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The Florida Statutes

The 2018 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS
Chapter 494
LOAN ORIGINATORS AND MORTGAGE BROKERS
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F.S. 494.0011
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 the S.A.F.E. Mortgage Licensing Act of 2008, including rules to:
1. Require loan originators, mortgage brokers, mortgage lenders, and branch offices to register through the registry.
2. Require the use of uniform forms that have been approved by the registry, and any subsequent amendments to such forms if the forms are substantially in compliance with the provisions of this chapter. Uniform forms that the commission may adopt include, but are not limited to:
a. Uniform Mortgage Lender/Mortgage Broker Form, MU1.
b. Uniform Mortgage Biographical Statement & Consent Form, MU2.
c. Uniform Mortgage Branch Office Form, MU3.
d. Uniform Individual Mortgage License/Registration & Consent Form, MU4.
3. Require the filing of forms, documents, and fees in accordance with the requirements of the registry.
4. Prescribe requirements for amending or surrendering a license or other activities as the commission deems necessary for the office’s participation in the registry.
5. Prescribe procedures that allow a licensee to challenge information contained in the registry.
6. Prescribe procedures for reporting violations of this chapter and disciplinary actions on licensees to the registry.
(c) Establishing time periods during which a loan originator, mortgage broker, or mortgage lender license applicant under part II or part III is barred from licensure due to prior criminal convictions of, or guilty or nolo contendere pleas by, any of the applicant’s control persons, regardless of adjudication.
1. The rules must provide:
a. Permanent bars for felonies involving fraud, dishonesty, breach of trust, or money laundering;
b. A 15-year disqualifying period for felonies involving moral turpitude;
c. A 7-year disqualifying period for all other felonies; and
d. A 5-year disqualifying period for misdemeanors involving fraud, dishonesty, or any other act of moral turpitude.
2. The rules may provide for an additional waiting period due to dates of imprisonment or community supervision, the commitment of multiple crimes, and other factors reasonably related to the applicant’s criminal history.
3. The rules may provide for mitigating factors for crimes identified in sub-subparagraph 1.b. However, the mitigation may not result in a period of disqualification less than 7 years. The rule may not mitigate the disqualifying periods in sub-subparagraphs 1.a., 1.c., and 1.d.
4. An applicant is not eligible for licensure until the expiration of the disqualifying period set by rule.
5. Section 112.011 is not applicable to eligibility for licensure under this part.
(3) Except as provided in s. 494.00172, all fees, charges, and fines collected pursuant to this chapter shall be deposited in the Regulatory Trust Fund of the office.
(4) The office shall participate in the registry and shall regularly report to the registry violations of this chapter, disciplinary actions, and other information deemed relevant by the office under this chapter.
History.ss. 2, 50, ch. 91-245; s. 4, ch. 91-429; s. 165, ch. 98-200; s. 20, ch. 99-155; s. 2, ch. 99-213; s. 514, ch. 2003-261; s. 2, ch. 2006-213; s. 3, ch. 2009-241; s. 2, ch. 2011-71.