(1) All funds belonging to insurers, home warranty associations, or others received by a sales representative in transactions under her or his license 1and appointment are trust funds so received by the sales representative in a fiduciary capacity; and the sales representative, in the applicable regular course of business, shall account for and pay such funds to the insurer, association, warranty holder, or other person entitled thereto.
(2) Any sales representative who, not being entitled thereto, diverts or appropriates such funds or any portion thereof to her or his own use is, upon conviction, guilty of theft, punishable as provided in s. 812.014.
History.—s. 1, ch. 77-339; s. 3, ch. 81-148; s. 2, ch. 81-318; s. 3, ch. 83-265; ss. 18, 32, 33, 34, ch. 83-323; s. 1, ch. 84-94; s. 38, ch. 91-106; s. 144, ch. 91-108; s. 4, ch. 92-79; s. 20, ch. 93-195; s. 470, ch. 97-102.
1Note.—The amendment to subsection (1) by s. 38, ch. 91-106, used the word “or.”
Structure Florida Statutes
Chapter 634 - Warranty Associations
Part II - Home Warranty Associations (Ss. 634.301-634.348)
634.302 - Powers of department, commission, and office; rules.
634.3025 - Part exclusive; applicability of other laws.
634.304 - Qualifications for license.
634.305 - Required deposit or bond.
634.3051 - Levy upon deposit limited.
634.306 - Application for and issuance of license.
634.307 - License expiration; renewal.
634.3076 - Prohibited investments and loans.
634.3077 - Financial requirements.
634.3078 - Assets and liabilities.
634.308 - Grounds for suspension or revocation of license.
634.309 - Procedure to suspend or revoke license.
634.310 - Order, notice of suspension or revocation of license; effect; publication.
634.3112 - Administrative fine in lieu of suspension or revocation of license of association.
634.312 - Forms; required provisions and procedures.
634.3123 - Noncompliant forms.
634.313 - Tax on premiums; annual statement; reports.
634.3135 - Office records required.
634.314 - Examination of associations.
634.317 - License and appointment required.
634.318 - License and appointment of sales representatives.
634.319 - Reporting and accounting for funds.
634.3205 - Rebating; when allowed.
634.3225 - Duration of suspension or revocation of license or appointment.
634.324 - Disposition of taxes and fees.
634.325 - Insurance business not authorized.
634.326 - Fronting not permitted.
634.327 - Applicability to warranty on new home.
634.328 - Penalty for violation.
634.329 - Dissolution or liquidation.
634.331 - Coverage of property for sale.
634.335 - Unfair methods of competition and unfair or deceptive acts or practices prohibited.
634.336 - Unfair methods of competition and unfair or deceptive acts or practices defined.
634.337 - Power of department and office to examine and investigate.
634.338 - Prohibited practices; hearings; procedure; service of process.
634.3385 - Unauthorized entities; gifts and grants.
634.339 - Cease and desist and penalty orders.
634.34 - Appeals from orders of the department or office.
634.341 - Penalty for violation of cease and desist order.
634.342 - Injunctive proceedings.
634.344 - Coercion of debtor prohibited.