The Florida Senate

494.0061  Mortgage lender's license requirements.--

(1)  The department may require each applicant for a mortgage lender license to provide any information reasonably necessary to make a determination of the applicant's eligibility for licensure. The department shall issue an initial mortgage lender license to any person that submits:

(a)  A completed application form;

(b)  A nonrefundable application fee of $575;

(c)  Audited financial statements, which documents disclose that the applicant has a bona fide and verifiable net worth, pursuant to generally accepted accounting principles, of at least $250,000, which must be continuously maintained as a condition of licensure;

(d)  A surety bond in the amount of $10,000, payable to the state and conditioned upon compliance with ss. 494.001-494.0077, which inures to the department and which must be continuously maintained thereafter in full force;

(e)  Documentation that the applicant is duly incorporated, registered, or otherwise formed as a general partnership, limited partnership, limited liability company, or other lawful entity under the laws of this state or another state of the United States; and

(f)  For applications submitted after October 1, 2001, proof that the applicant's principal representative has completed 24 hours of classroom instruction in primary and subordinate financing transactions and in the provisions of this chapter and rules adopted under this chapter.

(2)  Notwithstanding the provisions of subsection (1), it is a ground for denial of licensure if the applicant, any principal officer or director of the applicant, or any natural person owning a 10-percent or greater interest in the applicant, or any natural person who is the ultimate equitable owner of a 10-percent or greater interest in the applicant has committed any violation specified in s. 494.0072, or has pending against her or him any criminal prosecution or administrative enforcement action, in any jurisdiction, which involves fraud, dishonest dealing, or any act of moral turpitude.

(3)  Each initial application for a mortgage lender's license must be in a form prescribed by the department. The department may require each applicant to provide any information reasonably necessary to make a determination of the applicant's eligibility for licensure. The department may require that each officer, director, and ultimate equitable owner of a 10-percent or greater interest in the applicant submit a complete set of fingerprints taken by an authorized law enforcement officer.

(4)  A person required to be licensed under ss. 494.006-494.0077, or an agent or employee thereof, is deemed to have consented to the venue of courts of competent jurisdiction in this state regarding any matter within the authority of ss. 494.001-494.0077 regardless of where an act or violation was committed.

(5)  A license issued in accordance with ss. 494.006-494.0077 is not transferable or assignable.

(6)  A mortgage lender 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.

(7)  If an initial mortgage lender 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.

(8)  Each lender, regardless of the number of branches it operates, shall designate a principal representative who exercises control of the licensee's business and shall maintain a form prescribed by the department designating the principal representative. If the form is not accurately maintained, the business is considered to be operated by each officer, director, or equitable owner of a 10-percent or greater interest in the business.

(9)  After October 1, 2001, an applicant's principal representative must pass a written test prescribed by the department which covers primary and subordinate mortgage financing transactions and the provisions of this chapter and rules adopted under this chapter.

(10)  A lender shall notify the department of the name and address of any new principal representative and shall document that the person has completed the educational and testing requirements of this section upon the designation of a new principal representative.

History.--ss. 32, 50, ch. 91-245; s. 4, ch. 91-429; s. 15, ch. 95-313; s. 548, ch. 97-103; s. 24, ch. 99-155; s. 19, ch. 99-213; s. 6, ch. 2001-228.