8039668, 69V-40.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 8039668

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Finance

Chapter:

MORTGAGE BROKERAGE

Overview

RULE:

69V-40.001	Definitions (Repealed)
69V-40.008	Fees and Commissions
69V-40.022	Quarterly Report Filing Requirements (Repealed)
69V-40.051	Application Procedure for Mortgage Brokerage Business License (Repealed)
69V-40.100	Application Procedure for Transfer in Ownership or Control of Saving Clause Mortgage Lender (Repealed)
69V-40.200	Application Procedure for Mortgage Lender License (Repealed)
69V-40.220	Application Procedure for Correspondent Mortgage Lender License (Repealed)
69V-40.290	Acts Requiring Licensure as a Mortgage Broker, Mortgage Brokerage Business, Mortgage Lender or Correspondent Mortgage Lender (Repealed)

PURPOSE:

Subsection 69V-40.001(5), F.A.C., is amended to remove an unnecessary definition. The current rule provides that for purposes of Section 494.001(26), F.S., the term “receive” means obtaining possession of money or a negotiable instrument prior to receipt by the lender or investor. The term “received” is not used in Section 494.001(26), F.S. While the term “received” is used in Section 494.001(28), F.S., this definition is unnecessary and could be construed to the limit the statutory definition of the term “service a mortgage loan.” Rule 69V-40.008, F.A.C., is amended to eliminate subsection (8) pertaining to fees that can be charged or collected on a loan modification if the mortgage brokerage business previously brokered the loan. The current rule limiting fees based on whether a mortgage brokerage business previously brokered the mortgage loan is not supported by statutory authority. Rule 69V-40.022, F.A.C., is amended to correct a cross reference to the statute that requires the filing of quarterly reports. Rules 69V-40.051, .100, .200, and .220, F.A.C., are amended to eliminate an exemption from the requirement that all persons who are required to be disclosed on the license application form must file a fingerprint card and biographical form as part of the application process under Chapter 494, F.S. The current exemptions apply to persons who hold an active mortgage broker license. Rule 69V-40.290, F.A.C., is amended to correct a statutory cross-reference.

SUBJECT:

Mortgage Brokering and Mortgage Lending.

RULEMAKING AUTHORITY:

215.405, 494.0011(2), 494.0031(2) 494.004(7), 494.0061, 494.0062, 494.0065(3), 494.0067 FS.

LAW:

120.60, 120.695, 494.001, 494.00115, 494.0025, 494.0031, 494.0035, 494.004, 494.0041, 494.0042, 494.0043, 494.0061, 494.0062, 494.0065, 494.0067, 494.0072, 943.053 FS.

PRINT PUBLISH DATE:

12/18/2009 Vol. 35/50

RELATED STATUTES
AND LAWS:

215.405, 494.0011(2), 494.0031(2) 494.004(7), 494.0061, 494.0062, 494.0065(3), 494.0067 FS., 120.60, 120.695, 494.001, 494.00115, 494.0025, 494.0031, 494.0035, 494.004, 494.0041, 494.0042, 494.0043, 494.0061, 494.0062, 494.0065, 494.0067, 494.0072, 943.053 FS.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://www.flrules.org/gateway/ruleno.asp?id=69V-40.001&PDate=12/18/2009&Section=1

REFERENCE MATERIALS:

No reference(s).

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