The Florida Senate

494.0029  Mortgage business schools.--

(1)  Each person, school, or institution, except accredited colleges, universities, community colleges, and career centers in this state, which offers or conducts mortgage business training as a condition precedent to licensure as a mortgage broker or lender or a correspondent mortgage lender shall obtain a permit from the office and abide by the regulations imposed upon such person, school, or institution by this chapter and rules adopted pursuant to this chapter. The commission shall, by rule, recertify the permits annually with initial and renewal permit fees that do not exceed $500 plus the cost of accreditation.

(2)  All such schools shall maintain curriculum and training materials necessary to determine the school's compliance with this chapter and rules adopted pursuant to this chapter. Any school that offers or conducts mortgage business training shall at all times maintain an operation of training, materials, and curriculum which is open to review by the office to determine compliance and competency as a mortgage business school.

(3)(a)  It is unlawful for any such person, school, or institution to offer or conduct mortgage business courses, regardless of the number of pupils, without first procuring a permit or to guarantee that the pupils will pass any mortgage business examination given on behalf of the office or to represent that the issuance of a permit is any recommendation or endorsement of the person, school, or institution to which it is issued or of any course of instruction given thereunder. Any person who violates this paragraph commits a misdemeanor of the second degree, punishable as provided in s. 775.082 or s. 775.083

(b)  The location of classes and the frequency of class meetings shall be in the discretion of the school offering the courses, if such courses conform to this chapter and related rules adopted by the commission.

(c)  A mortgage business school may not use advertising of any nature which is false, inaccurate, misleading, or exaggerated. Publicity and advertising of a mortgage business school, or of its representative, shall be based upon relevant facts and supported by evidence establishing their truth.

(d)  A representative of a mortgage business school subject to the provisions of this chapter may not promise or guarantee employment or placement of any pupil or prospective pupil, using information, training, or skill purported to be provided or otherwise enhanced by a course or school as inducement to enroll in the school, unless such person offers the pupil or prospective pupil a bona fide contract of employment.

(e)  A school shall advertise only as a school and under the permitted name of such school as recognized by the office.

(f)  Reference may not be made in any publication or communication medium as to a pass/fail ratio on mortgage business examinations by any school permitted by the office.

History.--s. 9, ch. 95-313; s. 3, ch. 2001-228; s. 525, ch. 2003-261; s. 57, ch. 2004-357.

Note.--Former s. 494.00311.