Florida Administrative Code
Fla. Admin. Code R. 69V-40.00111 (2026)
Determination of common terms used throughout Chapter 494, F.S., and Rule Chapter 69V-40
✓ current as of September 2026
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“Material Benefit” as used in Section 494.00296, F.S., is a beneficial change in the current mortgage rates or terms where one or more of the following occurred:
(1) Reduction in Principal Amount of the loan by 10% or more;
(2) Permanent reduction in the annual interest rate of at least 1% on an annual basis, or
(3) Conversion of an Adjustable Interest Rate loan to a Fixed Rate loan and the annual interest rate is equal to or less than the current adjustable interest rate.
Rulemaking Authority 494.00296(1)(c) FS. Law Implemented 494.00296(1)(c) FS. History–New 11-9-15.
Effective: 11/9/2015.