License Requirements for New Applicants




License requirements vary by each license type. All license holders and license applicants are responsible for identifying and gathering all requirements for their license.






Associated Person

Canadian dealers are NOT required to register their associated persons in Florida.

An associated person who represents a Canadian dealer who has made a notice-filing under this subsection is exempt from the registration requirements of this section and may effect transactions in securities in this state as permitted for a dealer under Section 517.12(17) (a), Florida Statutes, if such person is registered in the jurisdiction from which he or she is effecting transactions into this state.

Branch Office

Canadian dealers are NOT required to notice-file their branch office locations with the Office of Financial Regulation.

Firm

A dealer that is located in Canada, does not have an office or other physical presence in this state, and may effect transactions in securities on a limited basis.

Commercial Collection Agencies

COM: Commercial Collection Agencies – Chapter 559 Part V, Florida Statutes: The registration authorizes the holder to collect or solicit collection for commercial claims, asserted to be owed or due to another person, including third party collectors (assignee) of debts made by commercial business.

Consumer Collection Agencies

CCA: Consumer Collection Agencies – Chapter 559 Part VI, Florida Statutes: This registration authorizes the holder to collect or attempt to collect consumer debts, asserted to be owed or due to another person, including third party collectors (assignee) of debts made by individual consumers.

A Consumer Collection Agency may also collect third party commercial debts as long as less than one-half of the collection revenue of such agency arises from the collection of commercial claims.

Consumer Finance Companies

CF: Consumer Finance Company: The license authorizes the holder to solicit, make and collect loans to consumers in this state for an amount not exceeding $25,000 at an interest rate greater than 18%. The license is not required for banks and certain other financial institutions doing business under state or federal laws.

Each location is treated as an independent license and there are no branches. The license does not apply to title loans or pawns.

Intermediary

An intermediary is a natural person residing in the state or a corporation, trust, partnership, association, or other legal entity registered with the Secretary of State to do business in the state, which facilitates the offer or sale of securities under Chapter 517.0611, Florida Statutes (F.S.).

An intermediary of a crowdfunded securities offering under Florida’s Intrastate Crowdfunding Exemption (s. 517.0611, F.S.) must either be registered as a dealer, or file an application for registration as an intermediary with the Office of Financial Regulation (OFR).

Issuers

An issuer of a crowdfunded securities offering under Florida’s Intrastate Crowdfunding Exemption (s. 517.0611, Florida Statutes (F.S.)) must file a notice of the offering with the Office of Financial Regulation (OFR) at least 10 days before the issuer commences the offering or the offering is displayed on a website of an intermediary. To qualify for the exemption, issuers must meet certain eligibility requirements.

Associated Person

Associated person of a dealer means any person who for compensation refers, solicits, offers, or negotiates for the purchase or sale of securities.

A person whose activities fall within this definition is required to register with the Office of Financial Regulation (OFR) as an associated person of a dealer pursuant to Section 517.12(1), Florida Statutes (F.S.).

The OFR will not register any person as an associated person of a dealer, unless the dealer with which the associated person seeks registration, is lawfully registered with the OFR.

Note: Registration as an associated person of a dealer does not constitute registration as an associated person of an investment adviser, or vice-versa. The two associated person registrations are separate and distinct.

Branch Office

Branch office means any location in this state of a dealer or investment adviser where one or more associated persons regularly conduct the business of rendering investment advice or effecting any transactions in, or inducing or attempting to induce the purchase or sale of any security, or any location that is held out as such.

Exclusions from the definition of branch office are set forth in Rule 69W-200.001(8), Florida Administrative Code (F.A.C.). Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.

Firm

A dealer is any person, other than an associated person under Chapter 517, Florida Statutes (F.S.), who engages in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another person. Dealers registered with the Financial Industry Regulatory Authority (FINRA) must obtain registration in the states where they conduct business.

Associated Person

Associated person of a dealer means any person who for compensation refers, solicits, offers, or negotiates for the purchase or sale of securities.

A person whose activities fall within this definition is required to register with the Office of Financial Regulation (OFR) as an associated person of a dealer pursuant to Section 517.12(1), Florida Statutes (F.S.).

The OFR will not register any person as an associated person of a dealer unless the dealer with which the associated person seeks registration is lawfully registered with the OFR.

Note: Registration as an associated person of a dealer does not constitute registration as an associated person of an investment adviser, or vice-versa. The two associated person registrations are separate and distinct.

Branch Office

Branch office means any location in this state of a dealer or investment adviser where one or more associated persons regularly conduct the business of rendering investment advice or effecting any transactions in, or inducing or attempting to induce the purchase or sale of any security, or any location that is held out as such.

Exclusions from the definition of branch office are set forth in Rule 69W-200.001(8), Florida Administrative Code (F.A.C.). Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.

Firm

A dealer is any person, other than an associated person under Chapter 517, Florida Statutes (F.S.), who engages in the business of offering, buying, selling, or otherwise dealing or trading in securities issued by another person. Dealers not registered with the Financial Industry Regulatory Authority (Non-FINRA) must obtain registration in the states where they conduct business.

Commercial Banks

Commercial Banks: a corporation that accepts deposits, makes loans, pays checks, and performs related services for the public. All Florida banks are required to have Federal Deposit Insurance Corporation (FDIC) insurance.

Credit Unions

Credit Unions: a not-for-profit financial cooperative that makes personal loans and offers other consumer banking services to persons sharing a common bond. Common bonds typically include employees of a company, a labor union, a religious group or geographic area. All Florida credit unions are required to have National Credit Union Share Insurance Fund (NCUSIF) insurance offered by the National Credit Union Administration (NCUA).

International Bank and Trust Company Offices

International Bank Office: offices of foreign (non-United States) banks operating in the United States. In Florida, the Office of Financial Regulation can authorize a foreign bank to operate an administrative office, representative office, agency office or branch office in this state. Various levels of authorized powers/ activities are permitted for each type of office.

International Trust Company Representative Offices: representative offices of foreign trust companies operating in the United States. In Florida, the Office of Financial Regulation can authorize a foreign trust company to operate a representative office in this state.

Qualified Limited Service Affiliates: person or entity performing certain functions related to or for the benefit of an affiliated foreign trust entity.

Non-Deposit Trust Companies

Non-Deposit Trust Company: a corporation which is engaged as a trustee, fiduciary, or agent for individuals or businesses in the administration of trust funds, estates, custodial arrangements, stock transfer and registration, and other related services. Non-deposit trust companies may also engage in fiduciary investment management functions and estate planning.

Associated Person

Associated person of any investment adviser means any person who for compensation refers, solicits, offers, or negotiates for the purchase or sale of investment advisory services.

A person whose activities fall within these definitions is required to register with the Office of Financial Regulation (OFR) as an associated person of a federal covered adviser pursuant to Section 517.12(4), Florida Statutes (F.S.).

The federal covered adviser with which the associated person is seeking registration must be lawfully notice-filed with the OFR.

Note: Registration as an associated person of a federal covered adviser does not constitute registration as an associated person of a dealer, or vice-versa. The two associated person registrations are separate and distinct.

Branch Office

Federal covered advisers are NOT required to notice-file their branch office locations with the Office of Financial Regulation.

Firm

Federal covered advisers are defined as investment advisers with more than $100 million in assets under management. Generally, investment advisers are persons who receive compensation in the business of advising others as to the value of securities or as to the advisability of investments in, purchasing of, or selling of securities. Investment advisers must obtain registration in the states where they conduct business.

No federal covered adviser shall engage in business from offices in this state, or render investment advice to persons of this state, unless the federal covered adviser has made a notice-filing with the Office of Financial Regulation (OFR) pursuant to Section 517.1201, Florida Statutes. (F.S.)

Associated Person

Associated person of an investment adviser means any person who for compensation refers, solicits, offers, or negotiates for the purchase or sale of investment advisory services.

A person whose activities fall within this definition is required to register with the Office of Financial Regulation (OFR) as an associated person of a state registered adviser pursuant to Section 517.12(4), Florida Statutes (F.S.).

The state registered adviser with which the associated person seeks registration must be lawfully registered with the OFR.

Note: Registration as an associated person of a state registered adviser does not constitute registration as an associated person of a dealer, or vice-versa. The two associated person registrations are separate and distinct.

Branch Office

Branch office means any location in this state of a dealer or investment adviser where one or more associated persons regularly conduct the business of rendering investment advice or effecting any transactions in, or inducing or attempting to induce the purchase or sale of any security, or any location that is held out as such.

Exclusions from the definition of branch office are set forth in Rule 69W-200.001(8), Florida Administrative Code (F.A.C.). Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.

Firm

An investment adviser is generally defined as any person who receives compensation in the business of advising others as to the value of securities or as to the advisability of investments in, purchasing of, or selling of securities. Investment advisers must obtain registration in the states where they conduct business.

No investment adviser shall engage in business from offices in this state, or render investment advice to persons of this state, unless the investment adviser is registered with the Office of Financial Regulation (OFR) pursuant to Section 517.12(4), Florida Statutes (F.S.).

Associated Person

Associated person of a dealer means any person who for compensation refers, solicits, offers, or negotiates for the purchase or sale of securities.

A person whose activities fall within this definition is required to register with the Office of Financial Regulation (OFR) as an associated person of a dealer pursuant to Section 517.12(1), Florida Statutes (F.S.).

The dealer with which the associated person seeks registration must be lawfully registered with the OFR.

Branch Office

Branch office means any location in this state of a dealer or investment adviser where one or more associated persons regularly conduct the business of rendering investment advice or effecting any transactions in, or inducing or attempting to induce the purchase or sale of any security, or any location that is held out as such.

Exclusions from the definition of branch office are set forth in Rule 69W-200.001(8), Florida Administrative Code (F.A.C.). Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.

Firm

An issuer/dealer is any issuer who, either through persons directly or indirectly compensated or controlled by the issuer, engages in the business of offering or selling securities which are issued or are proposed to be issued by said issuer.

Loan Originator

LO: Loan Originator – Chapter 494, Florida Statutes: The license is required for an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan , accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, or negotiates or offers to negotiate the sale of an existing mortgage loan to a non-institutional investor for compensation or gain. The term includes an individual who is required to be licensed as a loan originator under the S.A.F.E. Mortgage Licensing Act of 2008.

The term does not include an employee of a mortgage broker or mortgage lender whose duties are limited to physically handling a completed application form or transmitting a completed application form to a lender on behalf of a prospective borrower.

Mortgage Broker and Branches

MB & MBB: Mortgage Broker and Branches – Chapter 494, Florida Statutes: The license is required for an entity conducting loan originator activities through one or more licensed loan originators employed by the mortgage broker or as independent contractors to the mortgage broker.

Mortgage Broker Branch: This license is required for mortgage broker licensees who conduct business at locations other than their principal place of business:

  1. The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
  2. At which the licensee's name, advertising or promotional materials, or signage suggests that mortgage loans are originated or negotiated.
  3. At which mortgage loans are originated or negotiated by a licensee.

Mortgage Lender and Branches

ML: Mortgage Lender – Chapter 494, Florida Statutes: This license is required for an entity making a mortgage loan for compensation or gain, directly or indirectly, or selling or offering to sell a mortgage loan to a noninstitutional investor.

"Making a mortgage loan" means closing a mortgage loan in a person's name, advancing funds, offering to advance funds, or making a commitment to advance funds to an applicant for a mortgage loan.

Mortgage Lender Servicer – The mortgage lender servicing license is required for any mortgage lender licensee who services a mortgage loan.

"Servicing a mortgage loan" means to receive, cause to be received, or transferred for another, installment payments of principal, interest, or other payments pursuant to a mortgage loan.

The servicing license authorizes a mortgage lender to service a loan for more than 4 months.

MLB: Mortgage Lender Branch – Chapter 494, Florida Statutes: This license is required for mortgage lender licensees who conduct business at locations other than their principal place of business:

  1. The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
  2. At which the licensee's name, advertising or promotional materials, or signage suggests that mortgage loans are originated, negotiated, or funded;
  3. At which mortgage loans are originated, negotiated, or funded by a licensee.

Mortgage Lender Servicer Branch – This license is required for mortgage lender servicer licensees who conduct business at locations other than their principal place of business:

  1. The address of which appears on business cards, stationery, or advertising used by the licensee in connection with business conducted under this chapter;
  2. At which the licensee's name, advertising or promotional materials, or signage suggests that mortgage loans are serviced; or
  3. At which mortgage loans are serviced by a licensee.

Money Transmitters Part III: Check Casher

This license authorizes the holder to sell currency in exchange for payment instruments received, except for traveler's checks and foreign-drawn payment instrumentation.

Deferred Presentment Provider

A "deferred presentment provider" is licensed under Chapter 560, Florida Statutes, Part II or Part III, and engages in a deferred presentment transaction, which is to provide currency or a payment instrument in exchange for a person's check and agreeing to hold the person's check for a period of time prior to presentment, deposit, or redemption.

Foreign Currency Exchanger

The license authorizes the holder to exchange currency of the U.S. or a foreign government to currency of another government, for compensation.

Money Transmitters

This license authorizes the holder to transmit currency, monetary value, or payment instruments, either by wire, facsimile, electronic transfer, courier, the Internet, or through bill payment services or other businesses that facilitate such transfer, within this country or to or from locations outside this country.

A licensee under PART II may also engage in the activities authorized under PART III of this chapter without the imposition of any additional licensing fees.

Payment Instrument Issuer

The license authorizes the holder to sell or issue checks, drafts, warrants, money orders, traveler's checks or other instruments, or to advertise such activity, for consideration.

A licensee under PART II may also engage in the activities authorized under PART III of this chapter without the imposition of any additional licensing fees.

Motor Vehicle Retail Installment Seller

MV: Motor Vehicle Retail Installment Seller – Chapter 520 Part I, Florida Statutes: The license authorizes its holder to offer installment payments to its customers, for the sale of motor vehicles to retail buyers. This license is required by firms that sell and finance automobiles, trucks, trailers, RV's, motorcycles, and mobile homes.

In addition to the main location license, any subsequent location in another county other than the main office must be filed as a MVB: Motor Vehicle Retail Installment Branch Office by way of online.

Retail Installment Seller

RS: Retail Installment Seller – Chapter 520 Part II, Florida Statutes: The license authorizes any retail business to offer installment payments to its customers, for goods or services other than motor vehicle and home improvement businesses. The license authorizes the holder to finance the goods or services sold by an installment contract or a revolving charge account to a retail buyer. The license is required if the goods or services are primarily for personal, family or household use.

In addition to the main location license, any subsequent location other than the main office must be filed as a RSB: Retail Installment Seller Branch by way of online.

If your company intends on offering Retail Installments for the sale of Motor Vehicles, review Chapter 520 – Part I, Florida Statutes for information regarding the Motor Vehicle Retail Installment Seller license.

Sales Finance Company

SF: Sales Finance – Chapter 520 Part III, Florida Statutes: The license authorizes any business to purchase retail installment contracts from entities licensed in Florida as motor vehicle installment sellers, retail installment sellers or home improvement finance sellers.

In addition to the main location license, any subsequent location other than the main office must be filed as a SFB: Sales Finance Company Branch by way of Online Services.

Home Improvement Retail Installment Seller

HI: Home Improvement Retail Installment Seller – Chapter 520 Part IV, Florida Statutes: Any and all businesses involved in financing home improvements secured by a mortgage or lien on real property require this type of license. This provision applies to a business that directly or indirectly enters into two or more home improvement contracts, each of which is for consideration of $500 or more, in any calendar year. The license is required for a contractor who repairs, remodels or adds improvements to a single family residence pursuant to a written agreement, and when a mortgage lien on the property is retained as security. A home improvement contractor may also need a Retail Installment Seller license for contracts on which there is no mortgage taken as security for the loan.

In addition to the main location license, any subsequent location other than the main office must be filed as a HIB: Home Improvement Finance Seller Branch by way of online.

Qualification Registration by Merit Review

Securities Qualification Registration by Intra-State or Merit Review (Qualification) authorizes the holder to sell or make an offering of securities within this state under Section 517.081, Florida Statutes (F.S.), which is not otherwise required to be registered with the U.S. Securities and Exchange Commission (SEC).

Securities Qualification Registration by Intra-State or Merit Review (Qualification) authorizes the holder to sell or make an offering of securities within this state under Section 517.081, Florida Statutes (F.S.), which is not otherwise required to be registered with the U.S. Securities and Exchange Commission (SEC).

It is unlawful and a violation of Chapter 517.07, F.S. for any person to sell or offer to sell a security within this state, unless the security is: exempt under Section 517.051, F.S.; sold in a transaction exempt under Section 517.061, F.S.; a federal covered security; or registered pursuant to this Chapter. Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.

Notification Registration

Securities offered or sold pursuant to a registration statement filed under the Securities Act of 1933 with the U.S. Securities and Exchange Commission are entitled to registration by Notification pursuant to the requirements of Section 517.082, Florida Statutes (F.S.).

It is unlawful and a violation of Chapter 517.07, F.S., for any person to sell or offer to sell a security within this state, unless the security is: exempt under Section 517.051, F.S.; sold in a transaction exempt under Section 517.061, F.S.; a federal covered security; or registered pursuant to this Chapter. Any person who claims entitlement to any of the exclusions bears the burden of proving such entitlement.

Title Loan Lender

TLL: Title Loan Companies: The license authorizes the holder to engage in the business of making or servicing title loans by means of a loan of money to a consumer secured by bailment of a certificate of title to a motor vehicle, except such loan made by a person licensed under Chapter 516, Chapter 520, Chapter 655, Chapter 657, Chapter 658, Chapter 660, Chapter 663, Chapter 665, or Chapter 667, Florida Statutes or a person who complies with Chapter 687.03, Florida Statutes. Each location is treated as an independent license and there are no branches.

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