16280885, 69V-40.00112 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 16280885

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MORTGAGE BROKERAGE

Overview

RULE:

69V-40.00112	Effect of Law Enforcement Records on Applications for Loan Originator, Mortgage Broker, and Mortgage Lender Licensure.
69V-40.002	Adoption of Forms
69V-40.003	Electronic Filing of Forms and Fees
69V-40.008	Fees and Commissions
69V-40.011	Misleading Practice; Penalty
69V-40.0312	Application Procedure for Loan Originator License
69V-40.0313	Loan Originator License Renewal and Reactivation
69V-40.0321	Application Procedure for a Mortgage Broker License
69V-40.0322	Mortgage Broker License Renewal and Reactivation
69V-40.036	Application Procedure for a Mortgage Broker Branch Office License
69V-40.0611	Application Procedure for a Mortgage Lender License
69V-40.0612	Mortgage Lender License Renewal and Reactivation
69V-40.066	Application Procedure for a Mortgage Lender Branch Office License
69V-40.111	Disciplinary Guidelines
69V-40.155	Lock-in Agreement
69V-40.156	Third-party Fee Accounts
69V-40.170	Books and Records
69V-40.175	Mortgage Brokerage Files
69V-40.260	Mortgage Lender Files
69V-40.265	Mortgage Brokerage and Lending Transaction Journal
69V-40.270	Financial Guaranty in Lieu of Uniform Single Audit

PURPOSE:

The purpose of the rule amendments is to update form titles, readopt certain NMLS forms, update Florida Department of Law Enforcement’s Livescan website link, correct grammatical errors, update fee payment amounts for licensure and clarify procedure for renewals, remove criminal background check fee requirement for control people for license renewals, set forth costs of fingerprint retention, delete and transfer the disciplinary guidelines provisions to a form incorporated into the rule entitled Disciplinary Guidelines for Mortgage Loan Originators and Mortgage Entities," revise and clarify Disciplinary Guidelines provision, amend the section of the Disciplinary Guidelines specifying mitigating and aggravating factors the Office considers in determining  appropriate penalties, amend lock-in agreement subsection, amend books and records requirements, amend mortgage broker files requirements and delete penalty provisions, delete penalty provisions in mortgage lender files section, delete penalty provision in mortgage brokerage and lending transaction journal section, delete penalty provisions in Financial Guaranty in Lieu of Uniform Single Audit section;  update law implemented, remove unncessary references to incorporated forms, remove obsolete statutory references in rule text, remove obsolete statutory references in law implemented section of rule text, and provide the current rulemaking authority for certain rules.
The effect of the rule amendments is to update form titles for NMLS MU1, MU2, MU3, and MU4 forms to reflect new title names, remove disciplinary guidelines from rule text and move those guidelines into a form adopted by rule into a new form entitled “Disciplinary Guidelines for Mortgage Loan Originators and Mortgage Entities,” delete requirement in 69V-40.008 which called for total fees of mortgage brokers to be stated in each contract for services, delete from 69V-40.008(5)(c) provision relating to good faith estimates,  update law implemented section in 69V-40.011, update all fdle livescan weblinks to include a working web address link, provide that loan orignators must respond to requests for additional information within 45 days, correct total fee to be paid by those seeking renewal as loan originators, 69V-40.0313 establishes fingerprint retention fee as $6 as required by Chapter 494, set forth the fee and process for loan originator renewals after reactivation, remove criminal background check fee requirement of $25.25 for control people during mortgage broker licensure renewal process, removes branch office license renewal fee requirements found in 69V-40.0322, set forth the fee and process for mortgage broker license renewals after reactivation, set forth the fee and process for mortgage lender license renewals after reactivation, remove criminal background check fee requirement of $25.25 for control people during mortgage lender licensure renewal process, remove branch office license renewal fee requirements found in 69V-40.0612, specify the penalties for violating Chapter 494, specify the mitigating and aggravating factors the Office shall consider in determining  appropriate penalties, specify the fines imposed for violating Chapter 494, specify the duration of suspension for violating Chapter 494, remove penalty provisions found in 69V-40.260, remove penalty provisions  related to failure to maintain mortgage brokerage and lending transaction journal found in 69V-40-265, remove penalty provisions found in 69V-40.270,remove all unncessary references to word registrant, remove unncessary references to incorporated forms, remove obsolete statutory references in rule text, remove obsolete statutory references in law implemented section of rule text, correct grammatical mistakes, and provide the current rulemaking authority for the rules.

SUMMARY:

The rule amendments will update form titles, readopt certain NMLS forms, update Florida Department of Law Enforcement’s Livescan website link, correct grammatical errors, update fee payment amounts for licensure and clarify procedure for renewals, remove criminal background check fee requirement for control people for license renewals, set forth costs of fingerprint retention, delete and transfer the disciplinary guidelines provisions to a form incorporated into the rule entitled Disciplinary Guidelines for Mortgage Loan Originators and Mortgage Entities," revise and clarify Disciplinary Guidelines provision, amend the section of the Disciplinary Guidelines specifying mitigating and aggravating factors the Office considers in determining  appropriate penalties, amend lock-in agreement subsection, amend books and records requirements, amend mortgage broker files requirements and delete penalty provisions, delete penalty provisions in mortgage lender files section, delete penalty provision in mortgage brokerage and lending transaction journal section; delete penalty provisions in Financial Guaranty in Lieu of Uniform Single Audit section,  update law implemented, remove unncessary references to incorporated forms, remove obsolete statutory references in rule text, remove obsolete statutory references in law implemented section of rule text, and provide the current rulemaking authority for certain rules.

RULEMAKING AUTHORITY:

494.0011, 494.0011(2), 494.0011(2)(a), 494.0011(2)(c), 494.0016(4), 494.00312(2), 494.00312(2)(h), 494.00313, 494.00313(1), 494.00313(1)(e), 494.00321(1), 494.00321(2)(f), 494.00322, 494.00322(1), 494.00322(1)(e), 494.00331(2), 494.0036, 494.0036(2), 494.0038(2)(b), 494.00611(2), 494.00611(2)(f), 494.00611(2)(h), 494.00612, 494.00612(1), 494.00612(1)(f), 494.0063, 494.0066, 494.0066(2), 494.0069(6), 494.0076(2)(b)

LAW:

120.595, 120.695, 494.0011, 494.0011(2), 494.0011(2)(c), 494.0016, 494.0023, 494.0024, 494.0025, 494.00255, 494.00255(1)(a), 494.0026, 494.00312, 494.00313, 494.00321, 494.00322, 494.00331, 494.0035, 494.0036, 494.0038, 494.0039, 494.004,494.0042, 494.0043, 494.00611, 494.00612, 494.00611(2)(f), 494.0062, 494.0063, 494.0065, 494.0066, 494.0067, 494.0069, 494.0069(1)(f), 494.007, 494.0071, 494.00721, 494.0074, 494.0075, 494.0076

PRINT PUBLISH DATE:

7/29/2015 Vol. 41/146

COMMENTS:

From 7/29/2015 To 8/19/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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