The Office of Financial Regulation (OFR)
is implementing a new Regulatory Enforcement
and Licensing (REAL) system which will
provide improved functionality to public
users via web technology while automating
a majority of the licensing process.
Users will be able to apply for licensure,
renew existing licenses, and update
licensure information on-line.
The public will also be able to file
a complaint and search for licensed
entities through the Offices website.
Release 1 of the REAL System
is scheduled for implementation
in early Spring 2008 and
will integrate the Licensing, Fiscal,
and Enforcement activities for all
licenses under Chapter 494, Florida
Statutes (Mortgage Brokers, Businesses,
Lenders, and Branches).
Release 2 of the REAL System
is scheduled for implementation
in late Fall 2008 and will
integrate the Licensing, Fiscal,
and Enforcement activities for Chapters
516, 520, 537, 559, 560, Florida
Statutes. This includes Consumer
Finance Companies, Issuer Dealers
and Agents, Retail and Motor Vehicle
Installment Sellers, Sales Finance
Companies, Title Loan Lenders, Collection
Agencies, and Money Transmitters.
Return to Top
What license types
will be affected by Release 1 of
the REAL System?
Release 1
of the REAL System will affect the
following license types:
CL Correspondent
Mortgage Lender
CLB
Correspondent Mortgage Lender
Branch
MB Mortgage
Broker
MBB
Mortgage Brokerage Business
MBBB
Mortgage Broker Business Branch
MBS
Mortgage Business School
ML Mortgage
Lender
MLB
Mortgage Lender Branch
MLS
Mortgage Lender Savings Clause
MLSB
Mortgage Lender Savings Clause
Branch
MLST
Mortgage Lender Savings Clause
Transfer
MLTB
Mortgage Lender Savings Clause
Transfer Branch
Return to Top
What license
types will be affected by Release
2 of the REAL System?
Release 2
of the REAL System will impact the
following Chapters and license type:
Chapter 516 Consumer Finance:
CF Consumer Finance
Chapter
520 Part I Motor Vehicle:
MV Motor Vehicle Retail Installment
Seller
MVB Motor Vehicle Branch
RS Retail Installment Seller
RSB Retail Installment Seller
Branch
SF Sales Finance Company
SFB Sales Finance Company
Branch
HI Home Improvement Finance
Seller
HIB Home Improvement Branch
Chapter
537 Title Loans:
TTL Title Loan Lender
Chapter
559 Part IV Consumer Collection
Practices:
CCA Consumer Collection Agency
COM Commercial Collection
Agency
Chapter
560 Money Transmitters Code:
FT2 Part II (Funds Transmitter/Payment
Instrument Issuer)
FT2B Part II Branch
FT2V Part II Authorized Vendor
FT3 Part III (Check Cashers/Foreign
Currency Exchanger)
FT3B Part III Branch
FT3V - Part III Authorized Vendor
Will FINRA
(formerly NASD and NYSE Regulation)
members, Federal Covered Investment
Advisors, and State Registered
Investment Advisors file through
the REAL System when Release
2 is implemented?
No, these individuals, firms, branches,
and agents will continue to file
through the current CRD/IARD systems.
Return to
Top
If a member
of the general public wants
to file a complaint against
a licensed entity, will they
be able to do this online through
the REAL System?
Yes, this functionality will be
available for Release 1 of the REAL
System. Individuals will be
able to file a complaint online
and then track the status of their
complaints online using the REAL
System.
Return to
Top
How will the
REAL System change the way the
Office interacts with regulated
industries and the general public?
Individuals and Businesses
will be able to apply, renew, amend,
and terminate their licenses online.
These changes will improve processing
time and allow these activities
to occur outside of regular business
hours.
General Public will be able
to conduct searches for licensing
information and legal actions issued
by the Office 24 hours a day/7days
a week.
Return to
Top
What types
of payment can I make online?
With the implementation of the REAL
system the Office will accept credit
card payments using MasterCard
and VISA. The Office will
continue to accept electronic check
payments as in the past.
Return to
Top
How will the
affected industries be informed
about the implementation of
the REAL system and its capabilities?
The Office will inform licensees
through information distributed
to you during industry conferences
and mass mailings of postcards.
This information will direct
you to the OFR website for more
in-depth explanations of the
systems capabilities and functionalities.
Return to
Top
How do I
access my license or
application information
online?
Immediately following each
release licensees and applicants
will be sent a letter which will
contain their unique
authorization code to gain
access to their license or
application information in the
REAL System. With this
authorization code licensees
will be able to associate their
online user account to their
existing licenses.
Applicants will be able to
perform the same task to
associate their user account to
their pending application.
Once a user account has been
associated to a license or
application all functionalities
of the REAL system will be
available.
Return to
Top
Who will receive
an Authorization Code?
Immediately following each release
licensees and applicants will be
sent a letter which will contain
their unique authorization code
to gain access to their license
or application information in the
REAL System. With this authorization
code licensees will be able to associate
their online user account to their
existing licenses.
Anyone with pending applications
at the time of each Release
will be able to perform
the same task to associate their
user account to their pending application.
Once a user account has been associated
to a license or application all
functionalities of the REAL system
will be available.
Note: Applications filed online
using the REAL System will not need
an authorization code to manage
their application/license.
Return
to Top
Where will
the Authorization Code be sent?
Letters containing the authorization
code will be sent to the licensees/applicants
mailing address on the main office
license. Authorization codes will
not be sent to branch locations.
Return
to Top
Who should
I contact for additional questions
relating to the REAL System?
If you
have any questions concerning
the REAL System, please feel
free to call
1-800-848-3792 and select option
1 (Finance).
