Florida Statute 494.007 | 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. 494.007

494.007 Commitment process.—

(1) If a commitment is issued, the mortgage lender shall disclose in writing:

(a) The expiration date of the commitment;

(b) The mortgage amount, meaning the face amount of credit provided to the borrower or in the borrower’s behalf;

1. The basis, index, or method, if any, which will be used to determine the rate at closing. Such basis, index, or method shall be established and disclosed with direct reference to the movement of an interest rate index or of a national or regional index that is available to and verifiable by the borrower and beyond the control of the lender; or

2. The following statement, in at least 10-point bold type: “The interest rate will be the rate established by the lender in its discretion as its prevailing rate days before closing.”; and

(d) The time, if any, within which the commitment must be accepted by the borrower.

(2) The provisions of a commitment cannot be changed prior to expiration of the specified period within which the borrower must accept it. If any information necessary for an accurate disclosure required by subsection (1) is unknown to the mortgage lender at the time disclosure is required, the lender shall make the disclosure based upon the best information reasonably available to it and shall state that the disclosure is an estimate.

(3) A commitment fee is refundable if:

(a) The commitment is contingent upon approval by parties to whom the mortgage lender seeks to sell the loan.

(b) The loan purchaser’s requirements are not met due to circumstances beyond the borrower’s control.

History.—ss. 41, 50, ch. 91-245; s. 4, ch. 91-429; s. 54, ch. 2009-241; s. 51, ch. 2014-91.

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Amendments to 494.007

Arrestable Offenses / Crimes under Fla. Stat. 494.007

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 494.007.

Annotations, Discussions, Cases:

Cases Citing Statute 494.007

Total Results: 13

Bayonet Point Reg. Med. Ctr. v. Dhrs

Court: District Court of Appeal of Florida | Date Filed: 1987-11-24

Citation: 516 So. 2d 995, 1987 WL 1896

Snippet: department as a part of its rules." Section 381.494(7)(b)1. HRS clearly possesses broad powers, legislatively-delegated

Ago

Court: Florida Attorney General Reports | Date Filed: 1987-05-27

Snippet: accordance with the district plans [see, s. 381.494(7)(b)] and present and future federal and state statutes

Upjohn Healthcare Services v. DEPT. OF HEALTH

Court: District Court of Appeal of Florida | Date Filed: 1986-07-22

Citation: 496 So. 2d 147

Snippet: errors emerge in this case. First, section 381.494(7)(b)(1) requires local health councils to develop

NME Hospitals, Inc. v. Department of Health

Court: District Court of Appeal of Florida | Date Filed: 1986-06-24

Citation: 492 So. 2d 379

Snippet: its unique local health needs... ." Section 381.494(7)(b), Fla. Stat. (Supp. 1982). Moreover, section

University Med. Center v. Dept. of Health

Court: District Court of Appeal of Florida | Date Filed: 1986-02-13

Citation: 483 So. 2d 712

Snippet: replace them with local health councils. § 381.494(7), Fla. Stat. (1983). The local health councils were

Humhosco, Inc. v. DEPT. OF H. & R. SERVICES

Court: District Court of Appeal of Florida | Date Filed: 1985-09-25

Citation: 476 So. 2d 258

Snippet: The rules were proposed pursuant to section 381.494(7)(b)1, Florida Statutes (1983), which requires that

Turro v. Department of Health & Rehabilitative Services

Court: District Court of Appeal of Florida | Date Filed: 1984-10-12

Citation: 458 So. 2d 345, 9 Fla. L. Weekly 2195, 1984 Fla. App. LEXIS 15459

Snippet: became effective on June 10, 1983. .Section 381.494(7)(b)l requires local health councils to develop district-wide

Turro v. DEPT. OF HLT. & REHAB. SERV.

Court: District Court of Appeal of Florida | Date Filed: 1984-10-12

Citation: 458 So. 2d 345

Snippet: became effective on June 10, 1983. [3] Section 381.494(7)(b)1 requires local health councils to develop district-wide

Farmworker Rights Org. v. STATE, DEPT. OF HEALTH AND REHAB. SERVICES

Court: District Court of Appeal of Florida | Date Filed: 1983-04-14

Citation: 430 So. 2d 1

Snippet: program and other related programs. Section 381.494(7)(a), Fla. Stat. (1981),[2] provides that HRS shall

Gulf Coast Hosp., Inc. v. DEPT. OF HEALTH & REHABILITATIVE SERVICES

Court: District Court of Appeal of Florida | Date Filed: 1982-12-16

Citation: 424 So. 2d 86

Snippet: the cause is remanded pursuant to Section 381.494(7)(c), Florida Statutes, with directions that HRS

Gateway Hospital Corp., East v. Department of Health & Rehabilitative Services

Court: District Court of Appeal of Florida | Date Filed: 1982-09-29

Citation: 420 So. 2d 337, 1982 Fla. App. LEXIS 21335

Snippet: denies a certifícate of need for the project. § 381.494(7)(c), Fla.Stat. (1981); Fla.Admin.Code Rule 10-5

South Broward Hospital District v. Department of Health & Rehabilitative Services, Division of Administrative Hearings

Court: District Court of Appeal of Florida | Date Filed: 1980-06-18

Citation: 385 So. 2d 1094, 1980 Fla. App. LEXIS 16430

Snippet: Statutes (1977), which was renumbered as § 381.-494(7)(e) in the 1979 edition. . The last sentence of

Enson v. State

Court: Supreme Court of Florida | Date Filed: 1909-06-15

Citation: 58 Fla. 37

Snippet: Crim. Law, 213; Presley v. State, 24 Tex. App. 494, 7 Am. Cr. Rep. 243. The facts alleged in the information