DEPARTMENT OF FINANCIAL SERVICES
RULE NO.:RULE TITLE:
69V-40.008Fees and Commissions
NOTICE OF CHANGE
Notice is hereby given that the following changes have been made to the proposed rule in accordance with subparagraph 120.54(3)(d)1., F.S., published in Vol. 41 No. 146, July 29, 2015 issue of the Florida Administrative Register.
69V-40.008 Fees and Commissions.
(1) through (2)(b) No change.
(3)(a) In addition to stating the total loan origination fee, Tthe licensee shall provide a good faith estimate of costs for services or products that may be incurred or expended on behalf of the borrower in arranging for the loan. Services or products for which costs shall be estimated, but which are not required to be included in the loan origination fee include the following:
(3)(a)1. through (b) No change.
(4) through (6) No change.
(7) In determining the maximum fees or commissions on the gross proceeds of a loan, the following method may be used: On loans in excess of $1,000 and not over $5,650, add $1,500 to the gross proceeds of the loan and divide that sum by 11; and, on loans of $5,760 and over, divide the gross proceeds by 11 and add $227.27. On loans that are over $5,650 but less than $5,750, the maximum fee is the amount in excess of $5,000.
(7)(8) No person shall charge or exact, directly or indirectly, from the mortgagor or lender a fee or commission in excess of the maximum fees or commissions as set forth herein. All fees paid to or on behalf of the licensee including, but not limited to, bonus plans, advertisement allowances, incentive plans, kick-backs, premiums or discounts whether paid directly or indirectly or to an affiliate firm in which the licensee has an ownership interest, must be included in determining the maximum loan origination fees.
(8)(9) All loan origination fees to other mortgage brokers disbursed from the loan proceeds shown on the closing statement shall reflect the name of each mortgage broker or co-brokering mortgage broker paid.
Rulemaking Authority 494.0011, 494.0016(4), 494.0038(2)(b) FS. Law Implemented 494.0042 FS. History–Revised 9-23-65, Amended 9-1-67, 5-8-68, Renumbered from 3-3.08 to 3D-40.08 on 9-8-75, Amended 9-29-75, 4-27-77, Joint Administrative Procedures Committee Objection Filed–See FAW Vol. 2, No. 19, May 7, 1976, Joint Administrative Procedures Committee Objection Withdrawn–See FAW Vol. 3, No. 30, July 29, 1977, Amended 7-6-78, 2-5-80, 8-17-83, Formerly 3D-40.08, Amended 1-5-87, 5-24-89, 8-24-92, Formerly 3D-40.008, Amended 3-23-08, 10-1-10,__________.
