The Florida Senate

494.00721  Net worth.--

(1)  The net worth requirements required in ss. 494.0061, 494.0062, and 494.0065 shall be continually maintained as a condition of licensure.

(2)  If a mortgage lender or correspondent mortgage lender fails to satisfy the net worth requirements, the mortgage lender or correspondent mortgage lender shall immediately cease taking any new mortgage loan applications. Thereafter, the mortgage lender or correspondent mortgage lender shall have up to 60 days within which to satisfy the net worth requirements. If the licensee makes the office aware, prior to an examination, that the licensee no longer meets the net worth requirements, the mortgage lender or correspondent mortgage lender shall have 120 days within which to satisfy the net worth requirements. A mortgage lender or correspondent mortgage lender shall not resume acting as a mortgage lender or correspondent mortgage lender without written authorization from the office, which authorization shall be granted if the mortgage lender or correspondent mortgage lender provides the office with documentation which satisfies the requirements of s. 494.0061(1)(c), s. 494.0062(1)(c), or s. 494.0065(2), whichever is applicable.

(3)  If the mortgage lender or correspondent mortgage lender does not satisfy the net worth requirements within the 120-day period, the license of the mortgage lender or correspondent mortgage lender shall be deemed to be relinquished and canceled and all servicing contracts shall be disposed of in a timely manner by the mortgage lender or correspondent mortgage lender.

History.--s. 20, ch. 95-313; s. 545, ch. 2003-261.