Florida Senate - 2017 COMMITTEE AMENDMENT
Bill No. SB 1298
Ì395062#Î395062
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
03/27/2017 .
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The Committee on Banking and Insurance (Garcia) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Subsection (24) of section 494.001, Florida
6 Statutes, is amended to read:
7 494.001 Definitions.—As used in this chapter, the term:
8 (24) “Mortgage loan” means any:
9 (a) Residential loan that primarily for personal, family,
10 or household use which is secured by a mortgage, deed of trust,
11 or other equivalent consensual security interest on a dwelling,
12 as defined in s. 103(w) s. 103(v) of the federal Truth in
13 Lending Act, or for the purchase of residential real estate upon
14 which a dwelling is to be constructed;
15 (b) Loan on commercial real property if the borrower is an
16 individual or the lender is a noninstitutional investor; or
17 (c) Loan on improved real property consisting of five or
18 more dwelling units if the borrower is an individual or the
19 lender is a noninstitutional investor.
20 Section 2. Subsection (4) is added to section 494.00115,
21 Florida Statutes, to read:
22 (4) As used in this section, the term “hold himself or
23 herself out to the public as being in the mortgage lending
24 business” includes any of the following:
25 (a) Representing to the public, through advertising or
26 other means of communicating or providing information (including
27 the use of business cards, stationery, brochures, signs, rate
28 lists, or promotional items), by any medium whatsoever, that
29 such individual can or will perform the activities described in
30 s. 494.001(23).
31 (b) Soliciting in a manner that would lead the intended
32 audience to reasonably believe that such individual is in the
33 business of performing the activities described in s.
34 494.001(23).
35 (c) Maintaining a commercial business establishment at
36 which, or premises from which, such individual regularly
37 performs the activities described in s. 494.001(23) or regularly
38 meets with current or prospective borrowers.
39 (d) Advertising, soliciting, or conducting business through
40 use of a name, trademark, service mark, trade name, Internet
41 address, or logo which indicates or reasonably implies that the
42 business being advertised, solicited, or conducted is the kind
43 or character of business transacted or conducted by a licensed
44 mortgage lender or which is likely to lead any person to believe
45 that such business is that of a licensed mortgage lender.
46 (e) Using any form promulgated by the Federal National
47 Mortgage Association, the Federal Home Loan Mortgage
48 Corporation, the United States Department of Housing and Urban
49 Development, or the Consumer Financial Protection Bureau in
50 performing the activities described in s. 494.001(23).
51 Section 3. This act shall take effect January 1, 2018.
52
53 ================= T I T L E A M E N D M E N T ================
54 And the title is amended as follows:
55 Delete everything before the enacting clause
56 and insert:
57 A bill to be entitled
58 An act relating to mortgage lending; amending s.
59 494.001, F.S.; revising the definition of the term
60 “mortgage loan”; amending s. 494.00115, F.S.;
61 providing a definition for the term “hold himself or
62 herself out to the public as being in the mortgage
63 lending business”; providing an effective date.