The Latin Builders Association Supports Senate Bill 1730

Florida Sen. Tom Lee

Sponsored by Sen. Tom Lee, R-Thonotosassa, the bill restricts municipalities from adopting or imposing mandatory affordable housing requirements

MIAMI, FL, April 29, 2018 – The Latin Builders Association (LBA), the largest Hispanic construction and real estate association in the United States, calls upon the Florida Legislature to pass Senator Tom Lee’s Senate Bill 1730 which addresses acts related to community development, affordable housing and mortgage lending.

SB 1730 restricts the ability of a local government to adopt and enforce inclusionary housing ordinances or regulations that abrogates private property rights, stifles the housing market, hurting the industry and costing jobs. It specifically modifies the definition of a “mortgage loan” to ensure that unlicensed lending for residential transactions is eradicated in the State.

Eric Montes de Oca

“We strongly support this forward thinking piece of legislation,” said Eric Montes de Oca, LBA President. “A major consequence of unlicensed lending is money laundering. We are opposed to money launderers favoring the ease by which they clean their unlawful gains with real estate transactions through unlicensed lenders,” he added

Mr. Bernie Navarro, former president of the LBA, emphasizes on the need to tackle this problem during this Legislative session: “Unlicensed Lending hurts consumers while decimating the real estate industry with the high amount of fraudulent loans being transacted in Florida. Money laundering is like a cancer that metathesizes. One of the symptoms of this disease has been runaway property value that has worsened our affordable housing crisis in the State,” he said.

Bernie Navarro

A recent bulletin issued by the North American Title Insurance Company (NATIC,) one of the largest title insurance companies in the country, demonstrates the need to eradicate unlicensed lending due to the increase in borrower fraud perpetrated through hard money loan transactions. Unlicensed lenders transact most hard money loans. 

Therefore, NATIC has implemented additional underwriting requirements for these high-risk transactions. NATIC considers the failure to comply with these mandatory-underwriting requirements to be gross negligence.

For over 48 years, the Latin Builders Association has embodied the interests of South Florida’s vibrant construction and real estate industry, while pursuing sustainable development for a prosperous future. Supporting SB 1730, allows borrowers obtaining residential mortgage for business purposes (not primarily for personal, family, or household use) greater consumer protections.

About The Latin Builders Association

Established in 1971, The Latin Builders Association is by far the largest Hispanic construction association in the United States. 

A nonprofit organization, which includes a vast array of individuals and companies related to the South Florida construction industry. The LBA has over 750 member companies representing every aspect of South Florida’s vibrant construction industry. 

With much success, the LBA has expanded opportunities to other industries, not just in the field of construction. For more information visit: www.lbaorg.com

CONTACT:

Christine Herrera 
christine@prtists.com