Florida Statute 494.0038 - Full Text and Legal Analysis

The 2025 Florida Statutes

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

Chapter 494
LOAN ORIGINATORS AND MORTGAGE BROKERS

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F.S. 494.0038

494.0038 Mortgage broker fees.—

(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.

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Amendments to 494.0038

Annotations, Discussions, Cases:

Cases Citing Statute 494.0038

Total Results: 2

Wane v. Loan Corp.

926 F. Supp. 2d 1312, 2013 WL 672574, 2013 U.S. Dist. LEXIS 25245

District Court, M.D. Florida | Filed: Feb 23, 2013 | Docket: 65989095

Published

broker disclosure pursuant to Florida Statute § 494.0038(l)(a); (7) lack of assignment of the Note; (8)

Edward T. Byrd & Co. v. WPSC Venture I

66 So. 3d 979, 2011 Fla. App. LEXIS 9880, 2011 WL 2493656

District Court of Appeal of Florida | Filed: Jun 24, 2011 | Docket: 60301912

Published

Byrd concludes it can collect its fee under section 494.0038(1)(a)1. See §§ 494.001(3), (18M20). At the