The Florida Senate

494.0065  Saving clause.--

(1)

(a)  Any person in good standing who holds an active registration pursuant to former ¹s. 494.039 or license pursuant to former ²s. 521.205, or any person who acted solely as a mortgage servicer on September 30, 1991, is eligible to apply to the department for a mortgage lender's license and is eligible for licensure if the applicant:

1.  For at least 12 months during the period of October 1, 1989, through September 30, 1991, has engaged in the business of either acting as a seller or assignor of mortgage loans or as a servicer of mortgage loans, or both;

2.  Has documented a minimum net worth of $25,000 in audited financial statements; and

3.  Has applied for licensure pursuant to this section by January 1, 1992, and paid an application fee of $100.

(b)  A licensee pursuant to paragraph (a) may operate a wholly owned subsidiary or affiliate for the purpose of servicing accounts if the subsidiary or affiliate is operational as of September 30, 1991. Such subsidiary or affiliate is not required to obtain a separate license, but is subject to all the requirements of a licensee under ss. 494.006-494.0077.

(2)  A licensee issued a license pursuant to subsection (1) may renew its mortgage lending license if it documents a minimum net worth of $25,000, according to generally accepted accounting principles, which must be continuously maintained as a condition to licensure. The department shall require an audited financial statement which documents such net worth.

(3)  The department may prescribe by rule forms for initial application for licensure and for renewal of licensure of licensees under this section.

History.--ss. 36, 50, ch. 91-245; s. 4, ch. 91-429; s. 17, ch. 95-313.

¹Note.--Repealed by s. 51, ch. 91-245.

²Note.--Repealed by s. 52, ch. 91-245.