HB 1569 2024 CODING: Words stricken are deletions; words underlined are additions. hb1569-00 Page 1 of 3 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 8 Be It Enacted by the Legislature of the State of Florida: 9 10 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 CODING: Words stricken are deletions; words underlined are additions. hb1569-00 Page 2 of 3 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 CODING: Words stricken are deletions; words underlined are additions. hb1569-00 Page 3 of 3 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