Bill Text: FL S1298 | 2017 | Regular Session | Comm Sub

---

Bill Title: Mortgage Lending

Spectrum: Bipartisan Bill

Status: (Failed) 2017-05-05 - Died in Rules [S1298 Detail]

Download: Florida-2017-S1298-Comm_Sub.html

---

       Florida Senate - 2017                             CS for SB 1298
       
       
        
       By the Committee on Banking and Insurance; and Senator Garcia
       
       
       
       
       
       597-02947-17                                          20171298c1
    1                        A bill to be entitled                      
    2         An act relating to mortgage lending; amending s.
    3         494.001, F.S.; revising the definition of the term
    4         “mortgage loan”; amending s. 494.00115, F.S.;
    5         providing a definition for the term “hold himself or
    6         herself out to the public as being in the mortgage
    7         lending business”; providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (24) of section 494.001, Florida
   12  Statutes, is amended to read:
   13         494.001 Definitions.—As used in this chapter, the term:
   14         (24) “Mortgage loan” means any:
   15         (a) Residential loan that primarily for personal, family,
   16  or household use which is secured by a mortgage, deed of trust,
   17  or other equivalent consensual security interest on a dwelling,
   18  as defined in s. 103(w) s. 103(v) of the federal Truth in
   19  Lending Act, or for the purchase of residential real estate upon
   20  which a dwelling is to be constructed;
   21         (b) Loan on commercial real property if the borrower is an
   22  individual or the lender is a noninstitutional investor; or
   23         (c) Loan on improved real property consisting of five or
   24  more dwelling units if the borrower is an individual or the
   25  lender is a noninstitutional investor.
   26         Section 2. Subsection (4) is added to section 494.00115,
   27  Florida Statutes, to read:
   28         (4) As used in this section, the term “hold himself or
   29  herself out to the public as being in the mortgage lending
   30  business” includes any of the following:
   31         (a) Representing to the public, through advertising or
   32  other means of communicating or providing information (including
   33  the use of business cards, stationery, brochures, signs, rate
   34  lists, or promotional items), by any medium whatsoever, that
   35  such individual can or will perform the activities described in
   36  s. 494.001(23).
   37         (b) Soliciting in a manner that would lead the intended
   38  audience to reasonably believe that such individual is in the
   39  business of performing the activities described in s.
   40  494.001(23).
   41         (c) Maintaining a commercial business establishment at
   42  which, or premises from which, such individual regularly
   43  performs the activities described in s. 494.001(23) or regularly
   44  meets with current or prospective borrowers.
   45         (d) Advertising, soliciting, or conducting business through
   46  use of a name, trademark, service mark, trade name, Internet
   47  address, or logo which indicates or reasonably implies that the
   48  business being advertised, solicited, or conducted is the kind
   49  or character of business transacted or conducted by a licensed
   50  mortgage lender or which is likely to lead any person to believe
   51  that such business is that of a licensed mortgage lender.
   52         (e) Using any form promulgated by the Federal National
   53  Mortgage Association, the Federal Home Loan Mortgage
   54  Corporation, the United States Department of Housing and Urban
   55  Development, or the Consumer Financial Protection Bureau in
   56  performing the activities described in s. 494.001(23).
   57         Section 3. This act shall take effect January 1, 2018.