Florida/Georgia Personal Injury & Workers Compensation

You're probably overthinking it. Call a lawyer.

Call Now: 904-383-7448
Florida Statute 494.0042 - Full Text and Legal Analysis
Florida Statute 494.0042 | Lawyer Caselaw & Research
Link to State of Florida Official Statute
F.S. 494.0042 Case Law from Google Scholar Google Search for Amendments to 494.0042

The 2025 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS
Chapter 494
LOAN ORIGINATORS AND MORTGAGE BROKERS
View Entire Chapter
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

F.S. 494.0042 on CourtListener

Amendments to 494.0042


Annotations, Discussions, Cases:

Cases Citing Statute 494.0042

Total Results: 3  |  Sort by: Relevance  |  Newest First

Copy

Ieracitano v. Shaw, 815 So. 2d 787 (Fla. 4th DCA 2002).

Cited 4 times | Published | Florida 4th District Court of Appeal | 2002 WL 985355

...Because the wording of the agreement is ambiguous, its interpretation involves questions of fact, which preclude summary judgment. See, e.g., Yardum v. Scalese, 799 So.2d 382, 383 (Fla. 4th DCA 2001). We agree with appellee that the disclosures set forth in section 494.00421, Florida Statutes (2000), were not required in this transaction because appellee was not acting within the context of a "mortgage brokerage business" and did not contract to receive a "mortgage brokerage fee" within the meaning of the definitions set forth in section 494.001, Florida Statutes (2000). Ieracitano and Blue Paper argue that disclosure pursuant to section 494.00421 was required because the section contained the phrase "[n]otwithstanding the provisions of ss. 494.001-494.0077." They read this language to mean that the section 494.001 definitions do not apply to section 494.0042....
...es." Jordan v. Food Lion, Inc., 670 So.2d 138, 140 (Fla. 1st DCA 1996). Section 494.001 commences with the phrase "[a]s used in ss. 494.001-494.0077," indicating that the section's 29 definitions are to be applied through section 494.0077, including section 494.00421. Section 494.00421 uses two phrases specifically defined *789 at subsections 494.001(16) & (17)— "mortgage brokerage business" and "mortgage brokerage fee." The definitions of these two terms requires reference to the definition of the phrase "act as a mortgage broker" at section 494.001(3). It is highly unlikely that the legislature would impose specific disclosure requirements in section 494.00421 without reference to the section 494.001 statutory definitions which determine when the disclosures are required. This approach would leave it to case law to develop a parallel universe of definitions for the two terms under section 494.00421, apart from the definitions in section 494.001, a development which would unnecessarily complicate the law. We therefore read the "notwithstanding" clause of section 494.00421 as precluding the application of any contrary substantive provision of sections 494.001-494.0077, but not excluding the definitions contained in section 494.001....
Copy

Marks v. Millman, 641 So. 2d 414 (Fla. 3d DCA 1993).

Cited 4 times | Published | Florida 3rd District Court of Appeal | 1993 WL 205602

...lementary. The Millmans argue that the master was correct, or alternatively that a lien arises on the date of filing of proceedings supplementary, not the date of service. [9] Repealed by ch. 91-245, § 51, Laws of Fla. (effective Oct. 1, 1991). Cf. § 494.0042, Fla....
Copy

Dampier v. Dep't of Banking & Fin., Div. of Fin., 593 So. 2d 1101 (Fla. Dist. Ct. App. 1992).

Published | District Court of Appeal of Florida | 1992 Fla. App. LEXIS 672, 1992 WL 15886

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

This Florida statute resource is curated by Graham W. Syfert, Esq., a Jacksonville, Florida personal injury and workers' compensation attorney. For legal consultation, call 904-383-7448.