Florida Senate - 2010                                    SB 1228
       
       
       
       By Senator Fasano
       
       
       
       
       11-00504A-10                                          20101228__
    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
    5         trust fund and use of moneys therein; requiring that
    6         balances of funds in the trust fund at the end of a
    7         fiscal year remain in the trust fund; providing for
    8         future review and termination or re-creation of the
    9         trust fund; providing an effective date.
   10  
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Mortgage Guaranty Trust Fund.—
   14         (1) The Mortgage Guaranty Trust Fund is created within, and
   15  shall be administered by, the Office of Financial Regulation.
   16  Funds credited to the trust fund shall consist of the fee
   17  imposed pursuant to s. 494.00172, Florida Statutes. Moneys in
   18  the trust fund shall be used to pay claims against loan
   19  originators, mortgage brokers, and mortgage lenders pursuant to
   20  s. 494.00172, Florida Statutes.
   21         (2) Notwithstanding s. 216.301, Florida Statutes, and
   22  pursuant to s. 216.351, Florida Statutes, any balance in the
   23  trust fund at the end of the fiscal year shall remain in the
   24  trust fund at the end of the fiscal year and be available for
   25  carrying out the purpose of the trust fund.
   26         (3) In accordance with s. 19(f)(2), Article III of the
   27  State Constitution, the trust fund shall, unless terminated
   28  sooner, be terminated on July 1, 2014. Before its scheduled
   29  termination, the trust fund shall be reviewed as provided in s.
   30  215.3206(1) and (2), Florida Statutes.
   31         Section 2. This act shall take effect July 1, 2010.