AB678: Bill Text

AB678,59 Section 59. 224.755 (4) (e) of the statutes is amended to read:

AB678,20,14 224.755 (4) (e) If an individual previously licensed as a mortgage loan originator fails to maintain a valid license for a period of 5 years or longer, not taking into account any time during which the individual is a registered loan originator, the individual shall retake the test under par. (a). For purposes of determining the 5-year period, the division shall not consider any period during which the individual is exempt from licensing under s. 224.726 (1).

AB678,60 Section 60. 224.77 (title) of the statutes is amended to read:

AB678,20,18 224.77 (title) Prohibited acts and practices, and discipline, of mortgage bankers, mortgage loan originators, and mortgage brokers, and registered entities.

AB678,61 Section 61. 224.77 (1) (intro.) of the statutes is amended to read:

AB678,20,24 224.77 (1) Prohibited acts and practices. (intro.) No mortgage banker, mortgage loan originator, or mortgage broker, or, with respect to pars. (f), (fg), (g), (gd), and (gh), registered entity, and no member, officer, director, principal, partner, trustee, or other agent of a mortgage banker or, mortgage broker, or registered entity may do any of the following:

AB678,62 Section 62. 224.77 (1) (f) of the statutes is amended to read:

AB678,21,5 224.77 (1) (f) Accept a commission, money, or other thing of value for performing an act as a mortgage loan originator unless the payment is from a the mortgage banker or, mortgage broker, or registered entity with whom the mortgage loan originator's license is associated, as identified in the records of the division at the time the act is performed.

AB678,63 Section 63. 224.77 (1) (fg) of the statutes is amended to read:

AB678,21,11 224.77 (1) (fg) As a mortgage banker or , mortgage broker, or registered entity, pay a commission, money, or other thing of value to any person for performing an act as a mortgage loan originator unless the mortgage loan originator's license is associated with the mortgage banker or, mortgage broker, or registered entity in the records of the division at the time the act is performed.

AB678,64 Section 64. 224.77 (1) (g) of the statutes is amended to read:

AB678,21,17 224.77 (1) (g) As a mortgage loan originator, represent or attempt to represent a mortgage banker or, mortgage broker , or registered entity other than the mortgage banker or, mortgage broker, or registered entity with whom the mortgage loan originator's license was associated, as identified in the records of the division at the time the representation or attempted representation occurs.

AB678,65 Section 65. 224.77 (1) (gd) of the statutes is amended to read:

AB678,21,21 224.77 (1) (gd) As a mortgage banker or , mortgage broker, or registered entity, permit a person who is not licensed under this subchapter to act as a mortgage loan originator on behalf of the mortgage banker or, mortgage broker, or registered entity.

AB678,66 Section 66. 224.77 (1) (gh) of the statutes is amended to read:

AB678,22,2 224.77 (1) (gh) As a mortgage banker or , mortgage broker, or registered entity, permit a person whose mortgage loan originator license is not associated in the records of the division with the mortgage banker or, mortgage broker, or registered entity to act as a mortgage loan originator on behalf of the mortgage banker or, mortgage broker, or registered entity.

AB678,67 Section 67. 224.77 (1) (sm) and (sq) of the statutes are created to read:

AB678,22,5 224.77 (1) (sm) As a mortgage loan originator, fail to identify his or her name and sign the mortgage loan application for a loan originated by him or her.

AB678,22,7 (sq) As a mortgage banker, mortgage broker, or mortgage loan originator, use any solicitation or advertisement to which any of the following applies:

AB678,22,9 1. The solicitation or advertisement misrepresents that the provider is, or is affiliated with, any governmental entity or other organization.

AB678,22,13 2. The solicitation or advertisement misrepresents that the product is or relates to a government benefit, or is endorsed, sponsored by, or affiliated with any government or government-related program, including through the use of formats, symbols, or logos that resemble those of such entity, organization, or program.

AB678,22,16 3. The solicitation or advertisement does not clearly and conspicuously identify the name of the mortgage broker or mortgage banker or, if a mortgage loan originator is sponsored by a registered entity, the registered entity.

AB678,68 Section 68. 224.77 (2m) (a) 1. (intro.), a. and b. of the statutes are amended to read:

AB678,22,24 224.77 (2m) (a) 1. (intro.) In addition to any other authority provided to the division under this subchapter, if the division finds that a mortgage banker, mortgage loan originator, or mortgage broker has violated any provision of this subchapter or any rule promulgated by the division under this subchapter, or a registered entity has violated any applicable provision of this subchapter, the division may do any of the following:

AB678,23,2 a. Deny any application for initial issuance or renewal of a license or registration.

AB678,23,4 b. Revoke, suspend, limit, or condition any license of the mortgage banker, mortgage loan originator, or mortgage broker or registration of the registered entity.

AB678,69 Section 69. 224.83 of the statutes is repealed.

AB678,70 Section 70. 943.80 (2) of the statutes is amended to read:

AB678,23,17 943.80 (2) "Financial institution" means a bank, as defined in s. 214.01 (1) (c), a savings bank, as defined in s. 214.01 (1) (t), a savings and loan association, a trust company, a credit union, as defined in s. 186.01 (2), a mortgage banker, as defined in s. 224.71 (3) (a), or a mortgage broker, as defined in s. 224.71 (4) (a), whether chartered under the laws of this state, another state or territory, or under the laws of the United States; a company that controls, is controlled by, or is under common control with a bank, a savings bank, a savings and loan association, a trust company, a credit union, a mortgage banker, or a mortgage broker; or a person licensed under s. 138.09, other than a person who agrees for a fee to hold a check for a period of time before negotiating or presenting the check for payment and other than a pawnbroker, as defined in s. 138.10 (1) (a).

AB678,23,18 (End)