Bill Text: FL S1316 | 2011 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Loan Processing
Spectrum: Slight Partisan Bill (? 2-1)
Status: (Engrossed - Dead) 2011-05-06 - Ordered enrolled -SJ 1848 [S1316 Detail]
Download: Florida-2011-S1316-Introduced.html
Bill Title: Loan Processing
Spectrum: Slight Partisan Bill (? 2-1)
Status: (Engrossed - Dead) 2011-05-06 - Ordered enrolled -SJ 1848 [S1316 Detail]
Download: Florida-2011-S1316-Introduced.html
Florida Senate - 2011 SB 1316 By Senator Detert 23-00937-11 20111316__ 1 A bill to be entitled 2 An act relating to loan processing; amending s. 3 494.001, F.S.; creating and revising definitions; 4 deleting a redundant definition; amending s. 494.0011, 5 F.S.; specifying rulemaking powers; amending s. 6 494.0025, F.S.; prohibiting acting as an in-house loan 7 processor without a specified license; amending s. 8 494.0018, F.S.; revising cross-references; amending s. 9 494.00255, F.S.; including licensed in-house loan 10 processors in disciplinary provisions; creating s. 11 494.00314, F.S.; providing for licensing of in-house 12 loan processors; providing application requirements; 13 specifying when an application is considered received; 14 providing grounds for denial of licensure; prohibiting 15 issuance of licenses to applicants who have had 16 certain licenses revoked in other jurisdictions; 17 providing for annulment of licenses in certain 18 circumstances; requiring annual renewal of licenses; 19 providing that an in-house loan processor may not act 20 as a loan originator without a loan originator 21 license; providing that a licensed loan originator may 22 act as an in-house loan processor without an in-house 23 loan processor license; creating s. 494.00315, F.S.; 24 providing for license renewals; amending s. 494.00312, 25 F.S.; providing that a loan originator license may not 26 be issued to a person who has had an in-house loan 27 processor license or its equivalent revoked in any 28 jurisdiction; amending s. 494.00331, F.S.; providing 29 that specified provisions do not apply to a licensed 30 contract loan processor who has on file with the 31 office a declaration of intent to act solely as a 32 contract loan processor; deleting a definition; 33 providing restrictions on employment of persons 34 licensed as in-house loan processors; amending s. 35 494.0035, F.S.; clarifying provisions concerning 36 operation of mortgage brokers; amending s. 494.0038, 37 F.S.; revising provisions relating to disclosure of 38 settlement charges and loan terms; amending s. 39 494.00421, F.S.; revising an agency reference; 40 amending s. 494.00611, F.S.; providing that a mortgage 41 lender license may not be issued to an applicant if 42 any of the applicant’s control persons has ever had an 43 in-house loan processor license or its equivalent 44 revoked in any jurisdiction; amending s. 494.00612, 45 F.S.; requiring that in order to renew a mortgage 46 lender license a mortgage lender must authorize the 47 Nationwide Mortgage Licensing System and Registry to 48 obtain an independent credit report on each of the 49 mortgage lender’s control persons; amending s. 50 494.0067, F.S.; requiring each mortgage lender to 51 submit certain reports to the registry as may be 52 required; providing an effective date. 53 54 Be It Enacted by the Legislature of the State of Florida: 55 56 Section 1. Subsections (5) through (9), (10) through (14), 57 (15) through (24), and (26) through (34) of section 494.001, 58 Florida Statutes, are renumbered as subsections (6) through 59 (10), (12) through (16), (18) through (27), and (28) through 60 (36), respectively, new subsections (5), (11), and (17) are 61 added to that section, and present subsections (14), (25), and 62 (26) of that section are amended, to read: 63 494.001 Definitions.—As used in ss. 494.001-494.0077, the 64 term: 65 (5) “Contract loan processor” means an individual who is an 66 independent contractor for a mortgage broker or a mortgage 67 lender who engages only in loan processing. 68 (11) “In-house loan processor” means an individual who is 69 an employee of a mortgage broker or a mortgage lender who 70 engages only in loan processing. 71 (16)(14)“Loan originator” means an individual who, 72 directly or indirectly, solicits or offers to solicit a mortgage 73 loan, accepts or offers to accept an application for a mortgage 74 loan, negotiates or offers to negotiate the terms or conditions 75 of a new or existing mortgage loan on behalf of a borrower or 76 lender,processes a mortgage loan application,or negotiates or 77 offers to negotiate the sale of an existing mortgage loan to a 78 noninstitutional investor for compensation or gain. The term 79 includes an individual who is required to be licensed as a loan 80 originator under the activities of a loan originator as that81term is defined inthe S.A.F.E. Mortgage Licensing Act of 2008,82and an individual acting as a loan originator pursuant to that83definition is acting as a loan originator for purposes of this84definition. The term does not include an employee of a mortgage 85 broker or mortgage lender whose duties are limited towho86performs only administrative or clerical tasks, including87quoting available interest rates,physically handling a 88 completed application form,or transmitting a completed 89 application form to a lender on behalf of a prospective 90 borrower. 91 (17) “Loan processing” means: 92 (a) The receipt, collection, distribution, and analysis of 93 information common for the processing of a mortgage loan; or 94 (b) Communicating with a consumer to obtain the information 95 necessary for the processing of a mortgage loan, to the extent 96 that such communication does not include offering or negotiating 97 loan rates or terms or counseling consumers about residential 98 mortgage loan rates or terms. 99(25) “Person” has the same meaning as in s.1.01.100 (28)(26)“Principal loan originator” means the licensed 101 loan originator in charge of, and responsible for, the operation 102 of a mortgage lender or mortgage broker, including all of the 103 activities of the mortgage lender’s or mortgage broker’s loan 104 originators, in-house loan processors, and branch managers, 105 whether employees or independent contractors. 106 Section 2. Subsection (2) of section 494.0011, Florida 107 Statutes, is amended to read: 108 494.0011 Powers and duties of the commission and office.— 109 (2) To administer ss. 494.001-494.0077, the commission may 110 adopt rules pursuant to ss. 120.536(1) and 120.54 to implement 111 parts I, II, and III of this chapter, including rules: 112 (a) Requiring electronic submission of any forms, 113 documents, or fees required by this act. 114 (b) Relating to compliance with the S.A.F.E. Mortgage 115 Licensing Act of 2008, including rules to: 116 1. Require loan originators, mortgage brokers, mortgage 117 lenders, and branch offices to register through the registry. 118 2. Require the use of uniform forms that have been approved 119 by the registry, and any subsequent amendments to such forms if 120 the forms are substantially in compliance with the provisions of 121 this chapter. Uniform forms that the commission may adopt 122 include, but are not limited to: 123 a. Uniform Mortgage Lender/Mortgage Broker Form, MU1. 124 b. Uniform Mortgage Biographical Statement & Consent Form, 125 MU2. 126 c. Uniform Mortgage Branch Office Form, MU3. 127 d. Uniform Individual Mortgage License/Registration & 128 Consent Form, MU4. 129 3. Require the filing of forms, documents, and fees in 130 accordance with the requirements of the registry. 131 4. Prescribe requirements for amending or surrendering a 132 license or other activities as the commission deems necessary 133 for the office’s participation in the registry. 134 5. Prescribe procedures that allow a licensee to challenge 135 information contained in the registry. 136 6. Prescribe procedures for reporting violations of this 137 chapter and disciplinary actions on licensees to the registry. 138 (c) Establishing time periods during which a loan 139 originator, mortgage broker, or mortgage lender license 140 applicant under part II or part III is barred from licensure due 141 to prior criminal convictions of, or guilty or nolo contendere 142 pleas by, any of the applicant’s control persons, regardless of 143 adjudication. 144 1. The rules must provide: 145 a. Permanent bars for felonies involving fraud, dishonesty, 146 breach of trust, or money laundering; 147 b. A 15-year disqualifying period for felonies involving 148 moral turpitude; 149 c. A 7-year disqualifying period for all other felonies; 150 and 151 d. A 5-year disqualifying period for misdemeanors involving 152 fraud, dishonesty, or any other act of moral turpitude. 153 2. The rules may provide for an additional waiting period 154 due to dates of imprisonment or community supervision, the 155 commitment of multiple crimes, and other factors reasonably 156 related to the applicant’s criminal history. 157 3. The rules may provide for mitigating factors for crimes 158 identified in sub-subparagraph 1.b. However, the mitigation may 159 not result in a period of disqualification less than 7 years. 160 The rule may not mitigate the disqualifying periods in sub 161 subparagraphs 1.a., 1.c., and 1.d. 162 4. An applicant is not eligible for licensure until the 163 expiration of the disqualifying period set by rule. 164 5. Section 112.011 is not applicable to eligibility for 165 licensure under this part. 166 Section 3. Subsections (2) through (10) of section 167 494.0025, Florida Statutes, are renumbered as subsections (3) 168 through (11), respectively, and a new subsection (2) is added to 169 that section to read: 170 494.0025 Prohibited practices.—It is unlawful for any 171 person: 172 (2) To act as an in-house loan processor in this state 173 without a current, active license issued by the office pursuant 174 to part II of this chapter. 175 Section 4. Subsection (1) of section 494.0018, Florida 176 Statutes, is amended to read: 177 494.0018 Penalties.— 178 (1) Whoever knowingly violates any provision of s. 179 494.00255(1)(a), (b), or (c) or s. 494.0025(1), (3)(2), (4)(3), 180 (5)(4), or (6)(5), except as provided in subsection (2) of this 181 section, commits a felony of the third degree, punishable as 182 provided in s. 775.082, s. 775.083, or s. 775.084. Each such 183 violation constitutes a separate offense. 184 Section 5. Paragraphs (n) and (p) of subsection (1), 185 paragraph (f) of subsection (2), and subsections (3), (4), (5), 186 (6), and (8) of section 494.00255, Florida Statutes, are amended 187 to read: 188 494.00255 Administrative penalties and fines; license 189 violations.— 190 (1) Each of the following acts constitutes a ground for 191 which the disciplinary actions specified in subsection (2) may 192 be taken against a person licensed or required to be licensed 193 under part II or part III of this chapter: 194 (n) Having a loan originator, an in-house loan processor, a 195 mortgage broker, or a mortgage lender license, or the equivalent 196 of such license, revoked in any jurisdiction. 197 (p) Acting as a loan originator, an in-house loan 198 processor, a mortgage broker, or a mortgage lender without a 199 current license issued under part II or part III of this 200 chapter. 201 (2) If the office finds a person in violation of any act 202 specified in this section, it may enter an order imposing one or 203 more of the following penalties: 204 (f) An administrative fine of up to $1,000 per day, but not 205 to exceed $25,000 cumulatively, for each day that: 206 1. A mortgage broker or mortgage lender conducts business 207 at an unlicensed branch office. 208 2. An unlicensed person acts as a loan originator, an in 209 house loan processor, a mortgage broker, or a mortgage lender. 210 (3) A mortgage broker or mortgage lender, as applicable, is 211 subject to the disciplinary actions specified in subsection (2) 212 for a violation of subsection (1) by: 213 (a) A control person of the mortgage broker or mortgage 214 lender;or215 (b) A loan originator employed by or contracting with the 216 mortgage broker or mortgage lender; or 217 (c) An in-house loan processor who is an employee of the 218 mortgage broker or mortgage lender. 219 (4) A principal loan originator of a mortgage broker is 220 subject to the disciplinary actions specified in subsection (2) 221 for violations of subsection (1) by a loan originator or an in 222 house loan processor in the course of an association with the 223 mortgage broker if there is a pattern of repeated violations by 224 the loan originator or an in-house loan processor or if the 225 principal loan originator has knowledge of the violations. 226 (5) A principal loan originator of a mortgage lender is 227 subject to the disciplinary actions specified in subsection (2) 228 for violations of subsection (1) by a loan originator or an in 229 house loan processor in the course of an association with a 230 mortgage lender if there is a pattern of repeated violations by 231 the loan originator or an in-house loan processor or if the 232 principal loan originator has knowledge of the violations. 233 (6) A branch manager is subject to the disciplinary actions 234 specified in subsection (2) for violations of subsection (1) by 235 a loan originator or an in-house loan processor in the course of 236 an association with the mortgage broker or mortgage lender if 237 there is a pattern of repeated violations by the loan originator 238 or an in-house loan processor or if the branch manager has 239 knowledge of the violations. 240 (8) Pursuant to s. 120.60(6), the office may summarily 241 suspend the license of a loan originator, an in-house loan 242 processor, a mortgage broker, or a mortgage lender if the office 243 has reason to believe that a licensee poses an immediate, 244 serious danger to the public’s health, safety, or welfare. The 245 arrest of the licensee, or the mortgage broker or the mortgage 246 lender’s control person, for any felony or any crime involving 247 fraud, dishonesty, breach of trust, money laundering, or any 248 other act of moral turpitude is deemed sufficient to constitute 249 an immediate danger to the public’s health, safety, or welfare. 250 Any proceeding for the summary suspension of a license must be 251 conducted by the commissioner of the office, or designee, who 252 shall issue the final summary order. 253 Section 6. Section 494.00314, Florida Statutes, is created 254 to read: 255 494.00314 In-house loan processor license.— 256 (1) An individual acting as an in-house loan processor must 257 be licensed under this section. 258 (2) In order to apply for an in-house loan processor 259 license, an applicant must: 260 (a) Be at least 18 years of age and have a high school 261 diploma or its equivalent. 262 (b) Submit a completed license application form as 263 prescribed by commission rule. 264 (c) Submit a nonrefundable application fee of $100. 265 Application fees may not be prorated for partial years of 266 licensure. 267 (d) Submit fingerprints in accordance with rules adopted by 268 the commission. 269 1. The fingerprints must be submitted to a live-scan vendor 270 authorized by the Department of Law Enforcement. 271 2. A state criminal history background check must be 272 conducted through the Department of Law Enforcement, and a 273 federal criminal history check must be conducted through the 274 Federal Bureau of Investigation. 275 3. All fingerprints submitted to the Department of Law 276 Enforcement must be submitted electronically and entered into 277 the statewide automated fingerprint identification system 278 established in s. 943.05(2)(b) and available for use in 279 accordance with s. 943.05(2)(g) and (h). The office shall pay an 280 annual fee to the department to participate in the system and 281 inform the department of any person whose fingerprints are no 282 longer required to be retained. 283 4. The costs of fingerprint processing, including the cost 284 of retaining fingerprints, shall be borne by the person subject 285 to the background check. 286 5. The office is responsible for reviewing the results of 287 the state and federal criminal history checks and determining 288 whether the applicant meets licensure requirements. 289 (e) Submit additional information or documentation 290 requested by the office and required by rules concerning the 291 applicant. Additional information may include documentation of 292 pending or prior disciplinary or criminal history events, 293 including arrest reports and certified copies of charging 294 documents, plea agreements, judgments and sentencing documents, 295 documents relating to pretrial intervention, orders terminating 296 probation or supervised release, final administrative agency 297 orders, or other comparable documents that may provide the 298 office with the appropriate information to determine eligibility 299 for licensure. 300 (f) Submit any other information required by the registry 301 for the processing of the application. 302 (3) An application is considered received for the purposes 303 of s. 120.60 upon the office’s receipt of all documentation from 304 the registry, including the completed application form, criminal 305 history information, and license application fee. 306 (4) The office shall issue an in-house loan processor 307 license to each person who is not otherwise ineligible and who 308 meets the requirements of this section. However, it is a ground 309 for denial of licensure if the applicant: 310 (a) Has committed any violation specified in ss. 494.001 311 494.0077; or 312 (b) Is the subject of a pending felony criminal prosecution 313 or a prosecution or an administrative enforcement action in any 314 jurisdiction that involves fraud, dishonesty, breach of trust, 315 money laundering, or any other act of moral turpitude. 316 (5) The office may not issue a license to an applicant who 317 has had an in-house loan processor or loan originator license or 318 its equivalent revoked in any jurisdiction. 319 (6) An in-house loan processor license shall be annulled 320 pursuant to s. 120.60 if it was issued by the office by mistake. 321 A license must be reinstated if the applicant demonstrates that 322 the requirements for obtaining the license have been satisfied. 323 (7) All in-house loan processor licenses must be renewed 324 annually by December 31, pursuant to s. 494.00315. If a person 325 holding an active in-house loan processor license has not 326 applied to renew the license on or before December 31, the in 327 house loan processor license expires on December 31. If a person 328 holding an active in-house loan processor license has applied to 329 renew on or before December 31, the in-house loan processor 330 license remains active until the renewal application is approved 331 or denied. An in-house loan processor is not precluded from 332 reapplying for licensure upon expiration of a previous license. 333 (8) An in-house loan processor licensed under this section 334 may not act as a loan originator without a loan originator 335 license issued under this part. 336 (9) A loan originator licensed under this part may also act 337 as an in-house loan processor without an in-house loan processor 338 license. 339 Section 7. Section 494.00315, Florida Statutes, is created 340 to read: 341 494.00315 In-house loan processor license renewal.—In order 342 to renew an in-house loan processor license, an in-house loan 343 processor must: 344 (1) Submit a completed license renewal form as prescribed 345 by commission rule. 346 (2) Submit a nonrefundable renewal fee of $75 and 347 nonrefundable fees to cover the costs of further fingerprint 348 processing and retention as set forth in commission rule. 349 (3) Submit any additional information or documentation 350 requested by the office and required by rule concerning the 351 licensee. Additional information may include documentation of 352 pending and prior disciplinary and criminal history events, 353 including arrest reports and certified copies of charging 354 documents, plea agreements, judgments and sentencing documents, 355 documents relating to pretrial intervention, orders terminating 356 probation or supervised release, final administrative agency 357 orders, or other comparable documents that may provide the 358 office with the appropriate information to determine eligibility 359 for renewal of licensure. 360 Section 8. Subsection (5) of section 494.00312, Florida 361 Statutes, is amended to read: 362 494.00312 Loan originator license.— 363 (5) The office may not issue a license to an applicant who 364 has had a loan originator or an in-house loan processor license 365 or its equivalent revoked in any jurisdiction. 366 Section 9. Section 494.00331, Florida Statutes, is amended 367 to read: 368 494.00331 Loan originator and loan processor employment.— 369 (1) LOAN ORIGINATORS.—An individual may not act as a loan 370 originator unless he or she is an employee of, or an independent 371 contractor for, a mortgage broker or a mortgage lender, and may 372 not be employed by or contract with more than one mortgage 373 broker or mortgage lender, or either simultaneously. 374 (2) CONTRACT LOAN PROCESSORS.—Subsection (1)However, this375provisiondoes not apply to a contract loan processor who is 376 licensed as a loan originator under this part and has on file 377 with the office a declaration of intent to act solely as a 378 contract loan processor. The declaration of intent must be on a 379 form prescribed by the commission by ruleany licensed loan380originator who acts solely as a loan processor and contracts381with more than one mortgage broker or mortgage lender, or either382simultaneously. 383(2) For purposes of this section, the term “loan processor”384means an individual who is licensed as a loan originator who385engages only in:386(a) The receipt, collection, distribution, and analysis of387information common for the processing or underwriting of a388residential mortgage loan; or389(b) Communication with consumers to obtain the information390necessary for the processing or underwriting of a loan, to the391extent that such communication does not include offering or392negotiating loan rates or terms or does not include counseling393consumers about residential mortgage loan rates or terms.394(3) A person may not act as a loan processor unless the395person is licensed as a loan originator under this chapter and396has on file with the office a declaration of intent to engage397solely in loan processing. The declaration of intent must be on398such form as prescribed by the commission by rule.399 (a)(4)A loan originator whothatcurrently has a 400 declaration of intentto engage solely in loan processingon 401 file with the office may withdraw his or her declaration of 402 intentto engage solely in loan processing. The withdrawal of 403 declaration of intent must be on such form as prescribed by 404 commission rule. 405 (b)(5)A declaration of intent or a withdrawal of 406 declaration of intent is effective upon receipt by the office. 407 (c)(6)The fee earned by a contract loan processor may be 408 paid to the company that employs the loan processor without 409 violating the restriction in s. 494.0025(8)(7)requiring fees or 410 commissions to be paid to a licensed mortgage broker or mortgage 411 lender or a person exempt from licensure under this chapter. 412 (3) IN-HOUSE LOAN PROCESSORS.—An individual may not act as 413 an in-house loan processor unless he or she is an employee of a 414 mortgage broker or a mortgage lender and may not be employed by 415 more than one mortgage broker or mortgage lender, or either, 416 simultaneously. An in-house loan processor is required to work 417 at the direction of and subject to the supervision and 418 instruction of a loan originator licensed under this part. 419 Section 10. Subsection (1) of section 494.0035, Florida 420 Statutes, is amended to read: 421 494.0035 Principal loan originator and branch manager for 422 mortgage broker.— 423 (1) Each mortgage broker must be operated by a principal 424 loan originator who shall have full charge, control, and 425 supervision of the mortgage brokerbusiness. The principal loan 426 originator must have been licensed as a loan originator for at 427 least 1 year before being designated as the principal loan 428 originator, or must demonstrate to the satisfaction of the 429 office that he or she has been actively engaged asina mortgage 430 brokerbroker-related businessfor at least 1 year before being 431 designated as a principal loan originator. Each mortgage broker 432 must keep the office informed of the person designated as the 433 principal loan originator as prescribed by commission rule. If 434 the designation is inaccurate, the mortgage brokerbusiness435 shall be deemed to be operated under the full charge, control, 436 and supervision of each officer, director, or ultimate equitable 437 owner of a 10-percent or greater interest in the mortgage 438 broker, or any other person in a similar capacity. A loan 439 originator may not be a principal loan originator for more than 440 one mortgage broker at any given time. 441 Section 11. Paragraph (c) of subsection (3) of section 442 494.0038, Florida Statutes, is amended to read: 443 494.0038 Loan origination and mortgage broker fees and 444 disclosures.— 445 (3) At the time a written mortgage broker agreement is 446 signed by the borrower or forwarded to the borrower for 447 signature, or at the time the mortgage broker business accepts 448 an application fee, credit report fee, property appraisal fee, 449 or any other third-party fee, but at least 3 business days 450 before execution of the closing or settlement statement, the 451 mortgage broker shall disclose in writing to any applicant for a 452 mortgage loan the following information: 453 (c) A good faith estimate that discloses settlement charges 454 and loan terms, signed and dated by the borrower, which455discloses the total amount of each of the fees the borrower may456reasonably expect to pay if the loan is closed, including, but457not limited to, fees earned by the mortgage broker, lender fees,458third-party fees, and official fees, together with the terms and459conditions for obtaining a refund of such fees, if any. 460 1. Any amount collected in excess of the actual cost shall 461 be returned within 60 days after rejection, withdrawal, or 462 closing. 463 2. At the time a good faith estimate is provided to the 464 borrower, the loan originator must identify in writing an 465 itemized list that provides the recipient of all payments 466 charged the borrower, which, except for all fees to be received 467 by the mortgage broker, may be disclosed in generic terms, such 468 as, but not limited to, paid to lender, appraiser, officials, 469 title company, or any other third-party service provider. This 470 requirement does not supplant or is not a substitute for the 471 written mortgage broker agreement described in subsection (1). 472 The disclosure required under this subparagraph must be signed 473 and dated by the borrower. 474 Section 12. Paragraph (a) of subsection (7) of section 475 494.00421, Florida Statutes, is amended to read: 476 494.00421 Fees earned upon obtaining a bona fide 477 commitment.—Notwithstanding the provisions of ss. 494.001 478 494.0077, any mortgage broker which contracts to receive a loan 479 origination fee from a borrower upon obtaining a bona fide 480 commitment shall accurately disclose in the mortgage broker 481 agreement: 482 (7)(a) The following statement, in at least 12-point 483 boldface type immediately above the signature lines for the 484 borrowers: 485 “You are entering into a contract with a mortgage broker to 486 obtain a bona fide mortgage loan commitment under the same terms 487 and conditions as stated hereinabove or in a separate executed 488 good faith estimate form. If the mortgage broker obtains a bona 489 fide commitment under the same terms and conditions, you will be 490 obligated to pay the loan origination fees even if you choose 491 not to complete the loan transaction. If the provisions of s. 492 494.00421, Florida Statutes, are not met, the loan origination 493 fee can only be earned upon the funding of the mortgage loan. 494 The borrower may contact the Office of Financial Regulation 495Department of Financial Services, Tallahassee, Florida, 496 regarding any complaints that the borrower may have against the 497 loan originator. The telephone number of the officedepartment498 is: ...(insert telephone number)....” 499 Section 13. Subsection (5) of section 494.00611, Florida 500 Statutes, is amended to read: 501 494.00611 Mortgage lender license.— 502 (5) The office may not issue a license if the applicant has 503 had a mortgage lender license or its equivalent revoked in any 504 jurisdiction, or any of the applicant’s control persons has ever 505 had a loan originator or an in-house loan processor license or 506 its equivalent revoked in any jurisdiction. 507 Section 14. Paragraph (e) of subsection (1) of section 508 494.00612, Florida Statutes, is amended to read: 509 494.00612 Mortgage lender license renewal.— 510 (1) In order to renew a mortgage lender license, a mortgage 511 lender must: 512 (e) Authorize the registry to obtain an independent credit 513 report on each of the mortgage lender’s control personslender514 from a consumer reporting agency, and transmit or provide access 515 to the report to the office. The cost of the credit report shall 516 be borne by the licensee. 517 Section 15. Subsection (13) is added to section 494.0067, 518 Florida Statutes, to read: 519 494.0067 Requirements of mortgage lenders.— 520 (13) Each mortgage lender shall submit to the registry 521 reports of condition that must be in a form and contain such 522 information as the registry may require. 523 Section 16. This act shall take effect July 1, 2011.