Florida Regulations 69V-40.0312: Application Procedure for Loan Originator License
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(1) Each individual desiring to obtain licensure as a loan originator shall apply to the Office of Financial Regulation by submitting the following:
(a) A completed NMLS Individual Form (Form MU4), filed through the Registry;
(b) The statutory nonrefundable application fee of $195 filed through the Registry;
(c) The statutory nonrefundable mortgage guaranty fund assessment fee of $20, if required by Florida Statutes § 494.00172, filed through the Registry;
(d) Evidence that the applicant has been awarded a high school diploma or the equivalent;
(e) Confirmation from the Registry that the applicant has satisfied the requirement to complete a 20-hour pre-license class approved by the Registry, of which a minimum of 2 hours shall cover the provisions of Florida Statutes Chapter 494, and rule Fl. Admin. Code Chapter 69V-40;
(f) Confirmation from the Registry that the applicant has satisfied the requirement to pass a test developed by the Registry and administered by a provider approved by the Registry;
(g) Submit fingerprints to the Registry for submission to the Federal Bureau of Investigation for a federal criminal background check;
(h) 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 for a state criminal background check. The cost of fingerprint processing shall be borne by the applicant and paid directly to the live scan vendor;
(i) Authorize the Registry to obtain and make available to the Office an independent credit report on the applicant.
(2) Request for Additional Information. Within 30 days of receipt, the Office shall review each loan originator 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.
(3) Amendments to Pending Applications. If the information contained in the NMLS Individual Form (Form MU4) 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 6 on the NMLS Individual Form (Form MU4) shall be considered a material change to the application and grounds for denial of the application.
(4) 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.
(5) Upon approval of an application, a loan originator license will be issued with an expiration date of December 31 for the year in which the license was issued.
(6) NMLS Individual Form (Form MU4) is incorporated by reference in Fl. Admin. Code R. 69V-40.002
(7) Persons wishing to obtain a waiver of licensure fees as set forth in Florida Statutes § 494.00312(8), shall submit to the Office of Financial Regulation, via electronic filing through the Registry, a completed Office of Financial Regulation Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification, Form OFR-MIL-001, effective 09-2018, which is hereby incorporated by reference, and also incorporated by reference in Fl. Admin. Code R. 69V-40.002, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-09912. Such form must be submitted within one hundred eighty (180) days after payment of licensure fees. For the complete processing of Form OFR-MIL-001, a loan originator application must be deemed received pursuant to the provisions of Florida Statutes § 494.00312(3)
Rulemaking Authority 494.0011(2), 494.00312(2), 494.00312(8), 494.00313(4) FS. Law Implemented 494.0011(2), 494.00312, 494.00313 FS. History-New 10-1-10, Amended 11-9-15, 11-24-16, 9-25-18, 1-18-21.
Terms Used In Florida Regulations 69V-40.0312
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(b) The statutory nonrefundable application fee of $195 filed through the Registry;
(c) The statutory nonrefundable mortgage guaranty fund assessment fee of $20, if required by Florida Statutes § 494.00172, filed through the Registry;
(d) Evidence that the applicant has been awarded a high school diploma or the equivalent;
(e) Confirmation from the Registry that the applicant has satisfied the requirement to complete a 20-hour pre-license class approved by the Registry, of which a minimum of 2 hours shall cover the provisions of Florida Statutes Chapter 494, and rule Fl. Admin. Code Chapter 69V-40;
(f) Confirmation from the Registry that the applicant has satisfied the requirement to pass a test developed by the Registry and administered by a provider approved by the Registry;
(g) Submit fingerprints to the Registry for submission to the Federal Bureau of Investigation for a federal criminal background check;
(h) 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 for a state criminal background check. The cost of fingerprint processing shall be borne by the applicant and paid directly to the live scan vendor;
(i) Authorize the Registry to obtain and make available to the Office an independent credit report on the applicant.
(2) Request for Additional Information. Within 30 days of receipt, the Office shall review each loan originator 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.
(3) Amendments to Pending Applications. If the information contained in the NMLS Individual Form (Form MU4) 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 6 on the NMLS Individual Form (Form MU4) shall be considered a material change to the application and grounds for denial of the application.
(4) 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.
(5) Upon approval of an application, a loan originator license will be issued with an expiration date of December 31 for the year in which the license was issued.
(6) NMLS Individual Form (Form MU4) is incorporated by reference in Fl. Admin. Code R. 69V-40.002
(7) Persons wishing to obtain a waiver of licensure fees as set forth in Florida Statutes § 494.00312(8), shall submit to the Office of Financial Regulation, via electronic filing through the Registry, a completed Office of Financial Regulation Active Military Member/Veteran/Spouse Fee Waiver and Military Service Verification, Form OFR-MIL-001, effective 09-2018, which is hereby incorporated by reference, and also incorporated by reference in Fl. Admin. Code R. 69V-40.002, and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-09912. Such form must be submitted within one hundred eighty (180) days after payment of licensure fees. For the complete processing of Form OFR-MIL-001, a loan originator application must be deemed received pursuant to the provisions of Florida Statutes § 494.00312(3)
Rulemaking Authority 494.0011(2), 494.00312(2), 494.00312(8), 494.00313(4) FS. Law Implemented 494.0011(2), 494.00312, 494.00313 FS. History-New 10-1-10, Amended 11-9-15, 11-24-16, 9-25-18, 1-18-21.