REGULATION OF TRADE, COMMERCE, INVESTMENTS,
AND SOLICITATIONS
LOAN ORIGINATORS AND MORTGAGE BROKERS
GENERAL PROVISIONS
MORTGAGE BROKERS
MORTGAGE LENDERS
494.0011 Powers and duties of the commission and office.
494.0012 Investigations; complaints; examinations.
494.00125 Public records exemptions.
494.0013 Injunction to restrain violations.
494.0014 Cease and desist orders; refund orders.
494.0015 Evidence; examiner’s worksheets, investigative reports, other related documents.
494.0016 Books, accounts, and records; maintenance; examinations by the office.
494.00165 Prohibited advertising; record requirements.
494.00172 Mortgage Guaranty Trust Fund; payment of fees and claims.
494.00173 Mortgage Guaranty Trust Fund; creation.
494.0019 Liability in case of unlawful transaction.
494.002 Statutory or common-law remedies.
494.0022 Applicability of act.
494.0023 Conflicting interest.
494.0025 Prohibited practices.
494.00255 Administrative penalties and fines; license violations.
494.0026 Disposition of insurance proceeds.
494.00296 Loan modification.
494.001 Definitions.—
As used in this chapter, the term:
History.—ss. 1, 50, ch. 91-245; s. 4, ch. 91-429; s. 1, ch. 95-313; s. 1, ch. 99-213; s. 1, ch. 2001-228; s. 513, ch. 2003-261; s. 1, ch. 2006-213; s. 1, ch. 2007-182; ss. 1, 2, ch. 2009-241; s. 1, ch. 2011-71; s. 35, ch. 2014-91; s. 1, ch. 2018-61.
494.0011 Powers and duties of the commission and office.—
History.—ss. 2, 50, ch. 91-245; s. 4, ch. 91-429; s. 165, ch. 98-200; s. 20, ch. 99-155; s. 2, ch. 99-213; s. 514, ch. 2003-261; s. 2, ch. 2006-213; s. 3, ch. 2009-241; s. 2, ch. 2011-71.
494.00115 Exemptions.—
History.—s. 4, ch. 2009-241; s. 3, ch. 2011-71; s. 1, ch. 2018-44; s. 2, ch. 2018-61.
494.0012 Investigations; complaints; examinations.—
History.—ss. 3, 50, ch. 91-245; s. 4, ch. 91-429; s. 1, ch. 92-9; s. 3, ch. 99-213; s. 515, ch. 2003-261; s. 36, ch. 2014-91.
494.00125 Public records exemptions.—
History.—ss. 12, 50, ch. 91-245; s. 4, ch. 91-429; s. 2, ch. 92-9; s. 1, ch. 95-131; ss. 328, 329, ch. 96-406; s. 1140, ch. 97-103; s. 4, ch. 99-213; ss. 516, 522, ch. 2003-261; s. 1, ch. 2010-169; s. 1, ch. 2015-73.
Note.—Subsection (2) former s. 494.0021.
494.0013 Injunction to restrain violations.—
History.—ss. 4, 50, ch. 91-245; s. 4, ch. 91-429; s. 541, ch. 97-103; s. 517, ch. 2003-261.
494.00135 Subpoenas.—
History.—s. 5, ch. 2009-241.
494.0014 Cease and desist orders; refund orders.—
History.—ss. 5, 50, ch. 91-245; s. 4, ch. 91-429; s. 518, ch. 2003-261; s. 2, ch. 2007-182; s. 6, ch. 2009-241.
494.0015 Evidence; examiner’s worksheets, investigative reports, other related documents.—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 authenticated by the examiner, may be admitted as competent evidence upon the oath of the examiner that the report, worksheet, or related paper was prepared as a result of an examination of the books and records of a licensee or other person conducted pursuant to the authority of this chapter.
History.—ss. 6, 50, ch. 91-245; s. 4, ch. 91-429.
494.0016 Books, accounts, and records; maintenance; examinations by the office.—
History.—ss. 7, 50, ch. 91-245; s. 4, ch. 91-429; s. 5, ch. 99-213; s. 519, ch. 2003-261; s. 3, ch. 2006-213.
494.00165 Prohibited advertising; record requirements.—
History.—s. 6, ch. 99-213; s. 520, ch. 2003-261; s. 7, ch. 2009-241.
494.00172 Mortgage Guaranty Trust Fund; payment of fees and claims.—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 is in addition to the regular application or renewal fee assessed and shall be deposited into the Mortgage Guaranty Trust Fund of the office for the payment of claims in accordance with this section.
History.—s. 9, ch. 2009-241.
494.00173 Mortgage Guaranty Trust Fund; creation.—
History.—s. 1, ch. 2010-135; s. 2, ch. 2013-11.
494.0018 Penalties.—
History.—ss. 9, 50, ch. 91-245; s. 4, ch. 91-429; s. 10, ch. 2009-241; s. 4, ch. 2018-61.
494.0019 Liability in case of unlawful transaction.—
History.—ss. 10, 50, ch. 91-245; s. 4, ch. 91-429; s. 210, ch. 92-303; s. 11, ch. 2009-241.
494.002 Statutory or common-law remedies.—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. 91-429; s. 12, ch. 2009-241.
494.0022 Applicability of act.—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.
History.—ss. 13, 50, ch. 91-245; s. 4, ch. 91-429.
494.0023 Conflicting interest.—
History.—ss. 14, 50, ch. 91-245; s. 4, ch. 91-429; s. 13, ch. 2009-241.
494.0024 Waiver.—Unless otherwise indicated, any waiver of this chapter is unenforceable and void.
History.—ss. 15, 50, ch. 91-245; s. 4, ch. 91-429.
494.0025 Prohibited practices.—It is unlawful for any person:
History.—ss. 16, 50, ch. 91-245; s. 4, ch. 91-429; s. 4, ch. 95-313; s. 7, ch. 99-213; s. 523, ch. 2003-261; s. 1, ch. 2004-340; s. 84, ch. 2004-390; s. 14, ch. 2009-241; s. 3, ch. 2018-61.
494.00255 Administrative penalties and fines; license violations.—
History.—s. 15, ch. 2009-241; s. 1, ch. 2010-67; s. 4, ch. 2011-71; s. 37, ch. 2014-91.
494.0026 Disposition of insurance proceeds.—
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.
This section may not be construed to prevent an insurance company from paying the insured directly for additional living expenses or paying the insured directly for contents insurance coverage if the mortgagee or assignee does not have a security interest in the contents.
History.—s. 5, ch. 95-313; s. 16, ch. 2009-241.
494.00296 Loan modification.—
History.—ss. 19, 20, ch. 2009-241.
494.00312 Loan originator license.
494.00313 Loan originator license renewal.
494.00321 Mortgage broker license.
494.00322 Mortgage broker license renewal.
494.00331 Loan originator and loan processor employment.
494.0035 Principal loan originator and branch manager for mortgage broker.
494.0036 Mortgage broker branch office license.
494.0038 Mortgage broker fees.
494.0039 Principal place of business requirements.
494.004 Requirements of licensees.
494.0042 Loan origination fees.
494.0043 Requirements for brokering loans to noninstitutional investors.
494.00312 Loan originator license.—
History.—s. 24, ch. 2009-241; s. 45, ch. 2013-116; s. 14, ch. 2018-7.
494.00313 Loan originator license renewal.—
History.—s. 25, ch. 2009-241; s. 39, ch. 2014-91; s. 15, ch. 2018-7.
494.00321 Mortgage broker license.—
History.—s. 27, ch. 2009-241; s. 109, ch. 2010-5; s. 46, ch. 2013-116; s. 1, ch. 2013-201.
494.00322 Mortgage broker license renewal.—
History.—s. 28, ch. 2009-241; s. 40, ch. 2014-91.
494.00331 Loan originator and loan processor employment.—
History.—s. 11, ch. 95-313; s. 11, ch. 99-213; s. 30, ch. 2009-241; s. 2, ch. 2010-67; s. 39, ch. 2011-4; s. 5, ch. 2011-71.
494.0035 Principal loan originator and branch manager for mortgage broker.—
History.—ss. 22, 50, ch. 91-245; s. 4, ch. 91-429; s. 5, ch. 2001-228; s. 531, ch. 2003-261; s. 32, ch. 2009-241; s. 6, ch. 2011-71.
494.0036 Mortgage broker branch office license.—
History.—ss. 23, 50, ch. 91-245; s. 4, ch. 91-429; s. 13, ch. 99-213; s. 532, ch. 2003-261; s. 10, ch. 2006-213; s. 33, ch. 2009-241; s. 41, ch. 2014-91.
494.0038 Mortgage broker fees.—
History.—ss. 25, 50, ch. 91-245; s. 4, ch. 91-429; s. 14, ch. 99-213; s. 41, ch. 2000-154; s. 533, ch. 2003-261; s. 6, ch. 2007-182; s. 34, ch. 2009-241; s. 3, ch. 2010-67; s. 7, ch. 2011-71; s. 42, ch. 2014-91.
494.0039 Principal place of business requirements.—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.
494.004 Requirements of licensees.—
History.—ss. 27, 50, ch. 91-245; s. 4, ch. 91-429; ss. 16, 17, ch. 99-213; s. 534, ch. 2003-261; s. 12, ch. 2006-213; s. 7, ch. 2007-182; s. 36, ch. 2009-241; s. 43, ch. 2014-91.
494.0042 Loan origination fees.—
History.—ss. 29, 50, ch. 91-245; s. 4, ch. 91-429; s. 12, ch. 95-313; s. 38, ch. 2009-241; s. 44, ch. 2014-91.
494.0043 Requirements for brokering loans to noninstitutional investors.—
History.—ss. 30, 50, ch. 91-245; s. 4, ch. 91-429; s. 40, ch. 2009-241.
494.00611 Mortgage lender license.
494.00612 Mortgage lender license renewal.
494.0063 Audited financial statements.
494.00665 Principal loan originator and branch manager for mortgage lender.
494.0067 Requirements of mortgage lenders.
494.0069 Lock-in agreement.
494.007 Commitment process.
494.0071 Expiration of lock-in agreement or commitment.
494.0073 Mortgage lender when acting as a mortgage broker.
494.0074 Lender fees and charges.
494.0075 Requirements for selling loans to noninstitutional investors.
494.0076 Servicing audits.
494.0077 Other products and services.
494.00611 Mortgage lender license.—
History.—s. 43, ch. 2009-241; s. 110, ch. 2010-5; s. 47, ch. 2013-116; s. 2, ch. 2013-201; s. 46, ch. 2014-91; s. 124, ch. 2020-2.
494.00612 Mortgage lender license renewal.—
History.—s. 44, ch. 2009-241; s. 9, ch. 2011-71; s. 47, ch. 2014-91.
494.0063 Audited financial statements.—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 application or a subsequent amendment to the application. The mortgage lender shall submit a copy of the report to the office within 120 days after the end of the licensee’s fiscal year. If the licensee is a wholly owned subsidiary of another corporation, the financial audit report of the parent corporation satisfies this requirement. If the licensee changes its fiscal year, the licensee must file a report within 18 months after the previously submitted report. The commission may establish by rule the procedures and form for filing a financial audit report, including the requirement to file the report with the registry when technology is available.
History.—ss. 34, 50, ch. 91-245; s. 4, ch. 91-429; s. 46, ch. 2009-241.
494.0066 Branch offices.—
History.—ss. 37, 50, ch. 91-245; s. 4, ch. 91-429; s. 22, ch. 99-213; s. 541, ch. 2003-261; s. 19, ch. 2006-213; s. 49, ch. 2009-241; s. 111, ch. 2010-5; s. 48, ch. 2014-91.
494.00665 Principal loan originator and branch manager for mortgage lender.—
History.—s. 50, ch. 2009-241.
494.0067 Requirements of mortgage lenders.—
History.—ss. 38, 50, ch. 91-245; s. 4, ch. 91-429; ss. 23, 24, ch. 99-213; s. 9, ch. 2001-228; s. 542, ch. 2003-261; s. 20, ch. 2006-213; s. 10, ch. 2007-182; s. 51, ch. 2009-241; s. 4, ch. 2010-67; s. 10, ch. 2011-71; s. 49, ch. 2014-91.
494.0069 Lock-in agreement.—
History.—ss. 40, 50, ch. 91-245; s. 4, ch. 91-429; s. 18, ch. 95-313; s. 543, ch. 2003-261; s. 53, ch. 2009-241.
494.007 Commitment process.—
History.—ss. 41, 50, ch. 91-245; s. 4, ch. 91-429; s. 54, ch. 2009-241; s. 51, ch. 2014-91.
494.0071 Expiration of lock-in agreement or commitment.—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 any commitment, whereupon the mortgage lender shall promptly refund to the borrower any lock-in fee and any commitment fee paid by the borrower.
History.—ss. 42, 50, ch. 91-245; s. 4, ch. 91-429; s. 19, ch. 95-313; s. 55, ch. 2009-241.
494.00721 Net worth.—
History.—s. 20, ch. 95-313; s. 545, ch. 2003-261; s. 22, ch. 2006-213; s. 57, ch. 2009-241.
494.0073 Mortgage lender when acting as a mortgage broker.—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, 50, ch. 91-245; s. 4, ch. 91-429; s. 26, ch. 99-213; s. 12, ch. 2007-182; s. 58, ch. 2009-241; s. 52, ch. 2014-91.
494.0074 Lender fees and charges.—
History.—ss. 46, 50, ch. 91-245; s. 4, ch. 91-429.
494.0075 Requirements for selling loans to noninstitutional investors.—
History.—ss. 47, 50, ch. 91-245; s. 4, ch. 91-429; s. 59, ch. 2009-241.
494.0076 Servicing audits.—
History.—ss. 48, 50, ch. 91-245; s. 4, ch. 91-429; s. 546, ch. 2003-261; s. 60, ch. 2009-241.
494.0077 Other products and services.—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.