Court Opinions

State Laws

US Code

US Constitution

Florida Regulation Of Trade, Commerce, Investments, And Solicitations Code Section 494.0017 - Mortgage Brokerage And Mortgage Lending - Regulatory Trust Fund.

Legal Research Home > Florida Lawyer > Regulation Of Trade Commerce Investments and Solicitations > Florida Regulation Of Trade, Commerce, Investments, And Solicitations Code Section 494.0017 - Mortgage Brokerage And Mortgage Lending - Regulatory Trust Fund.

Title XXXIII   REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 494   MORTGAGE BROKERAGE AND MORTGAGE LENDING

494.0017  Regulatory Trust Fund.--

(1)  The office shall pay valid claims arising under former ss. 494.042, 494.043, and 494.044, as provided in former s. 494.00171 from the Regulatory Trust Fund.

(2)  Funds from the Regulatory Trust Fund shall be disbursed as provided in former s. 494.044, upon approval by the office, to any party to a mortgage financing transaction who:

(a)  Is adjudged by a court of competent jurisdiction of this state to have suffered monetary damages as a result of any violation of chapter 494 in effect prior to October 1, 1991, committed by a licensee or registrant;

(b)  Has filed a claim for recovery prior to January 1, 1992; and

(c)  Has suffered monetary damages as a result of an act occurring prior to October 1, 1991.

(3)  Notwithstanding s. 215.965, the office may disburse funds to a court or court-appointed person for distribution, if the conditions precedent for recovery exist and the distribution would be the fairest and most equitable manner of distributing the funds.

History.--ss. 8, 50, ch. 91-245; s. 4, ch. 91-429; s. 2, ch. 95-313; s. 21, ch. 99-155; s. 15, ch. 2001-63; s. 521, ch. 2003-261; s. 29, ch. 2004-234.

Last modified: November 29, 2006