(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.
Structure Florida Statutes
Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations
Chapter 494 - Loan Originators and Mortgage Brokers
Part I - General Provisions (Ss. 494.001-494.00296)
494.0011 - Powers and duties of the commission and office.
494.0012 - Investigations; complaints; examinations.
494.00125 - Public records exemptions.
494.0013 - Injunction to restrain violations.
494.0014 - Cease and desist orders; refund orders.
494.0015 - Evidence; examiner’s worksheets, investigative reports, other related documents.
494.0016 - Books, accounts, and records; maintenance; examinations by the office.
494.00165 - Prohibited advertising; record requirements.
494.00172 - Mortgage Guaranty Trust Fund; payment of fees and claims.
494.00173 - Mortgage Guaranty Trust Fund; creation.
494.0019 - Liability in case of unlawful transaction.
494.002 - Statutory or common-law remedies.
494.0022 - Applicability of act.
494.0023 - Conflicting interest.
494.0025 - Prohibited practices.
494.00255 - Administrative penalties and fines; license violations.