HB 1569 2024
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hb1569-00
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
A bill to be entitled 1
An act relating to an exemption from regulation for 2
bona fide nonprofit organizations; amending s. 3
494.00115, F.S.; exempting bona fide nonprofit 4
organizations and the employees of such organizations 5
from certain regulation; defining the term "bona fide 6
nonprofit organization"; providing an effective date. 7
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Be It Enacted by the Legislature of the State of Florida: 9
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Section 1. Subsection (5) of section 494.00115, Florida 11
Statutes, is amended, and paragraph (g) is added to subsection 12
(1) of that section, to read: 13
494.00115 Exemptions. — 14
(1) The following are exempt from regulation under this 15
part and parts II and III of this chapter. 16
(g) A bona fide nonprofit organization and the employees 17
of a bona fide nonprofit organization. 18
(5) As used in this section, the term : 19
(a) "Bona fide nonprofit organization" means an 20
organization that meets all of the following conditions: 21
1. Has the status of a tax-exempt organization under s. 22
501(c)(3) of the Internal Revenue Code. 23
2. Promotes affordable housing or provides homeownership 24
education or similar services. 25
HB 1569 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3. Conducts the organization's activities in a manner that 26
serves public or charita ble purposes rather than commercial 27
purposes. 28
4. Receives funding and revenue and charges fees in a 29
manner that does not incentivize the organization or the 30
organization's employees to act other than in the best interests 31
of the organization's clients. 32
5. Compensates the organization's employees in a manner 33
that does not incentivize the organization's employees to act 34
other than in the best interests of the organization's clients. 35
6. Provides to or identifies for a borrower any 36
residential mortgage lo ans with terms favorable to the borrower 37
and comparable to mortgage loans and housing assistance provided 38
under any federal, state, and local housing assistance programs. 39
(b) "Hold himself or herself out to the public as being in 40
the mortgage lending business" includes any of the following: 41
1.(a) Representing to the public, through advertising or 42
other means of communicating or providing information, including 43
the use of business cards, stationery, brochures, signs, rate 44
lists, or promotional items, by any method, that such individual 45
can or will perform the activities described in s. 494.001(24). 46
2.(b) Soliciting in a manner that would lead the intended 47
audience to reasonably believe that such individual is in the 48
business of performing the activit ies described in s. 49
494.001(24). 50
HB 1569 2024
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F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
3.(c) Maintaining a commercial business establishment at 51
which, or premises from which, such individual regularly 52
performs the activities described in s. 494.001(24) or regularly 53
meets with current or prospective mortgage borrowers. 54
4.(d) Advertising, soliciting, or conducting business 55
through the use of a name, trademark, service mark, trade name, 56
Internet address, or logo that indicates or reasonably implies 57
that the business being advertised, solicited, or conducted i s 58
of the kind or character of business transacted or conducted by 59
a licensed mortgage lender or is likely to lead any person to 60
believe that such business is that of a licensed mortgage 61
lender. 62
Section 2. This act shall take effect July 1, 2024. 63