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       Florida Senate - 2010                             CS for SB 2548
       
       
       
       By the Committee on Banking and Insurance; and Senator Detert
       
       
       
       
       597-03649-10                                          20102548c1
    1                        A bill to be entitled                      
    2         An act relating to loan origination; amending s.
    3         494.00255, F.S.; reenacting a reference to certain
    4         federal laws for purposes of incorporating rules
    5         adopted under such laws; specifying application of
    6         disciplinary procedures to principal loan originators
    7         for actions of loan originators; amending s.
    8         494.00331, F.S.; specifying nonapplication of certain
    9         limitations to licensed loan originators operating
   10         solely as loan processors; providing a definition;
   11         prohibiting acting as a loan processor unless licensed
   12         as a loan originator; requiring a declaration of
   13         intent to engage solely in loan processing;
   14         authorizing withdrawal of a declaration of intent;
   15         authorizing payment of a loan processor’s fee without
   16         violating certain restrictions; amending s. 494.0038,
   17         F.S.; revising requirements relating to a good faith
   18         estimate by a loan originator; requiring a disclosure
   19         document to be signed and dated by the borrower;
   20         amending s. 494.0067, F.S.; removing the requirement
   21         for licensure application under certain conditions;
   22         providing an effective date.
   23  
   24  Be It Enacted by the Legislature of the State of Florida:
   25  
   26         Section 1. Paragraph (m) of subsection (1) of section
   27  494.00255, Florida Statutes, is reenacted, and subsection (5) of
   28  that section is amended, to read:
   29         494.00255 Administrative penalties and fines; license
   30  violations.—
   31         (1) Each of the following acts constitutes a ground for
   32  which the disciplinary actions specified in subsection (2) may
   33  be taken against a person licensed or required to be licensed
   34  under part II or part III of this chapter:
   35         (m) In any mortgage transaction, violating any provision of
   36  the federal Real Estate Settlement Procedures Act, as amended,
   37  12 U.S.C. ss. 2601 et seq.; the federal Truth in Lending Act, as
   38  amended, 15 U.S.C. ss. 1601 et seq.; or any regulations adopted
   39  under such acts.
   40         (5) A principal loan originator of a mortgage lender is
   41  subject to the disciplinary actions specified in subsection (2)
   42  for violations of subsection (1) by a loan originator an
   43  associate of a mortgage lender if there is a pattern of repeated
   44  violations by the loan originator associate or if the principal
   45  loan originator has knowledge of the violations.
   46         Section 2. Section 494.00331, Florida Statutes, as amended
   47  by chapter 2009-241, Laws of Florida, is amended to read:
   48         494.00331 Loan originator employment.—
   49         (1) An individual may not act as a loan originator unless
   50  he or she is an employee of, or an independent contractor for, a
   51  mortgage broker or a mortgage lender, and may not be employed by
   52  or contract with more than one mortgage broker or mortgage
   53  lender, or either simultaneously. However, this provision does
   54  not apply to any licensed loan originator who acts solely as a
   55  loan processor and contracts with more than one mortgage broker
   56  or mortgage lender, or either simultaneously.
   57         (2) For purposes of this section, the term “loan processor”
   58  means an individual who is licensed as a loan originator who
   59  engages only in:
   60         (a) The receipt, collection, distribution, and analysis of
   61  information common for the processing or underwriting of a
   62  residential mortgage loan; or
   63         (b) Communication with consumers to obtain the information
   64  necessary for the processing or underwriting of a loan, to the
   65  extent that such communication does not include offering or
   66  negotiating loan rates or terms or does not include counseling
   67  consumers about residential mortgage loan rates or terms.
   68         (3) A person may not act as a loan processor unless the
   69  person is licensed as a loan originator under this chapter and
   70  has on file with the office a declaration of intent to engage
   71  solely in loan processing. The declaration of intent must be on
   72  such form as prescribed by the commission by rule.
   73         (4) A loan originator that currently has a declaration of
   74  intent to engage solely in loan processing on file with the
   75  office may withdraw his or her declaration of intent to engage
   76  solely in loan processing. The withdrawal of declaration of
   77  intent must on such form as prescribed by commission rule.
   78         (5) A declaration of intent or a withdrawal of declaration
   79  of intent is effective upon receipt by the office.
   80         (6) The fee earned by a loan processor may be paid to the
   81  company that employs the loan processor without violating the
   82  restriction in s. 494.0025(7) requiring fees or commissions to
   83  be paid to a licensed mortgage broker or mortgage lender or a
   84  person exempt from licensure under this chapter.
   85         Section 3. Paragraph (c) of subsection (3) of section
   86  494.0038, Florida Statutes, as amended by chapter 2009-241, Laws
   87  of Florida, is amended to read:
   88         494.0038 Loan origination and mortgage broker fees and
   89  disclosures.—
   90         (3) At the time a written mortgage broker agreement is
   91  signed by the borrower or forwarded to the borrower for
   92  signature, or at the time the mortgage broker business accepts
   93  an application fee, credit report fee, property appraisal fee,
   94  or any other third-party fee, but at least 3 business days
   95  before execution of the closing or settlement statement, the
   96  mortgage broker shall disclose in writing to any applicant for a
   97  mortgage loan the following information:
   98         (c) A good faith estimate, signed and dated by the
   99  borrower, which discloses the total amount of each of the fees
  100  the borrower may reasonably expect to pay if the loan is closed,
  101  including, but not limited to, fees earned by the mortgage
  102  broker, lender fees, third-party fees, and official fees,
  103  together with the terms and conditions for obtaining a refund of
  104  such fees, if any.
  105         1. Any amount collected in excess of the actual cost shall
  106  be returned within 60 days after rejection, withdrawal, or
  107  closing.
  108         2. At the time a The good faith estimate is provided to the
  109  borrower, the loan originator must identify in writing the
  110  recipient of all payments charged the borrower, which and,
  111  except for all fees to be received by the mortgage broker, may
  112  be disclosed in generic terms, such as, but not limited to, paid
  113  to lender, appraiser, officials, title company, or any other
  114  third-party service provider. This requirement does not supplant
  115  or is not a substitute for the written mortgage broker agreement
  116  described in subsection (1). The disclosure required under this
  117  subparagraph must be signed and dated by the borrower.
  118         Section 4. Subsection (4) of section 494.0067, Florida
  119  Statutes, as amended by chapter 2009-241, Laws of Florida, is
  120  amended to read:
  121         494.0067  Requirements of mortgage lenders.—
  122         (4)  A mortgage lender shall report any changes in the
  123  principal loan originator, any addition or subtraction of a
  124  control person, or any change in the form of business
  125  organization by written amendment in such form and at such time
  126  that the commission specifies by rule.
  127         (a)  In any case in which a person or a group of persons,
  128  directly or indirectly or acting by or through one or more
  129  persons, proposes to purchase or acquire a controlling interest
  130  in a licensee, such person or group must submit an initial
  131  application for licensure as a mortgage lender before such
  132  purchase or acquisition and at the time and in the form
  133  prescribed by the commission by rule.
  134         (b)  Any addition of a control person who has not
  135  previously filed a Uniform Mortgage Biographical Statement &
  136  Consent Form, MU2, or has not previously complied with the
  137  fingerprinting and credit report requirements of s. 494.00611 is
  138  subject to the provisions of this section. If, after the
  139  addition of a control person, the office determines that the
  140  licensee does not continue to meet licensure requirements, the
  141  office may bring administrative action in accordance with s.
  142  494.00255 to enforce this section.
  143         Section 5. This act shall take effect October 1, 2010.

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