FL
Florida House Bill H0861

Florida 2023 Regular Session

Florida House Bill H0861 Compare Versions

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1010 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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1414 A bill to be entitled 1
1515 An act relating to residential loan alternative 2
1616 agreements; creating s. 475.279, F.S.; providing 3
1717 definitions; prohibiting a residential loan 4
1818 alternative agreement from authorizing a person to 5
19-place a lien on or otherwise encumber any residential 6
20-real property or from constituting a lien, an 7
21-encumbrance, or a security interest in such property; 8
22-prohibiting a court from enforcing a residential lo an 9
23-alternative agreement by a lien or constructive trust 10
24-in the residential real property or upon the proceeds 11
25-of the disposition of such property; prohibiting the 12
19+place a lien or other encumbrance on residential real 6
20+property or from constituting a lien, encumbrance, or 7
21+security interest in such property; prohibiting a 8
22+court from enforcing a residential loan alternative 9
23+agreement by a lien or constructive trust in the 10
24+residential real property or upon the proceeds of the 11
25+disposition of such property; prohibiting the 12
2626 assignment of a residential loan alternative 13
2727 agreement; providing that a residential loan 14
2828 alternative agreement is void if listing services do 15
29-not begin within a specified timeframe; prohibiting 16
30-the clerk of the circuit court from recording a 17
31-residential loan alternative agreement; providing that 18
32-a residential loan alternative agreement that does not 19
33-meet specified requirements is unenforceable; 20
34-providing that a violation is an unfair or deceptive 21
29+not begin within a specified timeframe; providing that 16
30+a residential loan alternative agreement that does not 17
31+meet specified requirements is void and unenforceable; 18
32+prohibiting the clerk of the circuit court from 19
33+recording a residential loan alternative agreement; 20
34+providing that a violation is a deceptive or unfair 21
3535 trade practice; providing penalties; providing an 22
3636 effective date. 23
3737 24
3838 Be It Enacted by the Legislature of the State of Florida: 25
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4747 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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5151 26
5252 Section 1. Section 475.279, Flor ida Statutes, is created 27
5353 to read: 28
5454 475.279 Residential loan alternative agreements for the 29
5555 disposition of residential real property. — 30
5656 (1) As used in this section, the term: 31
5757 (a) "Disposition" means a transfer or voluntary conveyance 32
5858 of the title or other ownership interest in residential real 33
5959 estate. 34
6060 (b) "Residential loan alternative agreement" means a 35
61-signed writing or a signed and written legal instrument or 36
62-contract between a person and a seller or owner of residential 37
63-real property that: 38
64- 1. Grants an exclusive right to a person to act as a 39
65-broker for the disposition of the property; 40
66- 2. Has an effective duration, inclusive of renewals, of 41
67-more than 2 years; and 42
68- 3. Requires the person to pay monetary compensation to the 43
69-seller or owner. 44
70- (c) "Residential real property" means improved residential 45
71-property of four or fewer residential dwelling units or 46
72-unimproved residential real property on which four or fewer 47
73-residential dwelling units may be built. 48
74- (2) A residential loan alter native agreement may not 49
75-authorize a person to place a lien on or otherwise encumber any 50
61+signed writing between a person and a seller or owner of 36
62+residential real property that: 37
63+ 1. Grants an exclusive right to a person to act as a 38
64+broker for the disposition of the property; 39
65+ 2. Has an effective duration, inclusive of renewals, of 40
66+more than 2 years; and 41
67+ 3. Requires the person to pay monetary compensation to the 42
68+seller or owner. 43
69+ (c) "Residential real property" means improved residentia l 44
70+property of four or fewer units or unimproved residential real 45
71+property intended for four or fewer units. 46
72+ (2) A residential loan alternative agreement may not 47
73+authorize a person to place a lien or otherwise encumber any 48
74+residential real property. A res idential loan alternative 49
75+agreement may not constitute a lien, an encumbrance, or a 50
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8484 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88-residential real property. A residential loan alternative 51
89-agreement may not constitute a lien, an encumbrance, or a 52
90-security interest in the residential real property. A court may 53
91-not enforce a residential loan alternative agreement by a lien 54
92-or constructive trust in the residential real property or upon 55
93-the proceeds of the disposition of the residential real 56
94-property. 57
95- (3) A residential loan alternative agreement may not be 58
96-assigned. 59
97- (4) A residential loan alternative agreement is void if 60
98-listing services do not begin within 90 days after the execution 61
99-of the agreement by both parties. 62
100- (5) A residential loan alternative agreement may not be 63
101-recorded by the clerk of the circuit court. 64
102- (6) A residential loan alternative agreement must meet all 65
103-of the requirements of this section or it is unenforceable in 66
104-law or equity. 67
105- (7) Notwithstanding s. 501.212, a violation of this 68
106-section is deemed an unfair or deceptive tra de practice within 69
107-the meaning of part II of chapter 501, and a person who violates 70
108-this section is subject to the penalties and remedies provided 71
109-therein. 72
110- Section 2. This act shall take effect July 1, 2023. 73
88+security interest in the residential real property. A court may 51
89+not enforce a residential loan alternative agreement by a lien 52
90+or constructive trust in the residential real property or upon 53
91+the proceeds of the disposition of the residential real 54
92+property. 55
93+ (3) A residential loan alternative agreement may not be 56
94+assigned. 57
95+ (4) A residential loan alternative agreement is void if 58
96+listing services do not begin within 90 days a fter the execution 59
97+of the agreement by both parties. 60
98+ (5) As a matter of public policy, a residential loan 61
99+alternative agreement that does not meet the requirements of 62
100+this section is unenforceable in law or equity. In addition, a 63
101+residential loan alterna tive agreement may not be recorded by 64
102+the clerk of the circuit court. 65
103+ (6) A violation of this section is deemed an unfair or 66
104+deceptive trade practice within the meaning of part II of 67
105+chapter 501, and a person who violates this section is subject 68
106+to the penalties and remedies provided therein. 69
107+ Section 2. This act shall take effect July 1, 2023. 70