Senate Bill 0446

    Florida Senate - 1999                                   SB 446

    By the Committee on Fiscal Policy





    301-212A-99

  1                      A bill to be entitled

  2         An act relating to the re-creation of the

  3         Mortgage Brokerage Guaranty Fund without

  4         modification; re-creating the Mortgage

  5         Brokerage Guaranty Fund; carrying forward

  6         current balances and continuing current sources

  7         and uses thereof; providing an effective date.

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  9         WHEREAS, the Legislature wishes to extend the life of

10  the Mortgage Brokerage Guaranty Fund, which is otherwise

11  scheduled to be terminated pursuant to constitutional mandate,

12  and

13         WHEREAS, the Legislature has reviewed the Mortgage

14  Brokerage Guaranty Fund before its scheduled termination date

15  and has found that it continues to meet an important public

16  purpose, and

17         WHEREAS, the Legislature has found that existing public

18  policy concerning the Mortgage Brokerage Guaranty Fund sets

19  adequate parameters for its use, NOW, THEREFORE,

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21  Be It Enacted by the Legislature of the State of Florida:

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23         Section 1.  (1)  The Mortgage Brokerage Guaranty Fund,

24  FLAIR number 44-2-485, within the Department of Banking and

25  Finance, which is established in section 494.0017, Florida

26  Statutes, and which is to be terminated pursuant to Section

27  19(f), Article III of the State Constitution on November 4,

28  2000, is re-created.

29         (2)  All current balances of the fund are carried

30  forward, and all current sources and uses of the fund are

31  continued.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1999                                   SB 446
    301-212A-99




  1         Section 2.  This act shall take effect November 4,

  2  2000.

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  5                          SENATE SUMMARY

  6    Re-creates the Mortgage Brokerage Guaranty Fund within
      the Department of banking and Finance.
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