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FL S0830
Bill
Status
5/2/2017
Primary Sponsor
Banking and Insurance
Click for details
AI Summary
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Exempts securities dealers, investment advisers, and associated persons registered under Florida's securities laws from mortgage broker regulation when soliciting or referring mortgage loans to their securities clients.
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Requires exempted persons to refrain from accepting mortgage applications, negotiating loan terms on behalf of borrowers or lenders, or negotiating the sale of existing mortgages to non-institutional investors for compensation.
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Mandates that any solicitation or referral under this exemption comply with Florida's securities chapter 517, the federal Real Estate Settlement Procedures Act, and applicable federal and state law.
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Becomes effective July 1, 2017.
Legislative Description
Mortgage Brokering
Last Action
Laid on Table
5/2/2017