(1) If a mortgage loan transaction is made in violation of any provision of this chapter, the person making the transaction and every licensee, director, or officer who participated in making the transaction are jointly and severally liable to every party to the transaction in an action for damages incurred by the party or parties.
(2) A person is not liable under this section upon a showing that such person’s licensees, officers, and directors who participated in making the mortgage loan transaction, if any, acted in good faith and without knowledge and, with the exercise of due diligence, could not have known of the act committed in violation of this chapter.
History.—ss. 10, 50, ch. 91-245; s. 4, ch. 91-429; s. 210, ch. 92-303; s. 11, ch. 2009-241.
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.