HB 381

1
A bill to be entitled
2An act relating to financial entities and transactions;
3amending s. 494.0011, F.S.; authorizing the Financial
4Services Commission to require electronic submission of
5forms, documents, or fees; providing for accommodating a
6technological or financial hardship; authorizing the
7commission to adopt rules relating to obtaining such an
8accommodation; providing a requirement for granting or
9denying a license; amending s. 494.0016, F.S.; authorizing
10the commission to prescribe requirements for destroying
11books, accounts, records, and documents; authorizing the
12commission to recognize alternative statutes of limitation
13for such destruction; providing for procedures; amending
14s. 494.0029, F.S.; specifying criteria for receipt of
15certain applications; specifying that certain permits are
16not transferable or assignable; amending s. 494.00295,
17F.S.; revising provisions to specify continuing education
18for certain professions; amending s. 494.003, F.S.;
19clarifying application of an exemption from application of
20specified mortgage broker licensure requirements to
21certain entities; amending s. 494.0031, F.S.; requiring
22licensure of mortgage brokerage businesses; specifying
23criteria for receipt of applications; authorizing the
24commission or the Office of Financial Regulation to
25require specified information from certain applicants;
26revising certain fingerprinting requirements; authorizing
27the commission to prescribe fees and procedures for
28processing fingerprints; authorizing the office to
29contract for fingerprinting services; specifying that
30certain licenses are not transferable or assignable;
31amending s. 494.0033, F.S.; clarifying requirements for
32mortgage broker licensure; authorizing the commission to
33waive certain examination requirements under specified
34circumstances; authorizing the commission to prescribe
35additional testing fees; revising fingerprinting
36requirements; authorizing the commission to prescribe fees
37and procedures for processing fingerprints; authorizing
38the office to contract for certain fingerprinting
39services; specifying criteria for receipt of applications;
40deleting provisions relating to cancellation and
41reinstatement of licenses; amending s. 494.0034, F.S.;
42clarifying the commission's authorization to prescribe
43license renewal forms; amending s. 494.0036, F.S.;
44clarifying provisions relating to issuance of licenses to
45mortgage brokerage business branch offices; specifying
46criteria for receipt of certain applications; amending s.
47494.004, F.S.; conforming cross references; amending s.
48494.0041, F.S.; specifying an additional ground for
49disciplinary action; amending s. 494.006, F.S.; clarifying
50the application of an exemption from mortgage lender
51licensure requirements to certain entities; amending s.
52494.0061, F.S.; requiring licensure of mortgage lenders;
53specifying criteria for receipt of applications; revising
54fingerprinting requirements; authorizing the commission to
55prescribe fees and procedures for processing fingerprints;
56authorizing the office to contract for certain
57fingerprinting services; deleting certain provisions
58relating to cancellation and reinstatement of licenses;
59authorizing the commission to waive specified examination
60requirements under certain circumstances; authorizing the
61commission to prescribe additional testing fees; amending
62s. 494.0062, F.S.; requiring licensure of correspondent
63mortgage lenders; specifying criteria for receipt of
64applications; authorizing the office to require applicants
65to provide certain information; revising fingerprinting
66requirements; authorizing the commission to prescribe fees
67and procedures for processing fingerprints; authorizing
68the office to contract for certain fingerprinting
69services; deleting certain provisions relating to
70cancellation and reinstatement of licenses; authorizing
71the commission to waive specified examination requirements
72under certain circumstances; authorizing the commission to
73prescribe additional testing fees; requiring notice of a
74change in principal representatives; providing educational
75requirements for principal representatives; amending s.
76494.0064, F.S.; clarifying a reference to professional
77continuing education for certain licensees; amending s.
78494.0065, F.S.; specifying criteria for receipt of
79applications; specifying education and testing
80requirements for certain principal representatives and for
81certain applications or transfer applications; authorizing
82the commission to waive specified examination requirements
83under certain circumstances; authorizing the commission to
84prescribe additional testing fees; increasing a license
85transfer fee; revising fingerprinting requirements;
86authorizing the commission to prescribe fees and
87procedures for processing fingerprints; authorizing the
88office to contract for certain fingerprinting services;
89requiring mortgage lenders to designate a principal
90representative; providing criteria and requirements;
91requiring notice of a change in principal representatives;
92amending s. 494.0066, F.S.; clarifying licensure
93requirements for branch offices; amending s. 494.0067,
94F.S.; clarifying reference to professional continuing
95education requirements; amending s. 494.0072, F.S.;
96providing an additional ground for disciplinary action;
97amending s. 494.00721, F.S.; correcting cross-references;
98amending s. 501.137, F.S.; imposing attorney's fees and
99costs on lenders under certain circumstances; amending s.
100516.03, F.S.; specifying criteria for receipt of certain
101applications; providing that specified fees are
102nonrefundable; authorizing the commission to require
103electronic submission of forms, documents, or fees;
104providing for accommodating a technological or financial
105hardship; authorizing the commission to make rules
106relating to obtaining such an accommodation; amending s.
107516.031, F.S.; increasing a reimbursement charge for
108certain investigation costs; amending s. 516.05, F.S.;
109deleting provisions relating to fees for licenses that
110have been denied; amending s. 516.07, F.S.; providing an
111additional ground for disciplinary action; amending s.
112516.12, F.S.; authorizing the commission to prescribe
113minimum information that must be shown in a licensee's
114books, accounts, records, and documents; authorizing the
115commission to prescribe requirements for destroying books,
116accounts, records, and documents; authorizing the
117commission to recognize alternative statutes of limitation
118for such destruction; providing for procedures; amending
119s. 517.061, F.S.; revising provisions related to exempt
120transactions; amending ss. 517.051 and 517.081, F.S.;
121revising standards for accounting principles to be used in
122preparing certain financial statements; amending s.
123517.12, F.S.; revising provisions for taking and
124submitting fingerprints of dealers, associated persons,
125and similarly situated persons; revising provisions
126relating to expiration and renewal of registration of such
127persons; providing an exemption from registration
128requirements for a Canadian dealer and an associated
129person who represents a Canadian dealer, under certain
130conditions; providing for notice filing by a Canadian
131dealer under certain conditions; authorizing the Office of
132Financial Regulation of the Financial Services Commission
133to issue a permit to evidence the effectiveness of a
134notice filing for a Canadian dealer; providing for the
135renewal of a notice filing by a Canadian dealer; providing
136for reinstatement of a notice filing; providing
137obligations for a Canadian dealer who has given notice of
138filing; providing obligations for an associated person
139representing a Canadian dealer who has given notice of
140filing; providing for the termination of a notice of
141filing; providing for the collection of fees; amending s.
142517.131, F.S.; revising conditions under which recovery
143can be made from the Securities Guaranty Fund; amending s.
144517.141, F.S.; prescribing circumstances under which a
145claimant must reimburse the fund; providing for
146rulemaking; amending s. 517.161, F.S.; providing an
147additional ground for revocation, restriction, or
148suspension of a registration; amending ss. 520.03, 520.32,
149520.52, and 520.63, F.S.; specifying criteria for receipt
150of certain applications; providing that certain fees are
151nonrefundable; amending s. 520.994, F.S.; authorizing the
152commission to require electronic submission of forms,
153documents, or fees; providing for accommodating a
154technological or financial hardship; providing for
155rulemaking; amending s. 520.995, F.S.; providing an
156additional ground for disciplinary action; amending ss.
157520.997 and 537.009, F.S.; authorizing the commission to
158prescribe certain minimum information that must be shown
159in a licensee's books, accounts, records, and documents;
160authorizing the commission to prescribe requirements for
161destroying books, accounts, records, and documents;
162authorizing the commission to recognize alternative
163statutes of limitation for such destruction; providing for
164procedures; amending ss. 560.105 and 560.118, F.S.;
165authorizing the commission to require electronic
166submission of forms, documents, or fees; providing for
167accommodating a technological or financial hardship;
168amending s. 560.114, F.S.; providing an additional ground
169for disciplinary action; amending s. 560.121, F.S.;
170authorizing the commission to prescribe certain minimum
171information that must be shown in a licensee's books,
172accounts, records, and documents; authorizing the
173commission to prescribe requirements for destroying books,
174accounts, records, and documents; authorizing the
175commission to recognize alternative statutes of limitation
176for such destruction; providing for procedures; decreasing
177the required time period for the office to retain certain
178reports, records, applications, and related information;
179amending s. 560.126, F.S.; requiring notice of changes in
180information contained in a registration application;
181amending s. 560.205, F.S.; revising fingerprinting
182requirements; authorizing the commission to prescribe fees
183and procedures for processing fingerprints; authorizing
184the office to contract for certain fingerprinting
185services; authorizing the commission to establish
186procedures for depositing fees and filing documents
187electronically; deleting a requirement that an applicant
188provide a list of certain vendors; requiring the reporting
189of certain changes of registration by written amendment;
190amending s. 560.207, F.S.; authorizing the commission to
191establish procedures for depositing fees and filing
192documents electronically; revising procedures for renewing
193a registration; providing that specified fees are
194nonrefundable; providing conditions to the reinstatement
195of a registration; amending s. 560.210, F.S.; revising
196permissible investment requirements for certain
197registrants; specifying in general that accounting
198principles are those generally accepted in the United
199States; amending ss. 560.211 and 560.310, F.S.; requiring
200notice to the office of the location of certain amended
201records; amending ss. 560.305 and 560.308, F.S.; revising
202procedures for renewing a registration; providing that
203specified fees are nonrefundable; providing conditions to
204the reinstatement of a registration; authorizing the
205commission to establish procedures for depositing fees and
206filing documents electronically; amending s. 560.306,
207F.S.; revising certain fingerprinting requirements;
208authorizing the commission to prescribe fees and
209procedures for processing fingerprints; authorizing the
210office to contract for certain fingerprinting services;
211requiring the reporting of certain changes of registration
212by written amendment; specifying commission authority by
213rules; amending s. 560.403, F.S.; revising requirements
214for giving notice of intent in connection with the renewal
215of registration; providing that specified fees are
216nonrefundable; providing conditions to the reinstatement
217of a notice of intent; amending s. 655.935, F.S.;
218authorizing the search of a safe-deposit box co-leased by
219a decedent; providing limitations; amending s. 655.936,
220F.S.; providing for the delivery of a safe-deposit box to
221a court-appointed personal representative; amending s.
222655.937, F.S.; revising provisions for access to safe-
223deposit boxes; amending s. 733.6065, F.S.; revising
224provisions related to the initial opening of a safe-
225deposit box leased or co-leased by a decedent; amending s.
226817.801, F.S.; providing a definition; amending s.
227817.802, F.S.; revising the amount of fees that a debt
228manager or credit counselor may charge to certain debtors;
229amending s. 817.804, F.S.; revising an audit requirement;
230amending s. 817.805, F.S.; providing that creditor
231contributions are exempt from disbursement requirements;
232providing appropriations; providing an effective date.
233
234Be It Enacted by the Legislature of the State of Florida:
235
236     Section 1.  Subsection (2) of section 494.0011, Florida
237Statutes, is amended, and subsection (6) is added to said
238section, to read:
239     494.0011  Powers and duties of the commission and office.--
240     (2)  The commission may has authority to adopt rules
241pursuant to ss. 120.536(1) and 120.54 to implement ss. 494.001-
242494.0077. The commission may adopt rules that require to allow
243electronic submission of any forms, documents, or fees required
244by this act if such rules reasonably accommodate technological
245or financial hardship. The commission may prescribe by rule
246requirements and procedures for obtaining an exemption due to a
247technological or financial hardship. The commission may also
248adopt rules to accept certification of compliance with
249requirements of this act in lieu of requiring submission of
250documents.
251     (6)  The granting or denial of a license must be in
252accordance with s. 120.60.
253     Section 2.  Subsection (4) of section 494.0016, Florida
254Statutes, is amended to read:
255     494.0016  Books, accounts, and records; maintenance;
256examinations by the office.--
257     (4)  The commission may prescribe by rule the minimum
258information to be shown in the books, accounts, records, and
259documents of licensees so that such records will enable the
260office to determine the licensee's compliance with ss. 494.001-
261494.0077. In addition, the commission may prescribe by rule the
262requirements for destruction of books, accounts, records, and
263documents retained by the licensee after completion of the time
264period indicated in subsection (3). Notwithstanding the 3-year
265retention period provided in subsection (3), if the office
266identifies a statute of limitations in a federal law or rule or
267another law or rule of this state which statute of limitations
268is reasonably related by subject matter to the administration of
269this chapter, the commission may identify that statute of
270limitations by rule and may prohibit the destruction of records
271required to be maintained by this chapter for a period of time,
272established by rule, which is reasonably related to such statute
273of limitations. The commission shall prescribe by rule those
274documents or records that are to be preserved under the
275identified statute of limitations.
276     Section 3.  Subsections (1) and (2) of section 494.0029,
277Florida Statutes, are amended to read:
278     494.0029  Mortgage business schools.--
279     (1)(a)  Each person, school, or institution, except
280accredited colleges, universities, community colleges, and
281career centers in this state, which offers or conducts mortgage
282business training as a condition precedent to licensure as a
283mortgage broker, mortgage or lender, or a correspondent mortgage
284lender shall obtain a permit from the office and abide by the
285regulations imposed upon such person, school, or institution by
286this chapter and rules adopted pursuant to this chapter. The
287commission shall, by rule, recertify the permits annually with
288initial and renewal permit fees that do not exceed $500 plus the
289cost of accreditation.
290     (b)  An application is considered received for purposes of
291s. 120.60 upon receipt of a completed application form as
292prescribed by commission rule, a nonrefundable application fee
293of $500, and any other fee prescribed by law.
294     (c)  A permit issued under this section is not transferable
295or assignable.
296     (2)  All such schools shall maintain curriculum and
297training materials necessary to determine the school's
298compliance with this chapter and rules adopted under pursuant to
299this chapter.  Any school that offers or conducts mortgage
300business training shall at all times maintain an operation of
301training, materials, and curriculum which is open to review by
302the office to determine compliance and competency as a mortgage
303business school. All documents prescribed by commission rule
304must be submitted with the initial application or
305recertification.
306     Section 4.  Section 494.00295, Florida Statutes, is amended
307to read:
308     494.00295  Professional continuing education.--
309     (1)  Each mortgage broker, mortgage lender, and
310correspondent mortgage lender must certify to the office at the
311time of renewal that during the 2 years prior to an application
312for license renewal, all mortgage brokers, and the principal
313representative, and loan originators, and associates of a
314mortgage lender or correspondent mortgage lender have
315successfully completed at least 14 hours of professional
316continuing education programs covering primary and subordinate
317mortgage financing transactions and the provisions of this
318chapter. Licensees shall maintain records documenting compliance
319with this subsection for a period of 4 years.
320     (2)  Professional continuing education programs must
321contribute directly to the professional competency of the
322participants, may only be offered by permitted mortgage business
323schools or entities specifically exempted from permitting as
324mortgage business schools, and may include electronically
325transmitted or distance education courses.
326     (3)  The commission shall adopt rules necessary to
327administer this section, including rules governing qualifying
328hours for professional continuing education programs and
329standards for electronically transmitted or distance education
330courses, including course completion requirements.
331     Section 5.  Paragraphs (b) and (c) of subsection (1) and
332paragraph (e) of subsection (2) of section 494.003, Florida
333Statutes, are amended to read:
334     494.003  Exemptions.--
335     (1)  None of the following persons is subject to the
336requirements of ss. 494.003-494.0043:
337     (b)  A state or federal chartered bank, bank holding
338company, trust company, savings and loan association, savings
339bank, or credit union, bank holding company regulated under the
340laws of any state or the United States, or consumer finance
341company licensed pursuant to chapter 516.
342     (c)  A wholly owned bank holding company subsidiary formed
343and regulated under the laws of any state or the United States
344or a wholly owned savings and loan association holding company
345subsidiary that is approved or certified by the Department of
346Housing and Urban Development, the Veterans Administration, the
347Government National Mortgage Association, the Federal National
348Mortgage Association, or the Federal Home Loan Mortgage
349Corporation.
350     (2)  None of the following persons is required to be
351licensed under ss. 494.003-494.0043:
352     (e)  A wholly owned subsidiary of a state or federal
353chartered bank or savings and loan association the sole activity
354of which is to distribute the lending programs of such state or
355federal chartered bank or savings and loan association to
356persons who arrange loans for, or make loans to, borrowers.
357     Section 6.  Section 494.0031, Florida Statutes, is amended
358to read:
359     494.0031  Licensure as a mortgage brokerage business.--
360     (1)  Each person who acts as a mortgage brokerage business
361must be licensed under this section unless otherwise exempt from
362licensure.
363     (2)(1)  The commission or office may require each applicant
364for a mortgage brokerage business license to provide any
365information reasonably necessary to determine the applicant's
366eligibility for licensure. The office shall issue a mortgage
367brokerage business license to each person who:
368     (a)  Has submitted a completed application form and a
369nonrefundable application fee of $425.; and
370     (b)  Has a qualified principal broker pursuant to s.
371494.0035.
372
373An application is considered received for purposes of s. 120.60
374upon receipt of a completed application form as prescribed by
375commission rule, a nonrefundable application fee of $425, and
376any other fee prescribed by law.
377     (3)(2)  The commission may require by rule that each
378officer, director, and ultimate equitable owner of a 10-percent
379or greater interest in the mortgage brokerage business submit a
380complete set of fingerprints. A fingerprint card submitted to
381the office must be taken by an authorized law enforcement agency
382if the fingerprint card is submitted to the office in paper
383form. In addition to the fees prescribed in s. 215.405, the
384commission may prescribe by rule an additional fee, not to
385exceed $30, for processing the fingerprints. The commission may
386prescribe by rule procedures for submitting fingerprints and
387fees by electronic means to the office. In order to implement
388the submission and processing of fingerprints as specified by
389rule under this section, the office may contract with another
390state agency that provides fingerprinting services. The office
391shall submit the fingerprints to the Department of Law
392Enforcement for state processing and the Department of Law
393Enforcement shall forward the fingerprints to the Federal Bureau
394of Investigation for federal processing. The cost for the
395fingerprint processing may be borne by the office, the employer,
396or the person subject to the background check. The Department of
397Law Enforcement shall submit an invoice to the office for the
398fingerprints received each month. The office shall screen the
399background results to determine if the applicant meets licensure
400requirements officer.
401     (4)(3)  Notwithstanding the provisions of subsection (2)
402(1), it is a ground for denial of licensure if the applicant;
403designated principal mortgage broker; any officer, director,
404partner, or joint venturer of the applicant; any natural person
405owning a 10-percent or greater interest in the mortgage
406brokerage business; or any natural person who is the ultimate
407equitable owner of a 10-percent or greater interest in the
408mortgage brokerage business has committed any violation
409specified in ss. 494.001-494.0077 or has pending against him or
410her in any jurisdiction any criminal prosecution or
411administrative enforcement action that, in any jurisdiction,
412which involves fraud, dishonest dealing, or any other act of
413moral turpitude.
414     (5)(4)  A mortgage brokerage business or branch office
415license may be canceled if it was issued through mistake or
416inadvertence of the office. A notice of cancellation must be
417issued by the office within 90 days after the issuance of the
418license. A notice of cancellation is shall be effective upon
419receipt. The notice of cancellation must shall provide the
420applicant with notification of the right to request a hearing
421within 21 days after the applicant's receipt of the notice of
422cancellation. A license must shall be reinstated if the
423applicant can demonstrate that the requirements for obtaining
424the license under pursuant to this chapter have been satisfied.
425     (6)(5)  A license issued under this part is not
426transferable or assignable. If an initial mortgage brokerage
427business or branch office license has been issued but the check
428upon which the license is based is returned due to insufficient
429funds, the license shall be deemed canceled. A license deemed
430canceled pursuant to this subsection shall be reinstated if the
431office receives a certified check for the appropriate amount
432within 30 days after the date the check was returned due to
433insufficient funds.
434     Section 7.  Subsections (1), (2), and (7) of section
435494.0033, Florida Statutes, are amended to read:
436     494.0033  Mortgage broker's license.--
437     (1)  Each natural person who acts as a mortgage broker for
438a mortgage brokerage business or acts as an associate for a
439mortgage lender or correspondent mortgage lender must be
440licensed under pursuant to this section. To act as a mortgage
441broker, an individual must be an associate of a mortgage
442brokerage business, mortgage lender, or correspondent mortgage
443lender. A mortgage broker is prohibited from being an associate
444of more than one mortgage brokerage business, mortgage lender,
445or correspondent mortgage lender.
446     (2)  Each initial application for a mortgage broker's
447license must be in the form prescribed by rule of the
448commission. The commission may require each applicant to provide
449any information reasonably necessary to make a determination of
450the applicant's eligibility for licensure. The office shall
451issue an initial license to any natural person who:
452     (a)  Is at least 18 years of age.;
453     (b)  Has passed a written test adopted and administered by
454the office, or has passed an electronic test adopted and
455administered by the office or a third party approved by the
456office, which is designed to determine competency in primary and
457subordinate mortgage financing transactions as well as to test
458knowledge of ss. 494.001-494.0077 and the rules adopted pursuant
459thereto. The commission may prescribe by rule an additional fee
460not to exceed $100 for the electronic version of the mortgage
461broker test. The commission may waive by rule the examination
462requirement for any individual who has passed a comparable test
463offered by a national group of state mortgage regulators or a
464federal governmental agency which test covers primary and
465subordinate mortgage financing transactions.;
466     (c)  Has submitted a completed application and a
467nonrefundable application fee of $200. An application is
468considered received for purposes of s. 120.60 upon receipt of a
469completed application form as prescribed by commission rule, a
470nonrefundable application fee of $200, and any other fee
471prescribed by law. The commission may set by rule an additional
472fee for a retake of the examination; and
473     (d)  Has filed a complete set of fingerprints, taken by an
474authorized law enforcement officer, for submission by the office
475to the Department of Law Enforcement or the Federal Bureau of
476Investigation for processing. A fingerprint card submitted to
477the office must be taken by an authorized law enforcement agency
478if the fingerprint card is submitted to the office in paper
479form. In addition to the fees prescribed in s. 215.405, the
480commission may prescribe by rule additional fees, not to exceed
481$30, for processing the fingerprints. The commission may
482prescribe by rule procedures for submitting fingerprints and
483fees by electronic means to the office. In order to implement
484the submission and processing of fingerprints as specified by
485rule under this section, the office may contract with another
486state agency that provides fingerprinting services. The office
487shall submit the fingerprints to the Department of Law
488Enforcement for state processing and the Department of Law
489Enforcement shall forward the fingerprints to the Federal Bureau
490of Investigation for federal processing. The cost for the
491fingerprint processing may be borne by the office, the employer,
492or the person subject to the background check. The Department of
493Law Enforcement shall submit an invoice to the office for the
494fingerprints received each month. The office shall screen the
495background results to determine if the applicant meets licensure
496requirements.
497     (7)  If an initial mortgage broker license has been issued
498but the check upon which the license is based is returned due to
499insufficient funds, the license shall be deemed canceled. A
500license deemed canceled pursuant to this subsection shall be
501reinstated if the office receives a certified check for the
502appropriate amount within 30 days after the date the check was
503returned due to insufficient funds.
504     Section 8.  Subsection (2) of section 494.0034, Florida
505Statutes, is amended to read:
506     494.0034  Renewal of mortgage broker's license.--
507     (2)  The commission shall adopt rules establishing a
508procedure for the biennial renewal of mortgage broker's
509licenses. The commission may prescribe the form of the renewal
510application and may require an update of information since the
511licensee's last renewal.
512     Section 9.  Subsection (2) of section 494.0036, Florida
513Statutes, is amended to read:
514     494.0036  Mortgage brokerage business branch offices.--
515     (2)  The office shall issue a mortgage brokerage business
516branch office license to a mortgage brokerage business licensee
517after the office determines that the licensee has submitted upon
518receipt of a completed branch office application in a form as
519prescribed by commission rule and payment of an initial
520nonrefundable branch office license fee of $225. Branch office
521licenses must be renewed in conjunction with the renewal of the
522mortgage brokerage business license. The branch office license
523shall be issued in the name of the mortgage brokerage business
524that maintains the branch office. An application is considered
525received for purposes of s. 120.60 upon receipt of a completed
526application form as prescribed by commission rule, a
527nonrefundable application fee of $225, and any other fee
528prescribed by law.
529     Section 10.  Subsections (1), (2), and (4) of section
530494.004, Florida Statutes, are amended to read:
531     494.004  Requirements of licensees.--
532     (1)  Each licensee under ss. 494.003-494.0043 shall report,
533in writing, any conviction of, or plea of nolo contendere to,
534regardless of adjudication, any crime or administrative
535violation that involves fraud, dishonest dealing, or any other
536act of moral turpitude, in any jurisdiction, by the licensee or
537any natural person named in s. 494.0031(4)(3), not later than 30
538days after the date of conviction, entry of a plea of nolo
539contendere, or final administrative action.
540     (2)  Each licensee under ss. 494.003-494.0043 shall report,
541in a form prescribed by rule of the commission, any conviction
542of, or plea of nolo contendere to, regardless of whether
543adjudication is withheld, any felony committed by the licensee
544or any natural person named in s. 494.0031(4)(3), not later than
54530 days after the date of conviction or the date the plea of
546nolo contendere is entered.
547     (4)  Each licensee under ss. 494.003-494.0043 shall report
548any change in the form of business organization or any change of
549a person named, pursuant to s. 494.0031(4)(3), to the office in
550writing not later than 30 days after the change is effective.
551     Section 11.  Paragraph (s) is added to subsection (2) of
552section 494.0041, Florida Statutes, to read:
553     494.0041  Administrative penalties and fines; license
554violations.--
555     (2)  Each of the following acts constitutes a ground for
556which the disciplinary actions specified in subsection (1) may
557be taken:
558     (s)  Payment to the office for a license or permit with a
559check or electronic transmission of funds which is dishonored by
560the applicant's or licensee's financial institutions.
561     Section 12.  Paragraphs (a) and (c) of subsection (1) and
562paragraph (a) of subsection (2) of section 494.006, Florida
563Statutes, are amended to read:
564     494.006  Exemptions.--
565     (1)  None of the following persons are subject to the
566requirements of ss. 494.006-494.0077 in order to act as a
567mortgage lender or correspondent mortgage lender:
568     (a)  A state or federal chartered bank, a bank holding
569company, trust company, a savings and loan association, a
570savings bank, or credit union, a bank holding company regulated
571under the laws of any state or the United States, or an
572insurance company if the insurance company is duly licensed in
573this state.
574     (c)  A wholly owned bank holding company subsidiary formed
575and regulated under the laws of any state or the United States
576or a wholly owned savings and loan association holding company
577subsidiary that is approved or certified by the Department of
578Housing and Urban Development, the Veterans Administration, the
579Government National Mortgage Association, the Federal National
580Mortgage Association, or the Federal Home Loan Mortgage
581Corporation.
582     (2)(a)  A natural person employed by a mortgage lender or
583correspondent mortgage lender licensed under ss. 494.001-
584494.0077 is exempt from the licensure requirements of ss.
585494.001-494.0077 when acting within the scope of employment with
586the licensee.
587     Section 13.  Section 494.0061, Florida Statutes, is amended
588to read:
589     494.0061  Mortgage lender's license requirements.--
590     (1)  Each person who acts as a mortgage lender must be
591licensed under this section unless otherwise exempt from
592licensure.
593     (2)(1)  The commission or office may require each applicant
594for a mortgage lender license to provide any information
595reasonably necessary to make a determination of the applicant's
596eligibility for licensure. The office shall issue an initial
597mortgage lender license to any person that submits:
598     (a)  A completed application form.;
599     (b)  A nonrefundable application fee of $575.;
600     (c)  Audited financial statements, which documents disclose
601that the applicant has a bona fide and verifiable net worth,
602pursuant to United States generally accepted accounting
603principles, of at least $250,000, which must be continuously
604maintained as a condition of licensure.;
605     (d)  A surety bond in the amount of $10,000, payable to the
606state and conditioned upon compliance with ss. 494.001-494.0077,
607which inures to the office and which must be continuously
608maintained thereafter in full force.;
609     (e)  Documentation that the applicant is duly incorporated,
610registered, or otherwise formed as a general partnership,
611limited partnership, limited liability company, or other lawful
612entity under the laws of this state or another state of the
613United States.; and
614     (f)  For applications submitted after October 1, 2001,
615Proof that the applicant's principal representative has
616completed 24 hours of classroom instruction in primary and
617subordinate financing transactions and in the provisions of this
618chapter and rules adopted under this chapter. This requirement
619is satisfied if the principal representative has continuously
620served in the capacity of a principal representative for a
621licensed entity under this chapter for at least 1 year and has
622not had a lapse in designation as a principal representative of
623more than 2 years prior to the date of the submission of the
624application or amendment in the case of a change in the
625principal representative. This requirement is also satisfied if
626the principal representative currently has an active mortgage
627broker license in this state.
628
629An application is considered received for purposes of s. 120.60
630upon receipt of a completed application form as prescribed by
631commission rule, a nonrefundable application fee of $575, and
632any other fee prescribed by law.
633     (3)(2)  Notwithstanding the provisions of subsection
634(2)(1), it is a ground for denial of licensure if the applicant,
635any principal officer, or director, partner, or joint venturer
636of the applicant, or any natural person owning a 10-percent or
637greater interest in the applicant, or any natural person who is
638the ultimate equitable owner of a 10-percent or greater interest
639in the applicant has committed any violation specified in s.
640494.0072, or has pending against her or him any criminal
641prosecution or administrative enforcement action, in any
642jurisdiction, which involves fraud, dishonest dealing, or any
643act of moral turpitude.
644     (4)(3)  Each initial application for a mortgage lender's
645license must be in a form prescribed by the commission. The
646commission or office may require each applicant to provide any
647information reasonably necessary to make a determination of the
648applicant's eligibility for licensure. The commission or office
649may require that each officer, director, and ultimate equitable
650owner of a 10-percent or greater interest in the applicant
651submit a complete set of fingerprints. A fingerprint card
652submitted to the office must be taken by an authorized law
653enforcement agency if the fingerprint card is submitted to the
654office in paper form. In addition to the fees prescribed in s.
655215.405, the commission may prescribe by rule an additional fee,
656not to exceed $30, for processing the fingerprints. The
657commission may prescribe by rule procedures for submitting
658fingerprints and fees by electronic means to the office. In
659order to implement the submission and processing of fingerprints
660as specified by rule under this section, the office may contract
661with another state agency that provides fingerprinting services.
662The office shall submit the fingerprints to the Department of
663Law Enforcement for state processing and the Department of Law
664Enforcement shall forward the fingerprints to the Federal Bureau
665of Investigation for federal processing. The cost for the
666fingerprint processing may be borne by the office, the employer,
667or the person subject to the background check. The Department of
668Law Enforcement shall submit an invoice to the office for the
669fingerprints received each month. The office shall screen the
670background results to determine if the applicant meets licensure
671requirements officer.
672     (5)(4)  A person required to be licensed under ss. 494.006-
673494.0077, or an agent or employee thereof, is deemed to have
674consented to the venue of courts of competent jurisdiction in
675this state regarding any matter within the authority of ss.
676494.001-494.0077 regardless of where an act or violation was
677committed.
678     (6)(5)  A license issued in accordance with ss. 494.006-
679494.0077 is not transferable or assignable.
680     (7)(6)  A mortgage lender or branch office license may be
681canceled if it was issued through mistake or inadvertence of the
682office. A notice of cancellation must be issued by the office
683within 90 days after the issuance of the license. A notice of
684cancellation shall be effective upon receipt. The notice of
685cancellation shall provide the applicant with notification of
686the right to request a hearing within 21 days after the
687applicant's receipt of the notice of cancellation. A license
688shall be reinstated if the applicant can demonstrate that the
689requirements for obtaining the license under pursuant to this
690chapter have been satisfied.
691     (7)  If an initial mortgage lender or branch office license
692has been issued but the check upon which the license is based is
693returned due to insufficient funds, the license shall be deemed
694canceled. A license deemed canceled pursuant to this subsection
695shall be reinstated if the office receives a certified check for
696the appropriate amount within 30 days after the date the check
697was returned due to insufficient funds.
698     (8)  Each lender, regardless of the number of branches it
699operates, shall designate a principal representative who
700exercises control of the licensee's business and shall maintain
701a form prescribed by the commission designating the principal
702representative. If the form is not accurately maintained, the
703business is considered to be operated by each officer, director,
704or equitable owner of a 10-percent or greater interest in the
705business.
706     (9)  After October 1, 2001, An applicant's principal
707representative must pass a written test prescribed by the
708commission and administered by the office, or must pass an
709electronic test prescribed by the commission and administered by
710the office or a third party approved by the office, which covers
711primary and subordinate mortgage financing transactions and the
712provisions of this chapter and rules adopted under this chapter.
713The commission may set by rule a fee not to exceed $100 for the
714electronic version of the mortgage broker test. The commission
715may waive by rule the examination requirement for any individual
716who has passed a comparable test offered by a national group of
717state mortgage regulators or a federal governmental agency which
718test covers primary and subordinate mortgage financing
719transactions. This requirement is satisfied if the principal
720representative has continuously served in the capacity of a
721principal representative for a licensed entity under this
722chapter for at least 1 year and has not had a lapse in
723designation as a principal representative of more than 2 years
724prior to the date of the submission of the application or
725amendment in the case of a change in the principal
726representative. This requirement is also satisfied if the
727principal representative currently has an active mortgage broker
728license in this state.
729     (10)  A lender shall notify the office of any change in the
730designation of its principal representative within 30 days. A
731new principal representative shall satisfy the name and address
732of any new principal representative and shall document that the
733person has completed the educational and testing requirements of
734this section within 90 days after being designated as upon the
735designation of a new principal representative. This requirement
736is satisfied if the principal representative has continuously
737served in the capacity of a principal representative for a
738licensed entity under this chapter for at least 1 year and has
739not had a lapse in designation as a principal representative of
740more than 2 years prior to the date of the submission of the
741application or amendment in the case of a change in the
742principal representative. This requirement is also satisfied if
743the principal representative currently has an active mortgage
744broker license in this state.
745     Section 14.  Section 494.0062, Florida Statutes, is amended
746to read:
747     494.0062  Correspondent mortgage lender's license
748requirements.--
749     (1)  Each person who acts as a correspondent mortgage
750lender must be licensed under this section unless otherwise
751exempt from licensure.
752     (2)(1)  The office may require each applicant to provide
753any information reasonably necessary to determine the
754applicant's eligibility for licensure. The office shall issue an
755initial correspondent mortgage lender license to any person who
756submits:
757     (a)  A completed application form.;
758     (b)  A nonrefundable application fee of $500.;
759     (c)  Audited financial statements that, which document that
760the applicant application has a bona fide and verifiable net
761worth, pursuant to United States generally accepted accounting
762principles, of $25,000 or more, and which must be continuously
763maintained as a condition of licensure.;
764     (d)  A surety bond in the amount of $10,000, payable to the
765State of Florida and conditioned upon compliance with ss.
766494.001-494.0077, which inures to the office and which must be
767continuously maintained, thereafter, in full force.;
768     (e)  Documentation that the applicant is duly incorporated,
769registered, or otherwise formed as a general partnership,
770limited partnership, limited liability company, or other lawful
771entity under the laws of this state or another state of the
772United States.; and
773     (f)  For applications filed after October 1, 2001, Proof
774that the applicant's principal representative has completed 24
775hours of classroom instruction in primary and subordinate
776financing transactions and in the provisions of this chapter and
777rules enacted under this chapter. This requirement is satisfied
778if the principal representative has continuously served in the
779capacity of a principal representative for a licensed entity
780under this chapter for at least 1 year and has not had a lapse
781in designation as a principal representative of more than 2
782years prior to the date of the submission of the application or
783amendment in the case of a change in the principal
784representative. This requirement is also satisfied if the
785principal representative currently has an active mortgage broker
786license in this state.
787
788An application is considered received for purposes of s. 120.60
789upon receipt of a completed application form as prescribed by
790commission rule, a nonrefundable application fee of $500, and
791any other fee prescribed by law.
792     (3)(2)  Notwithstanding the provisions of subsection
793(2)(1), it is a ground for denial of licensure if the applicant,
794any principal officer or director of the applicant, or any
795natural person who is the ultimate equitable owner of a 10-
796percent or greater interest in the applicant has committed any
797violation specified in s. 494.0072, or has pending against her
798or him any criminal prosecution or administrative enforcement
799action, in any jurisdiction, which involves fraud, dishonest
800dealing, or any act of moral turpitude.
801     (4)(3)  Each initial application for a correspondent
802mortgage lender's license must be in a form prescribed by the
803commission. The commission or office may require each applicant
804to provide any information reasonably necessary to make a
805determination of the applicant's eligibility for licensure. The
806commission or office may require by rule that each officer,
807director, and ultimate equitable owner of a 10-percent or
808greater interest submit a complete set of fingerprints. A
809fingerprint card submitted to the office must be taken by an
810authorized law enforcement agency if the fingerprint card is
811submitted to the office in paper form. In addition to the fees
812prescribed in s. 215.405, the commission may prescribe by rule
813an additional fee, not to exceed $30, for processing the
814fingerprints. The commission may prescribe by rule procedures
815for submitting fingerprints and fees by electronic means to the
816office. In order to implement the submission and processing of
817fingerprints as specified by rule under this section, the office
818may contract with another state agency that provides
819fingerprinting services. The office shall submit the
820fingerprints to the Department of Law Enforcement for state
821processing and the Department of Law Enforcement shall forward
822the fingerprints to the Federal Bureau of Investigation for
823federal processing. The cost for the fingerprint processing may
824be borne by the office, the employer, or the person subject to
825the background check. The Department of Law Enforcement shall
826submit an invoice to the office for the fingerprints received
827each month. The office shall screen the background results to
828determine if the applicant meets licensure requirements officer.
829     (5)(4)  Each license is valid for the remainder of the
830biennium in which the license is issued.
831     (6)(5)  A person licensed as a correspondent mortgage
832lender may make mortgage loans, but may not service a mortgage
833loan for more than 4 months after the date the mortgage loan was
834made or acquired by the correspondent mortgage lender.
835     (7)(6)  A licensee under ss. 494.006-494.0077, or an agent
836or employee thereof, is deemed to have consented to the venue of
837courts of competent jurisdiction in this state regarding any
838matter within the authority of ss. 494.001-494.0077 regardless
839of where an act or violation was committed.
840     (8)(7)  A correspondent mortgage lender is subject to the
841same requirements and restrictions as a licensed mortgage lender
842unless otherwise provided in this section.
843     (9)(8)  A license issued under this section is not
844transferable or assignable.
845     (10)(9)  A correspondent mortgage lender or branch office
846license may be canceled if it was issued through mistake or
847inadvertence of the office. A notice of cancellation must be
848issued by the office within 90 days after the issuance of the
849license. A notice of cancellation shall be effective upon
850receipt. The notice of cancellation shall provide the applicant
851with notification of the right to request a hearing within 21
852days after the applicant's receipt of the notice of
853cancellation. A license shall be reinstated if the applicant can
854demonstrate that the requirements for obtaining the license
855pursuant to this chapter have been satisfied.
856     (10)  If an initial correspondent mortgage lender or branch
857office license has been issued but the check upon which the
858license is based is returned due to insufficient funds, the
859license shall be deemed canceled. A license deemed canceled
860pursuant to this subsection shall be reinstated if the office
861receives a certified check for the appropriate amount within 30
862days after the date the check was returned due to insufficient
863funds.
864     (11)  Each correspondent lender shall designate a principal
865representative who exercises control over the business and shall
866maintain a form prescribed by the commission designating the
867principal representative. If the form is not accurately
868maintained, the business is considered to be operated by each
869officer, director, or equitable owner of a 10-percent or greater
870interest in the business.
871     (12)  After October 1, 2001, An applicant's principal
872representative must pass a written test prescribed by the
873commission and administered by the office or a third party
874approved by the office which test covers primary and subordinate
875mortgage financing transactions and the provisions of this
876chapter and rules adopted under this chapter. The commission may
877waive by rule the examination requirement for any individual who
878has passed a comparable test offered by a national group of
879state mortgage regulators or a federal governmental agency which
880test covers primary and subordinate mortgage financing
881transactions. The commission may set by rule a fee not to exceed
882$100 for taking the examination. This requirement is satisfied
883if the principal representative has continuously served in the
884capacity of a principal representative for a licensed entity
885under this chapter for at least 1 year and has not had a lapse
886in designation as a principal representative of more than 2
887years prior to the date of the submission of the application or
888amendment in the case of a change in the principal
889representative. This requirement is also satisfied if the
890principal representative currently has an active mortgage broker
891license in this state.
892     (13)  A correspondent lender shall notify the office of any
893change in the designation of its principal representative within
89430 days. A new principal representative shall satisfy the name
895and address of any new principal representative and shall
896document that such person has completed the educational and
897testing requirements of this section within 90 days after being
898designated as upon the lender's designation of a new principal
899representative. This requirement is satisfied if the principal
900representative has continuously served in the capacity of a
901principal representative for a licensed entity under this
902chapter for at least 1 year and has not had a lapse in
903designation as a principal representative of more than 2 years
904prior to the date of the submission of the application or
905amendment in the case of a change in the principal
906representative. This requirement is also satisfied if the
907principal representative currently has an active mortgage broker
908license in this state.
909     Section 15.  Paragraph (b) of subsection (1) of section
910494.0064, Florida Statutes, is amended to read:
911     494.0064  Renewal of mortgage lender's license; branch
912office license renewal.--
913     (1)
914     (b)  A licensee shall also submit, as part of the renewal
915form, certification that during the preceding 2 years the
916licensee's principal representative and, loan originators, and
917associates have completed the professional continuing education
918requirements of s. 494.00295.
919     Section 16.  Section 494.0065, Florida Statutes, is amended
920to read:
921     494.0065  Saving clause.--
922     (1)(a)  Any person in good standing who holds an active
923registration pursuant to former s. 494.039 or license pursuant
924to former s. 521.205, or any person who acted solely as a
925mortgage servicer on September 30, 1991, is eligible to apply to
926the office for a mortgage lender's license and is eligible for
927licensure if the applicant:
928     1.  For at least 12 months during the period of October 1,
9291989, through September 30, 1991, has engaged in the business of
930either acting as a seller or assignor of mortgage loans or as a
931servicer of mortgage loans, or both;
932     2.  Has documented a minimum net worth of $25,000 in
933audited financial statements; and
934     3.  Has applied for licensure pursuant to this section by
935January 1, 1992, and paid an application fee of $100.
936     (b)  A licensee pursuant to paragraph (a) may operate a
937wholly owned subsidiary or affiliate for the purpose of
938servicing accounts if the subsidiary or affiliate is operational
939as of September 30, 1991. Such subsidiary or affiliate is not
940required to obtain a separate license, but is subject to all the
941requirements of a licensee under ss. 494.006-494.0077.
942     (2)  A licensee issued a license pursuant to subsection (1)
943may renew its mortgage lending license if it documents a minimum
944net worth of $25,000, according to United States generally
945accepted accounting principles, which must be continuously
946maintained as a condition to licensure. The office shall require
947an audited financial statement which documents such net worth.
948     (3)  The commission may prescribe by rule forms and
949procedures for application for licensure, and amendment and
950withdrawal of application for licensure, or transfer, including
951any existing branch offices, in accordance with subsections (4)
952and (5), and for renewal of licensure of licensees under this
953section. An application is considered received for purposes of
954s. 120.60 upon receipt of a completed application form as
955prescribed by commission rule, a nonrefundable application fee
956of $575, and any other fee prescribed by law.
957     (4)(a)  Notwithstanding ss. 494.0061(6)(5) and 494.0067(3),
958the ultimate equitable owner, as of the effective date of this
959act, of a mortgage lender licensed under this section may
960transfer, one time, at least 50 percent of the ownership,
961control, or power to vote any class of equity securities of such
962mortgage lender, except as provided in paragraph (b). For
963purposes of this subsection, satisfaction of the amount of the
964ownership transferred may be met in multiple transactions or in
965a single transaction.
966     (b)  A person who is an ultimate equitable owner on the
967effective date of this act may transfer, at any time, at least
96850 percent of the ownership, control, or power to vote any class
969of equity securities of such person to the person's spouse or
970child, and any such transferee may transfer, at any time, such
971ownership, control, or power to vote to a spouse or child of
972such transferee, in perpetuity.
973     (c)  For any transfer application filed on or after October
9741, 2005:
975     1.  An applicant must provide proof that the applicant's
976principal representative has completed 24 hours of instruction
977in primary and subordinate financing transactions and in the
978provisions of this chapter and rules adopted under this chapter.
979This requirement is satisfied if the principal representative
980has continuously served in the capacity of a principal
981representative for a licensed entity under this chapter for at
982least 1 year and has not had a lapse in designation as a
983principal representative of more than 2 years prior to the date
984of the submission of the application or amendment in the case of
985a change in the principal representative. This requirement is
986also satisfied if the principal representative currently has an
987active mortgage broker license in this state.
988     2.  An applicant's principal representative must pass a
989written test prescribed by the commission and administered by
990the office, or must pass an electronic test prescribed by the
991commission and administered by the office or a third party
992approved by the office which test covers primary and subordinate
993mortgage financing transactions and the provisions of this
994chapter and rules adopted under this chapter. The commission may
995set by rule a fee not to exceed $100 for the electronic version
996of the mortgage broker test. The commission may waive by rule
997the examination requirement for any individual who has passed a
998comparable test offered by a national group of state mortgage
999regulators or a federal governmental agency which test covers
1000primary and subordinate mortgage financing transactions. This
1001requirement is satisfied if the principal representative has
1002continuously served in the capacity of a principal
1003representative for a licensed entity under this chapter for at
1004least 1 year and has not had a lapse in designation as a
1005principal representative of more than 2 years prior to the date
1006of the submission of the application or amendment in the case of
1007a change in the principal representative. This requirement is
1008also satisfied if the principal representative currently has an
1009active mortgage broker license in this state.
1010     (5)  The commission or office may require each applicant
1011for any transfer to provide any information reasonably necessary
1012to make a determination of the applicant's eligibility for
1013licensure. The office shall issue the transfer of licensure to
1014any person who submits the following documentation at least 90
1015days prior to the anticipated transfer:
1016     (a)  A completed application form.
1017     (b)  A nonrefundable fee set by rule of the commission in
1018the amount of $575 $500.
1019     (c)  Audited financial statements that substantiate that
1020the applicant has a bona fide and verifiable net worth,
1021according to United States generally accepted accounting
1022principles, of at least $25,000, which must be continuously
1023maintained as a condition of licensure.
1024     (d)  Documentation that the applicant is incorporated,
1025registered, or otherwise formed as a general partnership,
1026limited partnership, limited liability company, or other lawful
1027entity under the laws of this state or another state of the
1028United States.
1029
1030An application is considered received for purposes of s. 120.60
1031upon receipt of a completed application form as prescribed by
1032commission rule, a nonrefundable application fee of $575, and
1033any other fee prescribed by law. The commission or office may
1034require by rule that each officer, director, and ultimate
1035equitable owner of a 10-percent or greater interest in the
1036applicant submit a complete set of fingerprints. A fingerprint
1037card submitted to the office must be taken by an authorized law
1038enforcement agency if the fingerprint card is submitted to the
1039office in paper form. In addition to the fees prescribed in s.
1040215.405, the commission may prescribe by rule an additional fee,
1041not to exceed $30, for processing the fingerprints. The
1042commission may prescribe by rule procedures for submitting
1043fingerprints and fees by electronic means to the office. In
1044order to implement the submission and processing of fingerprints
1045as specified by rule under this section, the office may contract
1046with another state agency that provides fingerprinting services.
1047The office shall submit the fingerprints to the Department of
1048Law Enforcement for state processing and the Department of Law
1049Enforcement shall forward the fingerprints to the Federal Bureau
1050of Investigation for federal processing. The cost for the
1051fingerprint processing may be borne by the office, the employer,
1052or the person subject to the background check. The Department of
1053Law Enforcement shall submit an invoice to the office for the
1054fingerprints received each month. The office shall screen the
1055background results to determine if the applicant meets licensure
1056requirements officer.
1057     (6)  Notwithstanding subsection (5), a transfer under
1058subsection (4) may be denied if the applicant, any principal
1059officer or director of the applicant, or any natural person
1060owning a 10-percent or greater interest in the applicant has
1061committed any violation specified in s. 494.0072, or has entered
1062a plea of nolo contendere, regardless of adjudication, or has an
1063action pending against the applicant in any criminal prosecution
1064or administrative enforcement action, in any jurisdiction, which
1065involves fraud, dishonest dealing, or any act of moral
1066turpitude.
1067     (7)  A license issued in accordance with this section is
1068not transferable or assignable except as provided in subsection
1069(4).
1070     (8)  Each person applying for a transfer of any branch
1071office pursuant to subsection (4) must comply with the
1072requirements of s. 494.0066.
1073     (9)  Each mortgage lender shall designate a principal
1074representative who exercises control over the business and shall
1075keep current the designation on a form prescribed by commission
1076rule designating the principal representative. If the
1077information on the form is not kept current, the business is
1078considered to be operated by each officer, director, or
1079equitable owner of a 10-percent or greater interest in the
1080business.
1081     (10)  A lender shall notify the office of any change in the
1082designation of its principal representative within 30 days. A
1083new principal representative shall satisfy the educational and
1084testing requirements of this section within 90 days after being
1085designated as new principal representative. This requirement is
1086satisfied if the principal representative has continuously
1087served in the capacity of a principal representative for a
1088licensed entity under this chapter for at least 1 year and has
1089not had a lapse in designation as a principal representative of
1090more than 2 years prior to the date of the submission of the
1091application or amendment in the case of a change in the
1092principal representative. This requirement is also satisfied if
1093the principal representative currently has an active mortgage
1094broker license in this state.
1095     Section 17.  Subsection (2) of section 494.0066, Florida
1096Statutes, is amended to read:
1097     494.0066  Branch offices.--
1098     (2)  The office shall issue a branch office license to a
1099licensee licensed under s. 494.0065(1) or a transfer licensee
1100after the office determines that the licensee has submitted upon
1101receipt of a completed branch office application form as
1102prescribed by rule by the commission and an initial
1103nonrefundable branch office license fee of $325. The branch
1104office application must include the name and license number of
1105the licensee under ss. 494.006-494.0077, the name of the
1106licensee's employee in charge of the branch office, and the
1107address of the branch office. The branch office license shall be
1108issued in the name of the licensee under ss. 494.006-494.0077
1109and must be renewed in conjunction with the license renewal.
1110     Section 18.  Paragraph (a) of subsection (10) of section
1111494.0067, Florida Statutes, is amended to read:
1112     494.0067  Requirements of licensees under ss. 494.006-
1113494.0077.--
1114     (10)(a)  Each licensee shall require the principal
1115representative and all loan originators or associates who
1116perform services for the licensee to complete 14 hours of
1117professional continuing education during each biennial license
1118period. The education shall cover primary and subordinate
1119mortgage financing transactions and the provisions of this
1120chapter and the rules adopted under this chapter.
1121     Section 19.  Paragraph (s) is added to subsection (2) of
1122section 494.0072, Florida Statutes, to read:
1123     494.0072  Administrative penalties and fines; license
1124violations.--
1125     (2)  Each of the following acts constitutes a ground for
1126which the disciplinary actions specified in subsection (1) may
1127be taken:
1128     (s)  Payment to the office for a license or permit with a
1129check or electronic transmission of funds which is dishonored by
1130the applicant's or licensee's financial institution.
1131     Section 20.  Subsection (2) of section 494.00721, Florida
1132Statutes, is amended to read:
1133     494.00721  Net worth.--
1134     (2)  If a mortgage lender or correspondent mortgage lender
1135fails to satisfy the net worth requirements, the mortgage lender
1136or correspondent mortgage lender shall immediately cease taking
1137any new mortgage loan applications. Thereafter, the mortgage
1138lender or correspondent mortgage lender shall have up to 60 days
1139within which to satisfy the net worth requirements. If the
1140licensee makes the office aware, prior to an examination, that
1141the licensee no longer meets the net worth requirements, the
1142mortgage lender or correspondent mortgage lender shall have 120
1143days within which to satisfy the net worth requirements. A
1144mortgage lender or correspondent mortgage lender shall not
1145resume acting as a mortgage lender or correspondent mortgage
1146lender without written authorization from the office, which
1147authorization shall be granted if the mortgage lender or
1148correspondent mortgage lender provides the office with
1149documentation which satisfies the requirements of s.
1150494.0061(2)(1)(c), s. 494.0062(2)(1)(c), or s. 494.0065(2),
1151whichever is applicable.
1152     Section 21.  Paragraph (c) of subsection (3) of section
1153501.137, Florida Statutes, is amended to read:
1154     501.137  Mortgage lenders; tax and insurance payments from
1155escrow accounts; duties.--
1156     (3)
1157     (c)  If the lender violates paragraph (a) and the premium
1158payment is more than 90 days overdue or if the insurer refuses
1159to reinstate the insurance policy, the lender shall pay the
1160difference between the cost of the previous insurance policy and
1161a new, comparable insurance policy for a period of 2 years. If
1162the lender refuses, the lender shall be liable for the
1163reasonable attorney's fees and costs of the property owner for a
1164violation of this section.
1165     Section 22.  Section 516.03, Florida Statutes, is amended
1166to read:
1167     516.03  Application for license; fees; etc.--
1168     (1)  APPLICATION.--Application for a license to make loans
1169under this chapter shall be in the form prescribed by rule of
1170the commission, and shall contain the name, residence and
1171business addresses of the applicant and, if the applicant is a
1172copartnership or association, of every member thereof and, if a
1173corporation, of each officer and director thereof, also the
1174county and municipality with the street and number or
1175approximate location where the business is to be conducted, and
1176such further relevant information as the commission or office
1177may require. At the time of making such application the
1178applicant shall pay to the office a nonrefundable biennial
1179license fee of $625. Applications, except for applications to
1180renew or reactivate a license, must also be accompanied by a
1181nonrefundable an investigation fee of $200. An application is
1182considered received for purposes of s. 120.60 upon receipt of a
1183completed application form as prescribed by commission rule, a
1184nonrefundable application fee of $625, and any other fee
1185prescribed by law. The commission may adopt rules to require
1186allow electronic submission of any form, document, or fee
1187required by this act if such rules reasonably accommodate
1188technological or financial hardship. The commission may
1189prescribe by rule requirements and procedures for obtaining an
1190exemption due to a technological or financial hardship.
1191     (2)  FEES.--Fees herein provided for shall be collected by
1192the office and shall be turned into the State Treasury to the
1193credit of the regulatory trust fund under the office. The office
1194shall have full power to employ such examiners or clerks to
1195assist the office as may from time to time be deemed necessary
1196and fix their compensation. The commission may adopt rules to
1197require allow electronic submission of any fee required by this
1198section if such rules reasonably accommodate technological or
1199financial hardship. The commission may prescribe by rule
1200requirements and procedures for obtaining an exemption due to a
1201technological or financial hardship.
1202     Section 23.  Paragraph (a) of subsection (3) of section
1203516.031, Florida Statutes, is amended to read:
1204     516.031  Finance charge; maximum rates.--
1205     (3)  OTHER CHARGES.--
1206     (a)  In addition to the interest, delinquency, and
1207insurance charges herein provided for, no further or other
1208charges or amount whatsoever for any examination, service,
1209commission, or other thing or otherwise shall be directly or
1210indirectly charged, contracted for, or received as a condition
1211to the grant of a loan, except:
1212     1.  An amount not to exceed $25 $10 to reimburse a portion
1213of the costs for investigating the character and credit of the
1214person applying for the loan;
1215     2.  An annual fee of $25 on the anniversary date of each
1216line-of-credit account;
1217     3.  Charges paid for brokerage fee on a loan or line of
1218credit of more than $10,000, title insurance, and the appraisal
1219of real property offered as security when paid to a third party
1220and supported by an actual expenditure;
1221     4.  Intangible personal property tax on the loan note or
1222obligation when secured by a lien on real property;
1223     5.  The documentary excise tax and lawful fees, if any,
1224actually and necessarily paid out by the licensee to any public
1225officer for filing, recording, or releasing in any public office
1226any instrument securing the loan, which fees may be collected
1227when the loan is made or at any time thereafter;
1228     6.  The premium payable for any insurance in lieu of
1229perfecting any security interest otherwise required by the
1230licensee in connection with the loan, if the premium does not
1231exceed the fees which would otherwise be payable, which premium
1232may be collected when the loan is made or at any time
1233thereafter;
1234     7.  Actual and reasonable attorney's fees and court costs
1235as determined by the court in which suit is filed;
1236     8.  Actual and commercially reasonable expenses of
1237repossession, storing, repairing and placing in condition for
1238sale, and selling of any property pledged as security; or
1239     9.  A delinquency charge not to exceed $10 for each payment
1240in default for a period of not less than 10 days, if the charge
1241is agreed upon, in writing, between the parties before imposing
1242the charge.
1243
1244Any charges, including interest, in excess of the combined total
1245of all charges authorized and permitted by this chapter
1246constitute a violation of chapter 687 governing interest and
1247usury, and the penalties of that chapter apply. In the event of
1248a bona fide error, the licensee shall refund or credit the
1249borrower with the amount of the overcharge immediately but
1250within 20 days from the discovery of such error.
1251     Section 24.  Subsection (1) of section 516.05, Florida
1252Statutes, is amended to read:
1253     516.05  License.--
1254     (1)  Upon the filing of an application for a license and
1255payment of all applicable fees, the office shall, unless the
1256application is to renew or reactivate an existing license, make
1257an investigation of the facts concerning the applicant's
1258proposed activities. If the office determines that a license
1259should be granted, it shall issue the license for a period not
1260to exceed 2 years. Biennial licensure periods and procedures for
1261renewal of licenses shall be established by the rule of the
1262commission. If the office determines that grounds exist under
1263this chapter for denial of an application other than an
1264application to renew a license, it shall deny such application,
1265return to the applicant the sum paid as a license fee, and
1266retain the investigation fee.
1267     Section 25.  Paragraph (p) is added to subsection (1) of
1268section 516.07, Florida Statutes, to read:
1269     516.07  Grounds for denial of license or for disciplinary
1270action.--
1271     (1)  The following acts are violations of this chapter and
1272constitute grounds for denial of an application for a license to
1273make consumer finance loans and grounds for any of the
1274disciplinary actions specified in subsection (2):
1275     (p)  Payment to the office for a license or permit with a
1276check or electronic transmission of funds which is dishonored by
1277the applicant's or licensee's financial institution.
1278     Section 26.  Subsection (3) is added to section 516.12,
1279Florida Statutes, to read:
1280     516.12  Records to be kept by licensee.--
1281     (3)  The commission may prescribe by rule the minimum
1282information to be shown in the books, accounts, records, and
1283documents of licensees for purposes of enabling the office to
1284determine the licensee's compliance with ss. 516.001-516.36. In
1285addition, the commission may prescribe by rule the requirements
1286for destruction of books, accounts, records, and documents
1287retained by the licensee after completion of the time period
1288specified in subsection (1). Notwithstanding the 2-year
1289retention period specified in subsection (1), if the office
1290identifies a statute of limitations in another civil or criminal
1291state or federal law or rule which statute of limitations is
1292reasonably related by subject matter to the administration of
1293this chapter, the commission may identify that statute of
1294limitations by rule and may prohibit the destruction of records
1295required to be maintained by this chapter for a period of time,
1296established by rule, which is reasonably related to such statute
1297of limitations. The commission shall prescribe by rule those
1298documents or records that are to be preserved under the
1299identified statute of limitations.
1300     Section 27.  Subsection (9) of section 517.051, Florida
1301Statutes, is amended to read:
1302     517.051  Exempt securities.--The exemptions provided herein
1303from the registration requirements of s. 517.07 are
1304self-executing and do not require any filing with the office
1305prior to claiming such exemption. Any person who claims
1306entitlement to any of these exemptions bears the burden of
1307proving such entitlement in any proceeding brought under this
1308chapter. The registration provisions of s. 517.07 do not apply
1309to any of the following securities:
1310     (9)  A security issued by a corporation organized and
1311operated exclusively for religious, educational, benevolent,
1312fraternal, charitable, or reformatory purposes and not for
1313pecuniary profit, no part of the net earnings of which
1314corporation inures to the benefit of any private stockholder or
1315individual, or any security of a fund that is excluded from the
1316definition of an investment company under s. 3(c)(10)(B) of the
1317Investment Company Act of 1940; provided that no person shall
1318directly or indirectly offer or sell securities under this
1319subsection except by an offering circular containing full and
1320fair disclosure, as prescribed by the rules of the commission,
1321of all material information, including, but not limited to, a
1322description of the securities offered and terms of the offering,
1323a description of the nature of the issuer's business, a
1324statement of the purpose of the offering and the intended
1325application by the issuer of the proceeds thereof, and financial
1326statements of the issuer prepared in conformance with United
1327States generally accepted accounting principles. Section 6(c) of
1328the Philanthropy Protection Act of 1995, Pub. L. No. 104-62,
1329shall not preempt any provision of this chapter.
1330     Section 28.  Subsection (18) of section 517.061, Florida
1331Statutes, is amended to read:
1332     517.061  Exempt transactions.--The exemption for each
1333transaction listed below is self-executing and does not require
1334any filing with the office prior to claiming such exemption.  
1335Any person who claims entitlement to any of the exemptions bears
1336the burden of proving such entitlement in any proceeding brought
1337under this chapter.  The registration provisions of s. 517.07 do
1338not apply to any of the following transactions; however, such
1339transactions are subject to the provisions of ss. 517.301,
1340517.311, and 517.312:
1341     (18)  The offer or sale of any security effected by or
1342through a person in compliance with registered pursuant to s.
1343517.12(17).
1344     Section 29.  Paragraph (g) of subsection (3) of section
1345517.081, Florida Statutes, is amended to read:
1346     517.081  Registration procedure.--
1347     (3)  The office may require the applicant to submit to the
1348office the following information concerning the issuer and such
1349other relevant information as the office may in its judgment
1350deem necessary to enable it to ascertain whether such securities
1351shall be registered pursuant to the provisions of this section:
1352     (g)1.  A specimen copy of the security and a copy of any
1353circular, prospectus, advertisement, or other description of
1354such securities.
1355     2.  The commission shall adopt a form for a simplified
1356offering circular to be used solely by corporations to register,
1357under this section, securities of the corporation that are sold
1358in offerings in which the aggregate offering price in any
1359consecutive 12-month period does not exceed the amount provided
1360in s. 3(b) of the Securities Act of 1933.  The following issuers
1361shall not be eligible to submit a simplified offering circular
1362adopted pursuant to this subparagraph:
1363     a.  An issuer seeking to register securities for resale by
1364persons other than the issuer.
1365     b.  An issuer who is subject to any of the
1366disqualifications described in 17 C.F.R. s. 230.262, adopted
1367pursuant to the Securities Act of 1933, or who has been or is
1368engaged or is about to engage in an activity that would be
1369grounds for denial, revocation, or suspension under s. 517.111.
1370For purposes of this subparagraph, an issuer includes an
1371issuer's director, officer, shareholder who owns at least 10
1372percent of the shares of the issuer, promoter, or selling agent
1373of the securities to be offered or any officer, director, or
1374partner of such selling agent.
1375     c.  An issuer who is a development-stage company that
1376either has no specific business plan or purpose or has indicated
1377that its business plan is to merge with an unidentified company
1378or companies.
1379     d.  An issuer of offerings in which the specific business
1380or properties cannot be described.
1381     e.  Any issuer the office determines is ineligible if the
1382form would not provide full and fair disclosure of material
1383information for the type of offering to be registered by the
1384issuer.
1385     f.  Any corporation which has failed to provide the office
1386the reports required for a previous offering registered pursuant
1387to this subparagraph.
1388
1389As a condition precedent to qualifying for use of the simplified
1390offering circular, a corporation shall agree to provide the
1391office with an annual financial report containing a balance
1392sheet as of the end of the issuer's fiscal year and a statement
1393of income for such year, prepared in accordance with United
1394States generally accepted accounting principles and accompanied
1395by an independent accountant's report. If the issuer has more
1396than 100 security holders at the end of a fiscal year, the
1397financial statements must be audited. Annual financial reports
1398must be filed with the office within 90 days after the close of
1399the issuer's fiscal year for each of the first 5 years following
1400the effective date of the registration.
1401     Section 30.  Subsections (7), (10), (11), (15), and (17) of
1402section 517.12, Florida Statutes, are amended to read:
1403     517.12  Registration of dealers, associated persons,
1404investment advisers, and branch offices.--
1405     (7)  The application shall also contain such information as
1406the commission or office may require about the applicant; any
1407partner, officer, or director of the applicant or any person
1408having a similar status or performing similar functions; any
1409person directly or indirectly controlling the applicant; or any
1410employee of a dealer or of an investment adviser rendering
1411investment advisory services.  Each applicant shall file a
1412complete set of fingerprints. A fingerprint card submitted to
1413the office must be taken by an authorized law enforcement agency
1414if the fingerprint card is submitted to the office in paper
1415form. In addition to the fees prescribed in s. 215.405, the
1416commission may prescribe by rule an additional fee, not to
1417exceed $30, for processing the fingerprints. The commission may
1418prescribe by rule procedures for submitting fingerprints and
1419fees by electronic means to the office. In order to implement
1420the submission and processing of fingerprints as specified by
1421rule under this section, the office may contract with another
1422state agency that provides fingerprint services officer. The
1423office shall submit the Such fingerprints shall be submitted to
1424the Department of Law Enforcement for state processing and the
1425Department of Law enforcement shall forward the fingerprints to
1426or the Federal Bureau of Investigation for state and federal
1427processing. The cost for the fingerprint processing may be borne
1428by the office, the employer, or the person subject to the
1429background check. The Department of Law Enforcement shall submit
1430an invoice to the office for the fingerprints received each
1431month. The office shall screen the background results to
1432determine if the applicant meets licensure requirements. The
1433commission may waive, by rule, the requirement that applicants
1434must file a set of fingerprints or the requirement that such
1435fingerprints must be processed by the Department of Law
1436Enforcement or the Federal Bureau of Investigation.  The
1437commission or office may require information about any such
1438applicant or person concerning such matters as:
1439     (a)  His or her full name, and any other names by which he
1440or she may have been known, and his or her age, photograph,
1441qualifications, and educational and business history.
1442     (b)  Any injunction or administrative order by a state or
1443federal agency, national securities exchange, or national
1444securities association involving a security or any aspect of the
1445securities business and any injunction or administrative order
1446by a state or federal agency regulating banking, insurance,
1447finance, or small loan companies, real estate, mortgage brokers,
1448or other related or similar industries, which injunctions or
1449administrative orders relate to such person.
1450     (c)  His or her conviction of, or plea of nolo contendere
1451to, a criminal offense or his or her commission of any acts
1452which would be grounds for refusal of an application under s.
1453517.161.
1454     (d)  The names and addresses of other persons of whom the
1455office may inquire as to his or her character, reputation, and
1456financial responsibility.
1457     (10)  An applicant for registration shall pay an assessment
1458fee of $200, in the case of a dealer or investment adviser, or
1459$40, in the case of an associated person.  The assessment fee of
1460an associated person shall be reduced to $30, but only after the
1461office determines, by final order, that sufficient funds have
1462been allocated to the Securities Guaranty Fund pursuant to s.
1463517.1203 to satisfy all valid claims filed in accordance with s.
1464517.1203(2) and after all amounts payable under any service
1465contract entered into by the office pursuant to s. 517.1204, and
1466all notes, bonds, certificates of indebtedness, other
1467obligations, or evidences of indebtedness secured by such notes,
1468bonds, certificates of indebtedness, or other obligations, have
1469been paid or provision has been made for the payment of such
1470amounts, notes, bonds, certificates of indebtedness, other
1471obligations, or evidences of indebtedness.  An associated person
1472may not having current fingerprint cards filed with the National
1473Association of Securities Dealers or a national securities
1474exchange registered with the Securities and Exchange Commission
1475shall be assessed an additional fee to cover the cost for said
1476fingerprint cards to be processed by the office.  Such fee shall
1477be determined by rule of the commission.  Each dealer and each
1478investment adviser shall pay an assessment fee of $100 for each
1479office in this state, except its designated principal office.
1480Such fees become the revenue of the state, except for those
1481assessments provided for under s. 517.131(1) until such time as
1482the Securities Guaranty Fund satisfies the statutory limits, and
1483are not returnable in the event that registration is withdrawn
1484or not granted.
1485     (11)  If the office finds that the applicant is of good
1486repute and character and has complied with the provisions of
1487this chapter and the rules made pursuant hereto, it shall
1488register the applicant.  The registration of each dealer,
1489investment adviser, and associated person expires will expire on
1490December 31, of the year the registration became effective
1491unless the registrant has renewed his or her registration on or
1492before that date. and The registration of each branch office
1493expires will expire on March 31 or, once the National
1494Association of Securities Dealers develops the capacity to
1495process branch office registration through the Central
1496Registration Depository, December 31 of the year in which it
1497became effective unless the registrant has renewed its
1498registration on or before that date. The commission may
1499establish by rule the initial year in which branch renewals
1500shall be processed through the Central Registration Depository
1501of the National Association of Securities Dealers. The
1502commission may establish by rule procedures for renewing branch
1503registrations through the Central Registration Depository.
1504Registration may be renewed by furnishing such information as
1505the commission may require, together with payment of the fee
1506required in subsection (10) for dealers, investment advisers,
1507associated persons, or branch offices and the payment of any
1508amount lawfully due and owing to the office pursuant to any
1509order of the office or pursuant to any agreement with the
1510office.  Any dealer, investment adviser, or associated person
1511registrant who has not renewed a registration by the time the
1512current registration expires may request reinstatement of such
1513registration by filing with the office, on or before January 31
1514of the year following the year of expiration, such information
1515as may be required by the commission, together with payment of
1516the fee required in subsection (10) for dealers, investment
1517advisers, or associated persons and a late fee equal to the
1518amount of such fee.  Any reinstatement of registration granted
1519by the office during the month of January shall be deemed
1520effective retroactive to January 1 of that year.
1521     (15)  In lieu of filing with the office the applications
1522specified in subsection (6), the fees required by subsection
1523(10), and the termination notices required by subsection (12),
1524the commission may by rule establish procedures for the deposit
1525of such fees and documents with the Central Registration
1526Depository or the Investment Advisor Registration Depository of
1527the National Association of Securities Dealers, Inc., as
1528developed under contract with the North American Securities
1529Administrators Association, Inc.; provided, however, that such
1530procedures shall provide the office with the information and
1531data as required by this section.
1532     (17)(a)  A dealer that is located in Canada, does not have
1533an and has no office or other physical presence in this state,
1534and has made a notice filing in accordance with this subsection
1535is exempt from the registration requirements of this section and
1536may, provided the dealer is registered in accordance with this
1537section, effect transactions in securities with or for, or
1538induce or attempt to induce the purchase or sale of any security
1539by:
1540     1.  A person from Canada who is present temporarily resides
1541in this state and with whom the Canadian dealer had a bona fide
1542dealer-client relationship before the person entered the United
1543States; or
1544     2.  A person from Canada who is present in a resident of
1545this state, and whose transactions are in a self-directed tax-
1546advantaged tax advantage retirement plan in Canada of which the
1547person is the holder or contributor.
1548     (b)  A notice filing under this subsection must consist of
1549documents that the commission by rule requires to be filed,
1550together with a consent to service of process and a filing fee
1551of $200. The commission may establish by rule procedures for the
1552deposit of fees and the filing of documents to be made by
1553electronic means, if such procedures provide the office with the
1554information and data required by this section.
1555     (c)  A Canadian dealer may make a notice filing under this
1556subsection if such dealer provides to the office:
1557     1.  A notice filing in the form that the commission by rule
1558requires.
1559     2.  A consent to service of process.
1560     3.  Evidence that the Canadian dealer is registered as a
1561dealer in the jurisdiction in which its main office is located.
1562     4.  Evidence that the Canadian dealer is a member of a
1563self-regulatory organization or stock exchange in Canada.
1564     (d)  The office may issue a permit to evidence the
1565effectiveness of a notice filing for a Canadian dealer.
1566     (e)  A notice filing is effective upon receipt. A notice
1567filing expires on December 31 of the year in which the filing
1568becomes effective unless the Canadian dealer has renewed the
1569filing on or before that date. A Canadian dealer may annually
1570renew a notice filing by furnishing to the office such
1571information as the office requires together with a renewal fee
1572of $200 and the payment of any amount due and owing the office
1573pursuant to any agreement with the office. Any Canadian dealer
1574who has not renewed a notice filing by the time a current notice
1575filing expires may request reinstatement of such notice filing
1576by filing with the office, on or before January 31 of the year
1577following the year the notice filing expires, such information
1578as the commission requires, by rule, together with the payment
1579of $200 and a late fee of $200. Any reinstatement of a notice
1580filing granted by the office during the month of January is
1581effective retroactively to January 1 of that year.
1582     (f)  An associated person who represents a Canadian dealer
1583who has made a notice filing under this subsection is exempt
1584from the registration requirements of this section and may
1585effect transactions in securities in this state as permitted for
1586a dealer under paragraph (a) if such person is registered in the
1587jurisdiction from which he or she is effecting transactions into
1588this state.
1589     (g)  A Canadian dealer who has made a notice of filing
1590under this subsection shall:
1591     1.  Maintain its provincial or territorial registration and
1592its membership in a self-regulatory organization or stock
1593exchange in good standing.
1594     2.  Provide the office upon request with its books and
1595records relating to its business in this state as a dealer.
1596     3.  Provide the office upon request notice of each civil,
1597criminal, or administrative action initiated against the dealer.
1598     4.  Disclose to its clients in this state that the dealer
1599and its associated persons are not subject to the full
1600regulatory requirements under this chapter.
1601     5.  Correct any inaccurate information within 30 days after
1602the information contained in the notice of filing becomes
1603inaccurate for any reason.
1604     (h)  An associated person representing a Canadian dealer
1605who has made a notice of filing under this subsection shall:
1606     1.  Maintain provincial or territorial registration in good
1607standing.
1608     2.  Provide the office upon request with notice of each
1609civil, criminal, or administrative action initiated against such
1610person.
1611     (i)  A notice filing may be terminated by filing notice of
1612such termination with the office. Unless another date is
1613specified by the Canadian dealer, such notice is effective upon
1614its receipt by the office.
1615     (j)  All fees collected under this subsection become the
1616revenue of the state, except for those assessments provided for
1617under s. 517.131(1), until the Securities Guaranty Fund has
1618satisfied the statutory limits, and these fees are not
1619returnable if a notice filing is withdrawn.
1620     (b)  An associated person who represents a Canadian dealer
1621registered under this section may, provided the agent is
1622registered in accordance with this section, effect transactions
1623in securities in this state as permitted for a dealer, under
1624subsection (a).
1625     (c)  A Canadian dealer may register under this section
1626provided that such dealer:
1627     1.  Files an application in the form required by the
1628jurisdiction in which the dealer has a head office.
1629     2.  Files a consent to service of process.
1630     3.  Is registered as a dealer in good standing in the
1631jurisdiction from which it is effecting transactions into this
1632state and files evidence of such registration with the office.
1633     4.  Is a member of a self-regulatory organization or stock
1634exchange in Canada.
1635     (d)  An associated person who represents a Canadian dealer
1636registered under this section in effecting transactions in
1637securities in this state may register under this section
1638provided that such person:
1639     1.  Files an application in the form required by the
1640jurisdiction in which the dealer has its head office.
1641     2.  Is registered in good standing in the jurisdiction from
1642which he or she is effecting transactions into this state and
1643files evidence of such registration with the office.
1644     (e)  If the office finds that the applicant is of good
1645repute and character and has complied with the provisions of
1646this chapter, the office shall register the applicant.
1647     (f)  A Canadian dealer registered under this section shall:
1648     1.  Maintain its provincial or territorial registration and
1649its membership in a self-regulatory organization or stock
1650exchange in good standing.
1651     2.  Provide the office upon request with its books and
1652records relating to its business in this state as a dealer.
1653     3.  Provide the office notice of each civil, criminal, or
1654administrative action initiated against the dealer.
1655     4.  Disclose to its clients in this state that the dealer
1656and its agents are not subject to the full regulatory
1657requirements under this chapter.
1658     5.  Correct any inaccurate information within 30 days, if
1659the information contained in the application form becomes
1660inaccurate for any reason before or after the dealer becomes
1661registered.
1662     (g)  An associated person of a Canadian dealer registered
1663under this section shall:
1664     1.  Maintain provincial or territorial registration in good
1665standing.
1666     2.  Provide the office with notice of each civil, criminal,
1667or administrative action initiated against such person.
1668     3.  Through the dealer, correct any inaccurate information
1669within 30 days, if the information contained in the application
1670form becomes inaccurate for any reason before or after the
1671associated person becomes registered.
1672     (h)  Renewal applications for Canadian dealers and
1673associated persons under this section must be filed before
1674December 31 each year.  Every applicant for registration or
1675renewal registration under this section shall pay the fee for
1676dealers and associated persons under this chapter.
1677     Section 31.  Paragraphs (b) and (e) of subsection (3) of
1678section 517.131, Florida Statutes, are amended, and subsection
1679(5) is added to said section, to read:
1680     517.131  Securities Guaranty Fund.--
1681     (3)  Any person is eligible to seek recovery from the
1682Securities Guaranty Fund if:
1683     (b)  Such person has made all reasonable searches and
1684inquiries to ascertain whether the judgment debtor possesses
1685real or personal property or other assets subject to being sold
1686or applied in satisfaction of the judgment, and by her or his
1687search the person has discovered no property or assets; or she
1688or he has discovered property and assets and has taken all
1689necessary action and proceedings for the application thereof to
1690the judgment, but the amount thereby realized was insufficient
1691to satisfy the judgment.  To verify compliance with such
1692condition, the office may require such person to have a writ of
1693execution be issued upon such judgment, and may further require
1694a showing that no personal or real property of the judgment
1695debtor liable to be levied upon in complete satisfaction of the
1696judgment can be found, or may require an affidavit from the
1697claimant setting forth the reasonable searches and inquiries
1698undertaken and the result.
1699     (e)  The office waives compliance with the requirements of
1700paragraph (a) or paragraph (b). The office may waive such
1701compliance if the dealer, investment adviser, or associated
1702person which is the subject of the claim filed with the office
1703is the subject of any proceeding in which a receiver has been
1704appointed by a court of competent jurisdiction. If the office
1705waives such compliance, the office may, upon petition by the
1706claimant, the debtor, or the court-appointed trustee, examiner,
1707or receiver, distribute funds from the Securities Guaranty Fund
1708up to the amount allowed under s. 517.141. Any waiver granted
1709pursuant to this section shall be considered a judgment for
1710purposes of complying with the requirements of this section and
1711of s. 517.141.
1712     (5)  The commission may by rule specify the procedures for
1713complying with subsections (2), (3), and (4), including rules
1714for the form of submission and guidelines for the sufficiency
1715and content of submissions of notices and claims.
1716     Section 32.  Subsections (2) and (5) of section 517.141,
1717Florida Statutes, are amended, and subsection (11) is added to
1718said section, to read:
1719     517.141  Payment from the fund.--
1720     (2)  Regardless of the number of claims or claimants
1721involved, payments for claims shall be limited in the aggregate
1722to $100,000 against any one dealer, investment adviser, or
1723associated person. If the total claims exceed the aggregate
1724limit of $100,000, the office shall prorate the payment based
1725upon the ratio that the person's claim bears to the total claims
1726filed.
1727     (5)  If the final judgment that which gave rise to the
1728claim is overturned in any appeal or in any collateral
1729proceeding, the claimant shall reimburse the fund all amounts
1730paid from the fund to the claimant on the claim. If the claimant
1731satisfies the judgment referred to in s. 517.131(3)(a), the
1732claimant shall reimburse the fund all amounts paid from the fund
1733to the claimant on the claim. Such reimbursement shall be paid
1734to the office within 60 days after the final resolution of the
1735appellate or collateral proceedings or the satisfaction of
1736judgment, with the 60-day period commencing on the date the
1737final order or decision is entered in such proceedings.
1738     (11)  The commission may by rule specify the procedures for
1739complying with this section, including rules for the form of
1740submission and guidelines for the sufficiency and content of
1741submissions of notices and claims.
1742     Section 33.  Subsection (1) of section 517.161, Florida
1743Statutes, is amended to read:
1744     517.161  Revocation, denial, or suspension of registration
1745of dealer, investment adviser, associated person, or branch
1746office.--
1747     (1)  Registration under s. 517.12 may be denied or any
1748registration granted may be revoked, restricted, or suspended by
1749the office if the office determines that such applicant or
1750registrant:
1751     (a)  Has violated any provision of this chapter or any rule
1752or order made under this chapter;
1753     (b)  Has made a material false statement in the application
1754for registration;
1755     (c)  Has been guilty of a fraudulent act in connection with
1756rendering investment advice or in connection with any sale of
1757securities, has been or is engaged or is about to engage in
1758making fictitious or pretended sales or purchases of any such
1759securities or in any practice involving the rendering of
1760investment advice or the sale of securities which is fraudulent
1761or in violation of the law;
1762     (d)  Has made a misrepresentation or false statement to, or
1763concealed any essential or material fact from, any person in the
1764rendering of investment advice or the sale of a security to such
1765person;
1766     (e)  Has failed to account to persons interested for all
1767money and property received;
1768     (f)  Has not delivered, after a reasonable time, to persons
1769entitled thereto securities held or agreed to be delivered by
1770the dealer, broker, or investment adviser, as and when paid for,
1771and due to be delivered;
1772     (g)  Is rendering investment advice or selling or offering
1773for sale securities through any associated person not registered
1774in compliance with the provisions of this chapter;
1775     (h)  Has demonstrated unworthiness to transact the business
1776of dealer, investment adviser, or associated person;
1777     (i)  Has exercised management or policy control over or
1778owned 10 percent or more of the securities of any dealer or
1779investment adviser that has been declared bankrupt, or had a
1780trustee appointed under the Securities Investor Protection Act;
1781or is, in the case of a dealer or investment adviser, insolvent;
1782     (j)  Has been convicted of, or has entered a plea of guilty
1783or nolo contendere to, a crime against the laws of this state or
1784any other state or of the United States or of any other country
1785or government which relates to registration as a dealer,
1786investment adviser, issuer of securities, associated person, or
1787branch office; which relates to the application for such
1788registration; or which involves moral turpitude or fraudulent or
1789dishonest dealing;
1790     (k)  Has had a final judgment entered against her or him in
1791a civil action upon grounds of fraud, embezzlement,
1792misrepresentation, or deceit;
1793     (l)  Is of bad business repute; or
1794     (m)  Has been the subject of any decision, finding,
1795injunction, suspension, prohibition, revocation, denial,
1796judgment, or administrative order by any court of competent
1797jurisdiction, administrative law judge, or by any state or
1798federal agency, national securities, commodities, or option
1799exchange, or national securities, commodities, or option
1800association, involving a violation of any federal or state
1801securities or commodities law or any rule or regulation
1802promulgated thereunder, or any rule or regulation of any
1803national securities, commodities, or options exchange or
1804national securities, commodities, or options association, or has
1805been the subject of any injunction or adverse administrative
1806order by a state or federal agency regulating banking,
1807insurance, finance or small loan companies, real estate,
1808mortgage brokers, or other related or similar industries.  For
1809purposes of this subsection, the office may not deny
1810registration to any applicant who has been continuously
1811registered with the office for 5 years from the entry of such
1812decision, finding, injunction, suspension, prohibition,
1813revocation, denial, judgment, or administrative order provided
1814such decision, finding, injunction, suspension, prohibition,
1815revocation, denial, judgment, or administrative order has been
1816timely reported to the office pursuant to the commission's
1817rules; or.
1818     (n)  Made payment to the office for a license or permit
1819with a check or electronic transmission of funds which is
1820dishonored by the applicant's or registrant's financial
1821institution.
1822     Section 34.  Subsections (2) and (3) of section 520.03,
1823Florida Statutes, are amended to read:
1824     520.03  Licenses.--
1825     (2)  An application for a license under this part must be
1826submitted to the office in such form as the commission may
1827prescribe by rule. If the office determines that an application
1828should be granted, it shall issue the license for a period not
1829to exceed 2 years. A nonrefundable application fee of $175 shall
1830accompany an initial application for the principal place of
1831business and each application for a branch location of a retail
1832installment seller who is required to be licensed under this
1833chapter. An application is considered received for purposes of
1834s. 120.60 upon receipt of a completed application form as
1835prescribed by commission rule, a nonrefundable application fee
1836of $175, and any other fee prescribed by law.
1837     (3)  The nonrefundable renewal fee for a motor vehicle
1838retail installment seller license shall be $175. The commission
1839shall establish by rule biennial licensure periods and
1840procedures for renewal of licenses. A license that is not
1841renewed by the end of the biennium established by the commission
1842shall revert from active to inactive status. An inactive license
1843may be reactivated within 6 months after becoming inactive upon
1844filing a completed reactivation form, payment of the
1845nonrefundable renewal fee, and payment of a nonrefundable
1846reactivation fee equal to the renewal fee. A license that is not
1847reactivated within 6 months after becoming inactive
1848automatically expires.
1849     Section 35.  Subsections (2) and (3) of section 520.32,
1850Florida Statutes, are amended to read:
1851     520.32  Licenses.--
1852     (2)  An application for a license under this part must be
1853submitted to the office in such form as the commission may
1854prescribe by rule. If the office determines that an application
1855should be granted, it shall issue the license for a period not
1856to exceed 2 years. A nonrefundable application fee of $175 shall
1857accompany an initial application for the principal place of
1858business and each application for a branch location of a retail
1859installment seller. An application is considered received for
1860purposes of s. 120.60 upon receipt of a completed application
1861form as prescribed by commission rule, a nonrefundable
1862application fee of $175, and any other fee prescribed by law.
1863     (3)  The nonrefundable renewal fee for a retail seller
1864license shall be $175. Biennial licensure periods and procedures
1865for renewal of licenses may also be established by the
1866commission by rule.  A license that is not renewed at the end of
1867the biennium established by the commission shall revert from
1868active to inactive status.  An inactive license may be
1869reactivated within 6 months after becoming inactive upon filing
1870a completed reactivation form, payment of the nonrefundable
1871renewal fee, and payment of a reactivation fee equal to the
1872nonrefundable renewal fee.  A license that is not reactivated
1873within 6 months after becoming inactive automatically expires.
1874     Section 36.  Subsections (2) and (3) of section 520.52,
1875Florida Statutes, are amended to read:
1876     520.52  Licensees.--
1877     (2)  An application for a license under this part must be
1878submitted to the office in such form as the commission may
1879prescribe by rule. If the office determines that an application
1880should be granted, it shall issue the license for a period not
1881to exceed 2 years. A nonrefundable application fee of $175 shall
1882accompany an initial application for the principal place of
1883business and each branch location of a sales finance company. An
1884application is considered received for purposes of s. 120.60
1885upon receipt of a completed application form as prescribed by
1886commission rule, a nonrefundable application fee of $175, and
1887any other fee prescribed by law.
1888     (3)  The nonrefundable renewal fee for a sales finance
1889company license shall be $175. Biennial licensure periods and
1890procedures for renewal of licenses may also be established by
1891the commission by rule. A license that is not renewed at the end
1892of the biennium established by the commission shall revert from
1893active to inactive status. An inactive license may be
1894reactivated within 6 months after becoming inactive upon filing
1895a completed reactivation form, payment of the nonrefundable
1896renewal fee, and payment of a reactivation fee equal to the
1897nonrefundable renewal fee. A license that is not reactivated
1898within 6 months after becoming inactive automatically expires.
1899     Section 37.  Subsections (2) and (3) of section 520.63,
1900Florida Statutes, are amended to read:
1901     520.63  Licensees.--
1902     (2)  An application for a license under this part must be
1903submitted to the office in such form as the commission may
1904prescribe by rule. If the office determines that an application
1905should be granted, it shall issue the license for a period not
1906to exceed 2 years. A nonrefundable application fee of $175 shall
1907accompany an initial application for the principal place of
1908business and each application for a branch location of a home
1909improvement finance seller. An application is considered
1910received for purposes of s. 120.60 upon receipt of a completed
1911application form as prescribed by commission rule, a
1912nonrefundable application fee of $175, and any other fee
1913prescribed by law.
1914     (3)  The nonrefundable renewal fee for a home improvement
1915finance license shall be $175. Biennial licensure periods and
1916procedures for renewal of licenses may also be established by
1917the commission by rule. A license that is not renewed at the end
1918of the biennium established by the commission shall
1919automatically revert from active to inactive status. An inactive
1920license may be reactivated within 6 months after becoming
1921inactive upon filing a completed reactivation form, payment of
1922the nonrefundable renewal fee, and payment of a nonrefundable
1923reactivation fee equal to the renewal fee. A license that is not
1924reactivated within 6 months after becoming inactive
1925automatically expires.
1926     Section 38.  Subsection (5) of section 520.994, Florida
1927Statutes, is amended to read:
1928     520.994  Powers of office.--
1929     (5)  The office shall administer and enforce this chapter.
1930The commission has authority to adopt rules pursuant to ss.
1931120.536(1) and 120.54 to implement the provisions of this
1932chapter. The commission may adopt rules to require allow
1933electronic submission of any form, document, or fee required by
1934this chapter if such rules reasonably accommodate technological
1935or financial hardship. The commission may prescribe by rule
1936requirements and procedures for obtaining an exemption due to a
1937technological or financial hardship.
1938     Section 39.  Paragraph (k) is added to subsection (1) of
1939section 520.995, Florida Statutes, to read:
1940     520.995  Grounds for disciplinary action.--
1941     (1)  The following acts are violations of this chapter and
1942constitute grounds for the disciplinary actions specified in
1943subsection (2):
1944     (k)  Payment to the office for a license or permit with a
1945check or electronic transmission of funds which is dishonored by
1946the applicant's or licensee's financial institution.
1947     Section 40.  Subsection (4) of section 520.997, Florida
1948Statutes, is amended to read:
1949     520.997  Books, accounts, and records.--
1950     (4)  The commission may prescribe by rule the minimum
1951information to be shown in the books, accounts, documents, and
1952records of licensees so that such records will enable the office
1953to determine compliance with the provisions of this chapter. In
1954addition, the commission may prescribe by rule the requirements
1955for destruction of books, accounts, records, and documents
1956retained by the licensee after completion of the time period
1957specified in subsection (3). Notwithstanding the 2-year
1958retention period specified in subsection (3), if the office
1959identifies a statute of limitations in another civil or criminal
1960law or federal law or rule which statute of limitations is
1961reasonably related by subject matter to the administration of
1962this chapter, the commission may identify that statute of
1963limitations by rule and may prohibit the destruction of records
1964required to be maintained by this chapter for a period of time,
1965established by rule, which is reasonably related to such statute
1966of limitations. The commission shall prescribe by rule those
1967documents or records that are to be preserved under the
1968identified statute of limitations.
1969     Section 41.  Subsection (5) of section 537.009, Florida
1970Statutes, is amended to read:
1971     537.009  Recordkeeping; reporting; safekeeping of
1972property.--
1973     (5)  The commission may prescribe by rule the books,
1974accounts, documents, and records, and the minimum information to
1975be shown in the books, accounts, documents, and records, of
1976licensees so that such records will enable the office to
1977determine compliance with the provisions of this act. In
1978addition, the commission may prescribe by rule the requirements
1979for destruction of books, accounts, records, and documents
1980retained by the licensee after completion of the time period
1981specified in subsection (3). Notwithstanding the 2-year
1982retention period specified in subsection (3), if the office
1983identifies a statute of limitations in another civil or criminal
1984law or federal law or rule which statute of limitations is
1985reasonably related by subject matter to the administration of
1986this chapter, the commission may identify that statute of
1987limitations by rule and may prohibit the destruction of records
1988required to be maintained by this chapter for a period of time,
1989established by rule, which is reasonably related to such statute
1990of limitations. The commission shall prescribe by rule those
1991documents or records that are to be preserved under the
1992identified statute of limitations.
1993     Section 42.  Subsection (3) is added to section 560.105,
1994Florida Statutes, to read:
1995     560.105  Supervisory powers; rulemaking.--
1996     (3)  The commission may adopt rules that require electronic
1997submission of any forms, documents, or fees required by this act
1998if such rules reasonably accommodate technological or financial
1999hardship. The commission may prescribe by rule requirements and
2000procedures for obtaining an exemption due to a technological or
2001financial hardship.
2002     Section 43.  Paragraph (y) is added to subsection (1) of
2003section 560.114, Florida Statutes, to read:
2004     560.114  Disciplinary actions.--
2005     (1)  The following actions by a money transmitter or money
2006transmitter-affiliated party are violations of the code and
2007constitute grounds for the issuance of a cease and desist order,
2008the issuance of a removal order, the denial of a registration
2009application or the suspension or revocation of any registration
2010previously issued pursuant to the code, or the taking of any
2011other action within the authority of the office pursuant to the
2012code:
2013     (y)  Payment to the office for a license or permit with a
2014check or electronic transmission of funds which is dishonored by
2015the applicant's or licensee's financial institution.
2016     Section 44.  Paragraph (b) of subsection (2) of section
2017560.118, Florida Statutes, is amended to read:
2018     560.118  Examinations, reports, and internal audits;
2019penalty.--
2020     (2)
2021     (b)  The commission may, by rule, require each money
2022transmitter or authorized vendor to submit quarterly reports to
2023the office. The commission may adopt rules that require
2024electronic submission of any forms, documents, or fees required
2025by this act if such rules reasonably accommodate technological
2026or financial hardship. The commission may prescribe by rule
2027requirements and procedures for obtaining an exemption due to a
2028technological or financial hardship. The commission may require
2029that each report contain a declaration by an officer, or any
2030other responsible person authorized to make such declaration,
2031that the report is true and correct to the best of her or his
2032knowledge and belief. Such report must include such information
2033as the commission by rule requires for that type of money
2034transmitter.
2035     Section 45.  Subsection (2) of section 560.121, Florida
2036Statutes, is amended to read:
2037     560.121  Records; limited restrictions upon public
2038access.--
2039     (2)  The commission may prescribe by rule the minimum
2040information that must be shown in the books, accounts, records,
2041and documents of licensees for purposes of enabling the office
2042to determine the licensee's compliance with ss. 560.101-560.408.
2043In addition, the commission may prescribe by rule the
2044requirements for destruction of books, accounts, records, and
2045documents retained by the licensee after completion of the time
2046period specified in this subsection. Notwithstanding the 3-year
2047retention period specified in this subsection, if the office
2048identifies a statute of limitations in another civil or criminal
2049law or federal law or rule which statute of limitations is
2050reasonably related by subject matter to the administration of
2051this chapter, the commission may identify that statute of
2052limitations by rule and may prohibit the destruction of records
2053required to be maintained by this chapter for a period of time,
2054established by rule, which is reasonably related to such statute
2055of limitations. The commission shall prescribe by rule those
2056documents or records that are to be preserved under the
2057identified statute of limitations. Examination reports,
2058investigatory records, applications, and related information
2059compiled by the office, or photographic copies thereof, shall be
2060retained by the office for a period of at least 3 years
2061following the date that the examination or investigation ceases
2062to be active. Application records, and related information
2063compiled by the office, or photographic copies thereof, shall be
2064retained by the office for a period of at least 2 years
2065following the date that the registration ceases to be active.
2066     Section 46.  Section 560.126, Florida Statutes, is amended
2067to read:
2068     560.126  Significant events; notice required.--
2069     (1)  Unless exempted by the office, every money transmitter
2070must provide the office with a written notice within 30 15 days
2071after the occurrence or knowledge of, whichever period of time
2072is greater, any of the following events:
2073     (a)(1)  The filing of a petition under the United States
2074Bankruptcy Code for bankruptcy or reorganization by the money
2075transmitter.
2076     (b)(2)  The commencement of any registration suspension or
2077revocation proceeding, either administrative or judicial, or the
2078denial of any original registration request or a registration
2079renewal, by any state, the District of Columbia, any United
2080States territory, or any foreign country, in which the money
2081transmitter operates or plans to operate or has registered to
2082operate.
2083     (c)(3)  A felony indictment relating to the money
2084transmission business involving the money transmitter or a money
2085transmitter-affiliated party of the money transmitter.
2086     (d)(4)  The felony conviction, guilty plea, or plea of nolo
2087contendere, if the court adjudicates the nolo contendere pleader
2088guilty, or the adjudication of guilt of a money transmitter or
2089money transmitter-affiliated party.
2090     (e)(5)  The interruption of any corporate surety bond
2091required by the code.
2092     (f)(6)  Any suspected criminal act, as defined by the
2093commission by rule, perpetrated in this state against a money
2094transmitter or authorized vendor.
2095
2096However, a person does not incur liability no liability shall be
2097incurred by any person as a result of making a good-faith good
2098faith effort to fulfill this disclosure requirement.
2099     (2)  If the information contained in any registration
2100application or any amendment thereto has changed, the registrant
2101shall, within 30 days after the change occurs, file an amendment
2102correcting the information on forms prescribed by the
2103commission.
2104     Section 47.  Section 560.205, Florida Statutes, is amended
2105to read:
2106     560.205  Qualifications of applicant for registration;
2107contents.--
2108     (1)  To qualify for registration under this part, an
2109applicant must demonstrate to the office such character and
2110general fitness as to command the confidence of the public and
2111warrant the belief that the registered business will be operated
2112lawfully and fairly. The office may investigate each applicant
2113to ascertain whether the qualifications and requirements
2114prescribed by this part have been met. The office's
2115investigation may include a criminal background investigation of
2116all controlling shareholders, principals, officers, directors,
2117members, and responsible persons of a funds transmitter and a
2118payment instrument seller and all persons designated by a funds
2119transmitter or payment instrument seller as an authorized
2120vendor. Each controlling shareholder, principal, officer,
2121director, member, and responsible person of a funds transmitter
2122or payment instrument seller, unless the applicant is a publicly
2123traded corporation as defined by the commission by rule, a
2124subsidiary thereof, or a subsidiary of a bank or bank holding
2125company organized and regulated under the laws of any state or
2126the United States, shall file a complete set of fingerprints. A
2127fingerprint card submitted to the office must be taken by an
2128authorized law enforcement agency if the fingerprint card is
2129submitted to the office in paper form. In addition to the fees
2130prescribed in s. 215.405, the commission may prescribe by rule
2131an additional fee, not to exceed $30, for processing the
2132fingerprints. The commission may prescribe by rule procedures
2133for submitting fingerprints and fees by electronic means to the
2134office. In order to implement the submission and processing of
2135fingerprints as specified by rule under this section, the office
2136may contract with another state agency that provides
2137fingerprinting services officer. The office shall submit the
2138Such fingerprints must be submitted to the Department of Law
2139Enforcement for state processing and the Department of Law
2140Enforcement shall forward the fingerprints to or the Federal
2141Bureau of Investigation for state and federal processing. The
2142cost for the fingerprint processing may be borne by the office,
2143the employer, or the person subject to the background check. The
2144Department of Law Enforcement shall submit an invoice to the
2145office for the fingerprints received each month. The office
2146shall screen the background results to determine if the
2147applicant meets licensure requirements. The commission may waive
2148by rule the requirement that applicants file a set of
2149fingerprints or the requirement that such fingerprints be
2150processed by the Department of Law Enforcement or the Federal
2151Bureau of Investigation.
2152     (2)  Each application for registration must be submitted
2153under oath to the office on such forms as the commission
2154prescribes by rule and must be accompanied by a nonrefundable
2155application fee. The commission may establish by rule procedures
2156for depositing fees and filing documents by electronic means.
2157Such fee may not exceed $500 for each payment instrument seller
2158or funds transmitter and $50 for each authorized vendor or
2159location operating within this state. The application must
2160contain forms shall set forth such information as the commission
2161reasonably requires by rule, including, but not limited to:
2162     (a)  The name and address of the applicant, including any
2163fictitious or trade names used by the applicant in the conduct
2164of its business.
2165     (b)  The history of the applicant's material litigation,
2166criminal convictions, pleas of nolo contendere, and cases of
2167adjudication withheld.
2168     (c)  A description of the activities conducted by the
2169applicant, the applicant's history of operations, and the
2170business activities in which the applicant seeks to engage in
2171this state.
2172     (d)  A list identifying the applicant's proposed authorized
2173vendors in this state, including the location or locations in
2174this state at which the applicant and its authorized vendors
2175propose to conduct registered activities.
2176     (d)(e)  A sample authorized vendor contract, if applicable.
2177     (e)(f)  A sample form of payment instrument, if applicable.
2178     (f)(g)  The name and address of the clearing financial
2179institution or financial institutions through which the
2180applicant's payment instruments will be drawn or through which
2181such payment instruments will be payable.
2182     (g)(h)  Documents revealing that the net worth and bonding
2183requirements specified in s. 560.209 have been or will be
2184fulfilled.
2185     (3)  Each application for registration by an applicant that
2186is a corporation shall contain also set forth such information
2187as the commission reasonably requires by rule, including, but
2188not limited to:
2189     (a)  The date of the applicant's incorporation and state of
2190incorporation.
2191     (b)  A certificate of good standing from the state or
2192country in which the applicant was incorporated.
2193     (c)  A description of the corporate structure of the
2194applicant, including the identity of any parent or subsidiary of
2195the applicant, and the disclosure of whether any parent or
2196subsidiary is publicly traded on any stock exchange.
2197     (d)  The name, business and residence addresses, and
2198employment history for the past 5 years for each executive
2199officer, each director, each controlling shareholder, and the
2200responsible person who will be in charge of all the applicant's
2201business activities in this state.
2202     (e)  The history of material litigation and criminal
2203convictions, pleas of nolo contendere, and cases of adjudication
2204withheld for each executive officer, each director, each
2205controlling shareholder, and the responsible person who will be
2206in charge of the applicant's registered activities.
2207     (f)  Copies of the applicant's audited financial statements
2208for the current year and, if available, for the immediately
2209preceding 2-year period. In cases where the applicant is a
2210wholly owned subsidiary of another corporation, the parent's
2211consolidated audited financial statements may be submitted to
2212satisfy this requirement. An applicant who is not required to
2213file audited financial statements may satisfy this requirement
2214by filing unaudited financial statements verified under penalty
2215of perjury, as provided by the commission by rule.
2216     (g)  An applicant who is not required to file audited
2217financial statements may file copies of the applicant's
2218unconsolidated, unaudited financial statements for the current
2219year and, if available, for the immediately preceding 2-year
2220period.
2221     (h)  If the applicant is a publicly traded company, copies
2222of all filings made by the applicant with the United States
2223Securities and Exchange Commission, or with a similar regulator
2224in a country other than the United States, within the year
2225preceding the date of filing of the application.
2226     (4)  Each application for registration submitted to the
2227office by an applicant that is not a corporation shall contain
2228also set forth such information as the commission reasonably
2229requires by rule, including, but not limited to:
2230     (a)  Evidence that the applicant is registered to do
2231business in this state.
2232     (b)  The name, business and residence addresses, personal
2233financial statement, and employment history for the past 5 years
2234for each individual having a controlling ownership interest in
2235the applicant, and each responsible person who will be in charge
2236of the applicant's registered activities.
2237     (c)  The history of material litigation and criminal
2238convictions, pleas of nolo contendere, and cases of adjudication
2239withheld for each individual having a controlling ownership
2240interest in the applicant and each responsible person who will
2241be in charge of the applicant's registered activities.
2242     (d)  Copies of the applicant's audited financial statements
2243for the current year, and, if available, for the preceding 2
2244years. An applicant who is not required to file audited
2245financial statements may satisfy this requirement by filing
2246unaudited financial statements verified under penalty of
2247perjury, as provided by the commission by rule.
2248     (5)  Each applicant shall designate and maintain an agent
2249in this state for service of process.
2250     (6)  Changes in registration occasioned by changes in
2251personnel of a partnership or in the principals, members,
2252partners, officers, directors, controlling shareholders, or
2253responsible persons of a money transmitter or by changes of any
2254material fact or method of doing business shall be reported by
2255written amendment in such form and at such time as the
2256commission specifies by rule.
2257     Section 48.  Section 560.207, Florida Statutes, is amended
2258to read:
2259     560.207  Renewal of registration; registration fee.--
2260     (1)  Registration may be renewed for a 24-month period or
2261the remainder of any such period without proration following the
2262date of its expiration by furnishing such information as the
2263commission requires by rule, together with the payment of the
2264fees required under subsections (2), (3), and (4), upon the
2265filing with the office of an application and other statements
2266and documents as may reasonably be required of registrants by
2267the commission. The commission may establish by rule procedures
2268for depositing fees and filing documents by electronic means.
2269However, the registrant must remain qualified for such
2270registration under the provisions of this part.
2271     (2)  Each application for renewal of All registration must
2272renewal applications shall be accompanied by a nonrefundable
2273renewal fee not to exceed $1,000. A registration expires on
2274April 30 of the year in which the existing registration expires,
2275unless the registrant has renewed his or her registration on or
2276before that date. All renewal applications must be filed on or
2277after January 1 of the year in which the existing registration
2278expires, but before the expiration date of April 30. If the
2279renewal application is filed prior to the expiration date of an
2280existing registration, no late fee shall be paid in connection
2281with such renewal application. If the renewal application is
2282filed within 60 calendar days after the expiration date of an
2283existing registration, then, in addition to the $1,000 renewal
2284fee, the renewal application shall be accompanied by a
2285nonrefundable late fee of $500. If the registrant has not filed
2286a renewal application within 60 calendar days after the
2287expiration date of an existing registration, a new application
2288shall be filed with the office pursuant to s. 560.205.
2289     (3)  In addition to the renewal fee required under
2290subsection (2), each registrant must pay Every registration
2291renewal application shall also include a 2-year nonrefundable
2292registration renewal fee of $50 for each authorized vendor or
2293location operating within this state or, at the option of the
2294registrant, a total 2-year nonrefundable renewal fee of $20,000
2295may be paid to renew the registration of all such locations
2296currently registered at the time of renewal.
2297     (4)  A registration may be reinstated only if the renewal
2298fee and a nonrefundable late fee of $500 are filed within 60
2299calendar days after the expiration of the existing registration.
2300The office must grant a reinstatement of registration for which
2301application is filed during the 60 calendar days, and the
2302reinstatement is effective upon receipt of the required fees and
2303any information that the commission requires by rule.  If the
2304registrant has not filed application for reinstatement of the
2305registration within the 60 calendar days after the expiration of
2306an existing registration, the registration expires, and a new
2307application must be filed with the office pursuant to s.
2308560.205.
2309     Section 49.  Subsection (1) of section 560.210, Florida
2310Statutes, is amended to read:
2311     560.210  Permissible investments.--
2312     (1)  A registrant shall at all times possess permissible
2313investments with an aggregate market value calculated in
2314accordance with United States generally accepted accounting
2315principles of not less than the aggregate face amount of all
2316outstanding funds transmissions transmitted and outstanding
2317payment instruments issued or sold by the registrant or an
2318authorized vendor in the United States.
2319     Section 50.  Subsection (2) of section 560.211, Florida
2320Statutes, is amended to read:
2321     560.211  Records.--
2322     (2)  The records required to be maintained by the code may
2323be maintained by the registrant at any location, provided that
2324the registrant notifies the office in writing of the location of
2325the records in its application or otherwise by amendment as
2326prescribed by commission rule. The registrant shall make such
2327records available to the office for examination and
2328investigation in this state, as permitted by the code, within 7
2329days after receipt of a written request.
2330     Section 51.  Section 560.305, Florida Statutes, is amended
2331to read:
2332     560.305  Application.--Each application for registration
2333must shall be in writing and under oath to the office, in such
2334form as the commission prescribes. The commission may establish
2335by rule procedures for depositing fees and filing documents by
2336electronic means. The application must contain such information
2337as the commission requires by rule, including, but not limited
2338to shall include the following:
2339     (1)  The legal name and residence and business addresses of
2340the applicant if the applicant is a natural person, or, if the
2341applicant is a partnership, association, or corporation, the
2342name of every partner, officer, or director thereof.
2343     (2)  The location of the principal office of the applicant.
2344     (3)  The complete address of any other locations at which
2345the applicant proposes to engage in such activities since the
2346provisions of registration apply to each and every operating
2347location of a registrant.
2348     (4)  Such other information as the commission or office
2349reasonably requires with respect to the applicant or any money
2350transmitter-affiliated party of the applicant; however, the
2351commission or office may not require more information than is
2352specified in part II.
2353     Section 52.  Subsections (1) and (4) of section 560.306,
2354Florida Statutes, are amended, and subsection (6) is added to
2355said section, to read:
2356     560.306  Standards.--
2357     (1)  In order to qualify for registration under this part,
2358an applicant must demonstrate to the office that he or she has
2359such character and general fitness as will command the
2360confidence of the public and warrant the belief that the
2361registered business will be operated lawfully and fairly. The
2362office may investigate each applicant to ascertain whether the
2363qualifications and requirements prescribed by this part have
2364been met. The office's investigation may include a criminal
2365background investigation of all controlling shareholders,
2366principals, officers, directors, members, and responsible
2367persons of a check casher and a foreign currency exchanger and
2368all persons designated by a foreign currency exchanger or check
2369casher as an authorized vendor. Each controlling shareholder,
2370principal, officer, director, member, and responsible person of
2371a check casher or foreign currency exchanger, unless the
2372applicant is a publicly traded corporation as defined by the
2373commission by rule, a subsidiary thereof, or a subsidiary of a
2374bank or bank holding company organized and regulated under the
2375laws of any state or the United States, shall file a complete
2376set of fingerprints. A fingerprint card submitted to the office
2377must be taken by an authorized law enforcement agency if the
2378fingerprint card is submitted to the office in paper form. In
2379addition to the fees prescribed in s. 215.405, the commission
2380may prescribe by rule an additional fee, not to exceed $30, for
2381processing the fingerprints. The commission may prescribe by
2382rule procedures for submitting fingerprints and fees by
2383electronic means to the office. In order to implement the
2384submission and processing of fingerprints as specified by rule
2385under this section, the office may contract with another state
2386agency that provides fingerprinting services officer. The office
2387shall submit the Such fingerprints must be submitted to the
2388Department of Law Enforcement for state processing and the
2389Department of Law Enforcement shall forward the fingerprints to
2390or the Federal Bureau of Investigation for state and federal
2391processing. The cost for the fingerprint processing may be borne
2392by the office, the employer, or the person subject to the
2393background check. The Department of Law Enforcement shall submit
2394an invoice to the office for the fingerprints received each
2395month. The office shall screen the background results to
2396determine if the applicant meets licensure requirements. The
2397commission may waive by rule the requirement that applicants
2398file a set of fingerprints or the requirement that such
2399fingerprints be processed by the Department of Law Enforcement
2400or the Federal Bureau of Investigation.
2401     (4)  Each registration application and renewal application
2402must specify the location at which the applicant proposes to
2403establish its principal place of business and any other
2404location, including authorized vendors operating in this state.
2405The registrant shall notify the office of any changes to any
2406such locations. Any registrant may satisfy this requirement by
2407providing the office with a list of such locations, including
2408all authorized vendors operating in this state, not less than
2409annually. A registrant may not transact business as a check
2410casher or a foreign currency exchanger except pursuant to the
2411name under which it is registered.
2412     (6)  Changes in registration occasioned by changes in
2413personnel of a partnership or in the principals, members,
2414partners, officers, directors, controlling shareholders, or
2415responsible persons of a money transmitter or by changes of any
2416material fact or method of doing business shall be reported by
2417written amendment in such form and at such time as the
2418commission specifies by rule.
2419     Section 53.  Section 560.308, Florida Statutes, is amended
2420to read:
2421     560.308  Registration terms; renewal; renewal fees.--
2422     (1)  Registration may be renewed for a 24-month period or
2423the remainder of any such period without proration following the
2424date of its expiration, by furnishing such information as the
2425commission requires by rule, together with the payment of the
2426fees required under subsections (2), (3), and (4). The
2427commission may establish by rule procedures for depositing fees
2428and filing documents by electronic means. Registration pursuant
2429to this part shall remain effective through the remainder of the
2430second calendar year following its date of issuance unless
2431during such calendar year the registration is surrendered,
2432suspended, or revoked.
2433     (2)  Each application for renewal of registration must be
2434accompanied by The office shall renew registration upon receipt
2435of a completed renewal form and payment of a nonrefundable
2436renewal fee not to exceed $500. The registration expires on
2437December 31 of the year in which the existing registration
2438expires, unless the registrant has renewed his or her
2439registration on or before that date. The completed renewal form
2440and payment of the renewal fee shall occur on or after June 1 of
2441the year in which the existing registration expires.
2442     (3)  In addition to the renewal fee required by subsection
2443(2), each registrant must pay a 2-year nonrefundable
2444registration renewal fee of $50 for each authorized vendor or
2445location operating within this state or, at the option of the
2446registrant, a total 2-year nonrefundable renewal fee of $20,000
2447may be paid to renew the registration of all such locations
2448currently registered at the time of renewal.
2449     (4)  Registration that is not renewed on or before the
2450expiration date of the registration period automatically
2451expires. A renewal application and fee, and a nonrefundable late
2452fee of $250, must be filed within 60 calendar days after the
2453expiration of an existing registration in order for the
2454registration to be reinstated. The office must grant a
2455reinstatement of registration for which application is filed
2456during the 60 calendar days, and the reinstatement is effective
2457upon receipt of the required fees and any information that the
2458commission requires by rule. If the registrant has not filed an
2459a renewal application for reinstatement within 60 calendar days
2460after the expiration date of an existing registration, the
2461registration expires and a new application must be filed with
2462the office pursuant to s. 560.307.
2463     Section 54.  Subsection (2) of section 560.310, Florida
2464Statutes, is amended to read:
2465     560.310  Records of check cashers and foreign currency
2466exchangers.--
2467     (2)  The records required to be maintained by the code may
2468be maintained by the registrant at any location, provided that
2469the registrant notifies the office, in writing, of the location
2470of the records in its application or otherwise by amendment as
2471prescribed by commission rule. The registrant shall make such
2472records available to the office for examination and
2473investigation in this state, as permitted by the code, within 7
2474days after receipt of a written request.
2475     Section 55.  Subsections (2) and (4) of section 560.403,
2476Florida Statutes, are amended to read:
2477     560.403  Requirements of registration; declaration of
2478intent.--
2479     (2)  A registrant under this part shall renew his or her
2480intent to engage in the business of deferred presentment
2481transactions or to act as a deferred presentment provider upon
2482renewing his or her registration under part II or part III and
2483shall do so by indicating his or her intent on the renewal form
2484and by submitting a nonrefundable deferred presentment provider
2485renewal fee of $1,000, in addition to any fees required for
2486renewal of registration under part II or part III.
2487     (4)  The notice of intent of a registrant under this part
2488who fails to timely renew his or her intent to engage in the
2489business of deferred presentment transactions or to act as a
2490deferred presentment provider on or before the expiration date
2491of the registration period automatically expires. A renewal
2492declaration of intent and fee, and a nonrefundable late fee of
2493$500, must be filed within 60 calendar days after the expiration
2494of an existing registration in order for the declaration of
2495intent to be reinstated. The office must grant a reinstatement
2496of a notice of intent for which application is filed during the
249760 calendar days, and the reinstatement is effective upon
2498receipt of the required fees and any information that the
2499commission requires by rule. If the registrant has not filed a
2500reinstatement of a renewal declaration of intent within 60
2501calendar days after the expiration date of an existing
2502registration, the notice of intent expires and a new declaration
2503of intent must be filed with the office.
2504     Section 56.  Section 655.935, Florida Statutes, is amended
2505to read:
2506     655.935  Search procedure on death of lessee.--If
2507satisfactory proof of the death of the lessee is presented, a
2508lessor shall permit the person named in a court order for the
2509purpose, or if no order has been served upon the lessor, the
2510spouse, a parent, an adult descendant, or a person named as a
2511personal representative in a copy of a purported will produced
2512by such person, to open and examine the contents of a safe-
2513deposit box leased or co-leased by a decedent, or any documents
2514delivered by a decedent for safekeeping, in the presence of an
2515officer of the lessor; and the lessor, if so requested by such
2516person, shall deliver:
2517     (1)  Any writing purporting to be a will of the decedent,
2518to the court having probate jurisdiction in the county in which
2519the financial institution is located;
2520     (2)  Any writing purporting to be a deed to a burial plot
2521or to give burial instructions, to the person making the request
2522for a search; and
2523     (3)  Any document purporting to be an insurance policy on
2524the life of the decedent, to the beneficiary named therein.
2525
2526No other contents may be removed pursuant to this section and
2527access granted pursuant to this section shall not be considered
2528the initial opening of the safe-deposit box pursuant to s.
2529733.6065 by a personal representative appointed by a court in
2530this state.
2531     Section 57.  Section 655.936, Florida Statutes, is amended
2532to read:
2533     655.936  Delivery of safe-deposit box contents or property
2534held in safekeeping to personal representative.--
2535     (1)  Subject to the provisions of subsection (3), the
2536lessor shall immediately deliver to a resident personal
2537representative appointed by a court in this state, upon
2538presentation of a certified copy of his or her letters of
2539authority, all property deposited with it by the decedent for
2540safekeeping, and shall grant the resident personal
2541representative access to any safe-deposit box in the decedent's
2542name and permit him or her to remove from such box any part or
2543all of the contents thereof.
2544     (2)  If a foreign personal representative of a deceased
2545lessee has been appointed by a court of any other state, a
2546lessor may, at its discretion, after 3 months from the issuance
2547to such foreign personal representative of his or her letters of
2548authority, deliver to such foreign personal representative all
2549properties deposited with it for safekeeping and the contents of
2550any safe-deposit box in the name of the decedent if at such time
2551the lessor has not received written notice of the appointment of
2552a personal representative in this state, and such delivery is a
2553valid discharge of the lessor for all property or contents so
2554delivered. A Such foreign personal representative appointed by a
2555court of any other state shall furnish the lessor with an
2556affidavit setting forth facts showing the domicile of the
2557deceased lessee to be other than this state and stating that
2558there are no unpaid creditors of the deceased lessee in this
2559state, together with a certified copy of his or her letters of
2560authority. A lessor making delivery pursuant to this subsection
2561shall maintain in its files a receipt executed by such foreign
2562personal representative which itemizes in detail all property so
2563delivered.
2564     (3)  Notwithstanding the provisions of subsection (1),
2565after the death of a lessee of a safe-deposit box, the lessor
2566shall permit the initial opening of the safe-deposit box and the
2567removal of the contents of the safe-deposit box in accordance
2568with s. 733.6065.
2569     (4)  A lessor is not liable for damages or penalty by
2570reason of any delivery made pursuant to this section.
2571     Section 58.  Section 655.937, Florida Statutes, is amended
2572to read:
2573     655.937  Access to safe-deposit boxes leased in two or more
2574names.--
2575     (1)  Unless When specifically provided in the lease or
2576rental agreement to the contrary, when covering a safe-deposit
2577box is heretofore or hereafter rented or leased in the names of
2578two or more lessees, that access to the safe-deposit box will be
2579granted to either lessee, or to either or the survivor, access
2580to the safe-deposit box shall be granted to:
2581     (a)  Either or any of such lessees, regardless of whether
2582or not the other lessee or lessees or any of them are living or
2583competent.; or
2584     (b)  Subject to s. 655.933, those persons named in s.
2585655.933.
2586     (c)  Subject to s. 655.935, those persons named in s.
2587655.935.
2588     (d)(b)  Subject to s. 733.6065, the personal representative
2589of the estate of either or any of such lessees who is deceased,
2590or the guardian of the property of either or any of such lessees
2591who is incapacitated.
2592     (2)  In all cases described in subsection (1),; and, in
2593either such case, the provisions of s. 655.933 apply, and the
2594signature on the safe-deposit entry or access record (or the
2595receipt or acquittance, in the case of property or documents
2596otherwise held for safekeeping) is a valid and sufficient
2597release and discharge to the lessor for granting access to such
2598safe-deposit box or for the delivery of such property or
2599documents otherwise held for safekeeping.
2600     (3)(2)  A lessor may not be held liable for damages or
2601penalty by reason of any access granted or delivery made
2602pursuant to this section.
2603     (4)  The right of access by a co-lessee is separate from
2604the rights and responsibilities of other persons who may be
2605granted access to a safe-deposit box after the death or
2606incapacity of another co-lessee and such right of access is not
2607subject to the provisions of s. 655.935 or s. 733.6065 or other
2608requirements imposed upon personal representatives, guardians,
2609or other fiduciaries.
2610     (5)  After the death of a co-lessee, the surviving co-
2611lessee or any other person who is granted access to the safe-
2612deposit box pursuant to this section may make a written
2613inventory of the box which shall be conducted by the person
2614making the request in the presence of one other person as
2615specified in this subsection. Each person present shall verify
2616the contents of the box by signing a copy of the inventory under
2617penalty of perjury.
2618     (a)  If the person making the written inventory is the
2619surviving co-lessee, the other person may be any other person
2620granted access pursuant to this section, an employee of the
2621institution where the box is located, or an attorney licensed in
2622this state.
2623     (b)  If the person making the written inventory is not a
2624surviving co-lessee, the other person may be a surviving co-
2625lessee, an employee of the institution where the box is located,
2626or an attorney licensed in this state.
2627     Section 59.  Section 733.6065, Florida Statutes, is amended
2628to read:
2629     733.6065  Opening safe-deposit box.--
2630     (1)  Subject to the provisions of s. 655.936(2), the
2631initial opening of a the decedent's safe-deposit box leased or
2632co-leased by the decedent shall be conducted in the presence of
2633any two of the following persons: an employee of the institution
2634where the box is located, the personal representative, or the
2635personal representative's attorney of record. Each person who is
2636present must verify the contents of the box by signing a copy of
2637the inventory under penalties of perjury. The personal
2638representative shall file the safe-deposit box inventory,
2639together with a copy of the box entry record from a date which
2640is 6 months prior to the date of death to the date of inventory,
2641with the court within 10 days after the box is opened. Unless
2642otherwise ordered by the court, this inventory and the attached
2643box entry record is subject to inspection only by persons
2644entitled to inspect an inventory under s. 733.604(1). The
2645personal representative may remove the contents of the box.
2646     (2)  The right to open and examine the contents of a safe-
2647deposit box leased by a decedent, or any documents delivered by
2648a decedent for safekeeping, and to receive items as provided for
2649in s. 655.935 are separate from in addition to the rights
2650provided for in subsection (1).
2651     Section 60.  Subsection (5) is added to section 817.801,
2652Florida Statutes, to read:
2653     817.801  Definitions.--As used in this part:
2654     (5)  "Creditor contribution" means any sum that a creditor
2655agrees to contribute to a credit counseling agency, whether
2656directly or by set-off, to amounts otherwise payable to the
2657creditor on behalf of debtors, provided that in no event shall a
2658creditor contribution reduce any sums to be credited to the
2659account of a debtor making a payment to the credit counseling
2660agency for further payment to the creditor.
2661     Section 61.  Subsection (1) of section 817.802, Florida
2662Statutes, is amended to read:
2663     817.802  Unlawful fees and costs.--
2664     (1)  It is unlawful for any person, while engaging in debt
2665management services or credit counseling services, to charge or
2666accept from a debtor residing in this state, directly or
2667indirectly, a fee or contribution greater than $50 for the
2668initial setup or initial consultation. Subsequently, the person
2669may not charge or accept a fee or contribution from a debtor
2670residing in this state greater than $120 per year for additional
2671consultations or, alternatively, if debt management services as
2672defined in s. 817.801(2)(b) are provided, the person may charge
2673the greater of 12 7.5 percent of the amount paid monthly by the  
2674debtor to the person or $25 $35 per month, not to exceed a total
2675of $50 per month.
2676     Section 62.  Paragraph (a) of subsection (1) of section
2677817.804, Florida Statutes, is amended to read:
2678     817.804  Requirements; disclosure and financial
2679reporting.--
2680     (1)  Any person engaged in debt management services or
2681credit counseling services shall:
2682     (a)  Obtain from a certified public accountant licensed
2683under s. 473.308 an annual audit of all accounts which shall
2684include all accounts of such person in which the funds of
2685debtors are deposited and from which payments are made to
2686creditors on behalf of debtors.
2687     Section 63.  Section 817.805, Florida Statutes, is amended
2688to read:
2689     817.805  Disbursement of funds.--Any person engaged in debt
2690management or credit counseling services shall disburse to the
2691appropriate creditors all funds received from a debtor, less any
2692fees permitted by s. 817.802 and any creditor contributions,
2693within 30 days after receipt of such funds. Further, any person
2694engaged in such services shall maintain a separate trust account
2695for the receipt of any funds from debtors each debtor and the
2696disbursement of such funds on behalf of such debtors debtor.
2697     Section 64.  (1)  For fiscal year 2005-2006, the recurring
2698sum of $717,154 is appropriated from the Regulatory Trust Fund
2699to the Office of Financial Regulation for the purpose of
2700implementing the provisions of s. 494.0033(2)(b), Florida
2701Statutes, for third-party administration of the mortgage broker
2702test.
2703     (2)  For fiscal year 2005-2006, the recurring sum of
2704$758,290 is appropriated from the Regulatory Trust Fund, and the
2705recurring sum of $12,015 is appropriated from the General
2706Revenue Fund, to the Office of Financial Regulation, in the
2707special appropriation category "fingerprinting of applicants,"
2708for the purpose of implementing the provisions of ss. 494.0031,
2709494.0033(2)(d), 494.0061, 494.0062, 494.0065, 517.12, 560.205,
2710and 560.306, Florida Statutes, for fingerprint processing of
2711applicants.
2712     Section 65.  This act shall take effect October 1, 2005.


CODING: Words stricken are deletions; words underlined are additions.