Fla. Admin. Code Ann. R. 69V-40.070 - Bona Fide Nonprofit Organization Exemption Criteria and Processes

(1) To apply for an exemption as a bona fide nonprofit organization within the scope of section 494.00115, F.S., an organization must submit to the Office a completed Bona Fide Nonprofit Organization Exemption Form, Form OFR-494-15. The form must be filed with the Office via email at: OFR.BFNO@flofr.gov.

(2) Request for Additional Information. An incomplete Bona Fide Nonprofit Organization Exemption Form shall not be considered as validly received. A request for additional information will be made by the Office within thirty (30) days after initial receipt of Form OFR-494-15. The additional information must be received by the Office within forty-five (45) days from the date of 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 Failure to timely provide all additional information shall result in the exemption request being withdrawn, which will result in the exemption request being removed from further consideration by the Office.

(3) Amendment of Pending Exemption. A prospective bona fide nonprofit organization shall notify the Office of Financial Regulation within ten (10) days of the occurrence of any change in the information reported on Form OFR-494-15 by filing Form OFR-494-15 with the Office via email at: OFR.BFNO@flofr.gov and by indicating the change on the form.

(4) Withdrawal of Exemption Determination. A prospective bona fide nonprofit organization may withdraw an exemption determination prior to an initial determination of the exemption being made by the Office by filing Form OFR-494-15 with the Office via email at: OFR.BFNO@flofr.gov and by indicating on the form the organization's intent to withdraw. The withdrawal is effective upon receipt.

(5) Application Evaluation. Within ninety (90) days after receipt of a completed exemption determination request, the Office will evaluate all information and supporting documentation provided in connection with the exemption determination request. After completing its review of the determination request, the Office will determine whether the bona fide nonprofit organization satifies the criteria set forth in section 494.00115(3)(a), Florida Statutes. Within ninety (90) days after receipt of a completed exemption determination request, the Office will notify the organization via the contact email provided in Form OFR-494-15 whether the organization is exempt from regulation under chapter 494, F.S., pursuant to section 494.00115, F.S.

(6) Upon approval of an exemption determination request, a bona fide nonprofit organization will be exempt from regulation under chapter 494, F.S., until December 31 for the year in which the exemption was approved.

(7) Annual Certification.

(a) An organization determined by the Office to be a bona fide nonprofit organization shall, between December 1 and December 31 of each year, submit a certification requesting that the Office determine whether the organization continues to meet the criteria set forth in section 494.00115(3)(a), Florida Statutes, by filing Form OFR-494-15 with the Office via email at: OFR.BFNO@flofr.gov, by indicating on the form the organization's intent to file an annual certification, and by providing certification information as requested in the form.

(b) The Office shall review each certification request and inform the organization of any request for additional information required to complete its review. The additional information must be received by the Office within 30 days from the date of the request. Failure by the organization to respond within 30 days from the date of the request shall be construed by the Office as grounds to reject the certification request for failure to provide the requested information.

(c) Upon the Office determining that a completed certification request has been submitted, the Office shall determine if the organization continues to meet the criteria set forth in section 494.00115(3)(a), Florida Statutes. If an organization continues to meet the criteria, the bona fide nonprofit organization will be exempt from regulation under chapter 494, F.S., until December 31 of the year following the expiration date of the previously granted exemption. If an organization does not continue to meet the criteria set forth in section 494.00115(3)(a), Florida Statutes, the Office will reject the organization's certification request and the organization must cease acting within the scope of the exemption under section 494.00115, F.S. If a bona fide nonprofit organization has submitted a completed annual certification request on or before December 31, the exemption remains active until the annual certification is approved or revoked.

(d) If the bona fide nonprofit organization fails to file for annual certification by December 31, the organization shall lose its status as a bona fide nonprofit organization and must apply for a new exemption as a bona fide nonprofit organization by filing a new Form OFR-494-15 with the Office.

(8) A bona fide nonprofit organization shall give the Office thirty (30) days written notice prior to any proposed material change to the organization's mission, policies, practices, or operations to enable the Office to consider whether the organization would still qualify as a bona fide nonprofit organization. Written notice must be sent to the Office via email at: OFR.BFNO@flofr.gov. Material changes would include changes to questions B1-5, C1-8, C10-14, & D on Form OFR-494-15.

(9) An employee acting as a loan originator for an organization the Office has determined is a bona fide nonprofit organization pursuant to section 494.00115, F.S., and this rule is exempt from the requirement of obtaining a loan originator license for the period of time that the Office's determination is in place. This exemption from licensure does not apply if the employee originates residential mortgage loans, as that term is defined in 12 U.S.C. § 5102, outside the scope of the employee's work duties at the bona fide nonprofit organization or originates residential mortgage loans with terms unfavorable to borrowers. 12 U.S.C. § 5102, effective January 3, 2024, is incorporated by reference and adopted by this rule, and available at http://flrules.org/Gateway/reference.asp?No=Ref-17859.

(10) A bona fide nonprofit organization may terminate its exemption status by filing Form OFR-494-15 with the Office via email at: OFR.BFNO@flofr.gov and by indicating on the form the organization's intent to terminate its status as a bona fide non profit organization.

(11) The Office will revoke the status of an organization it has determined to be a bona fide nonprofit organization, should the organization fail to satisfy the criteria set forth in section 494.00115(3)(a), F.S.

(12) In the event the bona fide nonprofit organization status of an organization is revoked, the employee loan originators of the bona fide nonprofit organization will no longer be exempt from the licensure requirements of chapter 494, Florida Statutes.

(13) Form OFR-494-15 is incorporated by reference in Rule 69V-40.002, F.A.C.

Notes

Fla. Admin. Code Ann. R. 69V-40.070

Rulemaking Authority 494.0011(2)(b)7., 494.00115(3)(a) FS. Law Implemented 494.0011(2)(b)7., 494.00115(3) FS.

Adopted by Florida Register Volume 51, Number 038, February 25, 2025 effective 3/10/2025.