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CS/CS/SB 2226: Mortgage Brokering and Lending [CPSC]

GENERAL BILL by Judiciary ; Banking and Insurance ; Banking and Insurance ; (CO-INTRODUCERS) Fasano ; Lynn ; Richter

Mortgage Brokering and Lending [CPSC]; Authorizes the Financial Services Commission to adopt rules relating to compliance with the S.A.F.E. Mortgage Licensing Act of 2008. Provides exemptions from part I, II, and III of ch. 494, F.S., relating to the licensing and regulation of loan originators, mortgage brokers, and mortgage lenders. Exempts certain attorneys from the definition of "foreclosure-rescue consultant," etc.

Effective Date: 07/01/2009 except as otherwise provided
 Last Action: 6/29/2009 - Approved by Governor; Chapter No. 2009-241
Bill Text: Web Page | PDF

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  • Bill History

    Date Chamber Action
    2/26/2009 Senate • SPB 7058 submitted as a committee bill (SB 2226) by Banking and Insurance; Filed
    3/10/2009 Senate • Referred to Banking and Insurance; Judiciary; Finance and Tax; General Government Appropriations -SJ 00174
    3/19/2009 Senate • Introduced -SJ 00174
    3/20/2009 Senate • On Committee agenda-- Banking and Insurance, 03/25/09, 8:00 am, 412-K
    3/25/2009 Senate • CS by Banking and Insurance; YEAS 8 NAYS 0 -SJ 00252; CS read 1st time on 04/01/09 -SJ 00267
    3/26/2009 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    3/30/2009 Senate • Now in Judiciary -SJ 00252
    4/8/2009 Senate • On Committee agenda-- Judiciary, 04/15/09, 3:00 pm, 110-S
    4/15/2009 Senate • CS/CS by Judiciary; YEAS 8 NAYS 0 -SJ 00413; CS read 1st time on 04/21/09 -SJ 00432
    4/17/2009 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute); Remaining references corrected to Policy & Steering Committee on Ways and Means -SJ 00442; Now in Policy & Steering Committee on Ways and Means; On Committee agenda-- Finance and Tax, 04/20/09, 1:30 pm, 301-S --Not received; On Committee agenda-- Policy & Steering Committee on Ways and Means, 04/21/09, 1:30 pm, 412-K --Not considered
    4/23/2009 Senate • On Committee agenda-- Policy & Steering Committee on Ways and Means, 04/23/09, 2:02 pm, 412-K; Favorable by- Policy & Steering Committee on Ways and Means; YEAS 21 NAYS 0 -SJ 00507; Placed on Calendar, on 2nd reading -SJ 00507
    4/28/2009 Senate • Placed on Special Order Calendar; Read 2nd time -SJ 00688; Amendment(s) adopted (953602, 788172, 577302, 212376) -SJ 00688; Ordered engrossed -SJ 00690
    4/29/2009 Senate • Read 3rd time -SJ 00750; CS passed as amended; YEAS 39 NAYS 0 -SJ 00751
    4/29/2009 House • In Messages
    5/1/2009 House • Received, referred to Calendar -HJ 01306; Read 2nd time -HJ 01307; Read 3rd time -HJ 01307; Substituted for CS/HB 7099 -HJ 01307; CS passed; YEAS 119 NAYS 0 -HJ 01308
    5/1/2009 Senate • Ordered enrolled -SJ 01111
    6/15/2009 • Signed by Officers and presented to Governor
    6/29/2009 • Approved by Governor; Chapter No. 2009-241

    Top of SectionTop of Page

  • CS/CS/SB 2226, Enrolled (Current Bill Version) Posted 5/1/2009 at 4:41 PM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Related Bills (5)

    Bill Number Subject Filed By Relationship Last Action and Location
    S 1940 Mortgage Guaranty TF/Financial Regulation Office [CPSC] Fasano Linked Last Action: 5/2/2009 S Indefinitely postponed and withdrawn from consideration; Died in Committee on Policy & Steering Committee on Ways and Means, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 2226 (Ch. 2009-241)
    Location:
    S 2652 Pub. Rec./Office of Financial Regulation [CPSC] Fasano Linked Last Action: 5/2/2009 S Indefinitely postponed and withdrawn from consideration; Died on Calendar, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 2226 (Ch. 2009-241)
    Location:
    H 7099 (e1) Mortgage Brokering and Mortgage Lending Patterson Similar Last Action: 5/1/2009 H Substituted CS/CS/SB 2226; Laid on Table, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 2226 (Ch. 2009-241) -HJ 01307
    Location:
    H 7101 Trust Funds Insurance, Business, and Financial Affairs Policy Committee Compare Last Action: 5/2/2009 S Indefinitely postponed and withdrawn from consideration; Died in Messages, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 2226 (Ch. 2009-241)
    Location:
    H 7115 Pub. Rec./Office of Financial Regulation Insurance, Business, and Financial Affairs Policy Committee Compare Last Action: 5/2/2009 S Indefinitely postponed and withdrawn from consideration; Died in Messages, Link/Iden/Sim/Compare passed, refer to CS/CS/SB 2226 (Ch. 2009-241)
    Location:

    Citations - Statutes (66)

    Citation Catchline Location in Bill Location In Bill Help
    201.23 Foreign notes and other written obligations exempt.
    420.507 Powers of the corporation.
    494.001 Definitions.
    494.0011 Powers and duties of the commission and office.
    494.00115
    494.00135
    494.0014 Cease and desist orders; administrative fines; refund orders.
    494.00165 Prohibited advertising; record requirements.
    494.0017 Regulatory Trust Fund.
    494.00172
    494.0018 Penalties.
    494.0019 Liability in case of unlawful transaction.
    494.002 Statutory or common-law remedies.
    494.0023 Conflicting interest.
    494.0025 Prohibited practices.
    494.00255
    494.0026 Disposition of insurance proceeds.
    494.0028 Arbitration.
    494.0029 Mortgage business schools.
    494.00295 Professional continuing education.
    494.00296
    494.003 Exemptions.
    494.0031 Licensure as a mortgage brokerage business.
    494.00312
    494.00313
    494.0032 Renewal of mortgage brokerage business license or branch office license.
    494.00321
    494.00322
    494.0033 Mortgage broker's license.
    494.00331 Mortgage broker association.
    494.0034 Renewal of mortgage broker's license.
    494.0035 Principal broker and branch broker requirements.
    494.0036 Mortgage brokerage business branch offices.
    494.0038 Mortgage broker disclosures.
    494.0039 Principal place of business requirements.
    494.004 Requirements of licensees.
    494.0041 Administrative penalties and fines; license violations.
    494.0042 Brokerage fees.
    494.00421 Fees earned upon obtaining a bona fide commitment.
    494.0043 Requirements for brokering loans to noninstitutional investors.
    494.006 Exemptions.
    494.0061 Mortgage lender's license requirements.
    494.00611
    494.00612
    494.0062 Correspondent mortgage lender's license requirements.
    494.0063 Audited financial statements.
    494.0064 Renewal of mortgage lender's license; branch office license renewal.
    494.0065 Saving clause.
    494.0066 Branch offices.
    494.00665
    494.0067 Requirements of licensees under ss. 494.006-494.0077.
    494.0068 Loan application process.
    494.0069 Lock-in agreement.
    494.007 Commitment process.
    494.0071 Expiration of lock-in agreement or commitment.
    494.0072 Administrative penalties and fines; license violations.
    494.00721 Net worth.
    494.0073 Mortgage lender or correspondent mortgage lender when acting as a mortgage brokerage business.
    494.0075 Requirements for selling loans to noninstitutional investors.
    494.0076 Servicing audits.
    494.0077 Other products and services.
    501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.
    520.52 Licensees.
    520.63 Licensees.
    607.0505 Registered agent; duties.
    687.12 Interest rates; parity among licensed lenders or creditors.

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  • CS/CS/SB 2226, Engrossed 1 Posted 4/28/2009 at 2:09 PM

    Bill Text:   Web Page | PDF
    Analyses:   None

    Floor Amendments (8)

    Amendment Sponsor Filed Last Floor Action Format
    617075 - Amendment
    		Workman 4/29/2009
    6:48 PM     		Web Page
    PDF
    724873 - Amendment
    		Workman 4/29/2009
    6:48 PM     		Web Page
    PDF
    039173 - Amendment
    		Workman 4/29/2009
    6:48 PM     		Web Page
    PDF
    415777 - Amendment
    		Workman 4/29/2009
    6:49 PM     		Web Page
    PDF
    875523 - Amendment
    		Workman 4/29/2009
    6:49 PM     		Web Page
    PDF
    048405 - Amendment
    		Workman 4/29/2009
    6:49 PM     		Web Page
    PDF
    721873 - Amendment
    		Workman 4/29/2009
    6:49 PM     		Web Page
    PDF
    036173 - Amendment
    		Workman 4/29/2009
    6:49 PM     		Web Page
    PDF

    Floor Votes (2)

    Date Chamber Result
    4/29/2009 10:43 AM Senate 39 Yeas - 0 Nays
    5/1/2009 12:58 PM House 119 Yeas - 0 Nays

    Citations - Statutes (66)

    Citation Catchline Location in Bill Location In Bill Help
    201.23 Foreign notes and other written obligations exempt.
    420.507 Powers of the corporation.
    494.001 Definitions.
    494.0011 Powers and duties of the commission and office.
    494.00115
    494.00135
    494.0014 Cease and desist orders; administrative fines; refund orders.
    494.00165 Prohibited advertising; record requirements.
    494.0017 Regulatory Trust Fund.
    494.00172
    494.0018 Penalties.
    494.0019 Liability in case of unlawful transaction.
    494.002 Statutory or common-law remedies.
    494.0023 Conflicting interest.
    494.0025 Prohibited practices.
    494.00255
    494.0026 Disposition of insurance proceeds.
    494.0028 Arbitration.
    494.0029 Mortgage business schools.
    494.00295 Professional continuing education.
    494.00296
    494.003 Exemptions.
    494.0031 Licensure as a mortgage brokerage business.
    494.00312
    494.00313
    494.0032 Renewal of mortgage brokerage business license or branch office license.
    494.00321
    494.00322
    494.0033 Mortgage broker's license.
    494.00331 Mortgage broker association.
    494.0034 Renewal of mortgage broker's license.
    494.0035 Principal broker and branch broker requirements.
    494.0036 Mortgage brokerage business branch offices.
    494.0038 Mortgage broker disclosures.
    494.0039 Principal place of business requirements.
    494.004 Requirements of licensees.
    494.0041 Administrative penalties and fines; license violations.
    494.0042 Brokerage fees.
    494.00421 Fees earned upon obtaining a bona fide commitment.
    494.0043 Requirements for brokering loans to noninstitutional investors.
    494.006 Exemptions.
    494.0061 Mortgage lender's license requirements.
    494.00611
    494.00612
    494.0062 Correspondent mortgage lender's license requirements.
    494.0063 Audited financial statements.
    494.0064 Renewal of mortgage lender's license; branch office license renewal.
    494.0065 Saving clause.
    494.0066 Branch offices.
    494.00665
    494.0067 Requirements of licensees under ss. 494.006-494.0077.
    494.0068 Loan application process.
    494.0069 Lock-in agreement.
    494.007 Commitment process.
    494.0071 Expiration of lock-in agreement or commitment.
    494.0072 Administrative penalties and fines; license violations.
    494.00721 Net worth.
    494.0073 Mortgage lender or correspondent mortgage lender when acting as a mortgage brokerage business.
    494.0075 Requirements for selling loans to noninstitutional investors.
    494.0076 Servicing audits.
    494.0077 Other products and services.
    501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.
    520.52 Licensees.
    520.63 Licensees.
    607.0505 Registered agent; duties.
    687.12 Interest rates; parity among licensed lenders or creditors.

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  • CS/CS/SB 2226, Committee Substitute 2 Posted 4/17/2009 at 12:13 PM

    Bill Text:   Web Page | PDF
    Analyses:   Finance and Tax (Post-Meeting) 4/17/2009 (pdf)
    Judiciary (Post-Meeting) (pdf)
    Policy and Steering Committee on Ways and Means (Post-Meeting) (pdf)

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    369678 - Amendment
    		Policy and Steering Committee on Ways and Means
    (Haridopolos)     		4/20/2009
    3:51 PM     		Web Page
    PDF

    Floor Amendments (4)

    Amendment Sponsor Filed Last Floor Action Format
    577302 - Amendment
    		Richter 4/27/2009
    1:59 PM     		Senate: Adopted
    4/28/2009     		Web Page
    PDF
    788172 - Amendment
    		Richter 4/27/2009
    1:59 PM     		Senate: Adopted
    4/28/2009     		Web Page
    PDF
    212376 - Amendment
    		Richter 4/27/2009
    2:00 PM     		Senate: Adopted
    4/28/2009     		Web Page
    PDF
    953602 - Amendment
    		Richter 4/27/2009
    2:00 PM     		Senate: Adopted
    4/28/2009     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    4/23/2009 2:02 PM Policy and Steering Committee on Ways and Means 21 Yeas - 0 Nays

    Citations - Statutes (66)

    Citation Catchline Location in Bill Location In Bill Help
    201.23 Foreign notes and other written obligations exempt.
    420.507 Powers of the corporation.
    494.001 Definitions.
    494.0011 Powers and duties of the commission and office.
    494.00115
    494.00135
    494.0014 Cease and desist orders; administrative fines; refund orders.
    494.00165 Prohibited advertising; record requirements.
    494.0017 Regulatory Trust Fund.
    494.00172
    494.0018 Penalties.
    494.0019 Liability in case of unlawful transaction.
    494.002 Statutory or common-law remedies.
    494.0023 Conflicting interest.
    494.0025 Prohibited practices.
    494.00255
    494.0026 Disposition of insurance proceeds.
    494.0028 Arbitration.
    494.0029 Mortgage business schools.
    494.00295 Professional continuing education.
    494.00296
    494.003 Exemptions.
    494.0031 Licensure as a mortgage brokerage business.
    494.00312
    494.00313
    494.0032 Renewal of mortgage brokerage business license or branch office license.
    494.00321
    494.00322
    494.0033 Mortgage broker's license.
    494.00331 Mortgage broker association.
    494.0034 Renewal of mortgage broker's license.
    494.0035 Principal broker and branch broker requirements.
    494.0036 Mortgage brokerage business branch offices.
    494.0038 Mortgage broker disclosures.
    494.0039 Principal place of business requirements.
    494.004 Requirements of licensees.
    494.0041 Administrative penalties and fines; license violations.
    494.0042 Brokerage fees.
    494.00421 Fees earned upon obtaining a bona fide commitment.
    494.0043 Requirements for brokering loans to noninstitutional investors.
    494.006 Exemptions.
    494.0061 Mortgage lender's license requirements.
    494.00611
    494.00612
    494.0062 Correspondent mortgage lender's license requirements.
    494.0063 Audited financial statements.
    494.0064 Renewal of mortgage lender's license; branch office license renewal.
    494.0065 Saving clause.
    494.0066 Branch offices.
    494.00665
    494.0067 Requirements of licensees under ss. 494.006-494.0077.
    494.0068 Loan application process.
    494.0069 Lock-in agreement.
    494.007 Commitment process.
    494.0071 Expiration of lock-in agreement or commitment.
    494.0072 Administrative penalties and fines; license violations.
    494.00721 Net worth.
    494.0073 Mortgage lender or correspondent mortgage lender when acting as a mortgage brokerage business.
    494.0075 Requirements for selling loans to noninstitutional investors.
    494.0076 Servicing audits.
    494.0077 Other products and services.
    501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.
    520.52 Licensees.
    520.63 Licensees.
    607.0505 Registered agent; duties.
    687.12 Interest rates; parity among licensed lenders or creditors.

    Top of SectionTop of Page

  • CS/SB 2226, Committee Substitute 1 Posted 3/26/2009 at 2:37 PM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance (Post-Meeting) (pdf)

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    283190 - Amendment
    		Judiciary
    (Richter)     		4/14/2009
    4:43 PM     		Replaced by Committee Substitute
    4/15/2009     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    4/15/2009 3:00 PM Judiciary 8 Yeas - 0 Nays

    Citations - Statutes (56)

    Citation Catchline Location in Bill Location In Bill Help
    494.001 Definitions.
    494.0011 Powers and duties of the commission and office.
    494.0014 Cease and desist orders; administrative fines; refund orders.
    494.00165 Prohibited advertising; record requirements.
    494.0017 Regulatory Trust Fund.
    494.00172
    494.0018 Penalties.
    494.0019 Liability in case of unlawful transaction.
    494.002 Statutory or common-law remedies.
    494.0023 Conflicting interest.
    494.0025 Prohibited practices.
    494.00255
    494.0028 Arbitration.
    494.0029 Mortgage business schools.
    494.00295 Professional continuing education.
    494.00296
    494.003 Exemptions.
    494.0031 Licensure as a mortgage brokerage business.
    494.00312
    494.00313
    494.0032 Renewal of mortgage brokerage business license or branch office license.
    494.00321
    494.00322
    494.0033 Mortgage broker's license.
    494.00331 Mortgage broker association.
    494.0034 Renewal of mortgage broker's license.
    494.0035 Principal broker and branch broker requirements.
    494.0036 Mortgage brokerage business branch offices.
    494.0038 Mortgage broker disclosures.
    494.0039 Principal place of business requirements.
    494.004 Requirements of licensees.
    494.0041 Administrative penalties and fines; license violations.
    494.0042 Brokerage fees.
    494.00421 Fees earned upon obtaining a bona fide commitment.
    494.0043 Requirements for brokering loans to noninstitutional investors.
    494.006 Exemptions.
    494.0061 Mortgage lender's license requirements.
    494.00611
    494.00612
    494.0062 Correspondent mortgage lender's license requirements.
    494.0063 Audited financial statements.
    494.0064 Renewal of mortgage lender's license; branch office license renewal.
    494.0065 Saving clause.
    494.0066 Branch offices.
    494.00665
    494.0067 Requirements of licensees under ss. 494.006-494.0077.
    494.0068 Loan application process.
    494.0069 Lock-in agreement.
    494.007 Commitment process.
    494.0071 Expiration of lock-in agreement or commitment.
    494.0072 Administrative penalties and fines; license violations.
    494.00721 Net worth.
    494.0073 Mortgage lender or correspondent mortgage lender when acting as a mortgage brokerage business.
    494.0075 Requirements for selling loans to noninstitutional investors.
    494.0077 Other products and services.
    501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.

    Top of SectionTop of Page

  • SB 2226, Original Filed Version Posted 2/26/2009 at 5:48 PM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance PCS 103612 (Post-Meeting) (pdf)

    Proposed Committee Substitutes (1)

    PCS and Amendments Sponsor Filed Last Committee Action Format
    103612 - Proposed Committee Substitute Banking and Insurance 3/23/2009
    12:59 PM     		Favorable
    3/26/2009    		 Web Page
    PDF
    hierarchy 956600 - Amendment (103612)
    		Banking and Insurance
    (Fasano)     		3/25/2009
    7:34 AM     		Favorable
    3/26/2009     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    3/25/2009 8:00 AM Banking and Insurance 8 Yeas - 0 Nays

    Citations - Statutes (52)

    Citation Catchline Location in Bill Location In Bill Help
    494.001 Definitions.
    494.0011 Powers and duties of the commission and office.
    494.0014 Cease and desist orders; administrative fines; refund orders.
    494.00165 Prohibited advertising; record requirements.
    494.0017 Regulatory Trust Fund.
    494.00172
    494.0018 Penalties.
    494.0019 Liability in case of unlawful transaction.
    494.002 Statutory or common-law remedies.
    494.0023 Conflicting interest.
    494.0025 Prohibited practices.
    494.0028 Arbitration.
    494.0029 Mortgage business schools.
    494.00295 Professional continuing education.
    494.003 Exemptions.
    494.0031 Licensure as a mortgage brokerage business.
    494.00312
    494.0032 Renewal of mortgage brokerage business license or branch office license.
    494.00321
    494.0033 Mortgage broker's license.
    494.00331 Mortgage broker association.
    494.0034 Renewal of mortgage broker's license.
    494.0035 Principal broker and branch broker requirements.
    494.0036 Mortgage brokerage business branch offices.
    494.0038 Mortgage broker disclosures.
    494.0039 Principal place of business requirements.
    494.004 Requirements of licensees.
    494.0041 Administrative penalties and fines; license violations.
    494.0042 Brokerage fees.
    494.00421 Fees earned upon obtaining a bona fide commitment.
    494.0043 Requirements for brokering loans to noninstitutional investors.
    494.006 Exemptions.
    494.0061 Mortgage lender's license requirements.
    494.00611
    494.00612
    494.0062 Correspondent mortgage lender's license requirements.
    494.0063 Audited financial statements.
    494.0064 Renewal of mortgage lender's license; branch office license renewal.
    494.0065 Saving clause.
    494.0066 Branch offices.
    494.00665
    494.0067 Requirements of licensees under ss. 494.006-494.0077.
    494.0068 Loan application process.
    494.0069 Lock-in agreement.
    494.007 Commitment process.
    494.0071 Expiration of lock-in agreement or commitment.
    494.0072 Administrative penalties and fines; license violations.
    494.00721 Net worth.
    494.0073 Mortgage lender or correspondent mortgage lender when acting as a mortgage brokerage business.
    494.0075 Requirements for selling loans to noninstitutional investors.
    494.0077 Other products and services.
    501.1377 Violations involving homeowners during the course of residential foreclosure proceedings.

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