Bill Text: FL H0823 | 2011 | Regular Session | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Loan Processing

Spectrum: Slight Partisan Bill (? 2-1)

Status: (Introduced - Dead) 2011-05-07 - Indefinitely postponed and withdrawn from consideration [H0823 Detail]

Download: Florida-2011-H0823-Introduced.html

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HB 823

1	A bill to be entitled
2	An act relating to loan processing; amending s. 494.001,
3	F.S.; creating and revising definitions; deleting a
4	redundant definition; amending s. 494.0011, F.S.;
5	specifying rulemaking powers; amending s. 494.0025, F.S.;
6	prohibiting acting as an in-house loan processor without a
7	specified license; amending s. 494.0018, F.S.; revising
8	cross-references; amending s. 494.00255, F.S.; including
9	licensed in-house loan processors in disciplinary
10	provisions; creating s. 494.00314, F.S.; providing for
11	licensing of in-house loan processors; providing
12	application requirements; specifying when an application
13	is considered received; providing grounds for denial of
14	licensure; prohibiting issuance of licenses to applicants
15	who have had certain licenses revoked in other
16	jurisdictions; providing for annulment of licenses in
17	certain circumstances; requiring annual renewal of
18	licenses; providing that an in-house loan processor may
19	not act as a loan originator without a loan originator
20	license; providing that a licensed loan originator may act
21	as an in-house loan processor without an in-house loan
22	processor license; creating s. 494.00315, F.S.; providing
23	for license renewals; amending s. 494.00312, F.S.;
24	providing that a loan originator license may not be issued
25	to a person who has had an in-house loan processor license
26	or its equivalent revoked in any jurisdiction; amending s.
27	494.00331, F.S.; providing that specified provisions do
28	not apply to a licensed contract loan processor who has on
29	file with the office a declaration of intent to act solely
30	as a contract loan processor; deleting a definition;
31	providing restrictions on employment of persons licensed
32	as in-house loan processors; amending s. 494.0035, F.S.;
33	clarifying language concerning operation of mortgage
34	brokers; amending s. 494.0038, F.S.; revising provisions
35	relating to disclosure of settlement charges and loan
36	terms; amending s. 494.00421, F.S.; revising an agency
37	reference; amending s. 494.00611, F.S.; providing that a
38	mortgage lender license may not be issued to an applicant
39	if any of the applicant's control persons has ever had an
40	in-house loan processor license or its equivalent revoked
41	in any jurisdiction; amending s. 494.00612, F.S.;
42	requiring that in order to renew a mortgage lender license
43	a mortgage lender must authorize the Nationwide Mortgage
44	Licensing System and Registry to obtain an independent
45	credit report on each of the mortgage lender's control
46	persons; amending s. 494.0067, F.S.; requiring each
47	mortgage lender to submit certain reports to the registry
48	as may be required; providing an effective date.
49
50	Be It Enacted by the Legislature of the State of Florida:
51
52	Section 1.  Subsections (5) through (9), (10) through (14),
53	(15) through (24), and (26) through (34) of section 494.001,
54	Florida Statutes, are renumbered as subsections (6) through
55	(10), (12) through (16), (18) through (27), and (28) through
56	(36), respectively, new subsections (5), (11), and (17) are
57	added to that section, and present subsections (14), (25), and
58	(26) of that section are amended, to read:
59	494.001  Definitions.-As used in ss. 494.001-494.0077, the
60	term:
61	(5)  "Contract loan processor" means an individual who is
62	an independent contractor for a mortgage broker or a mortgage
63	lender who engages only in loan processing.
64	(11)  "In-house loan processor" means an individual who is
65	an employee of a mortgage broker or a mortgage lender who
66	engages only in loan processing.
67	(16)(14)  "Loan originator" means an individual who,
68	directly or indirectly, solicits or offers to solicit a mortgage
69	loan, accepts or offers to accept an application for a mortgage
70	loan, negotiates or offers to negotiate the terms or conditions
71	of a new or existing mortgage loan on behalf of a borrower or
72	lender, processes a mortgage loan application, or negotiates or
73	offers to negotiate the sale of an existing mortgage loan to a
74	noninstitutional investor for compensation or gain. The term
75	includes an individual who is required to be licensed as a loan
76	originator under the activities of a loan originator as that
77	term is defined in the S.A.F.E. Mortgage Licensing Act of 2008,
78	and an individual acting as a loan originator pursuant to that
79	definition is acting as a loan originator for purposes of this
80	definition. The term does not include an employee of a mortgage
81	broker or mortgage lender whose duties are limited to who
82	performs only administrative or clerical tasks, including
83	quoting available interest rates, physically handling a
84	completed application form, or transmitting a completed
85	application form to a lender on behalf of a prospective
86	borrower.
87	(17)  "Loan processing" means:
88	(a)  The receipt, collection, distribution, and analysis of
89	information common for the processing of a mortgage loan; or
90	(b)  Communicating with a consumer to obtain the
91	information necessary for the processing of a mortgage loan, to
92	the extent that such communication does not include offering or
93	negotiating loan rates or terms or counseling consumers about
94	residential mortgage loan rates or terms.
95	(25)  "Person" has the same meaning as in s. 1.01.
96	(28)(26)  "Principal loan originator" means the licensed
97	loan originator in charge of, and responsible for, the operation
98	of a mortgage lender or mortgage broker, including all of the
99	activities of the mortgage lender's or mortgage broker's loan
100	originators, in-house loan processors, and branch managers,
101	whether employees or independent contractors.
102	Section 2.  Subsection (2) of section 494.0011, Florida
103	Statutes, is amended to read:
104	494.0011  Powers and duties of the commission and office.-
105	(2)  To administer ss. 494.001-494.0077, the commission may
106	adopt rules pursuant to ss. 120.536(1) and 120.54 to implement
107	parts I, II, and III of this chapter, including rules:
108	(a)  Requiring electronic submission of any forms,
109	documents, or fees required by this act.
110	(b)  Relating to compliance with the S.A.F.E. Mortgage
111	Licensing Act of 2008, including rules to:
112	1.  Require loan originators, mortgage brokers, mortgage
113	lenders, and branch offices to register through the registry.
114	2.  Require the use of uniform forms that have been
115	approved by the registry, and any subsequent amendments to such
116	forms if the forms are substantially in compliance with the
117	provisions of this chapter. Uniform forms that the commission
118	may adopt include, but are not limited to:
119	a.  Uniform Mortgage Lender/Mortgage Broker Form, MU1.
120	b.  Uniform Mortgage Biographical Statement & Consent Form,
121	MU2.
122	c.  Uniform Mortgage Branch Office Form, MU3.
123	d.  Uniform Individual Mortgage License/Registration &
124	Consent Form, MU4.
125	3.  Require the filing of forms, documents, and fees in
126	accordance with the requirements of the registry.
127	4.  Prescribe requirements for amending or surrendering a
128	license or other activities as the commission deems necessary
129	for the office's participation in the registry.
130	5.  Prescribe procedures that allow a licensee to challenge
131	information contained in the registry.
132	6.  Prescribe procedures for reporting violations of this
133	chapter and disciplinary actions on licensees to the registry.
134	(c)  Establishing time periods during which a loan
135	originator, mortgage broker, or mortgage lender license
136	applicant under part II or part III is barred from licensure due
137	to prior criminal convictions of, or guilty or nolo contendere
138	pleas by, any of the applicant's control persons, regardless of
139	adjudication.
140	1.  The rules must provide:
141	a.  Permanent bars for felonies involving fraud,
142	dishonesty, breach of trust, or money laundering;
143	b.  A 15-year disqualifying period for felonies involving
144	moral turpitude;
145	c.  A 7-year disqualifying period for all other felonies;
146	and
147	d.  A 5-year disqualifying period for misdemeanors
148	involving fraud, dishonesty, or any other act of moral
149	turpitude.
150	2.  The rules may provide for an additional waiting period
151	due to dates of imprisonment or community supervision, the
152	commitment of multiple crimes, and other factors reasonably
153	related to the applicant's criminal history.
154	3.  The rules may provide for mitigating factors for crimes
155	identified in sub-subparagraph 1.b. However, the mitigation may
156	not result in a period of disqualification less than 7 years.
157	The rule may not mitigate the disqualifying periods in sub-
158	subparagraphs 1.a., 1.c., and 1.d.
159	4.  An applicant is not eligible for licensure until the
160	expiration of the disqualifying period set by rule.
161	5.  Section 112.011 is not applicable to eligibility for
162	licensure under this part.
163	Section 3.  Subsections (2) through (10) of section
164	494.0025, Florida Statutes, are renumbered as subsections (3)
165	through (11), respectively, and a new subsection (2) is added to
166	that section to read:
167	494.0025  Prohibited practices.-It is unlawful for any
168	person:
169	(2)  To act as an in-house loan processor in this state
170	without a current, active license issued by the office pursuant
171	to part II of this chapter.
172	Section 4.  Subsection (1) of section 494.0018, Florida
173	Statutes, is amended to read:
174	494.0018  Penalties.-
175	(1)  Whoever knowingly violates any provision of s.
176	494.00255(1)(a), (b), or (c) or s. 494.0025(1), (3)(2), (4)(3),
177	(5)(4), or (6)(5), except as provided in subsection (2) of this
178	section, commits a felony of the third degree, punishable as
179	provided in s. 775.082, s. 775.083, or s. 775.084. Each such
180	violation constitutes a separate offense.
181	Section 5.  Paragraphs (n) and (p) of subsection (1),
182	paragraph (f) of subsection (2), and subsections (3), (4), (5),
183	(6), and (8) of section 494.00255, Florida Statutes, are amended
184	to read:
185	494.00255  Administrative penalties and fines; license
186	violations.-
187	(1)  Each of the following acts constitutes a ground for
188	which the disciplinary actions specified in subsection (2) may
189	be taken against a person licensed or required to be licensed
190	under part II or part III of this chapter:
191	(n)  Having a loan originator, an in-house loan processor,
192	a mortgage broker, or a mortgage lender license, or the
193	equivalent of such license, revoked in any jurisdiction.
194	(p)  Acting as a loan originator, an in-house loan
195	processor, a mortgage broker, or a mortgage lender without a
196	current license issued under part II or part III of this
197	chapter.
198	(2)  If the office finds a person in violation of any act
199	specified in this section, it may enter an order imposing one or
200	more of the following penalties:
201	(f)  An administrative fine of up to $1,000 per day, but
202	not to exceed $25,000 cumulatively, for each day that:
203	1.  A mortgage broker or mortgage lender conducts business
204	at an unlicensed branch office.
205	2.  An unlicensed person acts as a loan originator, an in-
206	house loan processor, a mortgage broker, or a mortgage lender.
207	(3)  A mortgage broker or mortgage lender, as applicable,
208	is subject to the disciplinary actions specified in subsection
209	(2) for a violation of subsection (1) by:
210	(a)  A control person of the mortgage broker or mortgage
211	lender; or
212	(b)  A loan originator employed by or contracting with the
213	mortgage broker or mortgage lender; or
214	(c)  An in-house loan processor who is an employee of the
215	mortgage broker or mortgage lender.
216	(4)  A principal loan originator of a mortgage broker is
217	subject to the disciplinary actions specified in subsection (2)
218	for violations of subsection (1) by a loan originator or an in-
219	house loan processor in the course of an association with the
220	mortgage broker if there is a pattern of repeated violations by
221	the loan originator or an in-house loan processor or if the
222	principal loan originator has knowledge of the violations.
223	(5)  A principal loan originator of a mortgage lender is
224	subject to the disciplinary actions specified in subsection (2)
225	for violations of subsection (1) by a loan originator or an in-
226	house loan processor in the course of an association with a
227	mortgage lender if there is a pattern of repeated violations by
228	the loan originator or an in-house loan processor or if the
229	principal loan originator has knowledge of the violations.
230	(6)  A branch manager is subject to the disciplinary
231	actions specified in subsection (2) for violations of subsection
232	(1) by a loan originator or an in-house loan processor in the
233	course of an association with the mortgage broker or mortgage
234	lender if there is a pattern of repeated violations by the loan
235	originator or an in-house loan processor or if the branch
236	manager has knowledge of the violations.
237	(8)  Pursuant to s. 120.60(6), the office may summarily
238	suspend the license of a loan originator, an in-house loan
239	processor, a mortgage broker, or a mortgage lender if the office
240	has reason to believe that a licensee poses an immediate,
241	serious danger to the public's health, safety, or welfare. The
242	arrest of the licensee, or the mortgage broker or the mortgage
243	lender's control person, for any felony or any crime involving
244	fraud, dishonesty, breach of trust, money laundering, or any
245	other act of moral turpitude is deemed sufficient to constitute
246	an immediate danger to the public's health, safety, or welfare.
247	Any proceeding for the summary suspension of a license must be
248	conducted by the commissioner of the office, or designee, who
249	shall issue the final summary order.
250	Section 6.  Section 494.00314, Florida Statutes, is created
251	to read:
252	494.00314  In-house loan processor license.-
253	(1)  An individual acting as an in-house loan processor
254	must be licensed under this section.
255	(2)  In order to apply for an in-house loan processor
256	license, an applicant must:
257	(a)  Be at least 18 years of age and have a high school
258	diploma or its equivalent.
259	(b)  Submit a completed license application form as
260	prescribed by commission rule.
261	(c)  Submit a nonrefundable application fee of $100.
262	Application fees may not be prorated for partial years of
263	licensure.
264	(d)  Submit fingerprints in accordance with rules adopted
265	by the commission.
266	1.  The fingerprints must be submitted to a live-scan
267	vendor authorized by the Department of Law Enforcement.
268	2.  A state criminal history background check must be
269	conducted through the Department of Law Enforcement, and a
270	federal criminal history check must be conducted through the
271	Federal Bureau of Investigation.
272	3.  All fingerprints submitted to the Department of Law
273	Enforcement must be submitted electronically and entered into
274	the statewide automated fingerprint identification system
275	established in s. 943.05(2)(b) and available for use in
276	accordance with s. 943.05(2)(g) and (h). The office shall pay an
277	annual fee to the department to participate in the system and
278	inform the department of any person whose fingerprints are no
279	longer required to be retained.
280	4.  The costs of fingerprint processing, including the cost
281	of retaining fingerprints, shall be borne by the person subject
282	to the background check.
283	5.  The office is responsible for reviewing the results of
284	the state and federal criminal history checks and determining
285	whether the applicant meets licensure requirements.
286	(e)  Submit additional information or documentation
287	requested by the office and required by rules concerning the
288	applicant. Additional information may include documentation of
289	pending or prior disciplinary or criminal history events,
290	including arrest reports and certified copies of charging
291	documents, plea agreements, judgments and sentencing documents,
292	documents relating to pretrial intervention, orders terminating
293	probation or supervised release, final administrative agency
294	orders, or other comparable documents that may provide the
295	office with the appropriate information to determine eligibility
296	for licensure.
297	(f)  Submit any other information required by the registry
298	for the processing of the application.
299	(3)  An application is considered received for the purposes
300	of s. 120.60 upon the office's receipt of all documentation from
301	the registry, including the completed application form, criminal
302	history information, and license application fee.
303	(4)  The office shall issue an in-house loan processor
304	license to each person who is not otherwise ineligible and who
305	meets the requirements of this section. However, it is a ground
306	for denial of licensure if the applicant:
307	(a)  Has committed any violation specified in ss. 494.001-
308	494.0077; or
309	(b)  Is the subject of a pending felony criminal
310	prosecution or a prosecution or an administrative enforcement
311	action in any jurisdiction that involves fraud, dishonesty,
312	breach of trust, money laundering, or any other act of moral
313	turpitude.
314	(5)  The office may not issue a license to an applicant who
315	has had an in-house loan processor or loan originator license or
316	its equivalent revoked in any jurisdiction.
317	(6)  An in-house loan processor license shall be annulled
318	pursuant to s. 120.60 if it was issued by the office by mistake.
319	A license must be reinstated if the applicant demonstrates that
320	the requirements for obtaining the license have been satisfied.
321	(7)  All in-house loan processor licenses must be renewed
322	annually by December 31, pursuant to s. 494.00315. If a person
323	holding an active in-house loan processor license has not
324	applied to renew the license on or before December 31, the in-
325	house loan processor license expires on December 31. If a person
326	holding an active in-house loan processor license has applied to
327	renew on or before December 31, the in-house loan processor
328	license remains active until the renewal application is approved
329	or denied. An in-house loan processor is not precluded from
330	reapplying for licensure upon expiration of a previous license.
331	(8)  An in-house loan processor licensed under this section
332	may not act as a loan originator without a loan originator
333	license issued under this part.
334	(9)  A loan originator licensed under this part may also
335	act as an in-house loan processor without an in-house loan
336	processor license.
337	Section 7.  Section 494.00315, Florida Statutes, is created
338	to read:
339	494.00315  In-house loan processor license renewal.-In
340	order to renew an in-house loan processor license, an in-house
341	loan processor must:
342	(1)  Submit a completed license renewal form as prescribed
343	by commission rule.
344	(2)  Submit a nonrefundable renewal fee of $75 and
345	nonrefundable fees to cover the costs of further fingerprint
346	processing and retention as set forth in commission rule.
347	(3)  Submit any additional information or documentation
348	requested by the office and required by rule concerning the
349	licensee. Additional information may include documentation of
350	pending and prior disciplinary and criminal history events,
351	including arrest reports and certified copies of charging
352	documents, plea agreements, judgments and sentencing documents,
353	documents relating to pretrial intervention, orders terminating
354	probation or supervised release, final administrative agency
355	orders, or other comparable documents that may provide the
356	office with the appropriate information to determine eligibility
357	for renewal of licensure.
358	Section 8.  Subsection (5) of section 494.00312, Florida
359	Statutes, is amended to read:
360	494.00312  Loan originator license.-
361	(5)  The office may not issue a license to an applicant who
362	has had a loan originator or an in-house loan processor license
363	or its equivalent revoked in any jurisdiction.
364	Section 9.  Section 494.00331, Florida Statutes, is amended
365	to read:
366	494.00331  Loan originator and loan processor employment.-
367	(1)  LOAN ORIGINATORS.-An individual may not act as a loan
368	originator unless he or she is an employee of, or an independent
369	contractor for, a mortgage broker or a mortgage lender, and may
370	not be employed by or contract with more than one mortgage
371	broker or mortgage lender, or either simultaneously.
372	(2)  CONTRACT LOAN PROCESSORS.-Subsection (1) However, this
373	provision does not apply to a contract loan processor who is
374	licensed as a loan originator under this part and has on file
375	with the office a declaration of intent to act solely as a
376	contract loan processor. The declaration of intent must be on a
377	form prescribed by the commission by rule any licensed loan
378	originator who acts solely as a loan processor and contracts
379	with more than one mortgage broker or mortgage lender, or either
380	simultaneously.
381	(2)  For purposes of this section, the term "loan
382	processor" means an individual who is licensed as a loan
383	originator who engages only in:
384	(a)  The receipt, collection, distribution, and analysis of
385	information common for the processing or underwriting of a
386	residential mortgage loan; or
387	(b)  Communication with consumers to obtain the information
388	necessary for the processing or underwriting of a loan, to the
389	extent that such communication does not include offering or
390	negotiating loan rates or terms or does not include counseling
391	consumers about residential mortgage loan rates or terms.
392	(3)  A person may not act as a loan processor unless the
393	person is licensed as a loan originator under this chapter and
394	has on file with the office a declaration of intent to engage
395	solely in loan processing. The declaration of intent must be on
396	such form as prescribed by the commission by rule.
397	(a)(4)  A loan originator who that currently has a
398	declaration of intent to engage solely in loan processing on
399	file with the office may withdraw his or her declaration of
400	intent to engage solely in loan processing. The withdrawal of
401	declaration of intent must be on such form as prescribed by
402	commission rule.
403	(b)(5)  A declaration of intent or a withdrawal of
404	declaration of intent is effective upon receipt by the office.
405	(c)(6)  The fee earned by a contract loan processor may be
406	paid to the company that employs the loan processor without
407	violating the restriction in s. 494.0025(8)(7) requiring fees or
408	commissions to be paid to a licensed mortgage broker or mortgage
409	lender or a person exempt from licensure under this chapter.
410	(3)  IN-HOUSE LOAN PROCESSORS.-An individual may not act as
411	an in-house loan processor unless he or she is an employee of a
412	mortgage broker or a mortgage lender and may not be employed by
413	more than one mortgage broker or mortgage lender, or either,
414	simultaneously. An in-house loan processor is required to work
415	at the direction of and subject to the supervision and
416	instruction of a loan originator licensed under this part.
417	Section 10.  Subsection (1) of section 494.0035, Florida
418	Statutes, is amended to read:
419	494.0035  Principal loan originator and branch manager for
420	mortgage broker.-
421	(1)  Each mortgage broker must be operated by a principal
422	loan originator who shall have full charge, control, and
423	supervision of the mortgage broker business. The principal loan
424	originator must have been licensed as a loan originator for at
425	least 1 year before being designated as the principal loan
426	originator, or must demonstrate to the satisfaction of the
427	office that he or she has been actively engaged as in a mortgage
428	broker broker-related business for at least 1 year before being
429	designated as a principal loan originator. Each mortgage broker
430	must keep the office informed of the person designated as the
431	principal loan originator as prescribed by commission rule. If
432	the designation is inaccurate, the mortgage broker business
433	shall be deemed to be operated under the full charge, control,
434	and supervision of each officer, director, or ultimate equitable
435	owner of a 10-percent or greater interest in the mortgage
436	broker, or any other person in a similar capacity. A loan
437	originator may not be a principal loan originator for more than
438	one mortgage broker at any given time.
439	Section 11.  Paragraph (c) of subsection (3) of section
440	494.0038, Florida Statutes, is amended to read:
441	494.0038  Loan origination and mortgage broker fees and
442	disclosures.-
443	(3)  At the time a written mortgage broker agreement is
444	signed by the borrower or forwarded to the borrower for
445	signature, or at the time the mortgage broker business accepts
446	an application fee, credit report fee, property appraisal fee,
447	or any other third-party fee, but at least 3 business days
448	before execution of the closing or settlement statement, the
449	mortgage broker shall disclose in writing to any applicant for a
450	mortgage loan the following information:
451	(c)  A good faith estimate that discloses settlement
452	charges and loan terms, signed and dated by the borrower, which
453	discloses the total amount of each of the fees the borrower may
454	reasonably expect to pay if the loan is closed, including, but
455	not limited to, fees earned by the mortgage broker, lender fees,
456	third-party fees, and official fees, together with the terms and
457	conditions for obtaining a refund of such fees, if any.
458	1.  Any amount collected in excess of the actual cost shall
459	be returned within 60 days after rejection, withdrawal, or
460	closing.
461	2.  At the time a good faith estimate is provided to the
462	borrower, the loan originator must identify in writing an
463	itemized list that provides the recipient of all payments
464	charged the borrower, which, except for all fees to be received
465	by the mortgage broker, may be disclosed in generic terms, such
466	as, but not limited to, paid to lender, appraiser, officials,
467	title company, or any other third-party service provider. This
468	requirement does not supplant or is not a substitute for the
469	written mortgage broker agreement described in subsection (1).
470	The disclosure required under this subparagraph must be signed
471	and dated by the borrower.
472	Section 12.  Paragraph (a) of subsection (7) of section
473	494.00421, Florida Statutes, is amended to read:
474	494.00421  Fees earned upon obtaining a bona fide
475	commitment.-Notwithstanding the provisions of ss. 494.001-
476	494.0077, any mortgage broker which contracts to receive a loan
477	origination fee from a borrower upon obtaining a bona fide
478	commitment shall accurately disclose in the mortgage broker
479	agreement:
480	(7)(a)  The following statement, in at least 12-point
481	boldface type immediately above the signature lines for the
482	borrowers:
483	"You are entering into a contract with a mortgage broker to
484	obtain a bona fide mortgage loan commitment under the same terms
485	and conditions as stated hereinabove or in a separate executed
486	good faith estimate form. If the mortgage broker obtains a bona
487	fide commitment under the same terms and conditions, you will be
488	obligated to pay the loan origination fees even if you choose
489	not to complete the loan transaction. If the provisions of s.
490	494.00421, Florida Statutes, are not met, the loan origination
491	fee can only be earned upon the funding of the mortgage loan.
492	The borrower may contact the Office of Financial Regulation
493	Department of Financial Services, Tallahassee, Florida,
494	regarding any complaints that the borrower may have against the
495	loan originator. The telephone number of the office department
496	is: ...(insert telephone number)...."
497	Section 13.  Subsection (5) of section 494.00611, Florida
498	Statutes, is amended to read:
499	494.00611  Mortgage lender license.-
500	(5)  The office may not issue a license if the applicant
501	has had a mortgage lender license or its equivalent revoked in
502	any jurisdiction, or any of the applicant's control persons has
503	ever had a loan originator or an in-house loan processor license
504	or its equivalent revoked in any jurisdiction.
505	Section 14.  Paragraph (e) of subsection (1) of section
506	494.00612, Florida Statutes, is amended to read:
507	494.00612  Mortgage lender license renewal.-
508	(1)  In order to renew a mortgage lender license, a
509	mortgage lender must:
510	(e)  Authorize the registry to obtain an independent credit
511	report on each of the mortgage lender's control persons lender
512	from a consumer reporting agency, and transmit or provide access
513	to the report to the office. The cost of the credit report shall
514	be borne by the licensee.
515	Section 15.  Subsection (13) is added to section 494.0067,
516	Florida Statutes, to read:
517	494.0067  Requirements of mortgage lenders.-
518	(13)  Each mortgage lender shall submit to the registry
519	reports of condition that must be in a form and contain such
520	information as the registry may require.
521	Section 16.  This act shall take effect July 1, 2011.

CODING: Words stricken are deletions; words underlined are additions.