Florida Senate - 2023                        COMMITTEE AMENDMENT
       Bill No. CS for SB 770
       
       
       
       
       
       
                                Ì5662541Î566254                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/11/2023           .                                
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       The Committee on Rules (Bradley) recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 475.279, Florida Statutes, is created to
    6  read:
    7         475.279 Residential loan alternative agreements for the
    8  disposition of residential real property.—
    9         (1) As used in this section, the term:
   10         (a) “Disposition” means a transfer or voluntary conveyance
   11  of the title or other ownership interest in residential real
   12  property.
   13         (b) “Residential loan alternative agreement” means a signed
   14  writing or a signed and written legal instrument or contract
   15  between a person and a seller or an owner of residential real
   16  property which:
   17         1. Grants an exclusive right to a person to act as a broker
   18  for the disposition of the property;
   19         2. Has an effective duration, inclusive of renewals, of
   20  more than 2 years; and
   21         3. Requires the person to pay monetary compensation to the
   22  seller or owner.
   23         (c) “Residential real property” means improved residential
   24  property of four or fewer residential dwelling units or
   25  unimproved residential real property on which four or fewer
   26  residential dwelling units may be built.
   27         (2) A residential loan alternative agreement may not
   28  authorize a person to place a lien on or otherwise encumber any
   29  residential real property. A residential loan alternative
   30  agreement may not constitute a lien, an encumbrance, or a
   31  security interest in the residential real property. A court may
   32  not enforce a residential loan alternative agreement by a lien
   33  or constructive trust in the residential real property or upon
   34  the proceeds of the disposition of the residential real
   35  property.
   36         (3) A residential loan alternative agreement may not be
   37  assigned.
   38         (4) A residential loan alternative agreement is void if
   39  listing services do not begin within 90 days after the execution
   40  of the agreement by both parties.
   41         (5) A residential loan alternative agreement may not be
   42  recorded by the clerk of the circuit court.
   43         (6) A residential loan alternative agreement must meet all
   44  of the requirements of this section or it is unenforceable in
   45  law or equity.
   46         (7) Notwithstanding s. 501.212, a violation of this section
   47  is deemed an unfair or deceptive trade practice within the
   48  meaning of part II of chapter 501, and a person who violates
   49  this section is subject to the penalties and remedies provided
   50  therein.
   51         Section 2. This act shall take effect July 1, 2023.
   52  
   53  ================= T I T L E  A M E N D M E N T ================
   54  And the title is amended as follows:
   55         Delete everything before the enacting clause
   56  and insert:
   57                        A bill to be entitled                      
   58         An act relating to residential loan alternative
   59         agreements; creating s. 475.279, F.S.; defining terms;
   60         specifying restrictions on residential loan
   61         alternative agreements for the disposition of
   62         residential real property; prohibiting a court from
   63         enforcing such agreements by certain means; providing
   64         that such agreements are void if listing services do
   65         not begin within a certain timeframe; prohibiting the
   66         clerk of the circuit court from recording such
   67         agreements; providing construction; providing that
   68         violations are unfair or deceptive trade practices;
   69         specifying penalties and remedies; providing an
   70         effective date.