Requirement to register with state after too many owner finances?

[Russell Holmes]

This isn't a pressing issue for me, but want a bit of clarity before logging it away to memory for future sake. I'm working on my Florida real estate pre licensing courses, and one sentence that was sort of glossed over without the law cited stood out to me: "Property owners who sell and carry the loan on more than two properties in two years may need to register with the Department of Agriculture as loan originators" While this has very little to do with being a commission agent, I'm also planning to build a personal investment portfolio. I know owner finance is always an exit strategy to consider down the line, but would doing it three times suddenly cause all sorts of red tape being a "loan originator". If so, it seems a bit excessive since you aren't actually transferring any funds anywhere. It would be easy to just simply ensure you didn't owner finance more than two in two years, but it's a detail I'd never heard mentioned before in owner financing on the sellers end. Thanks in advance for helping my curiosity after a few hours of study!

[Adam Adams]

Different states, different rules. Someone correct me if I am wrong. The Feds limit you to 3 originations a year without a license. GA, if you are an individual, you can buy one a year I believe. If you are a business, then you need to register. Costs about $3,000. KY, you have to register and get big bond. Cost about $30,000.  See how that comma moved? Indiana, you just need to register as a foreign entity. Ohio, Michigan, nothing. IL, you need a license. WA, you need a license, but it is only a couple hundred dollars. 

Here is where you register. It is also where you get all the rules per state. I'm working on my GA registration right now. 

And that's not getting an MLO. That's just registering with the state as one who buys and sells. Getting your MLO is different.

https://www.statemortgageregistry.com