Florida Senate - 2011 COMMITTEE AMENDMENT
Bill No. SB 1316
Barcode 377698
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
03/22/2011 .
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The Committee on Banking and Insurance (Hays) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Subsections (5) through (9), (10) through (14),
6 (15) through (24), and (26) through (34) of section 494.001,
7 Florida Statutes, are renumbered as subsections (6) through
8 (10), (12) through (16), (18) through (27), and (28) through
9 (36), respectively, new subsections (5), (11), and (17) are
10 added to that section, and present subsections (14), (25), and
11 (26) of that section are amended, to read:
12 494.001 Definitions.—As used in ss. 494.001-494.0077, the
13 term:
14 (5) “Contract loan processor” means an individual who is
15 licensed under part II of this chapter as a loan originator, who
16 is an independent contractor for a mortgage broker or mortgage
17 lender, and who engages only in loan processing.
18 (11) “In-house loan processor” means an individual who is
19 an employee of a mortgage broker or a mortgage lender who
20 engages only in loan processing.
21 (16)(14) “Loan originator” means an individual who,
22 directly or indirectly, solicits or offers to solicit a mortgage
23 loan, accepts or offers to accept an application for a mortgage
24 loan, negotiates or offers to negotiate the terms or conditions
25 of a new or existing mortgage loan on behalf of a borrower or
26 lender, processes a mortgage loan application, or negotiates or
27 offers to negotiate the sale of an existing mortgage loan to a
28 noninstitutional investor for compensation or gain. The term
29 includes an individual who is required to be licensed as a loan
30 originator under the activities of a loan originator as that
31 term is defined in the S.A.F.E. Mortgage Licensing Act of 2008,
32 and an individual acting as a loan originator pursuant to that
33 definition is acting as a loan originator for purposes of this
34 definition. The term does not include an employee of a mortgage
35 broker or mortgage lender whose duties are limited to who
36 performs only administrative or clerical tasks, including
37 quoting available interest rates, physically handling a
38 completed application form, or transmitting a completed
39 application form to a lender on behalf of a prospective
40 borrower.
41 (17) “Loan processing” means:
42 (a) Receiving, collecting, distributing, and analyzing
43 information common for the processing of a mortgage loan; or
44 (b) Communicating with a consumer to obtain information
45 necessary for the processing of a mortgage loan if such
46 communication does not include offering or negotiating loan
47 rates or terms, or counseling consumers about residential
48 mortgage loan rates or terms.
49 (25) “Person” has the same meaning as in s. 1.01.
50 (28)(26) “Principal loan originator” means the licensed
51 loan originator in charge of, and responsible for, the operation
52 of a mortgage lender or mortgage broker, including all of the
53 activities of the mortgage lender’s or mortgage broker’s loan
54 originators, in-house loan processors, and branch managers,
55 whether employees or independent contractors.
56 Section 2. Subsection (2) of section 494.0011, Florida
57 Statutes, is amended to read:
58 494.0011 Powers and duties of the commission and office.—
59 (2) To administer ss. 494.001-494.0077, The commission may
60 adopt rules to administer parts I, II, and III of this chapter,
61 including rules:
62 (a) Requiring electronic submission of any forms,
63 documents, or fees required by this act.
64 (b) Relating to compliance with the S.A.F.E. Mortgage
65 Licensing Act of 2008, including rules to:
66 1. Require in-house loan processors, loan originators,
67 mortgage brokers, mortgage lenders, and branch offices to
68 register through the registry.
69 2. Require the use of uniform forms that have been approved
70 by the registry, and any subsequent amendments to such forms if
71 the forms are substantially in compliance with the provisions of
72 this chapter. Uniform forms that the commission may adopt
73 include, but are not limited to:
74 a. Uniform Mortgage Lender/Mortgage Broker Form, MU1.
75 b. Uniform Mortgage Biographical Statement & Consent Form,
76 MU2.
77 c. Uniform Mortgage Branch Office Form, MU3.
78 d. Uniform Individual Mortgage License/Registration &
79 Consent Form, MU4.
80 3. Require the filing of forms, documents, and fees in
81 accordance with the requirements of the registry.
82 4. Prescribe requirements for amending or surrendering a
83 license or other activities as the commission deems necessary
84 for the office’s participation in the registry.
85 5. Prescribe procedures that allow a licensee to challenge
86 information contained in the registry.
87 6. Prescribe procedures for reporting violations of this
88 chapter and disciplinary actions on licensees to the registry.
89 (c) Establishing time periods during which an in-house
90 processor, a loan originator, a mortgage broker, or a mortgage
91 lender license applicant under part II or part III is barred
92 from licensure due to prior criminal convictions of, or guilty
93 or nolo contendere pleas by, any of the applicant’s control
94 persons, regardless of adjudication.
95 1. The rules must provide:
96 a. Permanent bars for felonies involving fraud, dishonesty,
97 breach of trust, or money laundering;
98 b. A 15-year disqualifying period for felonies involving
99 moral turpitude;
100 c. A 7-year disqualifying period for all other felonies;
101 and
102 d. A 5-year disqualifying period for misdemeanors involving
103 fraud, dishonesty, or any other act of moral turpitude.
104 2. The rules may provide for an additional waiting period
105 due to dates of imprisonment or community supervision, the
106 commitment of multiple crimes, and other factors reasonably
107 related to the applicant’s criminal history.
108 3. The rules may provide for mitigating factors for crimes
109 identified in sub-subparagraph 1.b. However, the mitigation may
110 not result in a period of disqualification less than 7 years.
111 The rule may not mitigate the disqualifying periods in sub
112 subparagraphs 1.a., 1.c., and 1.d.
113 4. An applicant is not eligible for licensure until the
114 expiration of the disqualifying period set by rule.
115 5. Section 112.011 is not applicable to eligibility for
116 licensure under this part.
117 Section 3. Subsection (1) of section 494.0018, Florida
118 Statutes, is amended to read:
119 494.0018 Penalties.—
120 (1) Whoever knowingly violates any provision of s.
121 494.00255(1)(a), (b), or (c) or s. 494.0025(1), (3)(2), (4)(3),
122 (5)(4), or (6)(5), except as provided in subsection (2) of this
123 section, commits a felony of the third degree, punishable as
124 provided in s. 775.082, s. 775.083, or s. 775.084. Each such
125 violation constitutes a separate offense.
126 Section 4. Subsections (2) through (10) of section
127 494.0025, Florida Statutes, are renumbered as subsections (3)
128 through (11), respectively, and a new subsection (2) is added to
129 that section, to read:
130 494.0025 Prohibited practices.—It is unlawful for any
131 person:
132 (2) To act as an in-house loan processor in this state
133 without a current, active in-house processor license issued by
134 the office pursuant to part II of this chapter.
135 Section 5. Paragraphs (n) and (p) of subsection (1),
136 paragraph (f) of subsection (2), and subsections (3), (4), (5),
137 (6), and (8) of section 494.00255, Florida Statutes, are
138 amended, and paragraph (m) of subsection (1) is reenacted, to
139 read:
140 494.00255 Administrative penalties and fines; license
141 violations.—
142 (1) Each of the following acts constitutes a ground for
143 which the disciplinary actions specified in subsection (2) may
144 be taken against a person licensed or required to be licensed
145 under part II or part III of this chapter:
146 (m) In any mortgage transaction, violating any provision of
147 the federal Real Estate Settlement Procedures Act, as amended,
148 12 U.S.C. ss. 2601 et seq.; the federal Truth in Lending Act, as
149 amended, 15 U.S.C. ss. 1601 et seq.; or any regulations adopted
150 under such acts.
151 (n) Having a loan originator, an in-house loan processor, a
152 mortgage broker, or a mortgage lender license, or the equivalent
153 of such license, revoked in any jurisdiction.
154 (p) Acting as a loan originator, an in-house loan
155 processor, a mortgage broker, or a mortgage lender without a
156 current license issued under part II or part III of this
157 chapter.
158 (2) If the office finds a person in violation of any act
159 specified in this section, it may enter an order imposing one or
160 more of the following penalties:
161 (f) An administrative fine of up to $1,000 per day, but not
162 to exceed $25,000 cumulatively, for each day that:
163 1. A mortgage broker or mortgage lender conducts business
164 at an unlicensed branch office.
165 2. An unlicensed person acts as a loan originator, an in
166 house loan processor, a mortgage broker, or a mortgage lender.
167 (3) A mortgage broker or mortgage lender, as applicable, is
168 subject to the disciplinary actions specified in subsection (2)
169 for a violation of subsection (1) by:
170 (a) A control person of the mortgage broker or mortgage
171 lender; or
172 (b) A loan originator employed by or contracting with the
173 mortgage broker or mortgage lender; or
174 (c) An in-house loan processor who is an employee of the
175 mortgage broker or mortgage lender.
176 (4) A principal loan originator of a mortgage broker is
177 subject to the disciplinary actions specified in subsection (2)
178 for violations of subsection (1) by a loan originator or an in
179 house loan processor in the course of an association with the
180 mortgage broker if there is a pattern of repeated violations by
181 the loan originator or in-house loan processor or if the
182 principal loan originator has knowledge of the violations.
183 (5) A principal loan originator of a mortgage lender is
184 subject to the disciplinary actions specified in subsection (2)
185 for violations of subsection (1) by a loan originator or an in
186 house loan processor in the course of an association with a
187 mortgage lender if there is a pattern of repeated violations by
188 the loan originator or in-house loan processor or if the
189 principal loan originator has knowledge of the violations.
190 (6) A branch manager is subject to the disciplinary actions
191 specified in subsection (2) for violations of subsection (1) by
192 a loan originator or an in-house loan processor in the course of
193 an association with the mortgage broker or mortgage lender if
194 there is a pattern of repeated violations by the loan originator
195 or in-house loan processor or if the branch manager has
196 knowledge of the violations.
197 (8) Pursuant to s. 120.60(6), the office may summarily
198 suspend the license of a loan originator, an in-house loan
199 processor, a mortgage broker, or a mortgage lender if the office
200 has reason to believe that a licensee poses an immediate,
201 serious danger to the public’s health, safety, or welfare. The
202 arrest of the licensee, or the mortgage broker or the mortgage
203 lender’s control person, for any felony or any crime involving
204 fraud, dishonesty, breach of trust, money laundering, or any
205 other act of moral turpitude is deemed sufficient to constitute
206 an immediate danger to the public’s health, safety, or welfare.
207 Any proceeding for the summary suspension of a license must be
208 conducted by the commissioner of the office, or designee, who
209 shall issue the final summary order.
210 Section 6. Subsection (5) of section 494.00312, Florida
211 Statutes, is amended to read:
212 494.00312 Loan originator license.—
213 (5) The office may not issue a license to an applicant who
214 has had a loan originator or an in-house loan processor license
215 or its equivalent revoked in any jurisdiction.
216 Section 7. Section 494.00314, Florida Statutes, is created
217 to read:
218 494.00314 In-house loan processor license.—
219 (1) An individual acting as an in-house loan processor must
220 be licensed under this section.
221 (2) In order to apply for an in-house loan processor
222 license, an applicant must:
223 (a) Be at least 18 years of age and have a high school
224 diploma or its equivalent.
225 (b) Submit a completed license application form as
226 prescribed by commission rule.
227 (c) Submit a nonrefundable application fee of $100.
228 Application fees may not be prorated for partial years of
229 licensure.
230 (d) Submit fingerprints in accordance with rules adopted by
231 the commission.
232 1. The fingerprints must be submitted to a live-scan vendor
233 authorized by the Department of Law Enforcement.
234 2. A state criminal history background check must be
235 conducted through the Department of Law Enforcement, and a
236 federal criminal history check must be conducted through the
237 Federal Bureau of Investigation.
238 3. All fingerprints submitted to the Department of Law
239 Enforcement must be submitted electronically and entered into
240 the statewide automated fingerprint identification system
241 established in s. 943.05(2)(b) and available for use in
242 accordance with s. 943.05(2)(g) and (h). The office shall pay an
243 annual fee to the department to participate in the system and
244 inform the department of any person whose fingerprints are no
245 longer required to be retained.
246 4. The costs of fingerprint processing, including the cost
247 of retaining fingerprints, shall be borne by the person subject
248 to the background check.
249 5. The office is responsible for reviewing the results of
250 the state and federal criminal history checks and determining
251 whether the applicant meets licensure requirements.
252 (e) Submit additional information or documentation
253 requested by the office and required by rule concerning the
254 applicant. Additional information may include documentation of
255 pending or prior disciplinary or criminal history events,
256 including arrest reports and certified copies of charging
257 documents, plea agreements, judgments and sentencing documents,
258 documents relating to pretrial intervention, orders terminating
259 probation or supervised release, final administrative agency
260 orders, or other comparable documents that may provide the
261 office with the appropriate information to determine eligibility
262 for licensure.
263 (f) Submit any other information required by the registry
264 for processing the application.
265 (3) An application is considered received for the purposes
266 of s. 120.60 upon the office’s receipt of all documentation from
267 the registry, including the completed application form, criminal
268 history information, and license application fee.
269 (4) The office shall issue an in-house loan processor
270 license to each person who is not otherwise ineligible and who
271 meets the requirements of this section. However, it is a ground
272 for denial of licensure if the applicant:
273 (a) Has committed any violation specified in ss. 494.001
274 494.0077; or
275 (b) Is the subject of a pending felony criminal prosecution
276 or a prosecution or an administrative enforcement action in any
277 jurisdiction which involves fraud, dishonesty, breach of trust,
278 money laundering, or any other act of moral turpitude.
279 (5) The office may not issue a license to an applicant who
280 has had an in-house loan processor or loan originator license or
281 its equivalent revoked in any jurisdiction.
282 (6) An in-house loan processor license shall be annulled
283 pursuant to s. 120.60 if it was issued by the office by mistake.
284 A license must be reinstated if the applicant demonstrates that
285 the requirements for obtaining the license have been satisfied.
286 (7) All in-house loan processor licenses must be renewed
287 annually by December 31, pursuant to s. 494.00315. If a person
288 holding an active license has not applied to renew the license
289 on or before December 31, the license expires on December 31. If
290 a person holding an active license has applied to renew on or
291 before December 31, the license remains active until the renewal
292 application is approved or denied. An in-house loan processor is
293 not precluded from reapplying for licensure upon expiration of a
294 previous license.
295 (8) An in-house loan processor licensed under this section
296 may not act as a loan originator without a loan originator
297 license issued under this part.
298 (9) A loan originator licensed under this part may also act
299 as an in-house loan processor without an in-house loan processor
300 license.
301 Section 8. Section 494.00315, Florida Statutes, is created
302 to read:
303 494.00315 In-house loan processor license renewal.—In order
304 to renew an in-house loan processor license, an in-house loan
305 processor must:
306 (1) Submit a completed license renewal form as prescribed
307 by commission rule.
308 (2) Submit a nonrefundable renewal fee of $75 and
309 nonrefundable fees to cover the costs of further fingerprint
310 processing and retention as set forth in commission rule.
311 (3) Submit any additional information or documentation
312 requested by the office and required by rule concerning the
313 licensee. Additional information may include documentation of
314 pending and prior disciplinary and criminal history events,
315 including arrest reports and certified copies of charging
316 documents, plea agreements, judgments and sentencing documents,
317 documents relating to pretrial intervention, orders terminating
318 probation or supervised release, final administrative agency
319 orders, or other comparable documents that may provide the
320 office with the appropriate information to determine eligibility
321 for renewal of licensure.
322 Section 9. Section 494.00331, Florida Statutes, is amended
323 to read:
324 494.00331 Loan originator and loan processor employment.—
325 (1) LOAN ORIGINATORS.—An individual may not act as a loan
326 originator unless he or she is an employee of, or an independent
327 contractor for, a mortgage broker or a mortgage lender, and may
328 not be employed by or contract with more than one mortgage
329 broker or mortgage lender, or either simultaneously.
330 (2) CONTRACT LOAN PROCESSORS.—Subsection (1) However, this
331 provision does not apply to a contract loan processor who has a
332 declaration of intent to act solely as a contract loan processor
333 on file with the office. The declaration of intent must be on a
334 form as prescribed by commission rule any licensed loan
335 originator who acts solely as a loan processor and contracts
336 with more than one mortgage broker or mortgage lender, or either
337 simultaneously.
338 (2) For purposes of this section, the term “loan processor”
339 means an individual who is licensed as a loan originator who
340 engages only in:
341 (a) The receipt, collection, distribution, and analysis of
342 information common for the processing or underwriting of a
343 residential mortgage loan; or
344 (b) Communication with consumers to obtain the information
345 necessary for the processing or underwriting of a loan, to the
346 extent that such communication does not include offering or
347 negotiating loan rates or terms or does not include counseling
348 consumers about residential mortgage loan rates or terms.
349 (3) A person may not act as a loan processor unless the
350 person is licensed as a loan originator under this chapter and
351 has on file with the office a declaration of intent to engage
352 solely in loan processing. The declaration of intent must be on
353 such form as prescribed by the commission by rule.
354 (a)(4) A loan originator that currently has a declaration
355 of intent to engage solely in loan processing on file with the
356 office may withdraw his or her declaration of intent to engage
357 solely in loan processing. The withdrawal of declaration of
358 intent must be on such form as prescribed by commission rule.
359 (b)(5) A declaration of intent or a withdrawal of
360 declaration of intent is effective upon receipt by the office.
361 (c)(6) The fee earned by a contract loan processor may be
362 paid to the company that employs the loan processor without
363 violating the restriction in s. 494.0025(8)(7) requiring fees or
364 commissions to be paid to a licensed mortgage broker or mortgage
365 lender or a person exempt from licensure under this chapter.
366 (3) IN-HOUSE LOAN PROCESSORS.—An individual may not act as
367 an in-house loan processor unless he or she is an employee of a
368 mortgage broker or a mortgage lender and may not be employed by
369 more than one mortgage broker or mortgage lender, or either,
370 simultaneously. An in-house loan processor must work at the
371 direction of and be subject to the supervision and instruction
372 of a loan originator licensed under this part.
373 Section 10. Subsection (1) of section 494.0035, Florida
374 Statutes, is amended to read:
375 494.0035 Principal loan originator and branch manager for
376 mortgage broker.—
377 (1) Each mortgage broker must be operated by a principal
378 loan originator who shall have full charge, control, and
379 supervision of the mortgage broker business. The principal loan
380 originator must have been licensed as a loan originator for at
381 least 1 year before being designated as the principal loan
382 originator, or must demonstrate to the satisfaction of the
383 office that he or she has been actively engaged as in a
384 mortgage-related mortgage broker-related business for at least 1
385 year before being designated as a principal loan originator.
386 Each mortgage broker must keep the office informed of the person
387 designated as the principal loan originator as prescribed by
388 commission rule. If the designation is inaccurate, the mortgage
389 broker business shall be deemed to be operated under the full
390 charge, control, and supervision of each officer, director, or
391 ultimate equitable owner of a 10-percent or greater interest in
392 the mortgage broker, or any other person in a similar capacity.
393 A loan originator may not be a principal loan originator for
394 more than one mortgage broker at any given time.
395 Section 11. Paragraph (c) of subsection (3) of section
396 494.0038, Florida Statutes, is amended to read:
397 494.0038 Loan origination and mortgage broker fees and
398 disclosures.—
399 (3) At the time a written mortgage broker agreement is
400 signed by the borrower or forwarded to the borrower for
401 signature, or at the time the mortgage broker business accepts
402 an application fee, credit report fee, property appraisal fee,
403 or any other third-party fee, but at least 3 business days
404 before execution of the closing or settlement statement, the
405 mortgage broker shall disclose in writing to any applicant for a
406 mortgage loan the following information:
407 (c) A good faith estimate that discloses settlement charges
408 and loan terms, signed and dated by the borrower, which
409 discloses the total amount of each of the fees the borrower may
410 reasonably expect to pay if the loan is closed, including, but
411 not limited to, fees earned by the mortgage broker, lender fees,
412 third-party fees, and official fees, together with the terms and
413 conditions for obtaining a refund of such fees, if any.
414 1. Any amount collected in excess of the actual cost shall
415 be returned within 60 days after rejection, withdrawal, or
416 closing.
417 2. At the time a good faith estimate is provided to the
418 borrower, the loan originator must identify in writing an
419 itemized list that provides the recipient of all payments
420 charged the borrower, which, except for all fees to be received
421 by the mortgage broker, may be disclosed in generic terms, such
422 as, but not limited to, paid to lender, appraiser, officials,
423 title company, or any other third-party service provider. This
424 requirement does not supplant or is not a substitute for the
425 written mortgage broker agreement described in subsection (1).
426 The disclosure required under this subparagraph must be signed
427 and dated by the borrower.
428 Section 12. Paragraph (a) of subsection (7) of section
429 494.00421, Florida Statutes, is amended to read:
430 494.00421 Fees earned upon obtaining a bona fide
431 commitment.—Notwithstanding the provisions of ss. 494.001
432 494.0077, any mortgage broker which contracts to receive a loan
433 origination fee from a borrower upon obtaining a bona fide
434 commitment shall accurately disclose in the mortgage broker
435 agreement:
436 (7)(a) The following statement, in at least 12-point
437 boldface type immediately above the signature lines for the
438 borrowers:
439 “You are entering into a contract with a mortgage broker to
440 obtain a bona fide mortgage loan commitment under the same terms
441 and conditions as stated hereinabove or in a separate executed
442 good faith estimate form. If the mortgage broker obtains a bona
443 fide commitment under the same terms and conditions, you will be
444 obligated to pay the loan origination fees even if you choose
445 not to complete the loan transaction. If the provisions of s.
446 494.00421, Florida Statutes, are not met, the loan origination
447 fee can only be earned upon the funding of the mortgage loan.
448 The borrower may contact the Office of Financial Regulation
449 Department of Financial Services, Tallahassee, Florida,
450 regarding any complaints that the borrower may have against the
451 loan originator. The telephone number of the office department
452 is: ...(insert telephone number)....”
453 Section 13. Subsection (5) of section 494.00611, Florida
454 Statutes, is amended to read:
455 494.00611 Mortgage lender license.—
456 (5) The office may not issue a license if the applicant has
457 had a mortgage lender license or its equivalent revoked in any
458 jurisdiction, or any of the applicant’s control persons has ever
459 had a loan originator or an in-house loan processor license or
460 its equivalent revoked in any jurisdiction.
461 Section 14. Paragraph (e) of subsection (1) of section
462 494.00612, Florida Statutes, is amended to read:
463 494.00612 Mortgage lender license renewal.—
464 (1) In order to renew a mortgage lender license, a mortgage
465 lender must:
466 (e) Authorize the registry to obtain an independent credit
467 report on each of the mortgage lender’s control persons lender
468 from a consumer reporting agency, and transmit or provide access
469 to the report to the office. The cost of the credit report shall
470 be borne by the licensee.
471 Section 15. Subsection (13) is added to section 494.0067,
472 Florida Statutes, to read:
473 494.0067 Requirements of mortgage lenders.—
474 (13) Each mortgage lender shall submit to the registry
475 reports of condition which are in a form and which contain such
476 information as the registry may require.
477 Section 16. This act shall take effect January 1, 2012.
478
479 ================= T I T L E A M E N D M E N T ================
480 And the title is amended as follows:
481 Delete everything before the enacting clause
482 and insert:
483 A bill to be entitled
484 An act relating to loan processing; amending s.
485 494.001, F.S.; creating and revising definitions;
486 deleting a redundant definition; amending s. 494.0011,
487 F.S.; specifying rulemaking powers of the Financial
488 Services Commission; amending s. 494.0018, F.S.;
489 revising cross-references; amending s. 494.0025, F.S.;
490 prohibiting acting as an in-house loan processor
491 without a specified license; amending s. 494.00255,
492 F.S.; including licensed in-house loan processors in
493 disciplinary provisions; amending s. 494.00312, F.S.;
494 providing that a loan originator license may not be
495 issued to a person who has had an in-house loan
496 processor license or its equivalent revoked in any
497 jurisdiction; creating s. 494.00314, F.S.; providing
498 for licensing of in-house loan processors; providing
499 application requirements; specifying when an
500 application is considered received; providing grounds
501 for denial of licensure; prohibiting issuance of
502 licenses to applicants who have had certain licenses
503 revoked in other jurisdictions; providing for
504 annulment of licenses in certain circumstances;
505 requiring annual renewal of licenses; prohibiting an
506 in-house loan processor from acting as a loan
507 originator without a loan originator license;
508 authorizing a licensed loan originator to act as an
509 in-house loan processor without an in-house loan
510 processor license; creating s. 494.00315, F.S.;
511 providing for license renewals; amending s. 494.00331,
512 F.S.; providing that specified provisions do not apply
513 to a licensed contract loan processor who has on file
514 with the office a declaration of intent to act solely
515 as a contract loan processor; deleting a definition;
516 providing restrictions on employment of persons
517 licensed as in-house loan processors; amending s.
518 494.0035, F.S.; clarifying provisions concerning
519 operation of mortgage brokers; amending s. 494.0038,
520 F.S.; revising provisions relating to disclosure of
521 settlement charges and loan terms; amending s.
522 494.00421, F.S.; revising an agency reference in the
523 mortgage broker agreement; providing that a borrower
524 may contact the Office of Financial Regulation rather
525 than the Department of Financial Services regarding
526 any complaints against a loan originator; amending s.
527 494.00611, F.S.; providing that a mortgage lender
528 license may not be issued to an applicant if any of
529 the applicant’s control persons has ever had an in
530 house loan processor license or its equivalent revoked
531 in any jurisdiction; amending s. 494.00612, F.S.;
532 requiring that in order to renew a mortgage lender
533 license a mortgage lender must authorize the
534 Nationwide Mortgage Licensing System and Registry to
535 obtain an independent credit report on each of the
536 mortgage lender’s control persons; amending s.
537 494.0067, F.S.; requiring each mortgage lender to
538 submit certain reports to the registry as may be
539 required; providing an effective date.