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FL S0514
Bill
Status
Introduced
11/17/2023
Primary Sponsor
Banking and Insurance
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AI Summary
- Exempts bona fide nonprofit organizations and their employees acting as loan originators from regulation under Florida's mortgage brokering laws (Chapter 494), provided specific criteria are met
- Qualifying nonprofits must hold 501(c)(3) tax-exempt status, promote affordable housing or provide homeownership education, and operate for public or charitable purposes rather than commercial ones
- Nonprofit funding, revenue, fees, and employee compensation must not incentivize acting against the best interests of clients, and loan terms offered must be favorable to borrowers and comparable to government housing assistance programs
- Authorizes the Financial Services Commission to adopt rules prescribing criteria and processes for determining whether an organization qualifies as a bona fide nonprofit for purposes of the exemption
- Requires the Office of Financial Regulation to periodically examine the books and activities of qualifying nonprofits and revoke their exempt status if they no longer meet the specified criteria; effective date is July 1, 2024
Legislative Description
Mortgage Brokering
Last Action
Laid on Table, refer to CS/HB 1569
3/4/2024
Committee Referrals
Rules2/1/2024
Fiscal Policy1/18/2024
Full Bill Text
No bill text available