Bill Text: FL H0823 | 2011 | Regular Session | Comm Sub

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Status: (Introduced - Dead) 2011-05-07 - Indefinitely postponed and withdrawn from consideration [H0823 Detail]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

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CS/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 of the Financial Services
6	Commission; amending s. 494.0018, F.S.; revising cross-
7	references; amending s. 494.0025, F.S.; prohibiting acting
8	as an in-house loan processor without a specified license;
9	amending s. 494.00255, F.S.; including licensed in-house
10	loan processors in disciplinary provisions; amending s.
11	494.00312, F.S.; providing that a loan originator license
12	may not be issued to a person who has had an in-house loan
13	processor license or its equivalent revoked in any
14	jurisdiction; creating s. 494.00314, F.S.; providing for
15	licensing of in-house loan processors; providing
16	application requirements; specifying when an application
17	is considered received; providing grounds for denial of
18	licensure; prohibiting issuance of licenses to applicants
19	who have had certain licenses revoked in other
20	jurisdictions; providing for annulment of licenses in
21	certain circumstances; requiring annual renewal of
22	licenses; prohibiting an in-house loan processor from
23	acting as a loan originator without a loan originator
24	license; authorizing a licensed loan originator to act as
25	an in-house loan processor without an in-house loan
26	processor license; creating s. 494.00315, F.S.; providing
27	for license renewals; amending s. 494.00331, F.S.;
28	providing that specified provisions do not apply to a
29	licensed contract loan processor who has on file with the
30	office a declaration of intent to act solely as a contract
31	loan processor; deleting a definition; providing
32	restrictions on employment of persons licensed as in-house
33	loan processors; amending s. 494.0035, F.S.; clarifying
34	provisions concerning operation of mortgage brokers;
35	amending s. 494.0038, F.S.; revising provisions relating
36	to disclosure of settlement charges and loan terms;
37	amending s. 494.00421, F.S.; revising an agency reference
38	in the mortgage broker agreement; providing that a
39	borrower may contact the Office of Financial Regulation
40	rather than the Department of Financial Services regarding
41	any complaints against a loan originator; amending s.
42	494.00611, F.S.; providing that a mortgage lender license
43	may not be issued to an applicant if any of the
44	applicant's control persons has ever had an in-house loan
45	processor license or its equivalent revoked in any
46	jurisdiction; amending s. 494.00612, F.S.; requiring that
47	in order to renew a mortgage lender license a mortgage
48	lender must authorize the Nationwide Mortgage Licensing
49	System and Registry to obtain an independent credit report
50	on each of the mortgage lender's control persons; amending
51	s. 494.0067, F.S.; requiring each mortgage lender to
52	submit certain reports to the registry as may be required;
53	providing an effective date.
54
55	Be It Enacted by the Legislature of the State of Florida:
56
57	Section 1.  Subsections (5) through (9), (10) through (14),
58	(15) through (24), and (26) through (34) of section 494.001,
59	Florida Statutes, are renumbered as subsections (6) through
60	(10), (12) through (16), (18) through (27), and (28) through
61	(36), respectively, new subsections (5), (11), and (17) are
62	added to that section, and present subsections (14), (25), and
63	(26) of that section are amended, to read:
64	494.001  Definitions.-As used in ss. 494.001-494.0077, the
65	term:
66	(5)  "Contract loan processor" means an individual who is
67	licensed under part II of this chapter as a loan originator, who
68	is an independent contractor for a mortgage broker or mortgage
69	lender, and who engages only in loan processing.
70	(11)  "In-house loan processor" means an individual who is
71	an employee of a mortgage broker or a mortgage lender who
72	engages only in loan processing.
73	(16)(14)  "Loan originator" means an individual who,
74	directly or indirectly, solicits or offers to solicit a mortgage
75	loan, accepts or offers to accept an application for a mortgage
76	loan, negotiates or offers to negotiate the terms or conditions
77	of a new or existing mortgage loan on behalf of a borrower or
78	lender, processes a mortgage loan application, or negotiates or
79	offers to negotiate the sale of an existing mortgage loan to a
80	noninstitutional investor for compensation or gain. The term
81	includes an individual who is required to be licensed as a loan
82	originator under the activities of a loan originator as that
83	term is defined in the S.A.F.E. Mortgage Licensing Act of 2008,
84	and an individual acting as a loan originator pursuant to that
85	definition is acting as a loan originator for purposes of this
86	definition. The term does not include an employee of a mortgage
87	broker or mortgage lender whose duties are limited to who
88	performs only administrative or clerical tasks, including
89	quoting available interest rates, physically handling a
90	completed application form, or transmitting a completed
91	application form to a lender on behalf of a prospective
92	borrower.
93	(17)  "Loan processing" means:
94	(a)  Receiving, collecting, distributing, and analyzing
95	information common for the processing of a mortgage loan; or
96	(b)  Communicating with a consumer to obtain information
97	necessary for the processing of a mortgage loan, if such
98	communication does not include offering or negotiating loan
99	rates or terms, or counseling consumers about residential
100	mortgage loan rates or terms.
101	(25)  "Person" has the same meaning as in s. 1.01.
102	(28)(26)  "Principal loan originator" means the licensed
103	loan originator in charge of, and responsible for, the operation
104	of a mortgage lender or mortgage broker, including all of the
105	activities of the mortgage lender's or mortgage broker's loan
106	originators, in-house loan processors, and branch managers,
107	whether employees or independent contractors.
108	Section 2.  Subsection (2) of section 494.0011, Florida
109	Statutes, is amended to read:
110	494.0011  Powers and duties of the commission and office.-
111	(2)  To administer ss. 494.001-494.0077, The commission may
112	adopt rules to administer parts I, II, and III of this chapter,
113	including rules:
114	(a)  Requiring electronic submission of any forms,
115	documents, or fees required by this act.
116	(b)  Relating to compliance with the S.A.F.E. Mortgage
117	Licensing Act of 2008, including rules to:
118	1.  Require in-house loan processors, loan originators,
119	mortgage brokers, mortgage lenders, and branch offices to
120	register through the registry.
121	2.  Require the use of uniform forms that have been
122	approved by the registry, and any subsequent amendments to such
123	forms if the forms are substantially in compliance with the
124	provisions of this chapter. Uniform forms that the commission
125	may adopt include, but are not limited to:
126	a.  Uniform Mortgage Lender/Mortgage Broker Form, MU1.
127	b.  Uniform Mortgage Biographical Statement & Consent Form,
128	MU2.
129	c.  Uniform Mortgage Branch Office Form, MU3.
130	d.  Uniform Individual Mortgage License/Registration &
131	Consent Form, MU4.
132	3.  Require the filing of forms, documents, and fees in
133	accordance with the requirements of the registry.
134	4.  Prescribe requirements for amending or surrendering a
135	license or other activities as the commission deems necessary
136	for the office's participation in the registry.
137	5.  Prescribe procedures that allow a licensee to challenge
138	information contained in the registry.
139	6.  Prescribe procedures for reporting violations of this
140	chapter and disciplinary actions on licensees to the registry.
141	(c)  Establishing time periods during which an in-house
142	loan processor, a loan originator, a mortgage broker, or a
143	mortgage lender license applicant under part II or part III is
144	barred from licensure due to prior criminal convictions of, or
145	guilty or nolo contendere pleas by, any of the applicant's
146	control persons, regardless of adjudication.
147	1.  The rules must provide:
148	a.  Permanent bars for felonies involving fraud,
149	dishonesty, breach of trust, or money laundering;
150	b.  A 15-year disqualifying period for felonies involving
151	moral turpitude;
152	c.  A 7-year disqualifying period for all other felonies;
153	and
154	d.  A 5-year disqualifying period for misdemeanors
155	involving fraud, dishonesty, or any other act of moral
156	turpitude.
157	2.  The rules may provide for an additional waiting period
158	due to dates of imprisonment or community supervision, the
159	commitment of multiple crimes, and other factors reasonably
160	related to the applicant's criminal history.
161	3.  The rules may provide for mitigating factors for crimes
162	identified in sub-subparagraph 1.b. However, the mitigation may
163	not result in a period of disqualification less than 7 years.
164	The rule may not mitigate the disqualifying periods in sub-
165	subparagraphs 1.a., 1.c., and 1.d.
166	4.  An applicant is not eligible for licensure until the
167	expiration of the disqualifying period set by rule.
168	5.  Section 112.011 is not applicable to eligibility for
169	licensure under this part.
170	Section 3.  Subsection (1) of section 494.0018, Florida
171	Statutes, is amended to read:
172	494.0018  Penalties.-
173	(1)  Whoever knowingly violates any provision of s.
174	494.00255(1)(a), (b), or (c) or s. 494.0025(1), (3)(2), (4)(3),
175	(5)(4), or (6)(5), except as provided in subsection (2) of this
176	section, commits a felony of the third degree, punishable as
177	provided in s. 775.082, s. 775.083, or s. 775.084. Each such
178	violation constitutes a separate offense.
179	Section 4.  Subsections (2) through (10) of section
180	494.0025, Florida Statutes, are renumbered as subsections (3)
181	through (11), respectively, and a new subsection (2) is added to
182	that section to read:
183	494.0025  Prohibited practices.-It is unlawful for any
184	person:
185	(2)  To act as an in-house loan processor in this state
186	without a current, active in-house loan processor license issued
187	by the office pursuant to part II of this chapter.
188	Section 5.  Paragraphs (n) and (p) of subsection (1),
189	paragraph (f) of subsection (2), and subsections (3), (4), (5),
190	(6), and (8) of section 494.00255, Florida Statutes, are
191	amended, and paragraph (m) of subsection (1) is reenacted, to
192	read:
193	494.00255  Administrative penalties and fines; license
194	violations.-
195	(1)  Each of the following acts constitutes a ground for
196	which the disciplinary actions specified in subsection (2) may
197	be taken against a person licensed or required to be licensed
198	under part II or part III of this chapter:
199	(m)  In any mortgage transaction, violating any provision
200	of the federal Real Estate Settlement Procedures Act, as
201	amended, 12 U.S.C. ss. 2601 et seq.; the federal Truth in
202	Lending Act, as amended, 15 U.S.C. ss. 1601 et seq.; or any
203	regulations adopted under such acts.
204	(n)  Having a loan originator, an in-house loan processor,
205	a mortgage broker, or a mortgage lender license, or the
206	equivalent of such license, revoked in any jurisdiction.
207	(p)  Acting as a loan originator, an in-house loan
208	processor, a mortgage broker, or a mortgage lender without a
209	current license issued under part II or part III of this
210	chapter.
211	(2)  If the office finds a person in violation of any act
212	specified in this section, it may enter an order imposing one or
213	more of the following penalties:
214	(f)  An administrative fine of up to $1,000 per day, but
215	not to exceed $25,000 cumulatively, for each day that:
216	1.  A mortgage broker or mortgage lender conducts business
217	at an unlicensed branch office.
218	2.  An unlicensed person acts as a loan originator, an in-
219	house loan processor, a mortgage broker, or a mortgage lender.
220	(3)  A mortgage broker or mortgage lender, as applicable,
221	is subject to the disciplinary actions specified in subsection
222	(2) for a violation of subsection (1) by:
223	(a)  A control person of the mortgage broker or mortgage
224	lender; or
225	(b)  A loan originator employed by or contracting with the
226	mortgage broker or mortgage lender; or
227	(c)  An in-house loan processor who is an employee of the
228	mortgage broker or mortgage lender.
229	(4)  A principal loan originator of a mortgage broker is
230	subject to the disciplinary actions specified in subsection (2)
231	for violations of subsection (1) by a loan originator or an in-
232	house loan processor in the course of an association with the
233	mortgage broker if there is a pattern of repeated violations by
234	the loan originator or in-house loan processor or if the
235	principal loan originator has knowledge of the violations.
236	(5)  A principal loan originator of a mortgage lender is
237	subject to the disciplinary actions specified in subsection (2)
238	for violations of subsection (1) by a loan originator or an in-
239	house loan processor in the course of an association with a
240	mortgage lender if there is a pattern of repeated violations by
241	the loan originator or in-house loan processor or if the
242	principal loan originator has knowledge of the violations.
243	(6)  A branch manager is subject to the disciplinary
244	actions specified in subsection (2) for violations of subsection
245	(1) by a loan originator or an in-house loan processor in the
246	course of an association with the mortgage broker or mortgage
247	lender if there is a pattern of repeated violations by the loan
248	originator or in-house loan processor or if the branch manager
249	has knowledge of the violations.
250	(8)  Pursuant to s. 120.60(6), the office may summarily
251	suspend the license of a loan originator, an in-house loan
252	processor, a mortgage broker, or a mortgage lender if the office
253	has reason to believe that a licensee poses an immediate,
254	serious danger to the public's health, safety, or welfare. The
255	arrest of the licensee, or the mortgage broker or the mortgage
256	lender's control person, for any felony or any crime involving
257	fraud, dishonesty, breach of trust, money laundering, or any
258	other act of moral turpitude is deemed sufficient to constitute
259	an immediate danger to the public's health, safety, or welfare.
260	Any proceeding for the summary suspension of a license must be
261	conducted by the commissioner of the office, or designee, who
262	shall issue the final summary order.
263	Section 6.  Subsection (5) of section 494.00312, Florida
264	Statutes, is amended to read:
265	494.00312  Loan originator license.-
266	(5)  The office may not issue a license to an applicant who
267	has had a loan originator or an in-house loan processor license
268	or its equivalent revoked in any jurisdiction.
269	Section 7.  Section 494.00314, Florida Statutes, is created
270	to read:
271	494.00314  In-house loan processor license.-
272	(1)  An individual acting as an in-house loan processor
273	must be licensed under this section.
274	(2)  In order to apply for an in-house loan processor
275	license, an applicant must:
276	(a)  Be at least 18 years of age and have a high school
277	diploma or its equivalent.
278	(b)  Submit a completed license application form as
279	prescribed by commission rule.
280	(c)  Submit a nonrefundable application fee of $100.
281	Application fees may not be prorated for partial years of
282	licensure.
283	(d)  Submit fingerprints in accordance with rules adopted
284	by the commission.
285	1.  The fingerprints must be submitted to a live-scan
286	vendor authorized by the Department of Law Enforcement.
287	2.  A state criminal history background check must be
288	conducted through the Department of Law Enforcement, and a
289	federal criminal history check must be conducted through the
290	Federal Bureau of Investigation.
291	3.  All fingerprints submitted to the Department of Law
292	Enforcement must be submitted electronically and entered into
293	the statewide automated fingerprint identification system
294	established in s. 943.05(2)(b) and available for use in
295	accordance with s. 943.05(2)(g) and (h). The office shall pay an
296	annual fee to the department to participate in the system and
297	inform the department of any person whose fingerprints are no
298	longer required to be retained.
299	4.  The costs of fingerprint processing, including the cost
300	of retaining fingerprints, shall be borne by the person subject
301	to the background check.
302	5.  The office is responsible for reviewing the results of
303	the state and federal criminal history checks and determining
304	whether the applicant meets licensure requirements.
305	(e)  Submit additional information or documentation
306	requested by the office and required by rule concerning the
307	applicant. Additional information may include documentation of
308	pending or prior disciplinary or criminal history events,
309	including arrest reports and certified copies of charging
310	documents, plea agreements, judgments and sentencing documents,
311	documents relating to pretrial intervention, orders terminating
312	probation or supervised release, final administrative agency
313	orders, or other comparable documents that may provide the
314	office with the appropriate information to determine eligibility
315	for licensure.
316	(f)  Submit any other information required by the registry
317	for processing the application.
318	(3)  An application is considered received for the purposes
319	of s. 120.60 upon the office's receipt of all documentation from
320	the registry, including the completed application form, criminal
321	history information, and license application fee.
322	(4)  The office shall issue an in-house loan processor
323	license to each person who is not otherwise ineligible and who
324	meets the requirements of this section. However, it is a ground
325	for denial of licensure if the applicant:
326	(a)  Has committed any violation specified in ss. 494.001-
327	494.0077; or
328	(b)  Is the subject of a pending felony criminal
329	prosecution or a prosecution or an administrative enforcement
330	action in any jurisdiction which involves fraud, dishonesty,
331	breach of trust, money laundering, or any other act of moral
332	turpitude.
333	(5)  The office may not issue a license to an applicant who
334	has had an in-house loan processor or loan originator license or
335	its equivalent revoked in any jurisdiction.
336	(6)  An in-house loan processor license shall be annulled
337	pursuant to s. 120.60 if it was issued by the office by mistake.
338	A license must be reinstated if the applicant demonstrates that
339	the requirements for obtaining the license have been satisfied.
340	(7)  All in-house loan processor licenses must be renewed
341	annually by December 31, pursuant to s. 494.00315. If a person
342	holding an active license has not applied to renew the license
343	on or before December 31, the license expires on December 31. If
344	a person holding an active license has applied to renew on or
345	before December 31, the license remains active until the renewal
346	application is approved or denied. An in-house loan processor is
347	not precluded from reapplying for licensure upon expiration of a
348	previous license.
349	(8)  An in-house loan processor licensed under this section
350	may not act as a loan originator without a loan originator
351	license issued under this part.
352	(9)  A loan originator licensed under this part may also
353	act as an in-house loan processor without an in-house loan
354	processor license.
355	Section 8.  Section 494.00315, Florida Statutes, is created
356	to read:
357	494.00315  In-house loan processor license renewal.-In
358	order to renew an in-house loan processor license, an in-house
359	loan processor must:
360	(1)  Submit a completed license renewal form as prescribed
361	by commission rule.
362	(2)  Submit a nonrefundable renewal fee of $75 and
363	nonrefundable fees to cover the costs of further fingerprint
364	processing and retention as set forth in commission rule.
365	(3)  Submit any additional information or documentation
366	requested by the office and required by rule concerning the
367	licensee. Additional information may include documentation of
368	pending and prior disciplinary and criminal history events,
369	including arrest reports and certified copies of charging
370	documents, plea agreements, judgments and sentencing documents,
371	documents relating to pretrial intervention, orders terminating
372	probation or supervised release, final administrative agency
373	orders, or other comparable documents that may provide the
374	office with the appropriate information to determine eligibility
375	for renewal of licensure.
376	Section 9.  Section 494.00331, Florida Statutes, is amended
377	to read:
378	494.00331  Loan originator and loan processor employment.-
379	(1)  LOAN ORIGINATORS.-An individual may not act as a loan
380	originator unless he or she is an employee of, or an independent
381	contractor for, a mortgage broker or a mortgage lender, and may
382	not be employed by or contract with more than one mortgage
383	broker or mortgage lender, or either simultaneously.
384	(2)  CONTRACT LOAN PROCESSORS.-Subsection (1) However, this
385	provision does not apply to a contract loan processor who has a
386	declaration of intent to act solely as a contract loan processor
387	on file with the office. The declaration of intent must be on a
388	form as prescribed by commission rule any licensed loan
389	originator who acts solely as a loan processor and contracts
390	with more than one mortgage broker or mortgage lender, or either
391	simultaneously.
392	(2)  For purposes of this section, the term "loan
393	processor" means an individual who is licensed as a loan
394	originator who engages only in:
395	(a)  The receipt, collection, distribution, and analysis of
396	information common for the processing or underwriting of a
397	residential mortgage loan; or
398	(b)  Communication with consumers to obtain the information
399	necessary for the processing or underwriting of a loan, to the
400	extent that such communication does not include offering or
401	negotiating loan rates or terms or does not include counseling
402	consumers about residential mortgage loan rates or terms.
403	(3)  A person may not act as a loan processor unless the
404	person is licensed as a loan originator under this chapter and
405	has on file with the office a declaration of intent to engage
406	solely in loan processing. The declaration of intent must be on
407	such form as prescribed by the commission by rule.
408	(a)(4)  A loan originator that currently has a declaration
409	of intent to engage solely in loan processing on file with the
410	office may withdraw his or her declaration of intent to engage
411	solely in loan processing. The withdrawal of declaration of
412	intent must be on such form as prescribed by commission rule.
413	(b)(5)  A declaration of intent or a withdrawal of
414	declaration of intent is effective upon receipt by the office.
415	(c)(6)  The fee earned by a contract loan processor may be
416	paid to the company that employs the loan processor without
417	violating the restriction in s. 494.0025(8)(7) requiring fees or
418	commissions to be paid to a licensed mortgage broker or mortgage
419	lender or a person exempt from licensure under this chapter.
420	(3)  IN-HOUSE LOAN PROCESSORS.-An individual may not act as
421	an in-house loan processor unless he or she is an employee of a
422	mortgage broker or a mortgage lender and may not be employed by
423	more than one mortgage broker or mortgage lender, or either,
424	simultaneously. An in-house loan processor must work at the
425	direction of and be subject to the supervision and instruction
426	of a loan originator licensed under this part.
427	Section 10.  Subsection (1) of section 494.0035, Florida
428	Statutes, is amended to read:
429	494.0035  Principal loan originator and branch manager for
430	mortgage broker.-
431	(1)  Each mortgage broker must be operated by a principal
432	loan originator who shall have full charge, control, and
433	supervision of the mortgage broker business. The principal loan
434	originator must have been licensed as a loan originator for at
435	least 1 year before being designated as the principal loan
436	originator, or must demonstrate to the satisfaction of the
437	office that he or she has been actively engaged in a mortgage-
438	related mortgage broker-related business for at least 1 year
439	before being designated as a principal loan originator. Each
440	mortgage broker must keep the office informed of the person
441	designated as the principal loan originator as prescribed by
442	commission rule. If the designation is inaccurate, the mortgage
443	broker business shall be deemed to be operated under the full
444	charge, control, and supervision of each officer, director, or
445	ultimate equitable owner of a 10-percent or greater interest in
446	the mortgage broker, or any other person in a similar capacity.
447	A loan originator may not be a principal loan originator for
448	more than one mortgage broker at any given time.
449	Section 11.  Paragraph (c) of subsection (3) of section
450	494.0038, Florida Statutes, is amended to read:
451	494.0038  Loan origination and mortgage broker fees and
452	disclosures.-
453	(3)  At the time a written mortgage broker agreement is
454	signed by the borrower or forwarded to the borrower for
455	signature, or at the time the mortgage broker business accepts
456	an application fee, credit report fee, property appraisal fee,
457	or any other third-party fee, but at least 3 business days
458	before execution of the closing or settlement statement, the
459	mortgage broker shall disclose in writing to any applicant for a
460	mortgage loan the following information:
461	(c)  A good faith estimate that discloses settlement
462	charges and loan terms, signed and dated by the borrower, which
463	discloses the total amount of each of the fees the borrower may
464	reasonably expect to pay if the loan is closed, including, but
465	not limited to, fees earned by the mortgage broker, lender fees,
466	third-party fees, and official fees, together with the terms and
467	conditions for obtaining a refund of such fees, if any.
468	1.  Any amount collected in excess of the actual cost shall
469	be returned within 60 days after rejection, withdrawal, or
470	closing.
471	2.  At the time a good faith estimate is provided to the
472	borrower, the loan originator must identify in writing an
473	itemized list that provides the recipient of all payments
474	charged the borrower, which, except for all fees to be received
475	by the mortgage broker, may be disclosed in generic terms, such
476	as, but not limited to, paid to lender, appraiser, officials,
477	title company, or any other third-party service provider. This
478	requirement does not supplant or is not a substitute for the
479	written mortgage broker agreement described in subsection (1).
480	The disclosure required under this subparagraph must be signed
481	and dated by the borrower.
482	Section 12.  Paragraph (a) of subsection (7) of section
483	494.00421, Florida Statutes, is amended to read:
484	494.00421  Fees earned upon obtaining a bona fide
485	commitment.-Notwithstanding the provisions of ss. 494.001-
486	494.0077, any mortgage broker which contracts to receive a loan
487	origination fee from a borrower upon obtaining a bona fide
488	commitment shall accurately disclose in the mortgage broker
489	agreement:
490	(7)(a)  The following statement, in at least 12-point
491	boldface type immediately above the signature lines for the
492	borrowers:
493	"You are entering into a contract with a mortgage broker to
494	obtain a bona fide mortgage loan commitment under the same terms
495	and conditions as stated hereinabove or in a separate executed
496	good faith estimate form. If the mortgage broker obtains a bona
497	fide commitment under the same terms and conditions, you will be
498	obligated to pay the loan origination fees even if you choose
499	not to complete the loan transaction. If the provisions of s.
500	494.00421, Florida Statutes, are not met, the loan origination
501	fee can only be earned upon the funding of the mortgage loan.
502	The borrower may contact the Office of Financial Regulation
503	Department of Financial Services, Tallahassee, Florida,
504	regarding any complaints that the borrower may have against the
505	loan originator. The telephone number of the office department
506	is: ...(insert telephone number)...."
507	Section 13.  Subsection (5) of section 494.00611, Florida
508	Statutes, is amended to read:
509	494.00611  Mortgage lender license.-
510	(5)  The office may not issue a license if the applicant
511	has had a mortgage lender license or its equivalent revoked in
512	any jurisdiction, or any of the applicant's control persons has
513	ever had a loan originator or an in-house loan processor license
514	or its equivalent revoked in any jurisdiction.
515	Section 14.  Paragraph (e) of subsection (1) of section
516	494.00612, Florida Statutes, is amended to read:
517	494.00612  Mortgage lender license renewal.-
518	(1)  In order to renew a mortgage lender license, a
519	mortgage lender must:
520	(e)  Authorize the registry to obtain an independent credit
521	report on each of the mortgage lender's control persons lender
522	from a consumer reporting agency, and transmit or provide access
523	to the report to the office. The cost of the credit report shall
524	be borne by the licensee.
525	Section 15.  Subsection (13) is added to section 494.0067,
526	Florida Statutes, to read:
527	494.0067  Requirements of mortgage lenders.-
528	(13)  Each mortgage lender shall submit to the registry
529	reports of condition which are in a form and which contain such
530	information as the registry may require.
531	Section 16.  This act shall take effect January 1, 2012.

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