House Bill 0445
CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 2000 HB 445
By Representative Goodlette
1 A bill to be entitled
2 An act relating to real estate brokers and
3 salespersons; amending s. 475.25, F.S.;
4 providing an exception to a requirement that a
5 licensee notify the Florida Real Estate
6 Commission of certain doubts or conflicting
7 demands with respect to a transaction when the
8 buyer of a residential condominium unit
9 delivers written notice of intent to cancel the
10 contract for sale and purchase; permitting the
11 return of certain escrowed property; providing
12 an effective date.
13
14 Be It Enacted by the Legislature of the State of Florida:
15
16 Section 1. Paragraph (d) of subsection (1) of section
17 475.25, Florida Statutes, is amended to read:
18 475.25 Discipline.--
19 (1) The commission may deny an application for
20 licensure, registration, or permit, or renewal thereof; may
21 place a licensee, registrant, or permittee on probation; may
22 suspend a license, registration, or permit for a period not
23 exceeding 10 years; may revoke a license, registration, or
24 permit; may impose an administrative fine not to exceed $1,000
25 for each count or separate offense; and may issue a reprimand,
26 and any or all of the foregoing, if it finds that the
27 licensee, registrant, permittee, or applicant:
28 (d)1. Has failed to account or deliver to any person,
29 including a licensee under this chapter, at the time which has
30 been agreed upon or is required by law or, in the absence of a
31 fixed time, upon demand of the person entitled to such
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 2000 HB 445
704-122A-00
1 accounting and delivery, any personal property such as money,
2 fund, deposit, check, draft, abstract of title, mortgage,
3 conveyance, lease, or other document or thing of value,
4 including a share of a real estate commission if a civil
5 judgment relating to the practice of the licensee's profession
6 has been obtained against the licensee and said judgment has
7 not been satisfied in accordance with the terms of the
8 judgment within a reasonable time, or any secret or illegal
9 profit, or any divisible share or portion thereof, which has
10 come into the licensee's hands and which is not the licensee's
11 property or which the licensee is not in law or equity
12 entitled to retain under the circumstances. However, if the
13 licensee, in good faith, entertains doubt as to what person is
14 entitled to the accounting and delivery of the escrowed
15 property, or if conflicting demands have been made upon the
16 licensee for the escrowed property, which property she or he
17 still maintains in her or his escrow or trust account, the
18 licensee shall promptly notify the commission of such doubts
19 or conflicting demands and shall promptly:
20 a. Request that the commission issue an escrow
21 disbursement order determining who is entitled to the escrowed
22 property;
23 b. With the consent of all parties, submit the matter
24 to arbitration;
25 c. By interpleader or otherwise, seek adjudication of
26 the matter by a court; or
27 d. With the written consent of all parties, submit the
28 matter to mediation. The department may conduct mediation or
29 may contract with public or private entities for mediation
30 services. However, the mediation process must be successfully
31 completed within 90 days following the last demand or the
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CODING: Words stricken are deletions; words underlined are additions.
Florida House of Representatives - 2000 HB 445
704-122A-00
1 licensee shall promptly employ one of the other escape
2 procedures contained in this section. Payment for mediation
3 will be as agreed to in writing by the parties. The
4 department may adopt rules to implement this section.
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6 If the licensee promptly employs one of the escape procedures
7 contained herein, and if she or he abides by the order or
8 judgment resulting therefrom, no administrative complaint may
9 be filed against the licensee for failure to account for,
10 deliver, or maintain the escrowed property. When the buyer of
11 a residential condominium unit delivers written notice to a
12 licensee of the buyer's intent to cancel the contract for sale
13 and purchase pursuant to s. 718.503, the licensee may return
14 the escrowed property to the purchaser without notifying the
15 commission or initiating any of the procedures listed in
16 sub-subparagraphs a.-d.
17 2. Has failed to deposit money in an escrow account
18 when the licensee is the purchaser of real estate under a
19 contract where the contract requires the purchaser to place
20 deposit money in an escrow account to be applied to the
21 purchase price if the sale is consummated.
22 Section 2. This act shall take effect upon becoming a
23 law.
24
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26 HOUSE SUMMARY
27
Provides an exception to the requirement that a real
28 estate broker or salesperson notify the Florida Real
Estate Commission with respect to doubts or conflicting
29 demands before disbursing escrowed property, if a
purchaser of a residential condominium delivers written
30 notice to the licensee of the buyer's intent to cancel.
Permits the licensee to return the escrowed property to
31 the purchaser without notifying the commission.
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