The Florida legislature recently
amended its laws regarding licensing exemptions, effective July 1, 2019, while
the New Hampshire legislature amended provisions affecting non-depository
mortgage bankers, brokers, and servicers, effective May 15, 2019.
Florida House Bill 935
An individual who does not hold
himself or herself out to the public as being in the mortgage lending business
is exempt from regulation as a loan originator.
The term “hold himself or herself out to the public as being in the
mortgage lending business” includes any of the following:
- Representing to the public, through advertising or other means of communicating or providing information, including the use of business cards, stationery, brochures, signs, rate lists, or promotional items, by any method, that such individual can or will perform the activities of a
loan originator;
- Soliciting in a manner that would lead the intended audience to reasonably believe that such individual is in the business of performing the activities of a loan originator;
- Maintaining a commercial business establishment at which, or premises from which, such individual regularly performs the activities of a loan originator or regularly meets with current or prospective
mortgage borrowers; or
- Advertising, soliciting, or conducting business through the use of a name, trademark, service mark, trade name, Internet address, or logo that indicates or reasonably implies that the business is the
type of business transacted or conducted by a licensed mortgage lender.
It is unlawful for any person to misrepresent a residential mortgage loan as a business purpose loan.
New Hampshire House Bill 649
Each mortgage banker, mortgage
broker, or mortgage servicer applicant is required to submit to the Banking Department
detailed financial information sufficient for the commissioner to determine the
applicant's ability to conduct the business of a mortgage banker, a mortgage
broker, or a mortgage servicer with financial integrity. An applicant or licensee must demonstrate and
maintain a minimum positive net worth in the amount of at least $25,000.
No person subject to the New Hampshire laws related to
licensing of non-depository mortgage bankers, brokers, and servicers may:
- Instruct, solicit, propose, or cause a person to sign another’s signature on any document without legal authority; or
- Solicit, accept, or execute any contract or other document related to any transaction that contains any blanks to be filled in after signing or initialing the contract or other document, except for forms authorizing the verification of application information or as otherwise expressly provided.
