494.00173 Mortgage Guaranty Trust Fund; creation.—
(1) The Mortgage Guaranty Trust Fund is created within, and shall be administered by, the Office of Financial Regulation.
(2) Funds to be credited to the trust fund shall consist of the fee imposed pursuant to s. 494.00172 on loan originators, mortgage brokers, and mortgage lenders licensed under this chapter. Moneys in the trust fund shall be used to pay claims against loan originators, mortgage brokers, and mortgage lenders pursuant to s. 494.00172.
(3) Notwithstanding s. 216.301 and pursuant to s. 216.351, any balance in the trust fund at the end of any fiscal year shall remain in the trust fund at the end of the year and shall be available for carrying out the purposes of the trust fund.
History.—s. 1, ch. 2010-135; s. 2, ch. 2013-11.
Section: Previous 494.0013 494.00135 494.0014 494.0015 494.0016 494.00165 494.00172 494.00173 494.0018 494.0019 494.002 494.0022 494.0023 494.0024 494.0025 NextLast modified: September 23, 2016