| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating the Mortgage |
| 3 | Guaranty Trust Fund within the Office of Financial |
| 4 | Regulation; providing for the administration of the trust |
| 5 | fund and use of moneys therein; requiring that balances of |
| 6 | funds in the trust fund at the end of a fiscal year remain |
| 7 | in the trust fund; providing for future review and |
| 8 | termination or re-creation of the trust fund; providing a |
| 9 | contingent effective date. |
| 10 |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
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| 13 | Section 1. Mortgage Guaranty Trust Fund.-- |
| 14 | (1) The Mortgage Guaranty Trust Fund is created within, |
| 15 | and shall be administered by, the Office of Financial |
| 16 | Regulation. Funds credited to the trust fund shall consist of an |
| 17 | annual fee imposed on loan originators, mortgage brokers, and |
| 18 | mortgage lenders licensed under chapter 494, Florida Statutes. |
| 19 | Moneys in the trust fund shall be used to pay claims against |
| 20 | loan originators, mortgage brokers, and mortgage lenders |
| 21 | pursuant to s. 494.00172, Florida Statutes. |
| 22 | (2) Notwithstanding s. 216.301, Florida Statutes, and |
| 23 | pursuant to s. 216.351, Florida Statutes, any balance in the |
| 24 | trust fund at the end of the fiscal year shall remain in the |
| 25 | trust fund at the end of the fiscal year and be available for |
| 26 | carrying out the purpose of the trust fund. |
| 27 | (3) In accordance with s. 19(f)(2), Art. III of the State |
| 28 | Constitution, the trust fund shall, unless terminated sooner, be |
| 29 | terminated on July 1, 2013. Before its scheduled termination, |
| 30 | the trust fund shall be reviewed as provided in s. 215.3206(1) |
| 31 | and (2), Florida Statutes. |
| 32 | Section 2. This act shall take effect on the same date as |
| 33 | HB 7099 or similar legislation takes effect, if such legislation |
| 34 | is adopted in the same legislative session or an extension |
| 35 | thereof and becomes law. |