The Florida Senate

494.0064  Renewal of mortgage lender's license; branch office license renewal.--

(1)  The office shall renew a mortgage lender license upon receipt of a completed renewal form, certification from the licensee that the licensee currently meets the minimum net worth requirements of s. 494.0061 or s. 494.0065, certification from the licensee that during the preceding 2 years the licensee's principal representative and loan originators have completed the professional continuing education requirements of s. 494.00295, and the nonrefundable renewal fee of $575. The office shall renew a correspondent lender license upon receipt of a completed renewal form, certification from the licensee that the licensee currently meets the minimum net worth requirements of s. 494.0062, certification from the licensee that during the preceding 2 years the licensee's principal representative and loan originators have completed the professional continuing education requirements of s. 494.00295, and a nonrefundable renewal fee of $475. Each licensee shall pay at the time of renewal a nonrefundable fee of $325 for the renewal of each branch office license.

(2)  The commission shall adopt rules establishing a procedure for the biennial renewal of mortgage lender's licenses, correspondent lender's licenses, and branch office licenses. The commission may prescribe the form for renewal and may require an update of all information provided in the licensee's initial application.

(3)  The license of a mortgage lender, correspondent mortgage lender, or branch office that is not renewed by the end of the biennium prescribed by the commission automatically reverts to inactive status. An inactive license may be reactivated within 6 months after becoming inactive by filing a completed reactivation form with the office, payment of the appropriate renewal fee, and payment of a nonrefundable reactivation fee of $100. A license that is not renewed within 6 months after the end of the biennial period automatically expires.

(4)  The commission may adopt rules setting forth the evidence or documentation of minimum net worth to be submitted for renewal of a license.

History.--ss. 35, 50, ch. 91-245; s. 4, ch. 91-429; s. 21, ch. 99-213; s. 8, ch. 2001-228; s. 539, ch. 2003-261; s. 17, ch. 2006-213; s. 9, ch. 2007-182.