Florida Senate - 2016                                     SB 260
       
       
        
       By Senator Smith
       
       
       
       
       
       31-00235-16                                            2016260__
    1                        A bill to be entitled                      
    2         An act relating to financial transactions; amending s.
    3         670.108, F.S.; revising applicability; providing that
    4         ch. 670, F.S., governs certain funds transfers that
    5         are remittance transfers; providing that the federal
    6         Electronic Fund Transfer Act governs any inconsistency
    7         between a funds transfer made under the federal act
    8         and a funds transfer made under ch. 670, F.S.;
    9         amending s. 701.03, F.S.; requiring that an open-end
   10         mortgage be cancelled within a specified timeframe if
   11         the borrower provides written notice of his or her
   12         intent to close the open-end mortgage; providing an
   13         effective date.
   14          
   15  Be It Enacted by the Legislature of the State of Florida:
   16  
   17         Section 1. Section 670.108, Florida Statutes, is amended to
   18  read:
   19         670.108 Relationship to Electronic Fund Transfer Act
   20  Exclusion of consumer transactions governed by federal law.—
   21         (1) Except as provided in subsection (2), this chapter does
   22  not apply to a funds transfer any part of which is governed by
   23  the Electronic Fund Transfer Act of 1978 (Title XX, Pub. L. No.
   24  95-630, 92 Stat. 3728, 15 U.S.C. ss. 1693 et seq.), as amended
   25  from time to time.
   26         (2) This chapter applies to a funds transfer that is a
   27  remittance transfer as defined in the Electronic Fund Transfer
   28  Act, 15 U.S.C. s. 1693o-1, as amended from time to time, unless
   29  the remittance transfer is an electronic funds transfer as
   30  defined in the Electronic Fund Transfer Act, 15 U.S.C s. 1693a,
   31  as amended from time to time.
   32         (3) If there is an inconsistency between a funds transfer
   33  under this chapter and the Electronic Fund Transfer Act, the
   34  Electronic Fund Transfer Act governs the inconsistency.
   35         Section 2. Section 701.03, Florida Statutes, is amended to
   36  read:
   37         701.03 Cancellation.—When Whenever the amount of money due
   38  on any mortgage is shall be fully paid, the mortgagee or
   39  assignee shall, within 60 days of full payment, thereafter
   40  cancel the mortgage same in the manner provided by law. This
   41  section does not apply to an open-end mortgage unless, after
   42  fully paying the mortgage, the borrower provides written notice
   43  of his or her intent to close the open-end mortgage. If such
   44  notice is given, the mortgagee or assignee shall cancel the
   45  open-ended mortgage within 60 days after receiving the notice.
   46         Section 3. This act shall take effect July 1, 2016.