Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. CS for SB 304
                        Barcode 352746
                            CHAMBER ACTION
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11  The Committee on Governmental Oversight and Productivity
12  (Sebesta) recommended the following amendment:
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14         Senate Amendment 
15         On page 37, line 28, through
16            page 38, line 14, delete those lines
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18  and insert:  
19         (3)(a)  If the lender, as a result of neglect, fails to
20  pay any tax or insurance premium when the tax or premium is
21  due and there are sufficient escrow funds on deposit to pay
22  the tax or premium, and if the property owner suffers a loss
23  as a result of this failure, then the lender is liable for the
24  loss; except, however, that with respect to any loss which
25  would otherwise have been insured, the extent of the liability
26  shall not exceed the coverage limits of any insurance policy
27  which has lapsed.
28         (b)  If the lender violates paragraph (a) and the
29  premium payment is not more than 90 days overdue, the insurer
30  shall reinstate the insurance policy, retroactive to the date
31  of cancellation, and the lender shall reimburse the property
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    Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. CS for SB 304
                        Barcode 352746
 1  owner for any penalty or fees imposed by the insurer and paid
 2  by the property owner for purposes of reinstating the policy.
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