The Florida Senate

494.0031  Licensure as a mortgage brokerage business.--

(1)  The department shall issue a mortgage brokerage business license to each person who:

(a)  Has submitted a completed application form and a nonrefundable application fee of $425; and

(b)  Has a qualified principal broker pursuant to s. 494.0035.

(2)  The department may require that each officer, director, and ultimate equitable owner of a 10-percent or greater interest in the mortgage brokerage business submit a complete set of fingerprints taken by an authorized law enforcement officer.

(3)  Notwithstanding the provisions of subsection (1), it is a ground for denial of licensure if the designated principal mortgage broker; any officer, director, partner, or joint venturer; any natural person owning a 10-percent or greater interest in the mortgage brokerage business; or any natural person who is the ultimate equitable owner of a 10-percent or greater interest in the mortgage brokerage business has committed any violation specified in ss. 494.001-494.0077 or has pending against him or her any criminal prosecution or administrative enforcement action, in any jurisdiction, which involves fraud, dishonest dealing, or any other act of moral turpitude.

(4)  A mortgage brokerage business or branch office license may be canceled if it was issued through mistake or inadvertence of the department. A notice of cancellation must be issued by the department within 90 days after the issuance of the license. A notice of cancellation shall be effective upon receipt. The notice of cancellation shall provide the applicant with notification of the right to request a hearing within 21 days after the applicant's receipt of the notice of cancellation. A license shall be reinstated if the applicant can demonstrate that the requirements for obtaining the license pursuant to this chapter have been satisfied.

(5)  If an initial mortgage brokerage business or branch office license has been issued but the check upon which the license is based is returned due to insufficient funds, the license shall be deemed canceled. A license deemed canceled pursuant to this subsection shall be reinstated if the department receives a certified check for the appropriate amount within 30 days after the date the check was returned due to insufficient funds.

History.--ss. 18, 50, ch. 91-245; s. 4, ch. 91-429; s. 8, ch. 95-313; s. 543, ch. 97-103; s. 8, ch. 99-213.