Florida Statutes
Fla. Stat. § 494.0038 (2025)
Mortgage broker fees.
✓ 2025 Florida Statutes — current through the 2025 Regular Session
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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.
Notes of Decisions
Cited in 2
cases, 2011–2013 · leading case: Edward T. Byrd & Co. v. WPSC Venture I, 66 So. 3d 979 (Fla. 5th DCA 2011).
Edward T. Byrd & Co. v. WPSC Venture I, 66 So. 3d 979 (Fla. 5th DCA 2011). “In the context of the alleged statutory deficiencies in this case, section 494.0038’s revisions are remedial.”
Wane v. Loan Corp., 926 F. Supp. 2d 1312 (M.D. Fla. 2013). “failed to give mortgage broker disclosure pursuant to Florida Statute § 494.0038(l)(a); (7) lack of assignment of the Note; (8) Bank United, N.”
— 494.0038(1)(a) — 1 case
Edward T. Byrd & Co. v. WPSC Venture I, 66 So. 3d 979 (Fla. 5th DCA 2011). “In the context of the alleged statutory deficiencies in this case, section 494.0038’s revisions are remedial.”
— 494.0038(l)(a) — 1 case
Wane v. Loan Corp., 926 F. Supp. 2d 1312 (M.D. Fla. 2013). “failed to give mortgage broker disclosure pursuant to Florida Statute § 494.0038(l)(a); (7) lack of assignment of the Note; (8) Bank United, N.”
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