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The Florida Statutes

The 2006 Florida Statutes

Chapter 494
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Section 494.0029, Florida Statutes 2006

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 the purpose of meeting professional continuing education requirements or as a condition precedent to licensure as a mortgage broker, mortgage lender, or correspondent mortgage lender must obtain a permit from the office to operate as a mortgage business school before offering or conducting mortgage business training and must abide by the regulations imposed upon such person, school, or institution by this chapter and rules adopted pursuant to this chapter. The commission may require by rule that each applicant for a mortgage business school permit provide any information reasonably necessary to determine the applicant's eligibility. Each person, school, or institution that applies for a permit under this section must do so on forms adopted by the commission by rule.

(b)  An application is considered received for purposes of s. 120.60 upon receipt of a completed application form as prescribed by commission rule, a nonrefundable application fee of $500, the cost of accreditation as defined by commission rule, and any other fee prescribed by law.

(c)  A permit issued under this section is not transferable or assignable.

(d)  Each permitted mortgage business school shall report, on a form prescribed by the commission, any change in the information contained in the initial application form or any amendment to such form not later than 30 days after the change is effective.

(e)  A permit issued under this section expires on September 30th of each year. The office shall recertify a permit annually upon submission of information the commission requires by rule, together with a nonrefundable permit fee of $500, and the cost of accreditation as defined by commission rule, which shall be for the annual period beginning October 1 of each year.

(2)(a)  It is unlawful for any such person, school, or institution to offer or conduct mortgage business courses, regardless of the number of pupils, without first procuring a permit or to guarantee that the pupils will pass any mortgage business examination given on behalf of the office or to represent that the issuance of a permit is any recommendation or endorsement of the person, school, or institution to which it is issued or of any course of instruction given thereunder. Any person who violates this paragraph commits a misdemeanor of the second degree, punishable as provided in s. 775.082 or s. 775.083.

(b)  The location of classes and the frequency of class meetings shall be in the discretion of the school offering the courses, if such courses conform to this chapter and related rules adopted by the commission.

(c)  A mortgage business school may not use advertising of any nature which is false, inaccurate, misleading, or exaggerated. Publicity and advertising of a mortgage business school, or of its representative, shall be based upon relevant facts and supported by evidence establishing their truth.

(d)  A representative of a mortgage business school subject to the provisions of this chapter may not promise or guarantee employment or placement of any pupil or prospective pupil, using information, training, or skill purported to be provided or otherwise enhanced by a course or school as inducement to enroll in the school, unless such person offers the pupil or prospective pupil a bona fide contract of employment.

(e)  A school shall advertise only as a school and under the permitted name of such school as recognized by the office.

(f)  Reference may not be made in any publication or communication medium as to a pass/fail ratio on mortgage business examinations by any school permitted by the office.

(3)  Each person, school, or institution that is required to be permitted as a mortgage business school under this section shall maintain and make available for the office's review, inspection, and observation any training, curriculum, and training materials necessary for the office to determine compliance with this chapter and the rules adopted under this chapter. All documents prescribed by commission rule must be submitted with the initial application or recertification.

(4)  Each person, school, or institution that is required to be permitted as a mortgage business school under this section must provide electronic notification to the office, in a manner prescribed by commission rule, of any pupils who have successfully completed the 24-hour prelicensure classroom instruction for mortgage brokers and principal representatives and any pupils who have completed the 14-hour professional continuing education for mortgage brokers.

History.--s. 9, ch. 95-313; s. 3, ch. 2001-228; s. 525, ch. 2003-261; s. 57, ch. 2004-357; s. 4, ch. 2006-213.

Note.--Former s. 494.00311.

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