Senate Bill sb0850

    Florida Senate - 2004        (NP)                       SB 850

    By Senator Clary





    309-531A-04

  1                      A bill to be entitled

  2         An act relating to trust funds; re-creating the

  3         Mortgage Brokerage Guaranty Fund within the

  4         Office of Financial Institutions and Securities

  5         Regulation without modification; carrying

  6         forward current balances and continuing current

  7         sources and uses thereof; providing an

  8         effective date.

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10         WHEREAS, the Legislature wishes to extend the life of

11  the Mortgage Brokerage Guaranty Fund within the Office of

12  Financial Institutions and Securities Regulation, which is

13  otherwise scheduled to be terminated pursuant to

14  constitutional mandate, and

15         WHEREAS, the Legislature has reviewed the trust fund

16  before its scheduled termination date and has found that it

17  continues to meet an important public purpose, and

18         WHEREAS, the Legislature has found that existing public

19  policy concerning the trust fund sets adequate parameters for

20  its use, NOW, THEREFORE,

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

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24         Section 1.  (1)  The Mortgage Brokerage Guaranty Fund

25  within the Office of Financial Institutions and Securities

26  Regulation, FLAIR number 43-2-485, which is to be terminated

27  pursuant to Section 19(f), Article III of the State

28  Constitution on November 4, 2004, is re-created.

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

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

31  are continued.

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    Florida Senate - 2004        (NP)                       SB 850
    309-531A-04




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

 2  2004.

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 5                          SENATE SUMMARY

 6    Re-creates the Mortgage Brokerage Guaranty Fund within
      the Office of Financial Institutions and Securities
 7    Regulation.

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