Florida HB 747 - The end of private lending in Florida?

[Nick C.]

If I read this correctly, it will end the exemption for hard money/private money loans. After July 1st, anyone who wants to give a loan will need to be licensed. Getting a lender license is no joke, it's a tough process. Lots of rehabbers depending on private/hard money could be in trouble. 

Has anyone else seen this bill, or know what the ramifications will be? Am I reading it wrong? It will be good for the banks and big institutional lenders, not so good for the smaller outfits and the investors depending on them.