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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:
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:
Learn more about the Goals Module and its key monitoring and reporting features.
Learn about the changes of state consumer protection and the responsibility of financial services institutions to pursue operational excellence and a culture of compliance.
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