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A bill to be entitled

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An act relating to escrow agents; creating s. 501.165,

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F.S.; prohibiting unauthorized persons from transacting

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business using the term "escrow" in a name or a title

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under certain circumstances; providing a definition;

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authorizing certain persons to bring an action for

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declaratory relief or an injunction for certain purposes;

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providing for recovery by injured persons of actual

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damages plus attorney's fees and court costs in certain

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actions; providing criminal penalties; providing an

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effective date.

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

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     Section 1.  Section 501.165, Florida Statutes, is created to

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read:

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     501.165 Escrow business by unauthorized persons; use of

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name.--

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     (1) A person, other than a person who is specifically

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authorized under the laws of this state to act as an escrow agent

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in this state and is acting within the scope of that authority,

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may not:

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     (a) Transact business under any name or title that contains

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the word "escrow" or words of similar import; or

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     (b)1. Use any name, word, sign, symbol, or device in any

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context or in any manner; or

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     2. Circulate or use any letterhead, billhead, circular,

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paper, or writing of any kind or otherwise advertise or represent

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in any manner,

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that indicates or reasonably implies that the business being

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conducted or advertised is the kind or character of business

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transacted that is regulated by this state as an escrow agent.

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     (2) For purposes of this section, the term "escrow agent"

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means only:

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     (a) A savings and loan association, bank, trust company, or

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other financial institution, any of which must be located in this

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state and any of which must have a net worth in excess of $5

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million;

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     (b) An attorney who is a member of The Florida Bar or his

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or her law firm;

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     (c) A real estate broker who is licensed pursuant to

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chapter 475 or his or her brokerage firm; or

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     (d) A title insurance agent who is licensed pursuant to s.

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626.8417, a title insurance agency that is licensed pursuant to

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s. 626.8418, or a title insurer who is authorized to transact

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business in this state pursuant to s. 624.401.

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     (3) Any person aggrieved by a violation of this section may

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bring an action in a court of competent jurisdiction to:

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     (a) Obtain a declaratory judgment that an act or practice

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violates this section; or

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     (b) Enjoin any person who has violated, is violating, or is

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otherwise likely to violate this section.

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     (4) In any action brought by a person who has suffered a

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loss as a result of a violation of this section, such person may

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recover actual damages, plus attorney's fees and court costs.

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     (5) Any person who willfully violates this section commits

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a misdemeanor of the first degree, punishable as provided in s.

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775.082, s. 775.083, or s. 775.084.

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     Section 2.  This act shall take effect July 1, 2008.