Florida Senate - 2009                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 2226
       
       
       
       
       
       
                                Barcode 577302                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .                                
             04/28/2009 11:47 AM       .                                
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       Senator Richter moved the following:
       
    1         Senate Amendment 
    2  
    3         Delete lines 166 - 193
    4  and insert:
    5         Section 1. Effective January 1, 2010, subsection (3) of
    6  section 494.001, Florida Statutes, is amended to read:
    7         494.001 Definitions.—As used in ss. 494.001-494.0077, the
    8  term:
    9         (3) “Act as a mortgage broker” means, for compensation or
   10  gain, or in the expectation of compensation or gain, either
   11  directly or indirectly, accepting or offering to accept an
   12  application for a mortgage loan, soliciting or offering to
   13  solicit a mortgage loan on behalf of a borrower, negotiating or
   14  offering to negotiate the terms or conditions of a new or
   15  existing mortgage loan on behalf of a borrower or lender, or
   16  negotiating or offering to negotiate the sale of an existing
   17  mortgage loan to a noninstitutional investor. An employee whose
   18  activities are ministerial and clerical, which may include
   19  quoting available interest rates or loan terms and conditions,
   20  is not acting as a mortgage broker.
   21         Section 2. Section 494.001, Florida Statutes, as amended by
   22  this act, is amended to read:
   23         494.001 Definitions.—As used in ss. 494.001-494.0077, the
   24  term:
   25         (1) “Act as a correspondent mortgage lender” means to make
   26  a mortgage loan.
   27         (2) “Act as a loan originator” means being employed by a
   28  mortgage lender or correspondent mortgage lender, for
   29  compensation or gain or in the expectation of compensation or
   30  gain, to negotiate, offer to negotiate, or assist any licensed
   31  or exempt entity in negotiating the making of a mortgage loan,
   32  including, but not limited to, working with a licensed or exempt
   33  entity to structure a loan or discussing terms and conditions
   34  necessary for the delivery of a loan product. A natural person
   35  whose activities are ministerial and clerical, which may include
   36  quoting available interest rates, is not acting as a loan
   37  originator.
   38         (3) “Act as a mortgage broker” means, for compensation or
   39  gain, or in the expectation of compensation or gain, directly or
   40  indirectly, accepting or offering to accept an application for a
   41  mortgage loan, soliciting or offering to solicit a mortgage loan
   42  on behalf of a borrower, negotiating or offering to negotiate
   43  the terms or conditions of a new or existing mortgage loan on
   44  behalf of a borrower or lender, or negotiating or offering to
   45  negotiate the sale of an existing mortgage loan to a
   46  noninstitutional investor. An employee whose activities are
   47  ministerial and clerical, which may include quoting available
   48  interest rates or loan terms and conditions, is not acting as a
   49  mortgage broker.