The Financial Services Commission believes adopting an emergency rule is the fairest method to protect the public under the current market conditions. Persons who have been previously convicted of financial crimes and other serious felonies have a high rate of recidivism. There is also ample evidence to show that crime in the mortgage lending industry has reached record levels. Based on increasing rates of foreclosures, increasing rates of reported mortgage fraud, and other negative indicators, the Financial Services Commission and the Office need to take immediate action to implement the federal “The SAFE Mortgage Licensing Act of 2008” to the maximum extent permitted under current Florida law. Concurrent with the filing of these emergency rules, the Financial Services Commission has authorized the Office of Financial Regulation to initiate the regular rulemaking process for the issues addressed in these emergency rules. This action will ensure that all persons affected by the emergency rules will be afforded the due process protections guaranteed through the regular rulemaking process. Furthermore, by and large, the standards set forth in these rules, merely reflect the federal standards that have just be enacted to apply throughout the nation. Such standards will be imposed in Florida by a federal agency should Florida fail to implement them.