Business-Purpose Mortgage Loans Face New Scrutiny In Fla.
Law360 (May 21, 2019, 4:54 PM EDT) -- Florida has enacted a law relating to business-purpose mortgage lending following reports of mortgage lenders circumventing residential mortgage licensing and disclosure requirements under the guise of making business-purpose loans.
On July 1, 2019, Florida’s House Bill 935 will take effect. H.B. 935 prohibits misrepresenting a residential mortgage loan as a business-purpose loan and established penalties for violations. The bill, which was approved by Gov. Rick Scott on March 21, 2018, also clarifies an existing licensing exemption for investors who make or acquire a mortgage loan using their own funds, or sell such a mortgage loan.
An Overview of Florida’s Licensing Requirements...
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