(1) The net worth requirements in s. 494.00611 shall be continually maintained as a condition of licensure.
(2) If a mortgage lender fails to satisfy the net worth requirements, the mortgage lender shall immediately cease taking any new mortgage loan applications. Thereafter, the mortgage lender shall have up to 60 days within which to satisfy the net worth requirements. If the licensee makes the office aware, prior to an examination, that the licensee no longer meets the net worth requirements, the mortgage lender shall have 120 days within which to satisfy the net worth requirements. A mortgage lender may not resume acting as a mortgage lender without written authorization from the office, which authorization shall be granted if the mortgage lender provides the office with documentation which satisfies the requirements of s. 494.00611, whichever is applicable.
(3) If the mortgage lender does not satisfy the net worth requirements within 120 days, the license of the mortgage lender shall be deemed to be relinquished and canceled and all servicing contracts shall be disposed of in a timely manner by the mortgage lender.
History.—s. 20, ch. 95-313; s. 545, ch. 2003-261; s. 22, ch. 2006-213; s. 57, ch. 2009-241.
Structure Florida Statutes
Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations
Chapter 494 - Loan Originators and Mortgage Brokers
Part III - Mortgage Lenders (Ss. 494.00611-494.0077)
494.00611 - Mortgage lender license.
494.00612 - Mortgage lender license renewal.
494.0063 - Audited financial statements.
494.00665 - Principal loan originator and branch manager for mortgage lender.
494.0067 - Requirements of mortgage lenders.
494.0071 - Expiration of lock-in agreement or commitment.
494.0073 - Mortgage lender when acting as a mortgage broker.
494.0074 - Lender fees and charges.
494.0075 - Requirements for selling loans to noninstitutional investors.