494.00321 – Mortgage broker license.
494.00321 Mortgage broker license.— (1) Each person who acts as a mortgage broker must be licensed in accordance with this section. (2) In order to apply for a mortgage broker license, an applicant must: (a) Submit a completed license application form as prescribed by commission rule. (b) Designate a qualified principal loan originator on the application form who meets the […]
494.00165 – Prohibited advertising; record requirements.
494.00165 Prohibited advertising; record requirements.— (1) It is a violation of this chapter for any person to: (a) Advertise that an applicant shall have unqualified access to credit without disclosing the material limitations on the availability of such credit. Material limitations include, but are not limited to, the percentage of down payment required, that a higher rate or […]
494.00322 – Mortgage broker license renewal.
494.00322 Mortgage broker license renewal.— (1) In order to renew a mortgage broker license, a mortgage broker must: (a) Submit a completed license renewal form as prescribed by commission rule. (b) Submit a nonrefundable renewal fee of $375, the $100 nonrefundable fee if required by s. 494.00172, and nonrefundable fees to cover the cost of further fingerprint processing and […]
494.00172 – Mortgage Guaranty Trust Fund; payment of fees and claims.
494.00172 Mortgage Guaranty Trust Fund; payment of fees and claims.—A nonrefundable fee is imposed on each application for a mortgage broker, mortgage lender, or loan originator license and on each annual application for a renewal of such license. For a loan originator, the initial and renewal fee is $20. For mortgage brokers and lenders, the initial […]
494.00331 – Loan originator and loan processor employment.
494.00331 Loan originator and loan processor employment.— (1) LOAN ORIGINATORS.—An individual may not act as a loan originator unless he or she is an employee of, or an independent contractor for, a mortgage broker or a mortgage lender, and may not be employed by or contract with more than one mortgage broker or mortgage lender, or either […]
494.00173 – Mortgage Guaranty Trust Fund; creation.
494.00173 Mortgage Guaranty Trust Fund; creation.— (1) The Mortgage Guaranty Trust Fund is created within, and shall be administered by, the Office of Financial Regulation. (2) Funds to be credited to the trust fund shall consist of the fee imposed pursuant to s. 494.00172 on loan originators, mortgage brokers, and mortgage lenders licensed under this chapter. Moneys in […]
494.0035 – Principal loan originator and branch manager for mortgage broker.
494.0035 Principal loan originator and branch manager for mortgage broker.— (1) Each mortgage broker must be operated by a principal loan originator who shall have full charge, control, and supervision of the mortgage broker. The principal loan originator must have been licensed as a loan originator for at least 1 year before being designated as the principal […]
494.0018 – Penalties.
494.0018 Penalties.— (1) Whoever knowingly violates any provision of s. 494.00255(1)(a), (b), or (c) or s. 494.0025(1), (2), (3), (4), or (5), except as provided in subsection (2) of this section, commits a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084. Each such violation constitutes a separate offense. (2) Any […]
494.0019 – Liability in case of unlawful transaction.
494.0019 Liability in case of unlawful transaction.— (1) If a mortgage loan transaction is made in violation of any provision of this chapter, the person making the transaction and every licensee, director, or officer who participated in making the transaction are jointly and severally liable to every party to the transaction in an action for damages incurred […]
494.001 – Definitions.
494.001 Definitions.—As used in this chapter, the term: (1) “Borrower” means a person obligated to repay a mortgage loan and includes, but is not limited to, a coborrower or cosignor. (2) “Branch manager” means the licensed loan originator in charge of, and responsible for, the operation of the branch office of a mortgage broker or mortgage lender. (3) “Branch […]