CODING: Words stricken are deletions; words underlined are additions.
HOUSE AMENDMENT
Bill No. CS/CS/HB 1095, 1st Eng.
Amendment No. ___ (for drafter's use only)
CHAMBER ACTION
Senate House
.
.
1 .
.
2 .
.
3 .
.
4 ______________________________________________________________
5 ORIGINAL STAMP BELOW
6
7
8
9
10 ______________________________________________________________
11 Representative(s) Smith offered the following:
12
13 Amendment (with title amendment)
14 On page 1, line 29, through page 3, line 15,
15 remove: all of said lines
16
17 and insert:
18 Section 1. Subsection (9) is added to section 199.185,
19 Florida Statutes, to read:
20 199.185 Property exempted from annual and nonrecurring
21 taxes.--
22 (9)(a) Notes, bonds, or other obligations secured by
23 mortgages or liens given to secure the performance of an
24 indemnitor in an amount less than $2 million to a surety by
25 insurance companies licensed in this state when such surety is
26 issued for the following purposes:
27 1. Construction bid bonds,
28 2. Construction performance bonds,
29 3. Construction payment bonds,
30 4. Construction licenses,
31 5. Permits,
1
File original & 9 copies 03/20/02
hbd0011 04:13 pm 01095-0093-931553
HOUSE AMENDMENT
Bill No. CS/CS/HB 1095, 1st Eng.
Amendment No. ___ (for drafter's use only)
1 6. Court bonds, or
2 7. Bail bonds
3
4 are exempt from the tax imposed under this chapter at the time
5 of recording the mortgage, deed of trust, or lien. The clerk
6 of the court shall accept such recordings at the time of
7 submittal and such mortgage or lien shall have a priority as
8 of the date of recording over any subsequent filings by other
9 parties notwithstanding that the enforcement of the recorded
10 mortgage or lien on the indemnity may come subsequent to the
11 later recording and any action against the indemnitor
12 affecting said mortgage or lien shall provide notice to the
13 insurance company.
14 (b) Upon exercise of the rights under the mortgage or
15 lien, all applicable taxes due pursuant to this chapter shall
16 become due and payable as if the mortgage or lien were
17 initially executed and recorded without this exemption.
18 (c) Failure to pay tax at time of exercise shall not
19 affect the mortgage or lien, but any person who willfully
20 violates or fails to comply with this subsection is subject to
21 the penalties set forth in s. 199.282.
22 Section 2. Subsection (5) is added to section 201.23,
23 Florida Statutes, to read:
24 201.23 Foreign notes and other written obligations
25 exempt.--
26 (5)(a) Mortgages, trust deeds, liens, or security
27 agreements filed or recorded to secure the performance of an
28 indemnitor to a surety in an amount less than $2 million by
29 insurance companies licensed in this state when such surety is
30 issued for the following purposes:
31 1. Construction bid bonds,
2
File original & 9 copies 03/20/02
hbd0011 04:13 pm 01095-0093-931553
HOUSE AMENDMENT
Bill No. CS/CS/HB 1095, 1st Eng.
Amendment No. ___ (for drafter's use only)
1 2. Construction performance bonds,
2 3. Construction payment bonds,
3 4. Construction licenses,
4 5. Permits,
5 6. Court bonds, or
6 7. Bail bonds
7
8 are exempt from the tax imposed under this chapter at the time
9 of recording the mortgage or lien. The clerk of the court
10 shall accept such recordings at the time of submittal and such
11 mortgage or lien shall have a priority as of the date of
12 recording over any subsequent filings by other parties
13 notwithstanding that the enforcement of the recorded mortgage
14 or lien on the indemnity may occur after the later recording
15 and any action against the indemnitor affecting said mortgage
16 or provides notice to the insurance company.
17 (b) Upon exercise of the rights under the mortgage or
18 lien, all applicable taxes due pursuant to this chapter shall
19 become due and payable as if the mortgage or lien were
20 initially executed and recorded without this exemption.
21 (c) Failure to pay any tax at time of exercise shall
22 result in the penalties set forth in this chapter for failure
23 to pay the tax.
24
25
26 ================ T I T L E A M E N D M E N T ===============
27 And the title is amended as follows:
28 On page 1, lines 3-13,
29 remove: remove all of said lines
30
31 and insert:
3
File original & 9 copies 03/20/02
hbd0011 04:13 pm 01095-0093-931553
HOUSE AMENDMENT
Bill No. CS/CS/HB 1095, 1st Eng.
Amendment No. ___ (for drafter's use only)
1 199.185, 201.23, F.S.; exempting certain
2 mortgages and liens from the intangible
3 personal property tax and the excise tax on
4 documents at time of recording; providing that
5 those taxes become due upon exercise of rights
6 under the mortgage or lien; providing penalties
7 for failure to pay those taxes when due;
8 amending s.
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
4
File original & 9 copies 03/20/02
hbd0011 04:13 pm 01095-0093-931553