(1) In a mortgage financing transaction, fees designated as loan origination fees, up to 4 percent of the face amount of the loan or line of credit, are not considered interest or finance charge under chapter 687.
(2) In a mortgage finance transaction, fees designated as loan origination fees, up to 10 percent of the face amount of the loan or line of credit, are not considered interest or finance charges under chapter 687 if such licensee sells or assigns the loan to another person within 90 days after the date the loan was funded.
History.—ss. 46, 50, ch. 91-245; s. 4, ch. 91-429.
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.