Florida Statutes 634.421 – Reporting and accounting for funds
Current as of: 2024 | Check for updates
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Terms Used In Florida Statutes 634.421
- association: means any person, other than an authorized insurer, issuing service warranties. See Florida Statutes 634.401
- Fiduciary: A trustee, executor, or administrator.
- Insurer: means any property or casualty insurer duly authorized to transact such business in this state. See Florida Statutes 634.401
- Person: includes an individual, company, corporation, association, insurer, agent, and any other legal entity. See Florida Statutes 634.401
- Sales representative: means any person, retail store, corporation, partnership, or sole proprietorship utilized by an insurer or service warranty association for the purpose of selling or issuing service warranties. See Florida Statutes 634.401
- Service warranty: means any warranty, guaranty, extended warranty or extended guaranty, maintenance service contract equal to or greater than 1 year in length or which does not meet the exemption in paragraph (a), 1contract agreement, or other written promise for a specific duration to perform the repair, replacement, or maintenance of a consumer product, or for indemnification for repair, replacement, or maintenance, for operational or structural failure due to a defect in materials or workmanship, normal wear and tear, power surge, or accidental damage from handling in return for the payment of a segregated charge by the consumer; however:(a) Maintenance service contracts written for less than 1 year which do not contain provisions for indemnification and which do not provide a discount to the consumer for any combination of parts and labor in excess of 20 percent during the effective period of such contract, motor vehicle service agreements, transactions exempt under…. See Florida Statutes 634.401(1) All funds belonging to insurers, service warranty associations, or others received by a sales representative in transactions under her or his license or appointment are trust funds so received by the sales representative or agent in a fiduciary capacity; and the sales representative or agent, in the applicable regular course of business, shall account for and pay such funds to the insurer, association, warranty holder, or other person entitled thereto.(2) Any sales representative who, not being entitled thereto, diverts or appropriates funds or any portion thereof to her or his own use commits theft as provided in s. 812.014.