1. (1) Each natural person who acts as a mortgage broker for a mortgage brokerage business must be licensed pursuant to this section. To act as a mortgage broker, an individual must be an associate of a mortgage brokerage business. A mortgage broker is prohibited from being an associate of more than one mortgage brokerage business.

2. (2) Each initial application for a mortgage broker's license must be in the form prescribed by rule of the department. The department may require each applicant to provide any information reasonably necessary to make a determination of the applicant's eligibility for licensure. The department shall issue an initial license to any natural person who:

   1. (a) Is at least 18 years of age;
   2. (b) Has passed a written test adopted by the department which is designed to determine competency in primary and subordinate mortgage financing transactions as well as to test knowledge of ss. 494.001-494.0077 and the rules adopted pursuant thereto;
   3. (c) Has submitted a completed application and a nonrefundable application fee of $200. The department may set by rule an additional fee for a retake of the examination; and
   4. (d) Has filed a complete set of fingerprints, taken by an authorized law enforcement officer, for submission by the department to the Department of Law Enforcement or the Federal Bureau of Investigation for processing.
3. (3) Any person applying after July 1, 1992, must have completed 24 hours of classroom education on primary and subordinate financing transactions and the laws and rules of ss. 494.001-494.0077 to be eligible for licensure. The department may adopt rules regarding qualifying hours.
4. (4) Notwithstanding the provisions of subsection (1), it is a ground for denial of licensure if the applicant has committed any violation specified in ss. 494.001-494.0077 or has pending against her or him any criminal prosecution or administrative enforcement action, in any jurisdiction, which involves fraud, dishonest dealing, or any other act of moral turpitude.
5. (5) An initial mortgage broker's license is valid for the remainder of the biennium in which the license is issued.
6. (6) A mortgage broker license may be canceled if it was issued through mistake or inadvertence of the department. A notice of cancellation must be issued by the department within 90 days after the issuance of the license. A notice of cancellation shall be effective upon receipt. The notice of cancellation shall provide the applicant with notification of the right to request a hearing within 21 days after the applicant's receipt of the notice of cancellation. A license shall be reinstated if the applicant can demonstrate that the requirements for obtaining the license pursuant to this chapter have been satisfied.
7. (7) If an initial mortgage broker license has been issued but the check upon which the license is based is returned due to insufficient funds, the license shall be deemed canceled. A license deemed canceled pursuant to this subsection shall be reinstated if the department receives a certified check for the appropriate amount within 30 days after the date the check was returned due to insufficient funds.

History.--ss. 20, 50, ch. 91-245; s. 4, ch. 91-429; s. 10, ch. 95-313; s. 544, ch. 97-103; s. 10, ch. 99-213.