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The Florida Statutes

The 2006 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS
Chapter 494
MORTGAGE BROKERAGE AND MORTGAGE LENDING
View Entire Chapter
Section 494.004, Florida Statutes 2006

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 violation that involves fraud, dishonest dealing, or any other act of moral turpitude, in any jurisdiction, by the licensee or any natural person named in s. 494.0031(2)(d), not later than 30 days after the date of conviction, entry of a plea of nolo contendere, or final administrative action.

(2)  Each licensee under ss. 494.003-494.0043 shall report, in a form prescribed by rule of the commission, any conviction of, or plea of nolo contendere to, regardless of whether adjudication is withheld, any felony committed by the licensee or any natural person named in s. 494.0031(2)(d), not later than 30 days after the date of conviction or the date the plea of nolo contendere is entered.

(3)  Each licensee under ss. 494.003-494.0043 shall report any action in bankruptcy, voluntary or involuntary, to the office not later than 7 business days after the action is instituted.

(4)  Each licensee under ss. 494.003-494.0043 shall report on a form prescribed by rule of the commission any change to the information contained in any initial application form or any amendment to the application not later than 30 days after the change is effective.

(5)  A license issued under ss. 494.003-494.0043 is not transferable or assignable.

(6)  Each licensee under ss. 494.003-494.0043 shall report any change in the principal broker, partners, officers, members, joint venturers, directors, control persons of any licensee, or any individual who is the ultimate equitable owner of a 10-percent or greater interest in the licensee, or any change in the form of business organization, by written amendment in the form and at the time the commission specifies by rule.

(a)  In any case in which a person or a group of persons, directly or indirectly or acting by or through one or more persons, proposes to purchase or acquire a controlling interest in a licensee, such person or group shall submit an initial application for licensure as a mortgage brokerage business before such purchase or acquisition and at the time and in the form the commission prescribes by rule.

(b)  As used in this subsection, the term "controlling interest" means possession of the power to direct or cause the direction of the management or policies of a company whether through ownership of securities, by contract, or otherwise. Any person who directly or indirectly has the right to vote 25 percent or more of the voting securities of a company or is entitled to 25 percent or more of the company's profits is presumed to possess a controlling interest.

(c)  Any addition of a partner, officer, member, joint venturer, director, control person, or ultimate equitable owner of the applicant who does not have a controlling interest and who has not previously complied with the provisions of s. 494.0031(2)(c) and (d) is subject to such provisions unless required to file an initial application in accordance with paragraph (a). If the office finds that the licensee does not continue to meet licensure requirements, the office may bring an administrative action in accordance with s. 494.0041 to enforce the provisions of this chapter.

(d)  The commission shall adopt rules pursuant to ss. 120.536(1) and 120.54 providing for the waiver of the application required by this subsection if the person or group of persons proposing to purchase or acquire a controlling interest in a licensee has previously complied with the provisions of s. 494.0031(2)(c) and (d) with respect to the same legal entity or is currently licensed by the office under this chapter.

(7)  On or before April 30, 2000, each mortgage brokerage business shall file an initial report stating the name, social security number, date of birth, mortgage broker license number, date of hire and, if applicable, date of termination for each person who was an associate of the mortgage brokerage business during the immediate preceding quarter. Thereafter, a mortgage brokerage business shall file a quarterly report only if a person became an associate or ceased to be an associate of the mortgage brokerage business during the immediate preceding quarter. Such report shall be filed within 30 days after the last day of each calendar quarter and shall contain the name, social security number, date of birth, mortgage broker license number, date of hire and, if applicable, the date of termination of each person who became or ceased to be an associate of the mortgage brokerage business during the immediate preceding quarter. The commission shall prescribe, by rule, the procedures for filing reports required by this subsection.

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.

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