The purpose and effect is to amend existing rules to incorporate amended federal forms; incorporate amended Form OFR-MIL-001; remove the duplicative incorporation of Form OFR-MIL-001; incorporate new form OFR-494-15; conform ....

 

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

69V-40.176Reports of Condition

PURPOSE AND EFFECT: The purpose and effect is to amend existing rules to incorporate amended federal forms; incorporate amended Form OFR-MIL-001; remove the duplicative incorporation of Form OFR-MIL-001; incorporate new form OFR-494-15; conform to Chapter 2023-205, Laws of Florida; and conform to Chapter No. 2024-134, Laws of Florida.

SUMMARY: The amendments will amend existing rules to incorporate amended federal forms MU1, MU2, MU3, MU4, and MCR-01, which have been revised since last incorporated by reference in the rule. Additionally, the amendments will incorporate amended Form OFR-MIL-001. Form OFR-MIL-001 is being amended to conform to Chapter 2023-205, Laws of Florida, which eliminated the requirement that issuer/dealers register with the Office; to require loan originators to email the form and supporting documentation to the Office; and to remove the duplicative incorporation of Form OFR-MIL-001 in Rules 69V-40.0312 and 69V-40.0313, Florida Administrative Code. In addition, the amendments will incorporate new form OFR-494-15, which will conform to Chapter No. 2024-134, Laws of Florida, which requires the Office to prescribe, via rulemaking, criteria and processes for determining whether an organization is and remains a bona fide nonprofit organization.

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), 494.0016(4), 494.00312, 494.00313, 494.00321(2), 494.00322(1), 494.00331(2), 494.0036, 494.004, 494.00611(2), 494.00612(1), 494.0066(2), 494.0067 FS

LAW IMPLEMENTED: 494.0011(2), 494.0016, 494.00312, 494.00313, 494.00321, 494.00322, 494.00331, 494.0036, 494.004, 494.00611, 494.00612, 494.0066, 494.0067 FS

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

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 hours before the workshop/meeting by contacting: Sheila Harley, [phone], [e-mail]. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

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) Registry Forms:

1. NMLS Company Form (Form MU1), Version 13.0, dated and effective February 1, 2024 Version 10.0 dated and effective March 31, 2014, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX www.flrules.org/Gateway/reference.asp?No=Ref-06104.

2. NMLS Individual Form (Form MU2), Version 9, dated and effective September 12, 2016, Version 8.9, dated and effective April 16, 2012, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX www.flrules.org/Gateway/reference.asp?No=Ref-06105.

3. NMLS Branch Form (Form MU3), Version 12.0, dated and effective February 1, 2024, Version 10.0 dated and effective March 31, 2014, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX www.flrules.org/Gateway/reference.asp?No=Ref-06106.

4. NMLS Individual Form (Form MU4), Version 9, dated and effective September 12, 2016, Version 8.9, dated and effective April 16, 2012, available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX www.flrules.org/Gateway/reference.asp?No=Ref-06107.

(b) Florida Forms:

1. through 5. No change.

6. Office of Financial Regulation Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification, Form OFR-MIL-001, effective XX-XX-XXXX, 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-XXXXX http://www.flrules.org/Gateway/reference.asp?No=Ref-09912.

7. Bona Fide Nonprofit Organization Exemption Form, Form OFR-494-15, effective XX-XX-XXXX, 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, 9-25-18, 4-12-21, ______________.

 

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 Section 494.00312(8), F.S., shall submit to the Office of Financial Regulation, via electronic filing through the Registry, a completed Office of Financial Regulation Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification, Form OFR-MIL-001, effective 09-2018, 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-09912. Such form must be submitted within one hundred eighty (180) days after payment of licensure fees. For the complete processing of Form OFR-MIL-001, a loan originator application must be deemed received pursuant to the provisions of Section 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, 9-25-18, 1-18-21, _______________.

 

69V-40.0313 Loan Originator License Renewal and Reactivation.

(1) through (5) Nno change.

(6) Persons wishing to obtain a waiver of licensure fees as set forth in section 494.00313(4), F.S., shall submit to the Office of Financial Regulation, via electronic filing through the Registry, a completed Office of Financial Regulation Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification, Form OFR-MIL-001, effective 09-2018, which is hereby incorporated by reference, and also incorporated by reference in Rrule 69V-40.002, F.A.C., and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-09912. For complete processing, Form OFR-MIL-001 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, 9-25-18, ____________.

 

69V-40.176 Reports of Condition.

The Standard NMLS Mortgage Call Report – Form-MCR-01, Version 6, effective 04-01-2024 04-15-2015; incorporated by reference and adopted by this rule, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX http://www.flrules.org/Gateway/reference.asp?No=Ref-06113, and the Expanded Mortgage Call Report – Form-MCR-02, effective 04-15-2015; incorporated by reference and adopted by this rule, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-06114, as required by the NMLS, each contains Residential Mortgage Loan Activity (RMLA) and Financial Condition (FC) components.

(1) Mortgage lenders and mortgage brokers that are an approved Fannie Mae, Freddie Mac Seller/Servicers, or Ginnie Mae Issuer must submit the complete Expanded Residential Mortgage Loan Activity component of the NMLS Mortgage Call Report through NMLS within 45 days of the end of each calendar quarter.

(2) Mortgage brokers must submit the Financial Condition component of the NMLS Mortgage Call Report within 90 days of each calendar year end.

(3) Mortgage lenders must submit the Financial Condition component of the NMLS Mortgage Call Report within 45 days of the end of each calendar quarter.

(2) Mortgage lenders that are not an approved Fannie Mae, Freddie Mac Seller/Servicers, or Ginnie Mae Issuer must submit:

(a) The Residential Mortgage Loan Activity component of the standard mortgage call report within 45 days of the end of each calendar quarter; and,

(b) The Financial Condition component of the Standard Mortgage Call Report within 90 days of their fiscal year end.

(3) Mortgage brokers that are not an approved Fannie Mae, Freddie Mac Seller/Servicers, or Ginnie Mae Issuer must submit:

(a) The Residential Mortgage Loan Activity component of the standard mortgage call report within 45 days of the end of each calendar quarter; and,

(b) The Financial Condition component of the Standard Mortgage Call Report within 90 days of their fiscal year end.

Rulemaking Authority 494.0011(2), 494.004, 494.0067 FS. Law Implemented 494.004, 494.0067 FS. History–New 11-30-15, Amended _______________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Greg Oaks

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 12, 2024

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 25, 2024