Florida

State rules

Regulator

Florida Office of Financial Regulation. Filings run through NMLS.

Renewal

Both licences expire 31 December. Applying on time keeps the licence active while the office reviews, so the filing date is what matters, not the approval date. Fee $375 broker, $475 lender. Fla. Stat. § 494.00612

Missing the deadline

Miss 31 December and the status becomes "failed to renew", curable up to 1 March with a reinstatement fee: $250 broker, $475 lender, $225 per branch. On 1 March the licence is expired and the only route back is a new application. Fla. Stat. § 494.00612

Annual reporting

Lenders only: an annual financial audit report by an independent licensed CPA, filed within 120 days of fiscal year end. A wholly owned subsidiary may file its parent’s report instead. Fla. Stat. § 494.0063

In-state office

No Florida office. A lender may transact from a principal place of business, a branch office or a remote location. What Florida does require in-state is a registered agent for service of process. Fla. Stat. § 494.0067

Branches

Each branch is its own licence at $225, initial and renewal, on either side. Every branch must be run by a designated branch manager who is a licensed Florida loan originator. Fla. Stat. § 494.0066

Change of control

No prior approval. A control person added or removed is reported by written amendment, and a new control person who has never filed an MU2 goes through fingerprints and a credit report. The threshold is a 10 percent ultimate equitable owner. Fla. Stat. § 494.0067

Mortgage call report

Filed through NMLS on the national cycle. Chapter 494 calls it a "report of condition" and then says the term is synonymous with the registry’s Mortgage Call Report, so there is one filing, not two. Fla. Stat. § 494.0067