Bill Text: FL S1228 | 2010 | Regular Session | Introduced

Florida Senate Bill 1228 (Prior Session Legislation)

Introduced

Bill Title: Mortgage Guaranty TF/Financial Regulation Office [CPSC]

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2010-04-28 - Placed on Special Order Calendar; Read 2nd time -SJ 00931; Substituted HB 7019 -SJ 00931; Laid on Table, companion bill(s) passed, see HB 7019 (Ch. 2010-135) -SJ 00931 [S1228 Detail]

Download: Florida-2010-S1228-Introduced.html

 
Florida Senate - 2010                                    SB 1228 
 
By Senator Fasano 
11-00504A-10                                          20101228__ 
1                        A bill to be entitled 
2         An act relating to trust funds; creating the Mortgage 
3         Guaranty Trust Fund within the Office of Financial 
4         Regulation; providing for the administration of the 
5         trust fund and use of moneys therein; requiring that 
6         balances of funds in the trust fund at the end of a 
7         fiscal year remain in the trust fund; providing for 
8         future review and termination or re-creation of the 
9         trust fund; providing an effective date. 
10 
11  Be It Enacted by the Legislature of the State of Florida: 
12 
13         Section 1. Mortgage Guaranty Trust Fund.— 
14         (1) The Mortgage Guaranty Trust Fund is created within, and 
15  shall be administered by, the Office of Financial Regulation. 
16  Funds credited to the trust fund shall consist of the fee 
17  imposed pursuant to s. 494.00172, Florida Statutes. Moneys in 
18  the trust fund shall be used to pay claims against loan 
19  originators, mortgage brokers, and mortgage lenders pursuant to 
20  s. 494.00172, Florida Statutes. 
21         (2) Notwithstanding s. 216.301, Florida Statutes, and 
22  pursuant to s. 216.351, Florida Statutes, any balance in the 
23  trust fund at the end of the fiscal year shall remain in the 
24  trust fund at the end of the fiscal year and be available for 
25  carrying out the purpose of the trust fund. 
26         (3) In accordance with s. 19(f)(2), Article III of the 
27  State Constitution, the trust fund shall, unless terminated 
28  sooner, be terminated on July 1, 2014. Before its scheduled 
29  termination, the trust fund shall be reviewed as provided in s. 
30  215.3206(1) and (2), Florida Statutes. 
31         Section 2. This act shall take effect July 1, 2010.