| 1 | A bill to be entitled |
| 2 | An act relating to trust funds; creating s. 637.1028, |
| 3 | F.S.; creating the Title Insurance Regulatory Trust Fund |
| 4 | within the Department of Financial Services; providing for |
| 5 | administration of the trust fund and use of moneys |
| 6 | therein; requiring balances to remain in the trust fund; |
| 7 | providing for future review and termination or re-creation |
| 8 | of the trust fund; providing a contingent 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 637.1028, Florida Statutes, is created |
| 13 | to read: |
| 14 | 637.1028 Title Insurance Regulatory Trust Fund.- |
| 15 | (1) The Title Insurance Regulatory Trust Fund is created |
| 16 | within the Department of Financial Services. All fees and |
| 17 | charges collected from title insurers and title insurance agents |
| 18 | and agencies pursuant to s. 637.2031 shall be deposited into the |
| 19 | Title Insurance Regulatory Trust Fund and shall be used for the |
| 20 | sole purpose of carrying out the title insurance regulatory |
| 21 | responsibilities of the department. |
| 22 | (2) Notwithstanding s. 216.301 and pursuant to s. 216.351, |
| 23 | any balance in the trust fund at the end of any fiscal year |
| 24 | shall remain in the trust fund and be available for carrying out |
| 25 | the purposes of the trust fund. |
| 26 | (3) Pursuant to s. 19(f)(2), Art. III of the State |
| 27 | Constitution, the trust fund shall, unless terminated sooner, be |
| 28 | terminated on July 1, 2014. Prior to its scheduled termination, |
| 29 | the trust fund shall be reviewed as provided in s. 215.3206(1) |
| 30 | and (2). |
| 31 | Section 2. This act shall take effect October 1, 2010, if |
| 32 | House Bill 853 or similar legislation is adopted in the same |
| 33 | legislative session or an extension thereof and becomes law. |