Florida Statutes 494.00173 – Mortgage Guaranty Trust Fund; creation
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Terms Used In Florida Statutes 494.00173
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Office: means the Office of Financial Regulation. See Florida Statutes 494.001
(1) The Mortgage Guaranty Trust Fund is created within, and shall be administered by, the Office of Financial Regulation.
(2) Funds to be credited to the trust fund shall consist of the fee imposed pursuant to s. 494.00172 on loan originators, mortgage brokers, and mortgage lenders licensed under this chapter. Moneys in the trust fund shall be used to pay claims against loan originators, mortgage brokers, and mortgage lenders pursuant to s. 494.00172.