Title XXXIII, Regulation of Trade, Commerce, Investments, and Solicitations

(1) INVESTIGATIONS OR EXAMINATIONS.—(a) Except as otherwise provided by this subsection, information relative to an investigation or examination by the office pursuant to this chapter, including any consumer complaint received by the office or the Department of Financial Services…

(1) The office may bring action through its own counsel in the name and on behalf of the state against any person who has violated or is about to violate any provision of this chapter or any rule of the commission or order of the office issued under this chapter to enjoin the per…

(1) The office may:(a) Issue and serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and materials relevant to an examination or investigation conducted by the office. The office, …

(1) The office may issue and serve upon any person an order to cease and desist and to take corrective action if it has reason to believe the person is violating, has violated, or is about to violate any provision of this chapter, any rule or order issued under this chapter, or a…

In any hearing in which the financial examiner acting under authority of this chapter is available for cross-examination, any official written report, worksheet, or other related paper, or a duly certified copy thereof, compiled, prepared, drafted, or otherwise made by the financ…

(1) Each licensee shall maintain, at the principal place of business designated on the license, all books, accounts, records, and documents necessary to determine the licensee’s compliance with this chapter.(2) The office may authorize maintenance of records at a location other t…

(1) It is a violation of this chapter for any person to:(a) Advertise that an applicant shall have unqualified access to credit without disclosing the material limitations on the availability of such credit. Material limitations include, but are not limited to, the percentage of …

A nonrefundable fee is imposed on each application for a mortgage broker, mortgage lender, or loan originator license and on each annual application for a renewal of such license. For a loan originator, the initial and renewal fee is $20. For mortgage brokers and lenders, the ini…

(1) The Mortgage Guaranty Trust Fund is created within, and shall be administered by, the Office of Financial Regulation.(2) Funds to be credited to the trust fund shall consist of the fee imposed pursuant to s. 494.00172 on loan originators, mortgage brokers, and mortgage lender…

(1) Whoever knowingly violates any provision of s. 494.00255(1)(a), (b), or (c) or s. 494.0025(1), (2), (3), (4), or (5), except as provided in subsection (2) of this section, commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. E…

(1) If a mortgage loan transaction is made in violation of any provision of this chapter, the person making the transaction and every licensee, director, or officer who participated in making the transaction are jointly and severally liable to every party to the transaction in an…

This chapter does not limit any statutory or common-law right of any person to bring any action in any court for any act involved in the mortgage loan business or the right of the state to punish any person for any violation of any law.History.—ss. 11, 50, ch. 91-245; s. 4, ch. 9…

Failure to comply with the provisions of this chapter does not affect the validity or enforceability of any mortgage loan; and no person acquiring a mortgage loan, as mortgagee or assignee, is required to ascertain whether or not the provisions of this chapter have been complied …

(1) If, in a mortgage transaction, a licensee has a conflicting interest as specified in subsection (2), the licensee shall, at a minimum, provide the following disclosures to the borrower in writing:(a) The nature of the relationship, ownership, or financial interest between the…

Unless otherwise indicated, any waiver of this chapter is unenforceable and void.History.—ss. 15, 50, ch. 91-245; s. 4, ch. 91-429.

It is unlawful for any person:(1) To act as a loan originator in this state without a current, active license issued by the office pursuant to part II of this chapter.(2) To act as a mortgage broker in this state without a current, active license issued by the office pursuant to …

(1) Each of the following acts constitutes a ground for which the disciplinary actions specified in subsection (2) may be taken against a person licensed or required to be licensed under part II or part III of this chapter:(a) Failure to immediately place upon receipt, and mainta…

The following provisions apply to mortgage loans held by a mortgagee or assignee that is subject to part II or part III of this chapter.(1) The mortgagee or assignee must promptly endorse a check, draft, or other negotiable instrument payable jointly to the mortgagee or assignee …

(1) PROHIBITED ACTS.—When offering or providing loan modification services, a loan originator, mortgage broker, or mortgage lender may not:(a) Engage in or initiate loan modification services without first executing a written agreement for loan modification services with the borr…

(1) An individual who acts as a loan originator must be licensed under this section.(2) In order to apply for a loan originator license, an applicant must:(a) Be at least 18 years of age and have a high school diploma or its equivalent.(b) Complete a 20-hour prelicensing class ap…

(1) In order to renew a loan originator license, a loan originator must:(a) Submit a completed license renewal form as prescribed by commission rule.(b) Submit a nonrefundable renewal fee of $150, the $20 nonrefundable fee if required by s. 494.00172, and nonrefundable fees to co…

(1) Each person who acts as a mortgage broker must be licensed in accordance with this section.(2) In order to apply for a mortgage broker license, an applicant must:(a) Submit a completed license application form as prescribed by commission rule.(b) Designate a qualified princip…

(1) In order to renew a mortgage broker license, a mortgage broker must:(a) Submit a completed license renewal form as prescribed by commission rule.(b) Submit a nonrefundable renewal fee of $375, the $100 nonrefundable fee if required by s. 494.00172, and nonrefundable fees to c…

(1) LOAN ORIGINATORS.—An individual may not act as a loan originator unless he or she is an employee of, or an independent contractor for, a mortgage broker or a mortgage lender, and may not be employed by or contract with more than one mortgage broker or mortgage lender, or eith…

(1) Each mortgage broker must be operated by a principal loan originator who shall have full charge, control, and supervision of the mortgage broker. The principal loan originator must have been licensed as a loan originator for at least 1 year before being designated as the prin…

(1) Each branch office of a mortgage broker must be licensed under this section.(2) The office shall issue a mortgage broker branch office license to a mortgage broker licensee after the office determines that the licensee has submitted a completed application for a branch office…

(1) Any third-party fee entrusted to a mortgage broker must immediately, upon receipt, be placed into a segregated account with a financial institution located in the state the accounts of which are insured by the Federal Government. Such funds shall be held in trust for the payo…

Each mortgage broker licensee shall maintain and transact business from a principal place of business.History.—ss. 26, 50, ch. 91-245; s. 4, ch. 91-429; s. 545, ch. 97-103; s. 15, ch. 99-213; s. 11, ch. 2006-213; s. 35, ch. 2009-241.

(1) Each licensee under this part shall report to the office:(a) In writing, any conviction of, or plea of nolo contendere to, regardless of adjudication, any felony or any crime or administrative violation that involves fraud, dishonesty, breach of trust, money laundering, or an…

(1) A loan origination fee earned by a licensee, pursuant to this part, is not considered interest or a finance charge under chapter 687.(2) A person may not charge or exact, directly or indirectly, from the borrower a fee or commission in excess of the maximum fee or commission …

(1) A loan originator, when arranging a mortgage loan for a noninstitutional investor, shall:(a) Before any payment of money by the noninstitutional investor, provide an opinion of value from an appraiser stating the value of the security property unless the opinion is waived in …

(1) Each person who acts as a mortgage lender must be licensed under this section.(2) In order to apply for a mortgage lender license, an applicant must:(a) Submit a completed application form as prescribed by the commission by rule.(b) Designate a qualified principal loan origin…

(1) In order to renew a mortgage lender license, a mortgage lender must:(a) Submit a completed license renewal form as prescribed by commission rule.(b) Submit a nonrefundable renewal fee of $475, the $100 nonrefundable fee if required by s. 494.00172, and nonrefundable fees to c…

All audited financial statements required by this chapter must be prepared by an independent licensed certified public accountant. A mortgage lender must obtain an annual financial audit report as of the date of the licensee’s fiscal year end, as disclosed to the office on the ap…

(1) Each branch office of a mortgage lender must be licensed under this section.(2) The office shall issue a branch office license to a mortgage lender after the office determines that the mortgage lender has submitted a completed branch office application form as prescribed by r…

(1) Each mortgage lender business must be operated by a principal loan originator who shall have full charge, control, and supervision of the mortgage lender business. The principal loan originator must be licensed as a loan originator pursuant to s. 494.00312. Each mortgage lend…

(1) A mortgage lender that makes mortgage loans on real estate in this state shall transact business from a principal place of business, branch office, or remote location. Each principal place of business, branch office, and remote location shall be operated under the full charge…

(1) Each lock-in agreement must be in writing and must contain:(a) The expiration date of the lock-in, if any;(b) The interest rate locked in, if any;(c) The discount points locked in, if any;(d) The commitment fee locked in, if any;(e) The lock-in fee, if any; and(f) A statement…

(1) If a commitment is issued, the mortgage lender shall disclose in writing:(a) The expiration date of the commitment;(b) The mortgage amount, meaning the face amount of credit provided to the borrower or in the borrower’s behalf;(c) If the interest rate or other terms are subje…

If a lock-in agreement has been executed and the loan does not close before the expiration date of the lock-in agreement or any commitment issued consistent therewith through no substantial fault of the borrower, the borrower may withdraw the application or reject or terminate an…

(1) The net worth requirements in s. 494.00611 shall be continually maintained as a condition of licensure.(2) If a mortgage lender fails to satisfy the net worth requirements, the mortgage lender shall immediately cease taking any new mortgage loan applications. Thereafter, the …

The provisions of this part do not prohibit a mortgage lender from acting as a mortgage broker. However, in mortgage transactions in which a mortgage lender acts as a mortgage broker, the provisions of ss. 494.0038, 494.0042, and 494.0043(1), (2), and (3) apply.History.—ss. 44, 5…

(1) In a mortgage financing transaction, fees designated as loan origination fees, up to 4 percent of the face amount of the loan or line of credit, are not considered interest or finance charge under chapter 687.(2) In a mortgage finance transaction, fees designated as loan orig…

(1) A mortgage lender, when selling a mortgage loan to a noninstitutional investor, shall:(a) Before any payment of money by a noninstitutional investor, provide an opinion of value from an appraiser stating the value of the security property unless the opinion is waived in writi…

(1)(a) Each licensee under this part who services mortgage loans shall:1. Maintain a segregated set of records for accounts that are serviced by the licensee.2. Have a separate, segregated depository account for all receipts relating to servicing.(b) For fiscal years ending after…

This part does not prohibit a mortgage lender from offering, for a fee or commission, products and services in addition to those offered in conjunction with making a mortgage loan.History.—ss. 49, 50, ch. 91-245; s. 4, ch. 91-429; s. 61, ch. 2009-241.