17851994, 69V-40.0312 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 17851994

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MORTGAGE BROKERAGE

Overview

RULE:

69V-40.0312	Application Procedure for Loan Originator License
69V-40.0313	Loan Originator License Renewal and Reactivation

PURPOSE:

These proposed amendments will streamline the process for an individual who desires to be licensed as a loan originator in the State of Florida.

SUMMARY:

These proposed amendments will streamline the process for an individual who desires to be licensed as a loan originator in the State of Florida. Currently, the initial application process requires the applicant to be tested on both a national component and a state component. However, the national test component, which is administered by the National Mortgage Licensing System & Registry (NMLS), now includes a section called the Uniform State Test (UST). The UST material tests applicants on their knowledge of high level state-related content that is based on the SAFE Act and the CSBS/AARMR Model State Law, which many states used to implement the SAFE Act.  The UST replaces the state-specific test components for the states that adopt it. 

The proposed amendments will remove the Florida-specific test requirement. Instead, as part of the presently-required 20-hour pre-license class, an applicant will have to complete at least two hours of pre-license education that covers the provisions found in Chapter 494, F.S., and Rule Chapter 69V-40, F.A.C. The federal SAFE Act currently requires 8 hours of continuing education. In order to renew or reactivate a license, as part of those presently-required 8 hours, the amendments proposed to Rule 69v-40.0313, F.A.C., will require a loan originator to complete at least 1 hour of continuing education that covers the provisions found in Chapter 494, F.S., and Rule Chapter 69V-40, F.A.C.

RULEMAKING AUTHORITY:

494.0011(2), 494.00312(2), 494.00313

LAW:

494.00112(2), 494.00312, 494.00313

PRINT PUBLISH DATE:

8/8/2016 Vol. 42/153

COMMENTS:

From 8/8/2016 To 8/29/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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