FL H0747

Revises the definition of "mortgage loan" by changing the federal Truth in Lending Act reference from section 103(w) to section 103(v).

Creates an exemption from mortgage regulation for securities dealers, investment advisers, and associated persons registered under section 517.12 if they solicit or refer mortgage loans in the normal course of securities business and do not accept applications or negotiate loan terms.

Requires any mortgage solicitations or referrals by exempt securities professionals to comply with chapter 517, the federal Real Estate Settlement Procedures Act (12 U.S.C. ss. 2601 et seq.), and applicable federal and state law.

Provides a detailed definition of "hold himself or herself out to the public as being in the mortgage lending business" including five specific criteria: advertising mortgage services, soliciting in a manner implying mortgage business, maintaining commercial business premises, using business names implying mortgage lending, and using federal forms in mortgage activities.

Effective date: July 1, 2017.