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The Florida Senate

2007 Florida Statutes

Section 498.041, Florida Statutes 2007

498.041  Annual renewal; termination of registration.--

(1)  Each registrant shall annually renew each order of registration it holds until the registration is revoked or terminated by the division. The annual renewal shall include:

(a)  The annual renewal fee prescribed in s. 498.017

(b)  An annual report in the form prescribed by the rules of the division.

This subsection does not limit or reduce the obligation of each registrant to submit to the division a notification of all material changes, pursuant to s. 498.033(2).

(2)  Each registrant shall renew all its existing registrations based on the first letter of the registrant's name pursuant to the following schedule:

First Letter

Due Date

A and B ............ January 31

C ............ February 28

D and E ............ March 31

F and G ............ April 30

H and I ............ May 31

J and K ............ June 30

L and M ............ July 31

N and O ............ August 31

P ............ September 30

Q and R ............ October 31

S ............ November 30

T through Z ............ December 31

(3)  A registration may be terminated upon application if, at the time of application for termination, all of the following conditions are met:

(a)  All current renewal fees and annual reports have been submitted to the division.

(b)  All improvements to the subdivided lands as provided in the offering have been completed.

(c)  Provision in a manner acceptable to the division has been made for the perpetual maintenance of all improvements to the subdivided lands to the extent required by the offering.

(d)  No administrative orders are pending with any state or federal governmental agency to suspend or revoke any registration of the subdivided lands subject to the application for termination.

(e)  Each contract purchaser has received title to the property purchased as so provided for in the offering, free and clear of any liens and encumbrances, except for any mortgage given by the purchaser. The registrant must provide the division with an affidavit, executed by an authorized representative of the registrant, verifying the subdivided lands sold have been deeded to each purchaser in fulfillment of the registrant's offering.

(4)  If, at the time of application for termination, title has not been delivered to all purchasers from whom unpaid balances are due pursuant to agreements for deed, the termination shall be deemed a material change. In such event, the registrant must comply with paragraphs (3)(a)-(e) and either paragraph (a) or paragraph (b):

(a)  The registrant shall convey title to all such purchasers by general or statutory warranty deed, or in the manner provided for in the contract, receiving from each said purchaser a purchase money mortgage and note, or retaining a vendor's lien in the amount of the unpaid balance due pursuant to the agreement for deed. In such event, the registrant shall:

1.  Record said conveyance and deliver to the division, prior to the entry of an order of termination, an affidavit listing the name of each purchaser and the clerk's file number of official record book and page number of each recorded deed; however, if the registrant was not obligated to record these conveyances, their dates of delivery may be provided in place of official recording information. Said affidavit shall also include an affirmative statement that the property conveyed to each purchaser is the same as the buyer agreed to purchase.

2.  If the registrant elects to convey title subject to a vendor's lien rather than a purchase money mortgage, the conveyance shall include the following statement: "This conveyance is subject to a vendor's lien in favor of  (name of grantor) , with a principal balance outstanding of $_____. This vendor's lien is payable at the rate of $_____ per month, including a period of _____ months from this date. Upon payment in full of this vendor's lien, the grantor shall record upon the public records a satisfaction of this vendor's lien and mail to the grantee the original recorded satisfaction of vendor's lien."

(b)  The registrant may prepare and execute general or statutory warranty deeds or other conveyance as provided for in the contracts, for all purchasers, in recordable form and deliver such conveyances to a trustee. The registrant may also record and deliver a single general warranty deed to the trustee conveying legal title to all lots subject to outstanding agreements for deed. The trustee and the registrant shall enter into an irrevocable trust agreement properly certified and delivered to the division which shall include, but not be limited to, the following:

1.  A statement that the trustee shall hold physical possession of said conveyances of property until they are delivered or the property is conveyed to the purchaser.

2.  The name and address of the grantee in each conveyance, and the legal description of the property to be conveyed.

3.  An undertaking by the registrant to notify the trustee within 10 days after receipt of final payments from a purchaser that full payment has been made for the particular lot or lots purchased.

4.  An undertaking that the trustee shall deliver each conveyance to the grantee named therein or agree to prepare a conveyance from the trustee to the purchaser upon receipt of notice by the trustee that the balance owed by the purchaser pursuant to the agreement for deed has been paid in full. Said undertaking shall also provide that if the registrant fails to give such notice to the trustee when it is due, the trustee may deliver said conveyance to the grantee upon the presentation to the trustee by the purchaser or the grantee of proof that the balance owed by the purchaser has been paid in full.

5.  An undertaking by the trustee that a conveyance will be redelivered to the registrant only after proof has been presented to the trustee that the recorded interest of the grantee has been legally terminated in the public records by a final judgment of foreclosure, final judgment quieting title, quitclaim deed, or otherwise.

6.  An undertaking by the registrant that the trust agreement shall be recorded in the public records of the county in which the subdivided lands are located.

7.  An undertaking by the trustee to notify the division when all of the subject deeds have been delivered to grantees or redelivered to the developer.

(5)  A registrant who has been granted an order of termination pursuant to paragraph (4)(b) with regard to a subdivision shall not be required to comply with the reporting provisions of this chapter or file annual renewals. However, until each purchaser has received a deed in fulfillment of his or her purchase contract, the registrant shall remain subject to the jurisdiction of the division, the provisions of this chapter, and administrative rules promulgated thereunder, notwithstanding the entry of an order of termination.

(6)  If the division subsequently finds that the order of termination was granted upon false information or, as a matter of law, that the registrant was not entitled to an order of termination, the order may be revoked by the division after due notice to the registrant.

(7)  A pending application for termination shall not relieve the registrant from the obligation to renew a registration annually and pay the annual renewal fee, unless an order of termination is entered prior to the first day of that annual renewal period.

(8)  The division may also enter an order terminating a registration:

(a)  If no dispositions of interests in subdivided lands in a registration have occurred, or any made have been legally rescinded, and the registrant will not offer or dispose of the property in a manner subject to the registration requirements of this chapter. The registrant may petition for termination pursuant to this paragraph without regard to the provisions of this section. The petition shall include the following:

1.  A petition for termination under this paragraph, signed by the registrant, stating the registrant's name and the division's reference number assigned to the order of registration.

2.  An affidavit executed by each individual registrant, by the chief executive officer of an incorporated registrant, by a general partner if the registrant is a partnership, or by each participant if the registrant is a joint venture, which verifies the following information:

a.  No interests have been disposed of in the subdivided lands subject to the registration; or

b.  All dispositions of interests in the subject subdivided lands have been legally rescinded.

(b)  Notwithstanding the requirements of this section, the division may approve an application for termination of registration if, in the discretion of the division, the circumstances are such that no affirmative action to enforce the requirements of this section is needed to protect purchasers or the public interest.

History.--s. 31, ch. 67-229; s. 9, ch. 69-393; s. 2, ch. 71-98; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 20, 30, 32, ch. 79-347; ss. 13, 21, ch. 81-177; ss. 2, 3, ch. 81-318; s. 3, ch. 83-265; ss. 21, 33, 34, ch. 88-90; s. 4, ch. 91-429; s. 578, ch. 97-103; s. 16, ch. 97-192.

Note.--Former s. 478.33.