Updated over 6 years ago on . Most recent reply
#5 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Los Angeles, CA
- 2,308
- Votes |
- 1,763
- Posts
Florida’s Re-Attempt to Regulate Private Lending
#5 Private Lending & Conventional Mortgage Advice Contributor
- Lender
- Los Angeles, CA
Private lenders in Florida will lose their business purpose exemption if a bill introduced just a few days ago, passes the state legislature. After an almost identical bill was vetoed by then-Governor Rick Scott in 2017, this is a second attempt.
https://aaplonline.com/aapl-opposes-floridas-re-attempt-at-regulating-private-lending
“Specifically, SB 1632 revises the definition of the term “mortgage loan.” The current definition is: “Residential loan that primarily for personal, family, or household use which is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling….” The new definition removes the following language “primarily for personal, family, or household use.” If this bill is signed into law, every lender who makes a loan secured by a dwelling, regardless of the purpose of the loan would need to obtain a mortgage lender license.”
If you loan in Florida, or are simply concerned, you might want to take action and follow the instructions near the bottom of the link.