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The Florida Senate

2007 Florida Statutes

Section 494.0017, Florida Statutes 2007

494.0017  Regulatory Trust Fund.--

(1)  The office shall pay valid claims arising under former ss. 494.042, 494.043, and 494.044, as provided in former s. 494.00171 from the Regulatory Trust Fund.

(2)  Funds from the Regulatory Trust Fund shall be disbursed as provided in former s. 494.044, upon approval by the office, to any party to a mortgage financing transaction who:

(a)  Is adjudged by a court of competent jurisdiction of this state to have suffered monetary damages as a result of any violation of chapter 494 in effect prior to October 1, 1991, committed by a licensee or registrant;

(b)  Has filed a claim for recovery prior to January 1, 1992; and

(c)  Has suffered monetary damages as a result of an act occurring prior to October 1, 1991.

(3)  Notwithstanding s. 215.965, the office may disburse funds to a court or court-appointed person for distribution, if the conditions precedent for recovery exist and the distribution would be the fairest and most equitable manner of distributing the funds.

History.--ss. 8, 50, ch. 91-245; s. 4, ch. 91-429; s. 2, ch. 95-313; s. 21, ch. 99-155; s. 15, ch. 2001-63; s. 521, ch. 2003-261; s. 29, ch. 2004-234.