Florida Senate - 2023                        COMMITTEE AMENDMENT
       Bill No. SB 770
       
       
       
       
       
       
                                Ì559776bÎ559776                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/27/2023           .                                
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       The Committee on Commerce and Tourism (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 between a person and a seller or owner of residential
   15  real property which:
   16         1. Grants an exclusive right to a person to act as a broker
   17  for the disposition of the property;
   18         2. Has an effective duration, inclusive of renewals, of
   19  more than 2 years; and
   20         3. Requires the person to pay monetary compensation to the
   21  seller or owner.
   22         (c) “Residential real property” means improved residential
   23  real property of four units or fewer or unimproved residential
   24  real property intended for four units or fewer.
   25         (2) A residential loan alternative agreement may not
   26  authorize a person to place a lien or otherwise encumber any
   27  residential real property. A residential loan alternative
   28  agreement may not constitute a lien, an encumbrance, or a
   29  security interest in the residential real property. A court may
   30  not enforce a residential loan alternative agreement by a lien
   31  or constructive trust in the residential real property or upon
   32  the proceeds of the disposition of the residential real
   33  property.
   34         (3) A residential loan alternative agreement may not be
   35  assigned.
   36         (4) A residential loan alternative agreement is void if
   37  listing services do not begin within 90 days after the execution
   38  of the agreement by both parties.
   39         (5) As a matter of public policy, a residential loan
   40  alternative agreement that does not meet the requirements of
   41  this section is unenforceable in law or equity. In addition, a
   42  residential loan alternative agreement may not be recorded by
   43  the clerk of the circuit court.
   44         (6) A violation of this section is deemed an unfair or
   45  deceptive trade practice within the meaning of part II of
   46  chapter 501, and a person who violates this section is subject
   47  to the penalties and remedies provided therein.
   48         Section 2. This act shall take effect July 1, 2023.
   49  
   50  ================= T I T L E  A M E N D M E N T ================
   51  And the title is amended as follows:
   52         Delete everything before the enacting clause
   53  and insert:
   54                        A bill to be entitled                      
   55         An act relating to residential loan alternative
   56         agreements; creating s. 475.279, F.S.; defining terms;
   57         specifying restrictions on residential loan
   58         alternative agreements for the disposition of
   59         residential real property; prohibiting a court from
   60         enforcing such agreements by certain means; providing
   61         that such agreements are void if listing services do
   62         not begin within a certain timeframe; providing
   63         construction; prohibiting the clerk of the circuit
   64         court from recording such agreements; providing that
   65         violations are unfair or deceptive trade practices;
   66         specifying penalties and remedies; providing an
   67         effective date.