Florida Statute 494.0026 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS

Chapter 494
LOAN ORIGINATORS AND MORTGAGE BROKERS

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F.S. 494.0026

494.0026 Disposition of insurance proceeds.—The following provisions apply to mortgage loans held by a mortgagee or assignee that is subject to part II or part III of this chapter.

(1) The mortgagee or assignee must promptly endorse a check, draft, or other negotiable instrument payable jointly to the mortgagee or assignee and the insured by the insurance company. However, the mortgagee or assignee is not required to endorse such instrument if the insured or a payee who is not subject to part II or part III of this chapter refuses to endorse the instrument.

(2) Insurance proceeds received by a mortgagee or assignee that relate to compensation for damage to property or contents insurance coverage in which the mortgagee or assignee has a security interest must be promptly deposited into a segregated account of a federally insured financial institution.

(3) Insurance proceeds received by a mortgagee or assignee that relate to contents insurance coverage in which the mortgagee or assignee does not have a security interest in the contents must be promptly distributed to the insured.

(4) Insurance proceeds received by a mortgagee or assignee that relate to additional living expenses must be promptly distributed to the insured.

(5) The mortgagee or assignee is not required to remit the portion of the proceeds relating to additional living expenses and contents insurance if the mortgagee or assignee is not able to determine which part of the proceeds relates to additional living expenses and contents insurance.

This section may not be construed to prevent an insurance company from paying the insured directly for additional living expenses or paying the insured directly for contents insurance coverage if the mortgagee or assignee does not have a security interest in the contents.

History.—s. 5, ch. 95-313; s. 16, ch. 2009-241.

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Amendments to 494.0026

Arrestable Offenses / Crimes under Fla. Stat. 494.0026

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 494.0026.

Annotations, Discussions, Cases:

Cases Citing Statute 494.0026

Total Results: 8

Bank of America, N.A. v. Nash

Court: District Court of Appeal of Florida | Date Filed: 2016-05-06

Citation: 200 So. 3d 131, 2016 Fla. App. LEXIS 6973, 2016 WL 2596015

Snippet: among others, a fine or reprimand. 1 §§ 494.0026, 494.0072, Fla. Stat. (2005). The failure to comply

Loeb v. State

Court: District Court of Appeal of Florida | Date Filed: 1980-08-12

Citation: 387 So. 2d 433

Snippet: Powell v. Florida Land & Improvement Co., 41 Fla. 494, 26 So. 700 (1899). The affirmance or the dismissal

Hough v. Stembridge

Court: District Court of Appeal of Florida | Date Filed: 1973-05-22

Citation: 278 So. 2d 288

Snippet: Powell v. Florida Land & Improvement Co., 41 Fla. 494, 26 So. 700 (1899); City of Miami Beach v. Lansburgh

City of Miami Beach v. Lansburgh

Court: District Court of Appeal of Florida | Date Filed: 1969-01-07

Citation: 217 So. 2d 348, 1969 Fla. App. LEXIS 6347

Snippet: Powell v. Florida Land & Improvement Co., 41 Fla. 494, 26 So. 700, made reference to a rule prevailing in

City of Miami v. Cuban Vill-Age Co.

Court: District Court of Appeal of Florida | Date Filed: 1962-06-27

Citation: 143 So. 2d 69, 1962 Fla. App. LEXIS 3013

Snippet: Powell v. Florida Land & Improvement Co., 41 Fla. 494, 26 So. 700; Ford v. State (Tex.Civ.App.1919), 209

Orlando Orange Groves Co. v. Hale

Court: Supreme Court of Florida | Date Filed: 1935-04-29

Citation: 161 So. 284, 119 Fla. 159, 1935 Fla. LEXIS 950

Snippet: v. Florida Land Development Company, 41 Fla. 494, 26 So.2d 700, and cases therein cited. In the opinion

Willey v. W. J. Hoggson Corp.

Court: Supreme Court of Florida | Date Filed: 1925-05-30

Citation: 105 So. 126, 89 Fla. 446

Snippet: Powell v. Florida Land Improvement Co., 41 Fla. 494, 26 South. Rep. 700; Thalheim v. Camp Phosphate Co

Reese v. Damato

Court: Supreme Court of Florida | Date Filed: 1902-06-15

Citation: 44 Fla. 692

Snippet: v. Florida Land & Improvement Company, 41 Fla. 494, 26 South. Rep. 700. The following authorities from