SB1632 was mentioned at the meeting on Tuesday.
That bill has been "postponed" and the SAME WORDING was placed in SB 1730, before a different committee. That bill (SB 1730) has now become the priority.
(SB1730 addresses affordable housing in Florida. The wording that affects us is only a tiny modification of the proposed affordable housing bill, but that tiny change has significant impact to us.)
Both bills have language that would effectively prohibit investors from using private money for real estate transactions.
They modify the current statute which defines "mortgage loan" in a way that would make it apply to investor purchases and not just purchases by homeowners.
===> Senate Bill 1730 to be voted on Tuesday, 9 April. (This one is the current priority)
More info available at: https://aaplonline.com/aaplopposesfloridasb1730
(Names of senators on the voting committee and links to the senators' contact info are in red, halfway down the page, followed by a sample letter you can use.)
If the provided letter does not suit you, you can still express your concern.
As I see it, the fundamental issue is that these bills change the definition of "mortgage loan" in the existing Florida statute so that it would also apply to transactions investors engage in. Currently, language in the existing statute specifies that loans to purchase properties "primarily for personal, family, or household use" must be made through mortgage lenders (NOT PRIVATE LENDERS or other lending sources). The bills want to remove that language so that loans for OUR purchases would now also have to be done through a licensed mortgage lender.
Please consider contacting the senators and expressing your concern over the impact upon your business.
Investors are able to take distressed properties and put them back on the market using private lending funds, so these bills would impact the economy in Florida as well.
Senate Bill 1632 was postponed. More info on SB 1632 here: http://sreia.com/KeepPrivateLending/SB1632.html