The Florida Senate

494.0017  Mortgage Brokerage Guaranty Fund.--

(1)  The department shall make transfers from the Regulatory Trust Fund to the Mortgage Brokerage Guaranty Fund to pay valid claims arising under former ss. 494.042, 494.043, and 494.044, as provided in former s. 494.00171.

(2)  Any money paid to the Mortgage Brokerage Guaranty Fund in excess of any liability to claimants against the Mortgage Brokerage Guaranty Fund shall be transferred to the Regulatory Trust Fund.

(3)  The Mortgage Brokerage Guaranty Fund shall be disbursed as provided in former s. 494.044, upon approval by the department, to any party to a mortgage financing transaction who:

(a)  Is adjudged by a court of competent jurisdiction of this state to have suffered monetary damages as a result of any violation of chapter 494 in effect prior to October 1, 1991, committed by a licensee or registrant;

(b)  Has filed a claim for recovery prior to January 1, 1992; and

(c)  Has suffered monetary damages as a result of an act occurring prior to October 1, 1991.

(4)  Notwithstanding s. 215.965, the department may disburse funds to a court or court-appointed person for distribution, if the conditions precedent for recovery exist and the distribution would be the fairest and most equitable manner of distributing the funds.

History.--ss. 8, 50, ch. 91-245; s. 4, ch. 91-429; s. 2, ch. 95-313; s. 21, ch. 99-155; s. 15, ch. 2001-63.