Need help with Brokerage License in FL reqs - Posted by Edyta

Posted by John Merchantf on August 10, 2003 at 12:05:09:


Need help with Brokerage License in FL reqs - Posted by Edyta

Posted by Edyta on August 02, 2003 at 11:52:09:

My company (we are a mortgage broker) is considering expansion into the state of FL. We are currently based in NC.
The official web site I was reviewing does not specify if:
1)there is a requirement of a physical presence in the state of FL and 2) what requirements in terms of industry experience FL has. For example in NC you need to be in the industry for at least 3 years before you can apply for a broker’s license.

Anybody can answer my questions or point me in the right direction?


Re: Need help with Brokerage License in FL reqs - Posted by Ken(Fl)

Posted by Ken(Fl) on August 04, 2003 at 15:35:27:

If I remember correctly, you only need a representative in a Fl location to have a brokerage license. I am a licensed Fl mortgage broker but do not have a brokerage business license.
E-mail me, and I will try to provide you with more specific information.

Brokerage License in FL reqs - Posted by John Merchantffffffff

Posted by John Merchantffffffff on August 02, 2003 at 22:41:07:

Just noticed you said you were Mtg Broker. I missed that before. S’cuse me, guess I’m going blind or NCM (non compos mentis).

In this case, very likely FL would be pretty fussy about an out of stater doing SFR loans in FL, and very likely they would want you to have a FL license.

Brokerage License in FL reqs - Posted by John Merchant

Posted by John Merchant on August 02, 2003 at 22:20:55:

What industry are you talking about? You want to be a Broker, but of what? Telephones, cable TV, RE, notes, securities, Mobile Homes-what exactly? No serious mind readers in this group to my knowledge.

If RE or Securities, I’d suggest you give the RE or Securities commission of FL a call and talk to them directly. They’ll be happy to tell you their requirements.

If you’re meaning you want to be able to buy and sell notes, or RE, or MHs, for yourself, if you’ll go back and carefully read all the old posts on state licensing, you’ll find that this is not a matter on which everybody agrees.

It’s my opinion that if you’re buying and selling these things for yourself, it’s probable that NO license is required. I maintain that I have the right to “pro se” it, on almost any kind of investment vehicle exccpt registered stocks & bonds, as long as I’m an owner.

As a matter of fact & law, even if I owned and wanted to sell my common stock in in IBM, or Microsoft, I wouldn’t even need a license for that, so long as I was making a direct sale to my private buyer. But I’d have no right to use NYSE, or NASDAQ for my transaction, as one has to be licensed with a licensed Broker member of NYSE or NASDAQ in order to use those facilities.

It’s nobody’s business how long I’ve “owned” it; maybe 20 years, maybe 5 minutes, but again, nobody’s business but mine.

Now, some states, such as WA, do have licensing requirements for MH dealers, and if I’ve done 5 or more in my name, in WA, in one year, they deem me a “dealer”…so I don’t do these deals in my name in WA, as I don’t wish to play their game.

And of course, in any of these areas, I have no right to take commissions, or represent anybody else, without specific states’ licenses…but since I don’t normally want to do that anyway, so what?

The only one of these that might affect me is RE licensing, but since I do maintain a WA RE Broker’s license, no problem.