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 […]
494.0011 Powers and duties of the commission and office.— (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. (b) Relating to compliance with […]
494.00115 Exemptions.— (1) The following are exempt from regulation under this part and parts II and III of this chapter. (a) Any person operating exclusively as a registered loan originator in accordance with the S.A.F.E. Mortgage Licensing Act of 2008. (b) A depository institution; subsidiaries that are owned and controlled by a depository institution and regulated by the Board […]
494.0012 Investigations; complaints; examinations.— (1) The office may conduct an investigation of any person whenever the office has reason to believe, either upon complaint or otherwise, that any violation of this chapter has been committed or is about to be committed. (2) Any person having reason to believe that a provision of this act has been violated may […]
494.00125 Public records exemptions.— (1) INVESTIGATIONS OR EXAMINATIONS.— (a) Except as otherwise provided by this subsection, information relative to an investigation or examination by the office pursuant to this chapter, including any consumer complaint received by the office or the Department of Financial Services, is confidential and exempt from s. 119.07(1) until the investigation or examination is completed […]
494.0013 Injunction to restrain violations.— (1) The office may bring action through its own counsel in the name and on behalf of the state against any person who has violated or is about to violate any provision of this chapter or any rule of the commission or order of the office issued under this chapter to enjoin […]
494.00135 Subpoenas.— (1) The office may: (a) Issue and serve subpoenas and subpoenas duces tecum to compel the attendance of witnesses and the production of all books, accounts, records, and other documents and materials relevant to an examination or investigation conducted by the office. The office, or its authorized representative, may administer oaths and affirmations to any person. […]
494.0014 Cease and desist orders; refund orders.— (1) The office may issue and serve upon any person an order to cease and desist and to take corrective action if it has reason to believe the person is violating, has violated, or is about to violate any provision of this chapter, any rule or order issued under this […]
494.0015 Evidence; examiner’s worksheets, investigative reports, other related documents.—In any hearing in which the financial examiner acting under authority of this chapter is available for cross-examination, any official written report, worksheet, or other related paper, or a duly certified copy thereof, compiled, prepared, drafted, or otherwise made by the financial examiner, after being duly authenticated by […]
494.0016 Books, accounts, and records; maintenance; examinations by the office.— (1) Each licensee shall maintain, at the principal place of business designated on the license, all books, accounts, records, and documents necessary to determine the licensee’s compliance with this chapter. (2) The office may authorize maintenance of records at a location other than a principal place of business. […]
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 […]
494.00172 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 […]
494.00173 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 […]
494.0018 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.— (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 […]
494.002 Statutory or common-law remedies.—This chapter does not limit any statutory or common-law right of any person to bring any action in any court for any act involved in the mortgage loan business or the right of the state to punish any person for any violation of any law. History.—ss. 11, 50, ch. 91-245; s. 4, […]
494.0022 Applicability of act.—Failure to comply with the provisions of this chapter does not affect the validity or enforceability of any mortgage loan; and no person acquiring a mortgage loan, as mortgagee or assignee, is required to ascertain whether or not the provisions of this chapter have been complied with. History.—ss. 13, 50, ch. 91-245; s. […]
494.0023 Conflicting interest.— (1) If, in a mortgage transaction, a licensee has a conflicting interest as specified in subsection (2), the licensee shall, at a minimum, provide the following disclosures to the borrower in writing: (a) The nature of the relationship, ownership, or financial interest between the provider of products or services, or business incident thereto, and the […]
494.0024 Waiver.—Unless otherwise indicated, any waiver of this chapter is unenforceable and void. History.—ss. 15, 50, ch. 91-245; s. 4, ch. 91-429.
494.0025 Prohibited practices.—It is unlawful for any person: (1) To act as a loan originator in this state without a current, active license issued by the office pursuant to part II of this chapter. (2) To act as a mortgage broker in this state without a current, active license issued by the office pursuant to part II of […]
