Florida Senate - 2023 COMMITTEE AMENDMENT Bill No. SB 770 Ì559776bÎ559776 LEGISLATIVE ACTION Senate . House Comm: RCS . 03/27/2023 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Commerce and Tourism (Bradley) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Delete everything after the enacting clause 4 and insert: 5 Section 1. Section 475.279, Florida Statutes, is created to 6 read: 7 475.279 Residential loan alternative agreements for the 8 disposition of residential real property.— 9 (1) As used in this section, the term: 10 (a) “Disposition” means a transfer or voluntary conveyance 11 of the title or other ownership interest in residential real 12 property. 13 (b) “Residential loan alternative agreement” means a signed 14 writing between a person and a seller or owner of residential 15 real property which: 16 1. Grants an exclusive right to a person to act as a broker 17 for the disposition of the property; 18 2. Has an effective duration, inclusive of renewals, of 19 more than 2 years; and 20 3. Requires the person to pay monetary compensation to the 21 seller or owner. 22 (c) “Residential real property” means improved residential 23 real property of four units or fewer or unimproved residential 24 real property intended for four units or fewer. 25 (2) A residential loan alternative agreement may not 26 authorize a person to place a lien or otherwise encumber any 27 residential real property. A residential loan alternative 28 agreement may not constitute a lien, an encumbrance, or a 29 security interest in the residential real property. A court may 30 not enforce a residential loan alternative agreement by a lien 31 or constructive trust in the residential real property or upon 32 the proceeds of the disposition of the residential real 33 property. 34 (3) A residential loan alternative agreement may not be 35 assigned. 36 (4) A residential loan alternative agreement is void if 37 listing services do not begin within 90 days after the execution 38 of the agreement by both parties. 39 (5) As a matter of public policy, a residential loan 40 alternative agreement that does not meet the requirements of 41 this section is unenforceable in law or equity. In addition, a 42 residential loan alternative agreement may not be recorded by 43 the clerk of the circuit court. 44 (6) A violation of this section is deemed an unfair or 45 deceptive trade practice within the meaning of part II of 46 chapter 501, and a person who violates this section is subject 47 to the penalties and remedies provided therein. 48 Section 2. This act shall take effect July 1, 2023. 49 50 ================= T I T L E A M E N D M E N T ================ 51 And the title is amended as follows: 52 Delete everything before the enacting clause 53 and insert: 54 A bill to be entitled 55 An act relating to residential loan alternative 56 agreements; creating s. 475.279, F.S.; defining terms; 57 specifying restrictions on residential loan 58 alternative agreements for the disposition of 59 residential real property; prohibiting a court from 60 enforcing such agreements by certain means; providing 61 that such agreements are void if listing services do 62 not begin within a certain timeframe; providing 63 construction; prohibiting the clerk of the circuit 64 court from recording such agreements; providing that 65 violations are unfair or deceptive trade practices; 66 specifying penalties and remedies; providing an 67 effective date.