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. |
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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. |