Florida Senate - 2023                              CS for SB 770
       
       
        
       By the Committee on Commerce and Tourism; and Senator Bradley
       
       
       
       
       
       577-03143-23                                           2023770c1
    1                        A bill to be entitled                      
    2         An act relating to residential loan alternative
    3         agreements; creating s. 475.279, F.S.; defining terms;
    4         specifying restrictions on residential loan
    5         alternative agreements for the disposition of
    6         residential real property; prohibiting a court from
    7         enforcing such agreements by certain means; providing
    8         that such agreements are void if listing services do
    9         not begin within a certain timeframe; providing
   10         construction; prohibiting the clerk of the circuit
   11         court from recording such agreements; providing that
   12         violations are unfair or deceptive trade practices;
   13         specifying penalties and remedies; providing an
   14         effective date.
   15          
   16  Be It Enacted by the Legislature of the State of Florida:
   17  
   18         Section 1. Section 475.279, Florida Statutes, is created to
   19  read:
   20         475.279 Residential loan alternative agreements for the
   21  disposition of residential real property.—
   22         (1) As used in this section, the term:
   23         (a) “Disposition” means a transfer or voluntary conveyance
   24  of the title or other ownership interest in residential real
   25  property.
   26         (b) “Residential loan alternative agreement” means a signed
   27  writing between a person and a seller or owner of residential
   28  real property which:
   29         1. Grants an exclusive right to a person to act as a broker
   30  for the disposition of the property;
   31         2. Has an effective duration, inclusive of renewals, of
   32  more than 2 years; and
   33         3. Requires the person to pay monetary compensation to the
   34  seller or owner.
   35         (c) “Residential real property” means improved residential
   36  real property of four units or fewer or unimproved residential
   37  real property intended for four units or fewer.
   38         (2) A residential loan alternative agreement may not
   39  authorize a person to place a lien or otherwise encumber any
   40  residential real property. A residential loan alternative
   41  agreement may not constitute a lien, an encumbrance, or a
   42  security interest in the residential real property. A court may
   43  not enforce a residential loan alternative agreement by a lien
   44  or constructive trust in the residential real property or upon
   45  the proceeds of the disposition of the residential real
   46  property.
   47         (3) A residential loan alternative agreement may not be
   48  assigned.
   49         (4) A residential loan alternative agreement is void if
   50  listing services do not begin within 90 days after the execution
   51  of the agreement by both parties.
   52         (5) As a matter of public policy, a residential loan
   53  alternative agreement that does not meet the requirements of
   54  this section is unenforceable in law or equity. In addition, a
   55  residential loan alternative agreement may not be recorded by
   56  the clerk of the circuit court.
   57         (6) A violation of this section is deemed an unfair or
   58  deceptive trade practice within the meaning of part II of
   59  chapter 501, and a person who violates this section is subject
   60  to the penalties and remedies provided therein.
   61         Section 2. This act shall take effect July 1, 2023.