Florida Senate - 2018 SB 894 By Senator Garcia 36-01122-18 2018894__ 1 A bill to be entitled 2 An act relating to mortgage lending; amending s. 3 494.001, F.S.; revising the definition of the term 4 “mortgage loan”; amending s. 494.00115, F.S.; defining 5 the term “hold himself or herself out to the public as 6 being in the mortgage lending business”; providing an 7 effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1. Subsection (24) of section 494.001, Florida 12 Statutes, is amended to read: 13 494.001 Definitions.—As used in this chapter, the term: 14 (24) “Mortgage loan” means any: 15 (a) Residential loan that
primarily for personal, family,16 or household use whichis secured by a mortgage, deed of trust, 17 or other equivalent consensual security interest on a dwelling, 18 as defined in s. 103(w) s. 103(v)of the federal Truth in 19 Lending Act, or for the purchase of residential real estate upon 20 which a dwelling is to be constructed; 21 (b) Loan on commercial real property if the borrower is an 22 individual or the lender is a noninstitutional investor; or 23 (c) Loan on improved real property consisting of five or 24 more dwelling units if the borrower is an individual or the 25 lender is a noninstitutional investor. 26 Section 2. Subsection (4) is added to section 494.00115, 27 Florida Statutes, to read: 28 494.00115 Exemptions.— 29 (4) As used in this section, the term “hold himself or 30 herself out to the public as being in the mortgage lending 31 business” includes any of the following: 32 (a) Representing to the public, through advertising or 33 other means of communicating or providing information, and by 34 any medium whatsoever, including the use of business cards, 35 stationery, brochures, signs, rate lists, or promotional items, 36 that such individual can or will perform the activities 37 described in s. 494.001(23). 38 (b) Soliciting in a manner that would lead the intended 39 audience to reasonably believe that such individual is in the 40 business of performing the activities described in s. 41 494.001(23). 42 (c) Maintaining a commercial business establishment at 43 which, or premises from which, such individual regularly 44 performs the activities described in s. 494.001(23) or regularly 45 meets with current or prospective borrowers. 46 (d) Advertising, soliciting, or conducting business through 47 use of a name, trademark, service mark, trade name, Internet 48 address, or logo that indicates or reasonably implies that the 49 business being advertised, solicited, or conducted is the kind 50 or character of business transacted or conducted by a licensed 51 mortgage lender or that is likely to lead any person to believe 52 that such business is that of a licensed mortgage lender. 53 Section 3. This act shall take effect January 1, 2019.