| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating s. 494.00173, |
| 3 | F.S.; creating the Mortgage Guaranty Trust Fund within the |
| 4 | Office of Financial Regulation of the Department of |
| 5 | Financial Services; providing for sources of funds and |
| 6 | purposes; providing for annual carryforward of funds; |
| 7 | providing for future review and termination or re-creation |
| 8 | of the trust fund; providing an effective date. |
| 9 |
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| 10 | Be It Enacted by the Legislature of the State of Florida: |
| 11 |
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| 12 | Section 1. Section 494.00173, Florida Statutes, is created |
| 13 | to read: |
| 14 | 494.00173 Mortgage Guaranty Trust Fund; creation.- |
| 15 | (1) The Mortgage Guaranty Trust Fund is created within, |
| 16 | and shall be administered by, the Office of Financial |
| 17 | Regulation. |
| 18 | (2) Funds to be credited to the trust fund shall consist |
| 19 | of the fee imposed pursuant to s. 494.00172 on loan originators, |
| 20 | mortgage brokers, and mortgage lenders licensed under this |
| 21 | chapter. Moneys in the trust fund shall be used to pay claims |
| 22 | against loan originators, mortgage brokers, and mortgage lenders |
| 23 | pursuant to s. 494.00172. |
| 24 | (3) Notwithstanding s. 216.301 and pursuant to s. 216.351, |
| 25 | any balance in the trust fund at the end of any fiscal year |
| 26 | shall remain in the trust fund at the end of the year and shall |
| 27 | be available for carrying out the purposes of the trust fund. |
| 28 | (4) In accordance with s. 19(f)(2), Art. III of the State |
| 29 | Constitution, the Mortgage Guaranty Trust Fund shall, unless |
| 30 | terminated sooner, be terminated on July 1, 2014. Before its |
| 31 | scheduled termination, the trust fund shall be reviewed as |
| 32 | provided in s. 215.3206(1) and (2). |
| 33 | Section 2. This act shall take effect July 1, 2010. |