Florida Senate - 2024                                     SB 514
       By Senator Boyd
       20-00376-24                                            2024514__
    1                        A bill to be entitled                      
    2         An act relating to mortgage brokering; amending s.
    3         494.00115, F.S.; providing an exemption from
    4         regulation under parts I, II, and III of ch. 494,
    5         F.S., for bona fide nonprofit organizations and their
    6         employees; defining the term “bona fide nonprofit
    7         organization”; providing an effective date.
    9  Be It Enacted by the Legislature of the State of Florida:
   11         Section 1. Paragraph (g) is added to subsection (1) of
   12  section 494.00115, Florida Statutes, to read:
   13         494.00115 Exemptions.—
   14         (1) The following are exempt from regulation under this
   15  part and parts II and III of this chapter.
   16         (g) A bona fide nonprofit organization and its employees.
   17  For the purposes of this paragraph, the term “bona fide
   18  nonprofit organization” means an organization that is exempt
   19  from federal income tax under s. 501(c)(3) of the Internal
   20  Revenue Code and that does all of the following:
   21         1.Promotes affordable housing or provides homeownership
   22  education or similar services.
   23         2.Conducts its activities in a manner that serves public
   24  or charitable purposes rather than commercial purposes.
   25         3.Receives funding and revenue and charges fees in a
   26  manner that does not incentivize it or its employees to act
   27  other than in the best interests of its clients.
   28         4.Compensates its employees in a manner that does not
   29  incentivize employees to act other than in the best interests of
   30  its clients.
   31         5.Provides or identifies for the borrower residential
   32  mortgage loans with terms favorable to the borrower and
   33  comparable to mortgage loans and housing assistance provided
   34  under government housing assistance programs.
   35         Section 2. This act shall take effect July 1, 2024.