The Florida Senate

494.0062  Correspondent mortgage lender's license requirements.--

(1)  The department shall issue an initial correspondent mortgage lender's license to any person who submits:

(a)  A completed application form;

(b)  A nonrefundable fee set by rule of the department in an amount that may not exceed $400;

(c)  Audited financial statements, which document that the application has a bona fide and verifiable net worth pursuant to generally accepted accounting principles of $25,000 or more, which must be continuously maintained as a condition of licensure;

(d)  A surety bond in the amount of $10,000, payable to the State of Florida and conditioned upon compliance with ss. 494.001-494.0077, which inures to the department and which must be continuously maintained, thereafter, in full force; and

(e)  Documentation that the applicant is duly incorporated, registered, or otherwise formed as a general partnership, limited partnership, limited liability company, or other lawful entity under the laws of this state or another state of the United States.

(2)  Notwithstanding the provisions of subsection (1), it is a ground for denial of licensure if the applicant, any principal officer or director of the applicant, or any natural person who is the ultimate equitable owner of a 10-percent or greater interest in the applicant has committed any violation specified in s. 494.0072, or has pending against her or him any criminal prosecution or administrative enforcement action, in any jurisdiction, which involves fraud, dishonest dealing, or any act of moral turpitude.

(3)  Each initial application for a correspondent mortgage lender's license must be in written form prescribed by the department. The division may require each applicant to provide any information reasonably necessary to make a determination of the applicant's eligibility for licensure. The department may require that each officer, director, and ultimate equitable owner of a 10-percent or greater interest submit a complete set of fingerprints taken by an authorized law enforcement officer.

(4)  Each license is valid for the remainder of the biennium in which the license is issued.

(5)  A person licensed as a correspondent mortgage lender may make mortgage loans, but may not service a mortgage loan for more than 4 months after the date the mortgage loan was made or acquired by the correspondent mortgage lender.

(6)  A licensee under ss. 494.006-494.0077, or an agent or employee thereof, is deemed to have consented to the venue of courts of competent jurisdiction in this state regarding any matter within the authority of ss. 494.001-494.0077 regardless of where an act or violation was committed.

(7)  A correspondent mortgage lender is subject to the same requirements and restrictions as a licensed mortgage lender unless otherwise provided in this section.

(8)  A license issued under this section is not transferable or assignable.

(9)  A license, permit, or registration may be canceled if it was issued through mistake or inadvertence of the department. A notice of cancellation must be issued by the department within 90 days after the issuance of the license. A notice of cancellation shall be effective upon receipt. The notice of cancellation shall provide the applicant with notification of the right to request a hearing within 21 days after the applicant's receipt of the notice of cancellation. A license, permit, or registration shall be reinstated if the applicant can demonstrate that the requirements for obtaining the license, permit, or registration pursuant to ss. 494.001-494.0077 have been satisfied.

(10)  If an initial license, permit, or registration has been issued but the check upon which the license, permit, or registration is based is returned due to insufficient funds, the license, permit, or registration shall be deemed canceled. A license, permit, or registration deemed canceled pursuant to this subsection shall be reinstated if the department receives a certified check for the appropriate amount within 30 days after the date the check was returned due to insufficient funds.

History.--ss. 33, 50, ch. 91-245; s. 4, ch. 91-429; s. 16, ch. 95-313; s. 549, ch. 97-103.