11085080, 69V-40.177 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11085080

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MORTGAGE BROKERAGE

Overview

RULE:

69V-40.177	Mortgage Brokerage and Lending Transaction Journal (Repealed)
69V-40.265	Mortgage Brokerage and Lending Transaction Journal

PURPOSE:

The proposed rule amendments streamline regulations relating to recordkeeping requirements for mortgage loan transactions. Rule 69V-40.177, F.A.C., requires mortgage brokers, and mortgage lenders acting as mortgage brokers, to maintain certain information about each mortgage loan transaction. Rule 69V-40.265, F.A.C., requires the same information for mortgage lenders. To streamline regulations, Rule 69V-40.177, F.A.C., is being repealed and Rule 69V-40.265, F.A.C., is being amended to include mortgage brokers. These rules were identified for amendment as the result of the comprehensive rule review that the Office of Financial Regulation undertook pursuant to Sections 120.74 and 120.745, F.S.

SUMMARY:

The proposed rule amendments streamline regulations relating to recordkeeping requirements for mortgage loan transactions. Rule 69V-40.177, F.A.C., requires mortgage brokers, and mortgage lenders acting as mortgage brokers, to maintain certain information about each mortgage loan transaction. Rule 69V-40.265, F.A.C., requires the same information for mortgage lenders. To streamline regulations, Rule 69V-40.177, F.A.C., is being repealed and Rule 69V-40.265, F.A.C., is being amended to include mortgage brokers. These rules were identified for amendment as the result of the comprehensive rule review that the Office of Financial Regulation undertook pursuant to Sections 120.74 and 120.745, F.S.

RULEMAKING AUTHORITY:

120.695, 494.0016(4) FS.

LAW:

120.695, 494.0016, 494.00255 FS.

PRINT PUBLISH DATE:

5/4/2012 Vol. 38/18

COMMENTS:

From 5/4/2012 To 5/25/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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