SB62,269,424 224.73 (1) Responsibility for mortgage loan originator. A mortgage banker
25or a mortgage broker is responsible for, and shall supervise the acts of, a loan

1originator who registers under s. 224.72 (3) as an employee of the mortgage banker
2or mortgage broker.
A mortgage banker or mortgage broker is also responsible for,
3and shall supervise the acts of, a mortgage loan originator or any other person who
4otherwise acts on behalf of the mortgage banker or the mortgage broker.
SB62, s. 639 5Section 639. 224.73 (2) (title) of the statutes is amended to read:
SB62,269,66 224.73 (2) (title) Restriction on mortgage loan originator.
SB62, s. 640 7Section 640. 224.73 (2) of the statutes is renumbered 224.73 (2) (a) and
8amended to read:
SB62,269,129 224.73 (2) (a) If the division suspends or revokes a mortgage banker's or a
10mortgage broker's certificate of registration license, a mortgage loan originator may
11not act on behalf of that mortgage banker or mortgage broker during the period of
12suspension or revocation.
SB62, s. 641 13Section 641. 224.73 (2) (b) of the statutes is created to read:
SB62,269,1814 224.73 (2) (b) A mortgage loan originator may act on behalf of only the
15mortgage banker or mortgage broker with which that mortgage loan originator's
16license is associated in the records of the division, as designated under s. 224.725 (2)
17(d). A mortgage loan originator's license may only be associated with one mortgage
18banker or mortgage broker at a time.
SB62, s. 642 19Section 642. 224.73 (3) (title) of the statutes is amended to read:
SB62,269,2020 224.73 (3) (title) Transfer by mortgage loan originator.
SB62, s. 643 21Section 643. 224.73 (3) of the statutes is renumbered 224.73 (3) (a) and
22amended to read:
SB62,270,223 224.73 (3) (a) A registered licensed mortgage loan originator may at any time
24apply, on forms and in the manner prescribed and provided by the division, to
25transfer employment association to another registered licensed mortgage banker or

1mortgage broker. The division shall promulgate rules establishing a fee for a
2transfer application under this subsection.
SB62, s. 644 3Section 644. 224.73 (3) (b) of the statutes is created to read:
SB62,270,74 224.73 (3) (b) A mortgage loan originator may not act on behalf of a mortgage
5banker or mortgage broker until the mortgage loan originator's license association
6has been transferred to that mortgage banker or mortgage broker in the records of
7the division.
SB62, s. 645 8Section 645. 224.73 (4) (title) of the statutes is amended to read:
SB62,270,109 224.73 (4) (title) Signature by Mortgage loan originator signatures and
10unique identifiers
.
SB62, s. 646 11Section 646. 224.73 (4) of the statutes is renumbered 224.73 (4) (a) and
12amended to read:
SB62,270,1513 224.73 (4) (a) Every residential mortgage loan application shall be signed by
14a registered licensed mortgage loan originator or by a mortgage loan originator
15exempt from licensing under s. 224.726 (1)
.
SB62, s. 647 16Section 647. 224.73 (4) (b) of the statutes is created to read:
SB62,270,2017 224.73 (4) (b) Any person originating a residential mortgage loan shall clearly
18place the person's unique identifier on all residential mortgage loan application
19forms, solicitations, and advertisements, including business cards or Web sites, and
20on all other documents specified by rule of the division.
SB62, s. 648 21Section 648. 224.74 (title) of the statutes is amended to read:
SB62,270,23 22224.74 (title) Division's review of the operations of a mortgage loan
23originator, mortgage broker
, or mortgage banker.
SB62, s. 649 24Section 649. 224.74 (1) of the statutes is amended to read:
SB62,271,9
1224.74 (1) Annual call reports; audits. (a) Annual call report. Except as
2provided in par. (b), each
Each year, on a by the date specified by the division and in
3 a the form required by the division, a nationwide mortgage licensing system and
4registry, each
mortgage banker or, mortgage broker, and mortgage loan originator
5licensed under this subchapter
shall submit to the division nationwide mortgage
6licensing system and registry
an annual report relating to the mortgage banker's or
7mortgage broker's operations during its most recently completed fiscal year
of
8condition, which shall contain such information as the nationwide mortgage
9licensing system and registry may require
.
SB62,271,1710 (b) Audit requirement. Each year, no later than 6 months following the end of
11its most recently completed fiscal year, a each mortgage banker or mortgage broker
12that qualified for registration under s. 224.72 (4) (a) 4. or (d) or (4m) (a) 3. or (b), shall
13submit a copy of an audit of the mortgage banker's or mortgage broker's operations
14during that fiscal year. An audit under this paragraph shall be conducted by an
15independent certified public accountant in accordance with generally accepted
16auditing standards. The financial statements in the audit report shall be prepared
17in accordance with generally accepted accounting principles.
SB62,272,618 (c) Audits requested by the division. The division may request that a mortgage
19banker or mortgage broker obtain an audit of the mortgage banker's or mortgage
20broker's operations if the division has reason to believe that the mortgage banker or
21mortgage broker may not have sufficient financial resources to meet its obligations
22to its clients or investors or to other persons directly affected by the activities
23conducted by the mortgage banker or mortgage broker under the certificate of
24registration granted
license issued by the division. If the division requests an audit
25under this paragraph, the mortgage banker or mortgage broker shall have the audit

1completed no later than 90 days after the date of the division's request. The mortgage
2banker or mortgage broker shall submit the audit report to the division no later than
35 days after the date on which the audit is completed. An audit under this paragraph
4shall be conducted by an independent certified public accountant in accordance with
5generally accepted auditing standards. The financial statements in the audit report
6shall be prepared in accordance with generally accepted accounting principles.
SB62, s. 650 7Section 650. 224.74 (2) (title) of the statutes is amended to read:
SB62,272,88 224.74 (2) (title) Examination and investigation.
SB62, s. 651 9Section 651. 224.74 (2) (a) (title) of the statutes is repealed.
SB62, s. 652 10Section 652. 224.74 (2) (a) of the statutes is renumbered 224.74 (2) (ag) (intro.)
11and amended to read:
SB62,272,1612 224.74 (2) (ag) (intro.) The division may at any time, on its own motion or upon
13complaint, examine the conduct inquiries, investigations, and examinations of
14licensees under this subchapter, or of persons required to be licensed under or
15otherwise subject to the provisions of this subchapter, including doing any of the
16following:
SB62,272,22 171. Examining, accessing, receiving, or using any books of account, accounts,
18records, files, documents, or other information relating to the condition and or affairs
19of a mortgage banker, mortgage loan originator, or mortgage broker registered under
20this subchapter. The division shall prepare a report of each examination conducted
21under this section. As part of the examination or preparation of the report, the
22division may examine
.
SB62,273,8 232. Interviewing or examining under oath any mortgage banker, mortgage loan
24originator, or mortgage broker,
any of the members, officers, directors, agents,
25employees, contractors, or customers of the mortgage banker, mortgage loan

1originator, or mortgage broker. The division may require a mortgage banker, loan
2originator or mortgage broker who is examined under this paragraph to pay to the
3division a reasonable fee for the costs of conducting the examination.
, or any other
4person whose testimony the division deems to be relevant. The division may direct,
5subpoena, or order the attendance of a person to provide testimony under this
6subdivision and may direct, subpoena, or order the person to produce books,
7accounts, records, files, and any other document the division deems relevant to the
8inquiry, investigation, or examination.
SB62, s. 653 9Section 653. 224.74 (2) (ag) 3. and 4. of the statutes are created to read:
SB62,273,1410 224.74 (2) (ag) 3. Direct or order any licensee under this subchapter to make
11or compile reports or other information, in a format directed by the division, that the
12division considers necessary to carry out any investigation or examination under this
13subchapter, including any accounting compilation or other loan transaction data,
14list, or information.
SB62,273,1815 4. Examine, access, receive, and use any other records, documents, or other
16information that the division deems relevant to the inquiry, investigation, or
17examination, regardless of the location, possession, control, or custody of the records,
18documents, or information, including any of the following:
SB62,273,2019 a. Criminal, civil, and administrative history information, including conviction
20information and nonconviction information to the extent permitted by law.
SB62,273,2221 b. Personal history and experience information, including credit reports
22obtained from a consumer reporting agency, as defined in s. 100.54 (1) (c).
SB62, s. 654 23Section 654. 224.74 (2) (ar) of the statutes is created to read:
SB62,274,1024 224.74 (2) (ar) In making any investigation or examination authorized under
25this subchapter, the division may control access to any documents and records of the

1licensee or of any other person under investigation or examination. The division may
2take possession of the documents and records or place a person in exclusive charge
3of the documents and records in the place where they are usually kept. During the
4period of control, no person may remove or attempt to remove any of the documents
5and records except with the consent of the division or by court order. Unless the
6division has reasonable grounds to believe the documents and records have been or
7are at risk of being altered or destroyed for purposes of concealing a violation of this
8subchapter, the licensee or owner or custodian of the documents and records shall
9have access to the documents and records as necessary to conduct its ordinary
10business affairs.
SB62, s. 655 11Section 655. 224.74 (2) (b) of the statutes is amended to read:
SB62,274,2012 224.74 (2) (b) Confidentiality. Examination The division shall prepare a report
13for each investigation or examination conducted under this subsection. These

14reports, and correspondence regarding the these reports, are confidential, except
15that the division may release examination these reports and correspondence in
16connection with a disciplinary proceeding conducted by the division, a liquidation
17proceeding, or a criminal investigation or proceeding. In addition, any information
18from these reports or correspondence may be provided to the nationwide mortgage
19licensing system and registry and is not confidential to the extent specified in s.
20224.728 (4) (b) and (c).
SB62, s. 656 21Section 656. 224.74 (2) (c) of the statutes is created to read:
SB62,275,222 224.74 (2) (c) The division may require a mortgage banker, mortgage loan
23originator, or mortgage broker who is investigated or examined under this subsection
24to pay to the division a reasonable fee for the costs of conducting the investigation
25or examination. A mortgage banker, mortgage loan originator, or mortgage broker

1shall pay these costs to the division within 30 days after the division demands
2payment of these costs.
SB62, s. 657 3Section 657. 224.74 (3) of the statutes is created to read:
SB62,275,54 224.74 (3) Additional division authority. To carry out the purposes of this
5section, the division may do any of the following:
SB62,275,86 (a) Retain attorneys, accountants, and other professionals and specialists as
7examiners, auditors, or investigators to conduct or assist in the conduct of
8investigations or examinations.
SB62,275,129 (b) Enter into agreements or relationships with other government officials or
10regulatory associations to improve efficiencies and reduce regulatory burden by
11sharing resources, standardized or uniform methods or procedures, and documents,
12records, or information obtained under this section.
SB62,275,1513 (c) Use, hire, contract, or employ public or privately available analytical
14systems, methods, or software to examine or investigate any licensee or other person
15subject to investigation or examination.
SB62,275,1716 (d) Accept and rely on investigation or examination reports made by other
17government officials, in this state or elsewhere.
SB62,275,2018 (e) Accept audit reports made by an independent certified public accountant for
19the licensee or another person relevant to the investigation or examination and
20incorporate any such audit report into any report of the division.
SB62, s. 658 21Section 658. 224.75 (title) of the statutes is amended to read:
SB62,275,23 22224.75 (title) Record-keeping requirements for mortgage bankers and
23mortgage brokers
licensees.
SB62, s. 659 24Section 659. 224.75 (1) (a) of the statutes is amended to read:
SB62,276,5
1224.75 (1) (a) Fee record system. A mortgage banker or mortgage broker shall
2establish and maintain a record system which shows all fees which a mortgage
3banker or mortgage broker charged a residential mortgage loan applicant or a
4mortgagor in connection with a residential mortgage loan. The record shall show the
5application or disposition of those fees.
SB62, s. 660 6Section 660. 224.75 (1) (b) (intro.) of the statutes is amended to read:
SB62,276,97 224.75 (1) (b) Loan application record system. (intro.) A mortgage banker or
8mortgage broker shall establish and maintain a record system containing all of the
9following information for each residential mortgage loan application:
SB62, s. 661 10Section 661. 224.75 (1) (b) 6. and 7. of the statutes are created to read:
SB62,276,1111 224.75 (1) (b) 6. The name of the mortgage loan originator.
SB62,276,1212 7. The loan amount.
SB62, s. 662 13Section 662. 224.75 (1) (c) (intro.) of the statutes is amended to read:
SB62,276,1714 224.75 (1) (c) Loan application documents. (intro.) A mortgage banker or
15mortgage broker shall maintain for each residential mortgage loan application all of
16the following documents, if used by the mortgage banker or mortgage broker in
17connection with the residential mortgage loan application file:
SB62, s. 663 18Section 663. 224.75 (1) (d) of the statutes is renumbered 224.75 (1) (d) (intro.)
19and amended to read:
SB62,276,2220 224.75 (1) (d) Loan servicing records and documents. (intro.) A mortgage
21banker shall maintain for each residential mortgage loan serviced by the mortgage
22banker a copy of or a record of all of the following:
SB62,276,23 231. All correspondence relating to the loan.
SB62, s. 664 24Section 664. 224.75 (1) (d) 2., 3., 4. and 5. of the statutes are created to read:
SB62,276,2525 224.75 (1) (d) 2. All payments received from the borrower.
SB62,277,1
13. All charges assessed to the borrower's account.
SB62,277,22 4. All payments made by the mortgage banker on behalf of the borrower.
SB62,277,33 5. The unpaid balance on the borrower's account.
SB62, s. 665 4Section 665. 224.75 (2) of the statutes is amended to read:
SB62,277,215 224.75 (2) Period of record retention. A mortgage banker or mortgage broker
6shall keep for at least 25 36 months , in an office of the mortgage banker or mortgage
7broker licensed under this subchapter, all books and records that, in the opinion of
8the division, will enable the division to determine whether the mortgage banker or
9mortgage broker is in compliance with the provisions of this subchapter. These books
10and records include
copies of all deposit receipts, canceled checks, trust account
11records, the records which a mortgage banker or mortgage broker maintains under
12sub. (1) (c) or (d), and other relevant documents or correspondence received or
13prepared by the mortgage banker or mortgage broker in connection with a
14residential mortgage loan or residential mortgage loan application. The retention
15period begins on the date the residential mortgage loan is closed or, if the loan is not
16closed, the date of loan application. If the residential mortgage loan is serviced by
17a mortgage banker, the retention period commences on the date that the loan is paid
18in full. The mortgage banker or mortgage broker shall make the records available
19for inspection and copying by the division. If the records are not kept within this
20state, the mortgage banker or mortgage broker shall, upon request of the division,
21promptly send exact and complete copies of requested records to the division.
SB62, s. 666 22Section 666. 224.75 (3) of the statutes is amended to read:
SB62,278,223 224.75 (3) Contents of credit and appraisal reports. (a) Credit report. If a
24mortgage banker or mortgage broker charges a residential mortgage loan applicant
25a separate fee for a credit report, the credit report shall consist, at a minimum, of a

1written statement indicating the name of the credit reporting agency which
2investigated the credit history of the applicant.
SB62,278,113 (b) Appraisal report. If a mortgage banker or mortgage broker charges a
4residential mortgage loan applicant a separate fee for an appraisal report, the
5appraisal report shall consist, at a minimum, of a written statement indicating the
6appraiser's opinion of the value of the property appraised for residential mortgage
7loan purposes, the basis for that opinion and the name of the person who conducted
8the appraisal. If requested by a residential mortgage loan applicant, a mortgage
9banker or mortgage broker shall provide the loan applicant with a copy of any written
10appraisal report held by the mortgage banker or mortgage broker, if the loan
11applicant paid a fee for the report.
SB62, s. 667 12Section 667. 224.75 (4) of the statutes is amended to read:
SB62,278,1713 224.75 (4) Responsibility for forms. A mortgage banker or mortgage broker
14is responsible for the preparation and correctness of all entries on forms, documents
15and records which are under the mortgage banker's or mortgage broker's control and
16which are not dependent on information provided by the residential mortgage loan
17applicant or a 3rd party.
SB62, s. 668 18Section 668. 224.75 (6) of the statutes is created to read:
SB62,278,2519 224.75 (6) Furnishing books and records. Upon request by the division, any
20licensee under this subchapter, and any other person whom the division has
21authority to investigate and examine under s. 224.74 (2), shall make any books and
22records requested by the division available for inspection and copying by the division.
23If any records are kept at a licensed office not located within this state, the mortgage
24banker or mortgage broker shall, upon request of the division, promptly deliver such
25documents to any location within this state specified by the division.
SB62, s. 669
1Section 669. 224.755 (title) of the statutes is repealed and recreated to read:
SB62,279,3 2224.755 (title) Education and testing requirements for mortgage loan
3originators.
SB62, s. 670 4Section 670. 224.755 of the statutes is renumbered 224.755 (5) and amended
5to read:
SB62,279,116 224.755 (5) Compliance records. A mortgage loan originator shall keep
7records documenting compliance with s. 224.72 (7) (d) this section for at least 4 years.
8The technical college system board and any professional trade association or other
9person that administers examinations or provides education under s. 224.72 (7) (d)
10shall maintain records documenting attendance and examination performance for
11at least 4 years.
SB62, s. 671 12Section 671. 224.755 (1), (2), (3) and (4) of the statutes are created to read:
SB62,279,1613 224.755 (1) Education requirements applicable prior to license issuance.
14Subject to sub. (3) (a) and (c), an applicant for a license under s. 224.725 (1), prior to
15the division's issuance of the license, shall complete at least 20 hours of education,
16including a minimum of all of the following:
SB62,279,1717 (a) Three hours of federal law and regulations.
SB62,279,1918 (b) Three hours of ethics, including instruction on fraud, consumer protection,
19and fair lending issues.
SB62,279,2120 (c) Two hours of training related to lending standards for the nontraditional
21mortgage product marketplace.
SB62,279,25 22(2) Continuing education requirements. Subject to subs. (3) (a), (c), (d), and
23(f), an applicant for renewal of a license under s. 224.725 (5), prior to the division's
24renewal of the license, shall annually complete at least 8 hours of education,
25including a minimum of all of the following:
SB62,280,1
1(a) Three hours of federal law and regulations.
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