Florida Senate - 2017                       CS for CS for SB 830
       
       
        
       By the Committees on Banking and Insurance; and Regulated
       Industries; and Senator Baxley
       
       
       
       
       597-03981-17                                           2017830c2
    1                        A bill to be entitled                      
    2         An act relating to mortgage brokering; amending s.
    3         494.00115, F.S.; providing an exemption from
    4         regulation under parts I and II of ch. 494, F.S., for
    5         certain securities dealers, investment advisers, and
    6         associated persons; providing requirements for certain
    7         solicitations and referrals; providing an effective
    8         date.
    9          
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsections (2) and (3) of section 494.00115,
   13  Florida Statutes, are renumbered as subsections (3) and (4),
   14  respectively, and a new subsection (2) is added to that section,
   15  to read:
   16         494.00115 Exemptions.—
   17         (2)(a) A securities dealer, an investment adviser, or an
   18  associated person registered under s. 517.12 is exempt from
   19  regulation under this part and part II of this chapter if such
   20  person, in the normal course of conducting securities business
   21  with a corporate or an individual client:
   22         1. Solicits or offers to solicit a mortgage loan from a
   23  securities client or refers a securities client to an entity
   24  exempt under paragraph (1)(b), a licensed mortgage broker, a
   25  licensed mortgage lender, or a registered loan originator; and
   26         2. Does not accept or offer to accept an application for a
   27  mortgage loan, negotiate or offer to negotiate the terms or
   28  conditions of a new or existing mortgage loan on behalf of a
   29  borrower or lender, or negotiate or offer to negotiate the sale
   30  of an existing mortgage loan to a noninstitutional investor for
   31  compensation or gain.
   32         (b) Any solicitation or referral made pursuant to this
   33  subsection must comply with chapter 517; the federal Real Estate
   34  Settlement Procedures Act, 12 U.S.C. ss. 2601 et seq.; and any
   35  applicable federal law or general law of this state.
   36         Section 2. This act shall take effect July 1, 2017.