The 2023 Florida Statutes (including Special Session C)

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.

F.S. 494.0038 on Google Scholar

F.S. 494.0038 on Casetext

Amendments to 494.0038

Arrestable Offenses / Crimes under Fla. Stat. 494.0038

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 494.0038.

Annotations, Discussions, Cases:

Cases from cite.case.law:

WANE v. LOAN CORPORATION,, 926 F. Supp. 2d 1312 (M.D. Fla. 2013)

. . . Wanes; (6) Bank United, N.A. failed to give mortgage broker disclosure pursuant to Florida Statute § 494.0038 . . .

EDWARD T. BYRD COMPANY, INC. v. WPSC VENTURE I,, 66 So. 3d 979 (Fla. Dist. Ct. App. 2011)

. . . In relevant part, the Act also states: 494.0038 Mortgage broker disclosures.— (1)(a)1. . . . Read together, Byrd concludes it can collect its fee under section 494.0038(1)(a)1. . . . In the context of the alleged statutory deficiencies in this case, section 494.0038’s revisions are remedial . . .