| 1 | A bill to be entitled |
| 2 | An act relating to escrow agents; creating s. 877.101, |
| 3 | F.S.; prohibiting unauthorized persons from transacting |
| 4 | business using the term "escrow" in a name or a title |
| 5 | under certain circumstances; providing for nonapplication |
| 6 | to certain persons or entities; authorizing certain |
| 7 | persons to bring an action for declaratory relief for |
| 8 | certain purposes; providing for recovery by injured |
| 9 | persons of actual damages plus attorney fees and court |
| 10 | costs in certain actions; providing criminal penalties; |
| 11 | providing an effective date. |
| 12 |
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| 13 | Be It Enacted by the Legislature of the State of Florida: |
| 14 |
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| 15 | Section 1. Section 877.101, Florida Statutes, is created |
| 16 | to read: |
| 17 | 877.101 Escrow business by unauthorized persons; use of |
| 18 | name.-- |
| 19 | (1) Except as provided in subsection (2), in connection |
| 20 | with the purchase and sale of real property, a person may not: |
| 21 | (a) Transact business under any name or title that |
| 22 | contains the word "escrow" or words of similar import; or |
| 23 | (b)1. Use any name, word, sign, symbol, or device in any |
| 24 | context or in any manner; or |
| 25 | 2. Circulate or use any letterhead, billhead, circular, |
| 26 | paper, or writing of any kind or otherwise advertise or |
| 27 | represent in any manner |
| 28 | |
| 29 | that indicates or reasonably implies that the business being |
| 30 | conducted or advertised is the kind or character of business |
| 31 | transacted that is regulated by this state as an escrow agent. |
| 32 | (2) This section does not apply to: |
| 33 | (a) A financial institution as defined in s. 655.005; |
| 34 | (b) An attorney who is a member of The Florida Bar or his |
| 35 | or her law firm; |
| 36 | (c) A person who is licensed pursuant to chapter 475 or |
| 37 | his or her brokerage firm; or |
| 38 | (d) A title insurance agent who is licensed pursuant to s. |
| 39 | 626.8417, a title insurance agency that is licensed pursuant to |
| 40 | s. 626.8418, or a title insurer who is authorized to transact |
| 41 | business in this state pursuant to s. 624.401. |
| 42 | (3) Any person aggrieved by a violation of this section |
| 43 | may bring an action in a court of competent jurisdiction to |
| 44 | obtain a declaratory judgment that an act or practice violates |
| 45 | this section. |
| 46 | (4) In any action brought by a person who has suffered a |
| 47 | loss as a result of a violation of this section, such person may |
| 48 | recover actual damages, plus attorney's fees and court costs. |
| 49 | (5) Any person who willfully violates this section commits |
| 50 | a misdemeanor of the first degree, punishable as provided in s. |
| 51 | 775.082, s. 775.083, or s. 775.084. |
| 52 | Section 2. This act shall take effect July 1, 2008. |