The Florida Senate

¹494.0031  Licensure as a mortgage brokerage business.--

(1)  Each person who acts as a mortgage brokerage business must be licensed under this section unless otherwise exempt from licensure.

(2)  Each initial application for a mortgage brokerage business license must be in the form prescribed by rule of the commission. The commission may require each applicant to provide any information reasonably necessary to determine the applicant's eligibility for licensure. The office 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. An application is considered received for purposes of s. 120.60 upon receipt of a completed application form as prescribed by commission rule, a nonrefundable application fee of $425, and any other fee prescribed by law.

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

(c)  Has provided a complete set of fingerprints as the commission may require by rule for each officer, director, control person, member, partner, or joint venturer of the applicant and each ultimate equitable owner of a 10-percent or greater interest in the mortgage brokerage business. A fingerprint card submitted to the office must be taken by an authorized law enforcement agency. The office shall submit the fingerprints to the Department of Law Enforcement for state processing, and the Department of Law Enforcement shall forward the fingerprints to the Federal Bureau of Investigation for federal processing. The cost of the fingerprint processing may be borne by the office, the employer, or the person subject to the background check. The Department of Law Enforcement shall submit an invoice to the office for the fingerprints received each month. The office shall screen the background results to determine if the applicant meets licensure requirements.

(d)  Has provided information that the commission requires by rule concerning any designated principal mortgage broker; any officer, director, control person, member, partner, or joint venturer of the applicant; or any individual who is the ultimate equitable owner of a 10-percent or greater interest in the mortgage brokerage business. The commission may require information about any such applicant or person, including, but not limited to, his or her full name or other names by which he or she may have been known, age, social security number, qualifications, educational and business history, and disciplinary and criminal history.

(3)  Notwithstanding subsection (2), it is a ground for denial of licensure if the applicant; designated principal mortgage broker; any officer, director, control person, member, partner, or joint venturer of the applicant; or any individual 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 in any jurisdiction any criminal prosecution or administrative enforcement action that 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 office. A notice of cancellation must be issued by the office within 90 days after the issuance of the license. A notice of cancellation is effective upon receipt. The notice of cancellation must 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 must be reinstated if the applicant can demonstrate that the requirements for obtaining the license under this chapter have been satisfied.

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; s. 527, ch. 2003-261; s. 7, ch. 2006-213; s. 23, ch. 2009-241.

¹Note.--

A.  Repealed October 1, 2010, by s. 23, ch. 2009-241.

B.  Effective September 1, 2010, s. 70(2), ch. 2009-241, provides that "[a]ll mortgage brokerage business licenses issued before October 1, 2010, pursuant to s. 494.0031 or s. 494.0032, Florida Statutes, expire on December 31, 2010. However, if a person holding an active mortgage brokerage business license issued before October 1, 2010, applies for a mortgage broker license through the Nationwide Mortgage Licensing System and Registry between October 1, 2010, and December 31, 2010, the mortgage brokerage business license does not expire until the Office of Financial Regulation approves or denies the mortgage broker license application. A mortgage broker license approved on or after October 1, 2010, is effective until December 31, 2011. Application fees may not be prorated for partial years of licensure."