SB 666 Summary

• Adds definition of "indirect owner" for multilayered organizations with 25% or more ownership interests in corporations, partnerships, trusts, and limited liability companies.

• Authorizes the Office of Financial Regulation to conduct joint or concurrent examinations with state and federal regulatory agencies and share examination results under confidentiality agreements.

• Establishes December 31 annual renewal deadline for loan originator, mortgage broker, and mortgage lender licenses, with "failed to renew" status and reinstatement fees ($150-$475) for late renewals submitted by February 28; licenses expire after February 28 requiring new application.

• Repeals multiple disclosure requirements for mortgage brokers and lenders including good faith estimates, commitment fees, adjustable rate mortgage disclosures, and material change notifications.

• Repeals the Florida Fair Lending Act (sections 494.0078-494.00797) and provisions relating to loans under the Florida Uniform Land Sales Practices Law.

• Takes effect July 1, 2014.