10 Sep Florida Legislative and California Regulatory Update
The Florida legislature updated a provision related to public records effective October 1, 2015. The California Department of Business Oversight recently amended the regulations for Finance Lenders and for Residential Mortgage Lenders with respect to the testing and education requirements for licensed loan originators, effective August 19, 2015.
FLORIDA SENATE BILL 7012
The Florida legislature recently repealed the sunset provision for the public records exemption for credit information for investigations for those applying for loan originator and mortgage broker licenses, which was to expire on October 2, 2015. Credit information will remain subject to the public records exemption.
CALIFORNIA CODE OF REGULATIONS TITLE 10 SECTIONS 1422.6.1., 1422.6.3, 1950.122.51 AND 19184.108.40.206
Every applicant for a mortgage loan originator license shall pass a qualified written test developed or otherwise deemed acceptable by the Nationwide Mortgage Licensing System and Registry (“NMLS”) and administered by a test provider approved by the NMLS (previously had to pass the test within one year prior to the date of filing the application for, or the issuance of, a mortgage loan originator license). The qualified written test shall consist of:
· The national component and the California state component;
· The national component and the uniform state test; or
· The national component with uniform state content.
An applicant must abide by the rules, policies and procedures of the NMLS in the administration of the test.
Every applicant for a residential mortgage loan originator license and licensed mortgage loan originators renewing their current licenses must complete at least 20 hours of NMLS approved education, which must include training related to relevant California law and regulations (in addition to the previous requirements). The California training must be at least two hours for new applicants and one hour for renewals.