Florida Statute 494.0042 | 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. 494.0042

494.0042 Loan origination fees.—

(1) A loan origination fee earned by a licensee, pursuant to this part, is not considered interest or a finance charge under chapter 687.

(2) A person may not charge or exact, directly or indirectly, from the borrower a fee or commission in excess of the maximum fee or commission specified in this section. The maximum fees or commissions that may be charged for mortgage loans are as follows:

(a) On a mortgage loan of $1,000 or less: $250.

(b) On a mortgage loan exceeding $1,000 and not exceeding $2,000: $250 for the first $1,000 of the mortgage loan, plus $10 for each additional $100 of the mortgage loan.

(c) On a mortgage loan exceeding $2,000 and not exceeding $5,000: $350 for the first $2,000 of the mortgage loan, plus $10 for each additional $100 of the mortgage loan.

(d) On a mortgage loan exceeding $5,000: $250 plus 10 percent of the entire mortgage loan.

For the purpose of determining the maximum fee, the amount of the mortgage loan is based on the amount of mortgage loan actually funded exclusive of the authorized maximum fees or commissions.

(3) At the time of accepting a mortgage loan application, a mortgage broker may receive from the borrower a nonrefundable application fee. If the mortgage loan is funded, the nonrefundable application fee shall be credited against the amount owed as a result of the loan being funded. A person may not receive any form of compensation for acting as a loan originator other than a nonrefundable application fee or a fee based on the mortgage amount being funded.

History.—ss. 29, 50, ch. 91-245; s. 4, ch. 91-429; s. 12, ch. 95-313; s. 38, ch. 2009-241; s. 44, ch. 2014-91.

F.S. 494.0042 on Google Scholar

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Amendments to 494.0042

Arrestable Offenses / Crimes under Fla. Stat. 494.0042

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 494.0042.

Annotations, Discussions, Cases:

Cases Citing Statute 494.0042

Total Results: 5

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

Court: District Court of Appeal of Florida | Date Filed: 2011-06-24

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

Snippet: the business and the borrower. [[Image here]] 494.0042 Brokerage fees.— (3) At the time of accepting

Ieracitano v. Shaw

Court: District Court of Appeal of Florida | Date Filed: 2002-05-15

Citation: 815 So. 2d 787, 2002 WL 985355

Snippet: section 494.001 definitions do not apply to section 494.0042. We reject this interpretation of the statute

Marks v. Millman

Court: District Court of Appeal of Florida | Date Filed: 1993-06-15

Citation: 641 So. 2d 414, 1993 WL 205602

Snippet: Laws of Fla. (effective Oct. 1, 1991). Cf. § 494.0042, Fla. Stat. (1991) (brokerage fees) (effective

Dampier v. Department of Banking & Finance, Division of Finance

Court: District Court of Appeal of Florida | Date Filed: 1992-01-31

Citation: 593 So. 2d 1101, 1992 Fla. App. LEXIS 672, 1992 WL 15886

Snippet: 494] committed by a licensee or registrant.” § 494.042(2), Fla.Stat. (1989). To the extent relevant to

Blouin v. American Liberty Insurance

Court: District Court of Appeal of Florida | Date Filed: 1979-07-10

Citation: 375 So. 2d 326, 1979 Fla. App. LEXIS 15832

Snippet: a different remedy exists today. See: Sections 494.042, 494.043, 494.044, Florida Statutes (1977).