Florida Statutes

Fla. Stat. § 634.421 (2025)

Reporting and accounting for funds.

✓ 2025 Florida Statutes — current through the 2025 Regular Session

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634.421 Reporting and accounting for funds.—

(1) All funds belonging to insurers, service warranty associations, or others received by a sales representative in transactions under her or his license or appointment are trust funds so received by the sales representative or agent in a fiduciary capacity; and the sales representative or agent, in the applicable regular course of business, shall account for and pay such funds to the insurer, association, warranty holder, or other person entitled thereto.

(2) Any sales representative who, not being entitled thereto, diverts or appropriates funds or any portion thereof to her or his own use commits theft as provided in s. 812.014.

History.—s. 5, ch. 78-255; s. 3, ch. 81-148; s. 2, ch. 81-318; s. 3, ch. 83-265; ss. 16, 36, 37, 38, ch. 83-322; s. 61, ch. 91-106; s. 152, ch. 91-108; s. 4, ch. 92-79; s. 20, ch. 93-195; s. 478, ch. 97-102; s. 103, ch. 2019-167.

Notes of Decisions

Cited in 1 case, 1998–1998 · leading case: W.C.P.S. of Florida, Inc. v. Stand. Brands of Am., 707 So. 2d 416 (Fla. 4th DCA 1998).

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W.C.P.S. of Florida, Inc. v. Stand. Brands of Am., 707 So. 2d 416 (Fla. 4th DCA 1998). · cites it 3× “As to Count II, based on section 634.421, Florida Statutes (1995), the complaint does not allege that the appellees individually violated the statute by receiving funds and diverting them to their own use.”

— 634.421(2) — 1 case

W.C.P.S. of Florida, Inc. v. Stand. Brands of Am., 707 So. 2d 416 (Fla. 4th DCA 1998). “As to Count II, based on section 634.421, Florida Statutes (1995), the complaint does not allege that the appellees individually violated the statute by receiving funds and diverting them to their own use.”

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