(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.

Terms Used In Florida Statutes 494.0011

  • Branch office: means a location, other than a mortgage broker's or mortgage lender's principal place of business or remote location:
    (a) The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
    (b) At which the licensee's name, advertising or promotional materials, or signage suggests that mortgage loans are originated, negotiated, funded, or serviced; or
    (c) At which mortgage loans are originated, negotiated, funded, or serviced by a licensee. See Florida Statutes 494.001
  • Commission: means the Financial Services Commission. See Florida Statutes 494.001
  • commitment: means a statement by the lender setting forth the terms and conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower. See Florida Statutes 494.001
  • Fraud: Intentional deception resulting in injury to another.
  • Loan originator: means an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a noninstitutional investor for compensation or gain. See Florida Statutes 494.001
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage broker: means a person conducting loan originator activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker. See Florida Statutes 494.001
  • Mortgage lender: means a person making a mortgage loan or servicing a mortgage loan for others, or, for compensation or gain, directly or indirectly, selling or offering to sell a mortgage loan to a noninstitutional investor. See Florida Statutes 494.001
  • Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
  • Office: means the Office of Financial Regulation. See Florida Statutes 494.001
  • Registry: means the Nationwide Mortgage Licensing System and Registry, which is the mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of loan originators. See Florida Statutes 494.001
(b) Relating to compliance with the S.A.F.E. Mortgage Licensing Act of 2008, including rules to:

1. Require loan originators, mortgage brokers, mortgage lenders, and branch offices to register through the registry.
2. Require the use of uniform forms that have been approved by the registry, and any subsequent amendments to such forms if the forms are substantially in compliance with the provisions of this chapter. Uniform forms that the commission may adopt include, but are not limited to:

a. Uniform Mortgage Lender/Mortgage Broker Form, MU1.
b. Uniform Mortgage Biographical Statement & Consent Form, MU2.
c. Uniform Mortgage Branch Office Form, MU3.
d. Uniform Individual Mortgage License/Registration & Consent Form, MU4.
3. Require the filing of forms, documents, and fees in accordance with the requirements of the registry.
4. Prescribe requirements for amending or surrendering a license or other activities as the commission deems necessary for the office’s participation in the registry.
5. Prescribe procedures that allow a licensee to challenge information contained in the registry.
6. Prescribe procedures for reporting violations of this chapter and disciplinary actions on licensees to the registry.
(c) Establishing time periods during which a loan originator, mortgage broker, or mortgage lender license applicant under part II or part III is barred from licensure due to prior criminal convictions of, or guilty or nolo contendere pleas by, any of the applicant’s control persons, regardless of adjudication.

1. The rules must provide:

a. Permanent bars for felonies involving fraud, dishonesty, breach of trust, or money laundering;
b. A 15-year disqualifying period for felonies involving moral turpitude;
c. A 7-year disqualifying period for all other felonies; and
d. A 5-year disqualifying period for misdemeanors involving fraud, dishonesty, or any other act of moral turpitude.
2. The rules may provide for an additional waiting period due to dates of imprisonment or community supervision, the commitment of multiple crimes, and other factors reasonably related to the applicant’s criminal history.
3. The rules may provide for mitigating factors for crimes identified in sub-subparagraph 1.b. However, the mitigation may not result in a period of disqualification less than 7 years. The rule may not mitigate the disqualifying periods in sub-subparagraphs 1.a., 1.c., and 1.d.
4. An applicant is not eligible for licensure until the expiration of the disqualifying period set by rule.
5. Section 112.011 is not applicable to eligibility for licensure under this part.
(3) Except as provided in s. 494.00172, all fees, charges, and fines collected pursuant to this chapter shall be deposited in the Regulatory Trust Fund of the office.
(4) The office shall participate in the registry and shall regularly report to the registry violations of this chapter, disciplinary actions, and other information deemed relevant by the office under this chapter.
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