Florida · statute · Fla. Stat. ch. 494 · 50 active provisions
As used in this chapter, the term:(1) “Borrower” means a person obligated to repay a mortgage loan and includes, but is not limited to, a coborrower or cosignor.(2) “Branch manager” means the licensed loan originator in charge of, and responsible for, the operation of the branch office of a mortgage broker or mortgage…
(1) The office shall be responsible for the administration and enforcement of this chapter.(2) The commission may adopt rules to administer parts I, II, and III of this chapter, including rules:(a) Requiring electronic submission of any forms, documents, or fees required by this act.(b) Relating to compliance with the…
(1) The following are exempt from regulation under this part and parts II and III of this chapter.(a) Any person operating exclusively as a registered loan originator in accordance with the S.A.F.E. Mortgage Licensing Act of 2008.(b) A depository institution; subsidiaries that are owned and controlled by a depository i…
(1) The office may conduct an investigation of any person whenever the office has reason to believe, either upon complaint or otherwise, that any violation of this chapter has been committed or is about to be committed.(2) Any person having reason to believe that a provision of this act has been violated may file a wri…
(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, is confidential and exempt from s. 119…
(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 person from continuing in or engaging in an…
(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, or its authorized representative, may ad…
(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 any written agreement between the person…
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 financial examiner, after being duly authentic…
(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 than a principal place of business. The o…
(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 down payment required, that a higher rat…
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 initial and renewal fee is $100. This fee i…
(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 lenders licensed under this chapter. Moneys in…
(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. Each such violation constitutes a separat…
(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 action for damages incurred by the part…
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.
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 with.
(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 provider of products or services, or bu…
Unless otherwise indicated, any waiver of this chapter is unenforceable and void.
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 part II of this chapter.(3) To act as a…
(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 maintain until authorized to disburse, any mon…
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 and the insured by the insurance company…
(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 borrower;(b) Execute a loan modification wit…
(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 approved by the registry.(c) Pass a writte…
(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 cover the cost of further fingerprint proc…