Florida Regulations 69V-160.012: Deed or Other Conveyance as Collateral
Current as of: 2024 | Check for updates
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A licensee shall not permit a borrower to execute and deliver to licensee a deed or other unconditional conveyance transferring ownership or borrower’s real or personal property as security or collateral for a loan. Any collateral or security shall be evidenced by an appropriate mortgage or other security instrument. A deed or other conveyance transferring ownership of real or personal property to the borrower shall not be held or kept as collateral or security by a licensee.
Rulemaking Authority Florida Statutes § 516.22(1), 516.23(3) FS. Law Implemented Florida Statutes § 516.16. History-New 10-20-73, Formerly 3-2.12, 3D-160.12, Amended 9-1-75, Formerly 3D-160.012.
Rulemaking Authority Florida Statutes § 516.22(1), 516.23(3) FS. Law Implemented Florida Statutes § 516.16. History-New 10-20-73, Formerly 3-2.12, 3D-160.12, Amended 9-1-75, Formerly 3D-160.012.
Terms Used In Florida Regulations 69V-160.012
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Personal property: All property that is not real property.