Florida Statute 494.0038 | Lawyer Caselaw & Research

The 2024 Florida Statutes

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

Chapter 494
LOAN ORIGINATORS AND MORTGAGE BROKERS

View Entire Chapter

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 Citing Statute 494.0038

Total Results: 3

D.H. v. State

Court: Fla. Dist. Ct. App. | Date Filed: 2013-09-04T00:00:00-07:00

Citation: 121 So. 3d 76, 2013 Fla. App. LEXIS 14158, 2013 WL 4734572

Snippet: States v. Robinson, 414 U.S. 218, 235, 94 S.Ct. 494, 38 L.Ed.2d 427 (1973)). Searches incident to an arrest

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

Court: Fla. Dist. Ct. App. | Date Filed: 2011-06-24T00:00:00-07:00

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

Snippet: concludes it can collect its fee under section 494.0038(1)(a)1. See §§ 494.001(3), (18M20). At the summary…alleged statutory deficiencies in this case, section 494.0038’s revisions are remedial. Reading the Act with

Shaffer v. State

Court: Fla. Dist. Ct. App. | Date Filed: 1974-05-22T00:00:00-07:00

Citation: 295 So. 2d 677, 1974 Fla. App. LEXIS 7131

Snippet: Ma, 1973, 414 U.S. 260, 94 S.Ct. 488 at 492 and 494, 38 L.Ed.2d 456. See also, Davis v. Mississippi, 1969