Florida Statutes 634.319 – Reporting and accounting for funds
Current as of: 2024 | Check for updates
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Terms Used In Florida Statutes 634.319
- Conviction: A judgement of guilt against a criminal defendant.
- 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 634.301
- Person: includes an individual, company, corporation, association, insurer, agent, and every other legal entity. See Florida Statutes 634.301
- Sales representative: means any person with whom an insurer or home inspection or warranty association has a contract and who is utilized by such insurer or association for the purpose of selling or issuing home warranties. See Florida Statutes 634.301
- warranty: means any contract or agreement whereby a person undertakes to indemnify the warranty holder against the cost of repair or replacement, or actually furnishes repair or replacement, of any structural component or appliance of a home, necessitated by wear and tear or an inherent defect of any such structural component or appliance or necessitated by the failure of an inspection to detect the likelihood of any such loss. See Florida Statutes 634.301
(1) All funds belonging to insurers, home warranty associations, or others received by a sales representative in transactions under her or his license 1and appointment are trust funds so received by the sales representative in a fiduciary capacity; and the sales representative, 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 such funds or any portion thereof to her or his own use is, upon conviction, guilty of theft, punishable as provided in s. 812.014.