Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. SB 1016
                        Barcode 941868
                            CHAMBER ACTION
              Senate                               House
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11  The Committee on Regulated Industries (King) recommended the
12  following amendment:
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14         Senate Amendment (with title amendment) 
15         On page 15, lines 3-16, delete those lines
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17  and insert:  
18         (1)  Prior to a lender making any loan disbursement on
19  any construction loan secured by residential real property
20  directly to the owner, which, for purposes of this subsection,
21  means only a natural person, into the owner's account or
22  accounts, or jointly to the owner and any other party, the
23  lender must mail, deliver by electronic mail or other
24  electronic format or facsimile, or personally deliver shall
25  give the following written notice to the borrowers in bold
26  type larger than any other type on the page:
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28                             WARNING!
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30         YOUR LENDER IS MAKING A LOAN DISBURSEMENT
31         DIRECTLY TO YOU AS THE BORROWER, OR JOINTLY TO
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    4:14 PM   03/17/05                             s1016c-ri08-k0f


    Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. SB 1016
                        Barcode 941868
 1         YOU AND ANOTHER PARTY. TO PROTECT YOURSELF FROM
 2         HAVING TO PAY TWICE FOR THE SAME LABOR,
 3         SERVICES, OR MATERIALS USED IN MAKING THE
 4         IMPROVEMENTS TO YOUR PROPERTY, BE SURE THAT YOU
 5         REQUIRE YOUR CONTRACTOR TO GIVE YOU LIEN
 6         RELEASES FROM EACH LIENOR WHO HAS SENT YOU A
 7         NOTICE TO OWNER EACH TIME YOU MAKE A PAYMENT TO
 8         YOUR CONTRACTOR.
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10  This subsection does not apply to owners of real property when
11  acting as licensed contractors pursuant to chapter 489 or as
12  developers who create parcels or offer parcels for sale or
13  lease in the ordinary course of business.
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16  ================ T I T L E   A M E N D M E N T ===============
17  And the title is amended as follows:
18         On page 2, line 10-13, delete those lines
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20  and insert:
21         borrower when making a disbursement on a
22         construction loan secured by residential
23         property; providing an effective date.
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    4:14 PM   03/17/05                             s1016c-ri08-k0f