Florida 2024 Regular Session Status: In Committee 1 R cosponsors

SB 514 — Mortgage Brokering

Last action — Laid on Table, companion bill(s) passed, see CS/HB 1569 (Ch. 2024-134)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Mortgage Brokering; Authorizing the Financial Services Commission to adopt rules prescribing criteria and processes for determining whether an organization is a bona fide nonprofit organization for a specified purpose; providing exemptions from regulation under ch. 494, F.S., for bona fide nonprofit organizations and certain employees of a bona fide nonprofit organization that meet specified criteria; requiring the Office of Financial Regulation to make a specified determination, etc.

Bill Text

What changed in the latest version

112 added · 40 removed

112 line(s) added, 40 removed.

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Latest
Florida Senate - 2024 SB 514 By Senator Boyd 20-00376-24 2024514__ A bill to be entitled An act relating to mortgage brokering;
Florida Senate - 2024 CS for SB 514 By the Committee on Banking and Insurance;
and Senator Boyd 597-02162-24 2024514c1 A bill to be entitled An act relating to mortgage brokering;
494.0011, F.S.;
authorizing the Financial Services Commission to adopt rules prescribing criteria and processes for determining whether an organization is a bona fide nonprofit organization for a specified purpose;
amending s.
providing an exemption from regulation under parts I, II, and III of ch.
providing exemptions from regulation under ch.
494, F.S., for bona fide nonprofit organizations and their employees;
494, F.S., for bona fide nonprofit organizations and certain employees of a bona fide nonprofit organization that meet specified criteria;
defining the term “bona fide nonprofit organization”;
requiring the Office of Financial Regulation to make a specified determination;
requiring the office to make certain a determination related to the terms of residential mortgage loans originated by such employees;
requiring the office to periodically examine the books and activities of a bona fide nonprofit organization and to revoke its status in certain circumstances;
9 Be It Enacted by the Legislature of the State of Florida:
Be It Enacted by the Legislature of the State of Florida:
Paragraph (g) is added to subsection (1) of section 494.00115, Florida Statutes, to read:
Paragraph (b) of subsection (2) of section 494.0011, Florida Statutes, is amended to read:
494.00115 Exemptions.— (1) The following are exempt from regulation under this part and parts II and III of this chapter.
494.0011 Powers and duties of the commission and office.— (2) The commission may adopt rules to administer parts I, II, and III of this chapter, including rules:
(g) A bona fide nonprofit organization and its employees.
(b) Relating to compliance with the S.A.F.E.
For the purposes of this paragraph, the term “bona fide nonprofit organization” means an organization that is exempt from federal income tax under s.
Mortgage Licensing Act of 2008, including rules to:
501(c)(3) of the Internal Revenue Code and that does all of the following:
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Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 CS for SB 514 597-02162-24 2024514c1 1.
Require loan originators, mortgage brokers, mortgage lenders, and branch offices to register through the registry.
2.
Require the use of uniform forms that have been approved by the registry, and any subsequent amendments to such forms if the forms are substantially in compliance with the provisions of this chapter.
Uniform forms that the commission may adopt include, but are not limited to:
a.
Uniform Mortgage Lender/Mortgage Broker Form, MU1.
b.
Uniform Mortgage Biographical Statement & Consent Form, MU2.
c.
Uniform Mortgage Branch Office Form, MU3.
d.
Uniform Individual Mortgage License/Registration & Consent Form, MU4.
3.
Require the filing of forms, documents, and fees in accordance with the requirements of the registry.
4.
Prescribe requirements for amending or surrendering a license or other activities as the commission deems necessary for the office’s participation in the registry.
5.
Prescribe procedures that allow a licensee to challenge information contained in the registry.
6.
Prescribe procedures for reporting violations of this chapter and disciplinary actions on licensees to the registry.
7.
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Prescribe criteria and processes for determining whether an organization is and remains a bona fide nonprofit organization for the purpose of determining whether the organization and its employees acting as loan originators may be exempt from regulation under this chapter pursuant to s.
494.00115.
Section 2.
Present subsections (3), (4), and (5) of section Page 2 of 4 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2024 CS for SB 514 597-02162-24 2024514c1 494.00115, Florida Statutes, are redesignated as subsections (4), (5), and (6), respectively, and a new subsection (3) is added to that section, to read:
494.00115 Exemptions.— (3)(a) As provided in this subsection, a bona fide nonprofit organization and an employee of a bona fide nonprofit organization who acts as a loan originator only with respect to his or her work duties to the bona fide nonprofit organization, and who acts as a loan originator only with respect to residential mortgage loans with terms that are favorable to the borrower, are exempt from regulation under this chapter.
For an organization to be considered a bona fide nonprofit organization under this subsection, the office must determine, pursuant to criteria and processes established by rule, that the organization satisfies all of the following criteria:
a.
Has the status of a tax-exempt organization under s.
501(c)(3) of the Internal Revenue Code of 1986.
b.
2.
c.
3.
d.
4.
e.
Compensates its employees in a manner that does not incentivize employees to act other than in the best interests of Page 1 of 2 CODING:
Compensates its employees in a manner that does not incentivize employees to act other than in the best interests of its clients.
f.
Provides or identifies for the borrower residential Page 3 of 4 CODING:
Florida Senate - 2024 SB 514 20-00376-24 2024514__ its clients.
Florida Senate - 2024 CS for SB 514 597-02162-24 2024514c1 mortgage loans with terms favorable to the borrower and comparable to mortgage loans and housing assistance provided under government housing assistance programs.
5.
2.
Provides or identifies for the borrower residential mortgage loans with terms favorable to the borrower and comparable to mortgage loans and housing assistance provided under government housing assistance programs.
For residential mortgage loans to be deemed under this section to have terms that are favorable to the borrower, the office must determine that the terms are consistent with loan origination in a public or charitable context, rather than a commercial context.
Section 2.
(b) The office must periodically examine the books and activities of an organization that it determines is a bona fide nonprofit organization and revoke its status as a bona fide nonprofit organization if it does not continue to meet the criteria specified in paragraph (a).
Section 3.
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How this bill changes current law

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AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill establishes criteria for recognizing bona fide nonprofit organizations and exempts them from certain mortgage regulation.

  • 494.0011

    prescribe criteria and processes for determining whether an organization is and remains a bona fide nonprofit organization for the purpose of determining whether the organization and its employees acting as loan originators may be exempt from regulation under this chapter pursuant to s. 494.00115.

    This addition allows the Financial Services Commission to create rules for defining and maintaining the status of bona fide nonprofit organizations.

  • 494.00115

    Present subsections (3), (4), and (5) → Redesignated as subsections (4), (5), and (6), respectively, and a new subsection (3) is added

    This change reorganizes the subsections of the statute and introduces a new exemption for bona fide nonprofit organizations.

  • 494.00115

    As provided in this subsection, a bona fide nonprofit organization and an employee of a bona fide nonprofit organization who acts as a loan originator only with respect to his or her work duties to the bona fide nonprofit organization, and who acts as a loan originator only with respect to residential mortgage loans with terms that are favorable to the borrower, are exempt from regulation under this chapter.

    This stipulates specific exemptions from regulation for bona fide nonprofit organizations and their loan originator employees.

  • 494.00115

    For an organization to be considered a bona fide nonprofit organization under this subsection, the office must determine, pursuant to criteria and processes established by rule, that the organization satisfies all of the following criteria: ...

    This establishes the criteria a nonprofit must meet to qualify for exemption, focusing on public benefit rather than commercial profit.

  • 494.00115

    The office must periodically examine the books and activities of an organization that it determines is a bona fide nonprofit organization and revoke its status as a bona fide nonprofit organization if it does not continue to meet the criteria specified in paragraph (a).

    This requires ongoing oversight and the possibility of revoking nonprofit status if criteria are not met.

Action History

  1. Laid on Table, companion bill(s) passed, see CS/HB 1569 (Ch. 2024-134)

  2. Substituted CS/HB 1569

  3. Read 2nd time

  4. Placed on Special Order Calendar, 03/04/24

  5. Placed on Calendar, on 2nd reading

  6. Favorable by- Rules; YEAS 16 NAYS 0

  7. On Committee agenda-- Rules, 02/14/24, 9:00 am, 412 Knott Building

  8. Now in Rules

  9. Favorable by Fiscal Policy; YEAS 20 NAYS 0

  10. On Committee agenda-- Fiscal Policy, 01/31/24, 9:00 am, 110 Senate Building

  11. CS by Banking and Insurance read 1st time

  12. Now in Fiscal Policy

  13. Pending reference review under Rule 4.7(2) - (Committee Substitute)

  14. CS by Banking and Insurance; YEAS 10 NAYS 0

  15. On Committee agenda-- Banking and Insurance, 01/16/24, 11:00 am, 412 Knott Building

  16. Introduced

  17. Referred to Banking and Insurance; Fiscal Policy; Rules

  18. Filed

Sponsors

  • Banking and Insurance · Primary
  • Jim Boyd · Primary
  • Stewart · Cosponsor

Sponsorship breakdown

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2 sponsors · 1 co-sponsors · 161 not signed on

Sponsors (2)

Co-sponsors (1)

  • Stewart

Not signed on (161)

161 members have not signed on to this bill.

Show all 161 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Favorable

Passed 16 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 4002
Republican 9002
Democrat 3000
Total 16004
% of votes cast 80%0%0%20%
How each member voted (20)
Member Party Vote
Baxley — Yea
Book — Yea
Torres — Yea
Perry — Yea
Broxson — Not Voting
Hutson — Not Voting
Jones, Shevrin D. "Shev" Democrat Yea
Osgood, Rosalind Democrat Yea
Rouson, Darryl Ervin Democrat Yea
Boyd, Jim Republican Yea
Brodeur, Jason Republican Not Voting
Burgess, Danny Republican Yea
Burton, Colleen Republican Yea
DiCeglie, Nick Republican Yea
Garcia, Ileana Republican Yea
Hooper, Ed Republican Yea
Mayfield, Debbie Republican Yea
Rodriguez, Ana Maria Republican Yea
Simon, Corey Republican Yea
Yarborough, Clay Republican Not Voting

Official roll call →

Favorable

Passed 20 Yea · 0 Nay
Party YeaNayPresentNot Voting
Republican 12000
Democrat 3000
Unaffiliated 5000
Total 20000
% of votes cast 100%0%0%0%
How each member voted (20)
Member Party Vote
Collins — Yea
Torres — Yea
Stewart — Yea
Hutson — Yea
Thompson, Geraldine F. "Geri" — Yea
Berman, Lori Democrat Yea
Jones, Shevrin D. "Shev" Democrat Yea
Osgood, Rosalind Democrat Yea
Albritton, Ben Republican Yea
Boyd, Jim Republican Yea
Burton, Colleen Republican Yea
Calatayud, Alexis Republican Yea
DiCeglie, Nick Republican Yea
Garcia, Ileana Republican Yea
Mayfield, Debbie Republican Yea
Rodriguez, Ana Maria Republican Yea
Simon, Corey Republican Yea
Trumbull, Jay Republican Yea
Wright, Tom A. Republican Yea
Yarborough, Clay Republican Yea

Official roll call →

Favorable with Committee Substitute

Passed 10 Yea · 0 Nay · 1 Other
Party YeaNayPresentNot Voting
Unaffiliated 5001
Republican 5000
Total 10001
% of votes cast 91%0%0%9%
How each member voted (11)
Member Party Vote
Broxson — Yea
Hutson — Yea
Ingoglia — Yea
Powell — Yea
Torres — Not Voting
Thompson, Geraldine F. "Geri" — Yea
Boyd, Jim Republican Yea
Burton, Colleen Republican Yea
DiCeglie, Nick Republican Yea
Mayfield, Debbie Republican Yea
Trumbull, Jay Republican Yea

Official roll call →

Subjects

finance housing
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 514 do?
Mortgage Brokering; Authorizing the Financial Services Commission to adopt rules prescribing criteria and processes for determining whether an organization is a bona fide nonprofit organization for a specified purpose; providing exemptions from regulation under ch. 494, F.S., for bona fide nonprofit organizations and certain employees of a bona fide nonprofit organization that meet specified criteria; requiring the Office of Financial Regulation to make a specified determination, etc.
Who sponsors SB 514?
SB 514 is sponsored by Banking and Insurance, Boyd, Jim (Republican), and Stewart.
What is the current status of SB 514?
This bill died with 2024 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 514?
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