(1) Any third-party fee entrusted to a mortgage broker must immediately, upon receipt, be placed into a segregated account with a financial institution located in the state the accounts of which are insured by the Federal Government. Such funds shall be held in trust for the payor and shall be kept in the account until disbursement. Such funds may be placed in one account if adequate accounting measures are taken to identify the source of the funds.
(2) A mortgage broker may not pay a commission to any person not licensed pursuant to this chapter.
(3) This section does not prohibit a mortgage broker from offering products and services, in addition to those offered in conjunction with the loan origination process, for a fee or commission.
History.—ss. 25, 50, ch. 91-245; s. 4, ch. 91-429; s. 14, ch. 99-213; s. 41, ch. 2000-154; s. 533, ch. 2003-261; s. 6, ch. 2007-182; s. 34, ch. 2009-241; s. 3, ch. 2010-67; s. 7, ch. 2011-71; s. 42, ch. 2014-91.
Structure Florida Statutes
Title XXXIII - Regulation of Trade, Commerce, Investments, and Solicitations
Chapter 494 - Loan Originators and Mortgage Brokers
Part II - Mortgage Brokers (Ss. 494.00312-494.0043)
494.00312 - Loan originator license.
494.00313 - Loan originator license renewal.
494.00321 - Mortgage broker license.
494.00322 - Mortgage broker license renewal.
494.00331 - Loan originator and loan processor employment.
494.0035 - Principal loan originator and branch manager for mortgage broker.
494.0036 - Mortgage broker branch office license.
494.0038 - Mortgage broker fees.
494.0039 - Principal place of business requirements.
494.004 - Requirements of licensees.
494.0042 - Loan origination fees.
494.0043 - Requirements for brokering loans to noninstitutional investors.