT OF FINANCIAL SERVICES

Finance

RULE NOS.:RULE TITLES:

69V-40.002Adoption of Forms

69V-40.0331Declaration of Intent to Engage Solely in Loan Processing

PURPOSE AND EFFECT: The purpose and effect of the amended rules is to allow for electronic submission of Form OFR-494-13, Declaration of Intent to Engage Solely in Loan Processing.

SUMMARY: The amendment will amend Rule 69V-40.002, F.A.C. to incorporate and adopt amended Form OFR-494-13, Declaration of Intent to Engage Solely in Loan Processing and will amend Rule 69V-40.0331, F.A.C. to allow for the electronic submission of Form OFR-494-13, Declaration of Intent to Engage Solely in Loan Processing.

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: 1) A SERC checklist was completed and did not trigger the requirement of a SERC pursuant to Section 120.541(1), F.S.; and 2) The rules will not exceed any one of the economic analysis criteria in a SERC, as set forth in Section 120.541(2)(a), F.S.

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(2)(a), 494.0016(4), 494.00331(2) FS.

LAW IMPLEMENTED: 494.0016, 494.00331 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) The forms referred to in this section below are incorporated by reference and readopted by this rule for the purposes of rules 69V-40.001-.285, F.A.C.:

(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 XX-XX-XXXX, October 1, 2010 and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXX.

6. Office of Financial Regulation Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification, Form OFR-MIL-001, effective 09-2018, 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-09912.;

(2) All forms adopted by this rule are available on the Office’s website at www.flofr.com and by mail from the Office of Financial Regulation, 200 East Gaines Street, Tallahassee, Florida 32399-0376.

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, 9-25-18,

Amended                     .

 

69V-40.0331 Declaration of Intent to Engage Solely in Loan Processing.

(1) A person who seeks to act solely as a loan processor shall:

(a) Be licensed as a loan originator under chapter 494, F.S., and must at all times thereafter remain licensed; and,

(b) Submit a completed Form OFR-494-13, (Declaration of Intent to Engage Solely in Loan Processing), effective XX-XX-XXXX, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXX, to the Office via email at: [e-mail].

(2) Form OFR-494-13, (Declaration of Intent to Engage Solely in Loan Processing,) is incorporated by reference in rule 69V-40.002, F.A.C.

(3) A person who currently has on file with the Office a Declaration of Intent to Engage Solely in Loan Processing may withdraw the declaration by filing Form OFR-494-13, (Declaration of Intent to Engage Solely in Loan Processing,) with the Office via email at: [e-mail] and by indicating on the form the person’s intent to withdraw the declaration.

Rulemaking Authority 494.00331 FS. Law Implemented 494.00331 FS. History–New 10-1-10, Amended     .

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Gregory Oaks

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 15, 2020

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: January 19, 2021