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Glossary of Legislative Terms

CS/CS/HB 631: Loan Originators, Mortgage Brokers, & Mortgage Lenders

GENERAL BILL by Regulatory Affairs Committee ; Insurance and Banking Subcommittee ; Workman

Loan Originators, Mortgage Brokers, & Mortgage Lenders; Authorizes OFR to conduct joint or concurrent examination of licensees; provides that violating specified rules is grounds for disciplinary action; provides for change in license status if specified licensees fail to meet certain requirements for annual license renewal by specified dates; provides guidelines for license renewal; deletes certain requirements regarding specified fees; deletes certain notice requirements; authorizes FSC to prescribe time period by which mortgage brokers & lenders must file report of condition; deletes certain disclosure & notice requirements; revises period during which mortgage lender may service loans in its own name; repeals provisions relating to arbitration, required disclosures by mortgage brokers receiving certain fees; repeals Florida Fair Lending Act & provisions relating to conditions for mortgage loans of specified amounts secured by vacant land.

Effective Date: 7/1/2014
 Last Action: 5/2/2014 Senate - Died in Banking and Insurance, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
Bill Text: PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Appropriations Subcommittee on General Government (AGG)
  3. Appropriations (AP)

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  • Bill History

    Date Chamber Action
    1/16/2014 House • Filed
    1/27/2014 House • Referred to Insurance and Banking Subcommittee; Government Operations Appropriations Subcommittee; Regulatory Affairs Committee -HJ 54
    2/4/2014 House • On Committee agenda-- Insurance and Banking Subcommittee, 02/11/14, 3:30 pm, Sumner Hall
    2/11/2014 House • CS by Insurance and Banking Subcommittee; YEAS 13 NAYS 0 -HJ 157
    2/14/2014 House • Pending review of CS under Rule 7.19(c)
    2/17/2014 House • Now in Government Operations Appropriations Subcommittee -HJ 151
    2/28/2014 House • On Committee agenda-- Government Operations Appropriations Subcommittee, 03/04/14, 1:30 pm, Morris Hall
    3/4/2014 House • Introduced -HJ 54
    • Favorable by Government Operations Appropriations Subcommittee; YEAS 11 NAYS 0 -HJ 205
    • Now in Regulatory Affairs Committee -HJ 205
    • CS by Insurance and Banking Subcommittee read 1st time -HJ 146
    3/10/2014 House • On Committee agenda-- Regulatory Affairs Committee, 03/12/14, 1:00 pm, Sumner Hall
    3/12/2014 House • CS/CS by- Regulatory Affairs Committee; YEAS 15 NAYS 3 -HJ 284
    3/13/2014 House • Pending review of CS -under Rule 7.19(c)
    3/14/2014 House • CS/CS by Regulatory Affairs Committee read 1st time -HJ 281
    3/18/2014 House • Placed on Calendar -HJ 292
    4/18/2014 House • Placed on Special Order Calendar, 04/22/14
    4/22/2014 House • Read 2nd time -HJ 590
    • Placed on 3rd reading
    4/23/2014 House • Read 3rd time -HJ 603
    • CS passed; YEAS 114 NAYS 0 -HJ 603
    4/23/2014 Senate • In Messages
    • Referred to Banking and Insurance; Appropriations Subcommittee on General Government; Appropriations -SJ 591
    • Received -SJ 591
    5/2/2014 Senate • Died in Banking and Insurance, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)

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  • CS/CS/HB 631, Committee Substitute 2 (Current Bill Version) Posted 3/13/2014 at 5:44 PM

    Bill Text:   PDF
    Analyses:   None

    Related Bills (2)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 666 Loan Originators, Mortgage Brokers, and Mortgage Lenders Detert Similar Last Action: 5/2/2014 S Died in Appropriations, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
    Location: In committee/council (AP)     		Track This Bill
    S 1012 (er) Financial Services Richter Compare Last Action: 6/13/2014 Chapter No. 2014-91, companion bill(s) passed, see CS/CS/SB 1278 (Ch. 2014-99)
    Location: Became Law     		Track This Bill

    Floor Amendments (1)

    Amendment Sponsor Filed Last Floor Action Format
    062327 - Amendment
    Between lines 526 and 527, insert:     		Peters 4/21/2014
    1:59 PM     		House: Withdrawn
    4/21/2014     		PDF

    Floor Votes (1)

    Date Chamber Result
    4/23/2014 10:45 AM House 114 Yeas - 0 Nays

    Citations - Statutes (28)

    Citation Catchline Location in Bill Location In Bill Help
    494.001 Definitions. Page 3 (pdf)
    494.0012 Investigations; complaints; examinations. Page 4 (pdf)
    494.00255 Administrative penalties and fines; license violations. Page 5 (pdf)
    494.0028 Arbitration. Page 5 (pdf)
    494.00313 Loan originator license renewal. Page 5 (pdf)
    494.00322 Mortgage broker license renewal. Page 6 (pdf)
    494.0036 Mortgage broker branch office license. Page 7 (pdf)
    494.0038 Loan origination and mortgage broker fees and disclosures. Page 8 (pdf)
    494.004 Requirements of licensees. Page 13 (pdf)
    494.0042 Loan origination fees. Page 14 (pdf)
    494.00421 Fees earned upon obtaining a bona fide commitment. Page 14 (pdf)
    494.00611 Mortgage lender license. Page 15 (pdf)
    494.00612 Mortgage lender license renewal. Page 15 (pdf)
    494.0066 Branch offices. Page 15 (pdf)
    494.0067 Requirements of mortgage lenders. Page 17 (pdf)
    494.0068 Loan application process. Page 19 (pdf)
    494.007 Commitment process. Page 19 (pdf)
    494.0073 Mortgage lender when acting as a mortgage broker. Page 20 (pdf)
    494.0078 Short title; purposes. Page 21 (pdf)
    494.0079 Definitions. Page 21 (pdf)
    494.00791 Prohibited acts. Page 21 (pdf)
    494.00792 Required disclosures for high-cost home loans. Page 21 (pdf)
    494.00793 Liability of purchasers and assignees. Page 21 (pdf)
    494.00794 Right to cure high-cost home loans. Page 21 (pdf)
    494.00795 Powers and duties of the commission and office; investigations; examinations; injunctions; orders. Page 21 (pdf)
    494.00796 Enforcement. Page 21 (pdf)
    494.00797 General rule. Page 21 (pdf)
    494.008 Mortgages offered by land developers; requirements; prohibitions. Page 21 (pdf)

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  • CS/HB 631, Committee Substitute 1 Posted 2/14/2014 at 10:52 AM

    Bill Text:   PDF
    Analyses:   Government Operations Appropriations Subcommittee (Post-Meeting) 3/4/2014 (pdf)
    Regulatory Affairs Committee (Post-Meeting) 3/13/2014 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 666 Loan Originators, Mortgage Brokers, and Mortgage Lenders Detert Similar Last Action: 5/2/2014 S Died in Appropriations, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
    Location: In committee/council (AP)     		Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    263837 - Amendment
    Remove line 140 and insert:     		Workman 3/11/2014
    6:57 PM     		Adopted without Objection
    3/12/2014     		PDF

    Citations - Statutes (28)

    Citation Catchline Location in Bill Location In Bill Help
    494.001 Definitions. Page 3 (pdf)
    494.0012 Investigations; complaints; examinations. Page 4 (pdf)
    494.00255 Administrative penalties and fines; license violations. Page 5 (pdf)
    494.0028 Arbitration. Page 5 (pdf)
    494.00313 Loan originator license renewal. Page 5 (pdf)
    494.00322 Mortgage broker license renewal. Page 6 (pdf)
    494.0036 Mortgage broker branch office license. Page 7 (pdf)
    494.0038 Loan origination and mortgage broker fees and disclosures. Page 8 (pdf)
    494.004 Requirements of licensees. Page 13 (pdf)
    494.0042 Loan origination fees. Page 14 (pdf)
    494.00421 Fees earned upon obtaining a bona fide commitment. Page 14 (pdf)
    494.00611 Mortgage lender license. Page 15 (pdf)
    494.00612 Mortgage lender license renewal. Page 15 (pdf)
    494.0066 Branch offices. Page 15 (pdf)
    494.0067 Requirements of mortgage lenders. Page 17 (pdf)
    494.0068 Loan application process. Page 19 (pdf)
    494.007 Commitment process. Page 19 (pdf)
    494.0073 Mortgage lender when acting as a mortgage broker. Page 20 (pdf)
    494.0078 Short title; purposes. Page 21 (pdf)
    494.0079 Definitions. Page 21 (pdf)
    494.00791 Prohibited acts. Page 21 (pdf)
    494.00792 Required disclosures for high-cost home loans. Page 21 (pdf)
    494.00793 Liability of purchasers and assignees. Page 21 (pdf)
    494.00794 Right to cure high-cost home loans. Page 21 (pdf)
    494.00795 Powers and duties of the commission and office; investigations; examinations; injunctions; orders. Page 21 (pdf)
    494.00796 Enforcement. Page 21 (pdf)
    494.00797 General rule. Page 21 (pdf)
    494.008 Mortgages offered by land developers; requirements; prohibitions. Page 21 (pdf)

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  • HB 631, Original Filed Version Posted 1/16/2014 at 11:18 AM

    Bill Text:   PDF
    Analyses:   Insurance and Banking Subcommittee (Post-Meeting) 2/14/2014 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 666 Loan Originators, Mortgage Brokers, and Mortgage Lenders Detert Similar Last Action: 5/2/2014 S Died in Appropriations, companion bill(s) passed, see CS/CS/SB 1012 (Ch. 2014-91)
    Location: In committee/council (AP)     		Track This Bill

    Committee Amendments (2)

    Amendment Sponsor Filed Last Committee Action Format
    578237 - Amendment
    Remove lines 109-119 and insert:     		Workman 2/10/2014
    5:54 PM     		Adopted without Objection
    2/11/2014     		PDF
    889613 - Amendment
    Remove lines 125-408 and insert:     		Workman 2/10/2014
    5:56 PM     		Adopted without Objection
    2/11/2014     		PDF

    Citations - Statutes (28)

    Citation Catchline Location in Bill Location In Bill Help
    494.001 Definitions. Page 3 (pdf)
    494.0012 Investigations; complaints; examinations. Page 4 (pdf)
    494.00255 Administrative penalties and fines; license violations. Page 5 (pdf)
    494.0028 Arbitration. Page 5 (pdf)
    494.00313 Loan originator license renewal. Page 5 (pdf)
    494.00322 Mortgage broker license renewal. Page 6 (pdf)
    494.0036 Mortgage broker branch office license. Page 6 (pdf)
    494.0038 Loan origination and mortgage broker fees and disclosures. Page 8 (pdf)
    494.004 Requirements of licensees. Page 12 (pdf)
    494.0042 Loan origination fees. Page 14 (pdf)
    494.00421 Fees earned upon obtaining a bona fide commitment. Page 14 (pdf)
    494.00611 Mortgage lender license. Page 14 (pdf)
    494.00612 Mortgage lender license renewal. Page 15 (pdf)
    494.0066 Branch offices. Page 15 (pdf)
    494.0067 Requirements of mortgage lenders. Page 16 (pdf)
    494.0068 Loan application process. Page 19 (pdf)
    494.007 Commitment process. Page 19 (pdf)
    494.0073 Mortgage lender when acting as a mortgage broker. Page 20 (pdf)
    494.0078 Short title; purposes. Page 20 (pdf)
    494.0079 Definitions. Page 20 (pdf)
    494.00791 Prohibited acts. Page 20 (pdf)
    494.00792 Required disclosures for high-cost home loans. Page 20 (pdf)
    494.00793 Liability of purchasers and assignees. Page 20 (pdf)
    494.00794 Right to cure high-cost home loans. Page 20 (pdf)
    494.00795 Powers and duties of the commission and office; investigations; examinations; injunctions; orders. Page 20 (pdf)
    494.00796 Enforcement. Page 20 (pdf)
    494.00797 General rule. Page 20 (pdf)
    494.008 Mortgages offered by land developers; requirements; prohibitions. Page 20 (pdf)

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