The Florida Senate

494.0067  Requirements of licensees under ss. 494.006-494.0077.--

(1)  Each license of a mortgage lender, correspondent mortgage lender, or branch office shall be prominently displayed in the office for which it is issued.

(2)  Each licensee under ss. 494.006-494.0077 which makes mortgage loans on real estate in this state shall transact business from a principal place of business. Each principal place of business and each branch office shall be operated under the full charge, control, and supervision of the licensee under ss. 494.006-494.0077.

(3)  A license issued under ss. 494.006-494.0077 is not transferable or assignable.

(4)  The department may require each licensee under ss. 494.006-494.0077 to report any change of address of the principal place of business, change of address of any branch office, or change of principal officer, director, or ultimate equitable owner of 10 percent or more of the licensed corporation to the department in a form prescribed by rule of the department not later than 30 business days after the change is effective.

(5)  Each licensee under ss. 494.006-494.0077 shall report in a form prescribed by rule by the department any indictment, information, charge, conviction, plea of nolo contendere, or plea of guilty to any crime or administrative violation that involves fraud, dishonest dealing, or any other act of moral turpitude, in any jurisdiction, by the licensee under ss. 494.006-494.0077 or any principal officer, director, or ultimate equitable owner of 10 percent or more of the licensed corporation, not later than 30 business days after the indictment, information, charge, conviction, or final administrative action.

(6)  Each licensee under ss. 494.006-494.0077 shall report any action in bankruptcy, voluntary or involuntary, to the department, not later than 7 business days after the action is instituted.

(7)  Each licensee under ss. 494.006-494.0077 shall designate a registered agent in this state for service of process.

(8)  Each licensee under ss. 494.006-494.0077 shall provide an applicant for a mortgage loan a good faith estimate of the costs the applicant can reasonably expect to pay in obtaining a mortgage loan. The good faith estimate of costs shall be mailed or delivered to the applicant within a reasonable time after the licensee receives a written loan application from the applicant. The estimate of costs may be provided to the applicant by a person other than the licensee making the loan. The department may adopt rules that set forth the disclosure requirements of this section.

(9)  On or before April 30, 2000, each mortgage lender or correspondent mortgage lender shall file an initial report stating the full legal name, residential address, social security number, date of birth, mortgage broker license number, date of hire, and, if applicable, date of termination for each person who acted as a loan originator or an associate of the mortgage lender or correspondent mortgage lender during the immediate preceding quarter. Thereafter, a mortgage lender or correspondent mortgage lender shall file a report only if a person became or ceased to be a loan originator or an associate of the mortgage lender or correspondent mortgage lender during the immediate preceding quarter. Such report shall be filed within 30 days after the last day of each calendar quarter and shall contain the full legal name, residential address, social security number, date of birth, date of hire and, if applicable, the mortgage broker license number and date of termination of each person who became or ceased to be a loan originator or an associate of the mortgage lender or correspondent mortgage lender during the immediate preceding quarter. The department shall prescribe, by rule, the procedures for filing reports required by this subsection.

History.--ss. 38, 50, ch. 91-245; s. 4, ch. 91-429; ss. 23, 24, ch. 99-213.