FL S0894

Defines "business purpose loan" as a mortgage loan where the borrower intends to use proceeds primarily for business purposes rather than personal, family, or household purposes, with interpretation based on Consumer Financial Protection Bureau guidance at 12 C.F.R. § 1026.3(a).

Establishes definition of "holding oneself out to the public as being in the mortgage lending business" to include advertising through various media, solicitation that implies mortgage lending services, maintaining commercial business premises, and using names or logos indicating licensed mortgage lender status.

Prohibits misrepresentation of residential mortgage loans as business purpose loans, making such misrepresentation an unlawful practice under s. 494.0025.

Maintains existing penalties for violations, including third-degree felony charges for knowing violations and first-degree felony charges when violations involve more than $50,000 and five or more victims.

Takes effect July 1, 2019.