Here are some of the highlights:

1) Require all mortgage company employees ... not just mortgage originators ... to hold individual licenses
2) Define Loan Origination fees as all fees received by mortgage brokers, including yield spread premium
3) Allow Florida's Office of Financial Regulation to use your credit report to determine if you qualify for a Florida mortgage license
4) More than double the fees required to gain and keep a Florida mortgage license current
5) Require Florida mortgage professionals who have already taken Florida's pre-licensing class, passed the licensing test and maintained continuing education credit to start all over again and do it again. 

The State of Florida Financial Services Commission and the Office of Financial Regulation have recently implemented Emergency Rules with respect to the processing of license applications for persons who have been found guilty of, or who have pled guilty or nolo contendre to, certain crimes.
   The policies address applications for licensure as mortgage brokers, mortgage lenders, correspondent lenders and mortgage brokerage businesses. The rules provide that a person who has been found guilty of, or who has pled guilty or nolo contendre to, a felony involving fraud, dishonesty, breach of trust or money laundering (Class "A" crimes) is not eliginle for licensure as a mortgage broker.  
    A person who has been found guilty of, or who has pled guilty or nolo contendre to, certain other felonies constituting moral turpitude, including but not limited to specified serious violent crimes (Class "B" crimes) is not eligible for licensure as a mortgage broker until 15 yeasr have passed.  A person who has been found guilty of, or who has pled guilty or nolo contendre to, a felony constituting an act of moral turpitude that is not addressed under Class "A" or "B" crimes (Class "C" crimes) is not eligible for licensure as a mortgage broker until seven years have elapsed.  A person who has been found guilty of, or who has pled guilty or nolo contendre to, a misdemeanor involving fraud, dishonest dealing or moral turpitude (Class "D" crimes), is not eligible for licensure as a mortgage broker until five years have elapsed.
    For information regarding the Emergency Rule, please contact Terry Straub, Director, Division of Finance, Office of Financial Regulation, The Fletcher Building, 200 East Gaines Street, Tallahassee, Florida 32399, (850) 410-9805, terry.straub@flofr.com