Chapter 494 Mortgage Brokerage And Mortgage Lending
Part I - General Provisions (ss. 494.001-494.00295)
- §494.001 Definitions.
As used in ss. 494.001-494.0077, the term: (1) "Act as a correspondent mortgage lender" means to make a mortgage loan. (2) "Act as a loan originator" means...
- §494.0011 Powers and duties of the commission and office.
(1) The office shall be responsible for the administration and enforcement of ss. 494.001-494.0077. (2) The commission may adopt rules pursuant to ss. 120.536(1) and 120.54 to...
- §494.0012 Investigations; complaints; examinations.
(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...
- §494.00125 Confidentiality of information relating to investigations and examinations.
(1)(a) Except as otherwise provided by this section, information relative to an investigation or examination by the office pursuant to this chapter, including any consumer complaint...
- §494.0013 Injunction to restrain violations.
(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...
- §494.0014 Cease and desist orders; administrative fines; refund orders.
(1) The office has the power to issue and serve upon any person an order to cease and desist and to take corrective action whenever it...
- §494.0015 Evidence; examiner's worksheets, investigative reports, other related documents.
In any hearing in which the financial examiner acting under authority of ss. 494.001-494.0077 is available for cross-examination, any official written report, worksheet, or other...
- §494.0016 Books, accounts, and records; maintenance; examinations by the office.
(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...
- §494.00165 Prohibited advertising; record requirements.
(1) It is a violation of this chapter for any person to: (a) Advertise that an applicant will have unqualified access to credit without disclosing what material...
- §494.0017 Regulatory Trust Fund.
(1) The office shall pay valid claims arising under former ss. 494.042, 494.043, and 494.044, as provided in former s. 494.00171 from the Regulatory Trust Fund....
- §494.0018 Penalties.
(1) Whoever knowingly violates any provision of s. 494.0041(2)(e), (f), or (g); s. 494.0072(2)(e), (f), or (g); or s. 494.0025(1), (2), (3), (4), or (5), except...
- §494.0019 Liability in case of unlawful transaction.
(1) If a mortgage transaction is made in violation of any provision of ss. 494.001-494.0077, the person making the transaction and every licensee, director, or officer...
- §494.002 Statutory or common-law remedies.
Nothing in ss. 494.001-494.0077 limits any statutory or common-law right of any person to bring any action in any court for any act involved in...
- §494.0021 Public records.
All audited financial statements submitted pursuant to ss. 494.001-494.0077 are confidential and exempt from the requirements of s. 119.07(1), except that office employees may have...
- §494.0022 Applicability of act.
Failure to comply with the provisions of ss. 494.001-494.0077 does not affect the validity or enforceability of any mortgage loan; and no person acquiring a...
- §494.0023 Conflicting interest.
(1) If, in a mortgage transaction, a licensee has a conflicting interest as specified in subsection (2): (a) The type of conflicting interest shall be fully and...
- §494.0024 Waiver.
Unless otherwise indicated, any waiver of ss. 494.001-494.0077 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: (1) To act as a mortgage lender in this state without a current, active license issued by the office pursuant...
- §494.0026 Disposition of insurance proceeds.
The following provisions apply to mortgage loans held by a mortgagee or assignee that is subject to ss. 494.003-494.0077. (1) The mortgagee or assignee must promptly...
- §494.0028 Arbitration.
(1) This section applies to any mortgage brokerage agreement, servicing agreement, loan application, or purchase agreement which provides for arbitration between: (a) A noninstitutional investor and a...
- §494.0029 Mortgage business schools.
(1)(a) Each person, school, or institution, except accredited colleges, universities, community colleges, and career centers in this state, which offers or conducts mortgage business training for...
- §494.00295 Professional continuing education.
(1) Mortgage brokers, and the principal representatives and loan originators of a mortgage lender, correspondent mortgage lender, or mortgage lender pursuant to s. 494.0065, must successfully...
Part II - Mortgage Brokers (ss. 494.003-494.0043)
- §494.003 Exemptions.
(1) None of the following persons is subject to the requirements of ss. 494.003-494.0043: (a) Any person licensed under ss. 494.006-494.0077, except as provided in s. 494.0073....
- §494.0031 Licensure as a mortgage brokerage business.
(1) Each person who acts as a mortgage brokerage business must be licensed under this section unless otherwise exempt from licensure. (2) Each initial application for a...
- §494.0032 Renewal of mortgage brokerage business license or branch office license.
(1) The office shall renew a mortgage brokerage business license upon receipt of a completed renewal form and payment of a nonrefundable renewal fee of $375....
- §494.0033 Mortgage broker's license.
(1) Each natural person who acts as a mortgage broker for a mortgage brokerage business or acts as an associate for a mortgage lender or correspondent...
- §494.00331 Mortgage broker association.
No person required to be licensed as a mortgage broker under this chapter shall be simultaneously an associate of more than one licensed mortgage brokerage...
- §494.0034 Renewal of mortgage broker's license.
(1) The office shall renew a mortgage broker license upon receipt of the completed renewal form, certification of compliance with continuing education requirements of s. 494.00295,...
- §494.0035 Principal broker and branch broker requirements.
(1) Each mortgage brokerage business must have a principal broker who shall operate the business under such broker's full charge, control, and supervision. The principal broker...
- §494.0036 Mortgage brokerage business branch offices.
(1) A mortgage brokerage business branch office license is required for each branch office maintained by a mortgage brokerage business. (2) The office shall issue a mortgage...
- §494.0038 Mortgage broker disclosures.
(1)(a)1. A person may not receive a mortgage brokerage fee except pursuant to a written mortgage brokerage agreement between the mortgage brokerage business and the borrower...
- §494.0039 Principal place of business requirements.
Each mortgage brokerage business licensee shall maintain and transact business from a principal place of business. History.--ss. 26, 50, ch. 91-245; s. 4, ch. 91-429;...
- §494.004 Requirements of licensees.
(1) Each licensee under ss. 494.003-494.0043 shall report, in writing, any conviction of, or plea of nolo contendere to, regardless of adjudication, any crime or administrative...
- §494.0041 Administrative penalties and fines; license violations.
(1) Whenever the office finds a person in violation of an act specified in subsection (2), it may enter an order imposing one or more of...
- §494.0042 Brokerage fees.
(1) A mortgage brokerage fee earned by a licensee, pursuant to ss. 494.003-494.0043, is not considered interest or a finance charge under chapter 687. (2) A person...
- §494.00421 Fees earned upon obtaining a bona fide commitment.
Notwithstanding the provisions of ss. 494.001-494.0077, any mortgage brokerage business which contracts to receive from a borrower a mortgage brokerage fee upon obtaining a bona...
- §494.0043 Requirements for brokering loans to noninstitutional investors.
(1) A mortgage broker, when arranging a mortgage loan for a noninstitutional investor, shall: (a) Before any payment of money by a noninstitutional investor, provide an opinion...
Part III - Mortgage Lenders (ss. 494.006-494.0077)
- §494.006 Exemptions.
(1) None of the following persons are subject to the requirements of ss. 494.006-494.0077 in order to act as a mortgage lender or correspondent mortgage lender:...
- §494.0061 Mortgage lender's license requirements.
(1) Each person who acts as a mortgage lender must be licensed under this section unless otherwise exempt from licensure. (2) Each initial application for a mortgage...
- §494.0062 Correspondent mortgage lender's license requirements.
(1) Each person who acts as a correspondent mortgage lender must be licensed under this section unless otherwise exempt from licensure. (2) Each initial application for a...
- §494.0063 Audited financial statements.
All audited financial statements required by ss. 494.001-494.0077 must be prepared by an independent licensed certified public accountant. History.--ss. 34, 50, ch. 91-245; s. 4,...
- §494.0064 Renewal of mortgage lender's license; branch office license renewal.
(1) The office shall renew a mortgage lender license upon receipt of a completed renewal form, certification from the licensee that the licensee currently meets the...
- §494.0065 Saving clause.
(1)(a) Any person in good standing who holds an active registration pursuant to former s. 494.039 or license pursuant to former s. 521.205, or any person...
- §494.0066 Branch offices.
(1) A branch office license is required for each branch office maintained by a licensee under ss. 494.006-494.0077. (2) The office shall issue a branch office license...
- §494.0067 Requirements of licensees under ss. 494.006-494.0077.
(1) Each licensee under ss. 494.006-494.0077 which makes mortgage loans on real estate in this state shall transact business from a principal place of business. Each...
- §494.0068 Loan application process.
(1) In addition to the requirements set forth in s. 494.0067(8), before accepting an application fee in whole or in part, a credit report fee, an...
- §494.0069 Lock-in agreement.
(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;...
- §494.007 Commitment process.
(1) If a commitment is issued, the lender shall disclose in writing: (a) The expiration date of the commitment; (b) The mortgage amount, meaning the face amount of...
- §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 either the lock-in agreement or any commitment...
- §494.0072 Administrative penalties and fines; license violations.
(1) Whenever the office finds a person in violation of an act specified in subsection (2), it may enter an order imposing one or more of...
- §494.00721 Net worth.
(1) The net worth requirements required in ss. 494.0061, 494.0062, and 494.0065 shall be continually maintained as a condition of licensure. (2) If a mortgage lender or...
- §494.0073 Mortgage lender or correspondent mortgage lender when acting as a mortgage brokerage business.
Sections 494.006-494.0077 do not prohibit a mortgage lender or correspondent mortgage lender from acting as a mortgage brokerage business. However, in mortgage transactions in which...
- §494.0074 Lender fees and charges.
(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...
- §494.0075 Requirements for selling loans to noninstitutional investors.
(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...
- §494.0076 Servicing audits.
(1)(a) Each licensee under ss. 494.006-494.0077 which services mortgage loans shall: 1. Maintain a segregated set of records for accounts that are serviced by the licensee. 2. Have...
- §494.0077 Other products and services.
Sections 494.006-494.0077 do not prohibit a mortgage lender from offering, for a fee or commission, products and services in addition to those offered in conjunction...
Part IV - Florida Fair Lending Act (ss. 494.0078-494.00797)
- §494.0078 Short title; purposes.
(1) This act shall be known as the "Florida Fair Lending Act." (2)(a) The Legislature finds that abusive mortgage lending has become a problem in this state...
- §494.0079 Definitions.
As used in this act: (1) "Affiliate" means any company that controls, is controlled by, or is in common control with another company, as set forth...
- §494.00791 Prohibited acts.
(1) PREPAYMENT PENALTIES.-- (a) A high-cost home loan may not contain terms that require a borrower to pay a prepayment penalty for paying all or part of...
- §494.00792 Required disclosures for high-cost home loans.
(1) In addition to other disclosures required by law and in conspicuous type: (a) Notice to borrower.--A lender making a high-cost home loan shall provide a notice...
- §494.00793 Liability of purchasers and assignees.
Any person who purchases or is otherwise assigned a high-cost home loan shall be subject to all claims and defenses with respect to that mortgage...
- §494.00794 Right to cure high-cost home loans.
(1) RIGHT TO REINSTATE.--For a high-cost home loan, if a lender asserts that grounds for acceleration exist and requires the payment in full of all sums...
- §494.00795 Powers and duties of the commission and office; investigations; examinations; injunctions; orders.
(1)(a) The commission and office are responsible for the administration and enforcement of this act. (b) The commission may adopt rules pursuant to ss. 120.536(1) and 120.54...
- §494.00796 Enforcement.
(1) Any person or the agent, officer, or other representative of any person committing a material violation of the provisions of this act shall forfeit the...
- §494.00797 General rule.
All counties and municipalities of this state are prohibited from enacting and enforcing ordinances, resolutions, and rules regulating financial or lending activities, including ordinances, resolutions,...
Part V - Loans Under Florida Uniform Land Sales Practices Law
(s. 494.008)
