Fla. Admin. Code Ann. R. 69V-40.0321 - Application Procedure for a Mortgage Broker License

(1) Each person desiring to obtain licensure as a mortgage broker shall apply to the Office of Financial Regulation by submitting the following:

(a) NMLS Company Form (Form MU1) filed through the Registry;

(b) The statutory nonrefundable application fee of $425 filed through the Registry;

(c) The statutory nonrefundable mortgage guaranty fund assessment fee of $100, if required by Section 494.00172, F.S., filed through the Registry;

(d) Designate a qualified principal loan originator who meets the requirements of Section 494.0035, F.S.;

(e) For each of the applicant's control persons, submit fingerprints to a live scan vendor approved by the Florida Department of Law Enforcement and published on the Florida Department of Law Enforcement's website (http://www.fdle.state.fl.us/Content/Criminal-History/documents/ApplicantLivescanService-ProvidersVendors.aspx) for submission to the Florida Department of Law Enforcement and the Federal Bureau of Investigation for a state criminal background check and a Federal criminal background check. The cost of fingerprint processing shall be borne by the applicant and paid directly to the live scan vendor;

(f) For each of the applicant's control persons, authorize the Registry to obtain and make available to the Office an independent credit report.

(2) For the purposes of this rule, the requirements in paragraphs (1)(e) and (f), above, are not required if the control person is currently licensed as a loan originator.

(3) Request for Additional Information. Within 30 days of receipt, the Office shall review each mortgage broker application and inform the applicant of any request for additional information required to complete its review. The additional information must be received by the Office within 45 days from the date of the request. The Office will grant a request for an additional forty-five (45) days to submit the additional information. The Office will not grant a request after the original forty-five (45) day deadline has passed. Failure to provide timely all additional information shall result in the application being deemed abandoned, which will result in the application being removed from further consideration by the Office and closed.

(4) Amendments to Pending Applications. If the information contained in the NMLS Company Form (Form MU1) or any amendment thereto becomes inaccurate for any reason, the applicant shall file an amendment through the Registry correcting such information within 15 days of the change. An amendment changing answers to question 14 on the NMLS Company Form (Form MU1) or question 8 on the NMLS Individual Form, NMLS Individual Form (Form MU2), shall be considered a material change to the application and grounds for denial of the application.

(5) Withdrawal of Application. An applicant may request withdrawal of an application prior to a determination of the application being made by the Office by filing such request through the Registry.

(6) Upon approval of an application, a mortgage broker license will be issued with an expiration date of December 31 for the year in which the license was issued.

(7) NMLS Company Form (Form MU1), and NMLS Individual Form (Form MU2), are incorporated by reference in Rule 69V-40.002, F.A.C.

Notes

Fla. Admin. Code Ann. R. 69V-40.0321

Rulemaking Authority 494.0011(2), 494.00321(1) FS. Law Implemented 494.0011(2), 494.00321 FS.

New 10-1-10, Amended by Florida Register Volume 41, Number 209, October 27, 2015 effective 11/9/2015, Amended by Florida Register Volume 47, Number 002, January 5, 2021 effective 1/18/2021.