FL S1298

Revises the definition of "mortgage loan" to remove the requirement that residential loans be "primarily for personal, family, or household use" and instead simply requires the loan be secured by a mortgage on a dwelling as defined in federal Truth in Lending Act section 103(w).

Updates the reference in the mortgage loan definition from federal Truth in Lending Act section 103(v) to section 103(w).

Adds a new definition of "hold himself or herself out to the public as being in the mortgage lending business" that includes representing through advertising or communications (business cards, websites, social media, etc.) that an individual can perform mortgage lending activities.

Specifies that holding oneself out includes soliciting in ways that lead audiences to believe the individual is in the mortgage lending business, maintaining a commercial business establishment for mortgage activities, or using names/trademarks that indicate a licensed mortgage lending business.

Clarifies that using forms promulgated by federal entities such as Fannie Mae, Freddie Mac, HUD, or the Consumer Financial Protection Bureau constitutes holding oneself out as a mortgage lender.

Takes effect January 1, 2018.