(1) All funds belonging to insurers, service warranty associations, or others received by a sales representative in transactions under her or his license or appointment are trust funds so received by the sales representative or agent in a fiduciary capacity; and the sales representative or agent, 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 funds or any portion thereof to her or his own use commits theft as provided in s. 812.014.
History.—s. 5, ch. 78-255; s. 3, ch. 81-148; s. 2, ch. 81-318; s. 3, ch. 83-265; ss. 16, 36, 37, 38, ch. 83-322; s. 61, ch. 91-106; s. 152, ch. 91-108; s. 4, ch. 92-79; s. 20, ch. 93-195; s. 478, ch. 97-102; s. 103, ch. 2019-167.
Structure Florida Statutes
Chapter 634 - Warranty Associations
Part III - Service Warranty Associations (Ss. 634.401-634.444)
634.402 - Powers of department, commission, and office; rules.
634.4025 - Part exclusive; applicability of other laws.
634.403 - License required; exemptions.
634.404 - Qualifications for license.
634.405 - Required deposit or bond.
634.4051 - Levy upon deposit limited.
634.406 - Financial requirements.
634.4061 - Assets and liabilities.
634.4062 - Prohibited investments and loans.
634.4065 - Guarantee agreements.
634.407 - Application for and issuance of license.
634.408 - License continuance.
634.409 - Grounds for suspension or revocation of license.
634.411 - Order; notice of suspension or revocation of license; effect; publication.
634.412 - Duration of suspension; obligations of association during suspension; reinstatement.
634.413 - Administrative fine in lieu of suspension or revocation.
634.414 - Forms; required provisions.
634.4145 - Noncompliant forms.
634.415 - Tax on premiums; annual statement; reports.
634.416 - Examination of associations.
634.4165 - Office records required.
634.419 - License and appointment required.
634.420 - License and appointment of sales representatives.
634.421 - Reporting and accounting for funds.
634.4225 - Rebating; when allowed.
634.425 - Duration of suspension or revocation.
634.426 - Administrative fine in lieu of suspension or revocation of license or appointment.
634.427 - Disposition of taxes and fees.
634.428 - Insurance business not authorized.
634.429 - Fronting not permitted.
634.430 - Dissolution or liquidation.
634.431 - Penalty for violation.
634.435 - Unfair methods of competition and unfair or deceptive acts or practices prohibited.
634.436 - Unfair methods of competition and unfair or deceptive acts or practices defined.
634.437 - Power of department and office to examine and investigate.
634.438 - Prohibited practices; hearings; procedure; service of process.
634.4385 - Unauthorized entities; gifts and grants.
634.439 - Cease and desist and penalty orders.
634.44 - Appeals from orders of the department or office.
634.441 - Penalty for violation of cease and desist order.