PCS for HB 861 — Residential Loan Alternative Agreements (Florida, 2023)
Summary
A bill, PCS for HB 861 (2023), to be enacted by the Legislature of the State of Florida, an act relating to residential loan alternative agreements. It creates Section 475.279, Florida Statutes, which defines a residential loan alternative agreement as a signed writing that grants an exclusive right to a person to act as a broker for the disposition of the property, has an effective duration of more than 2 years, and requires that the person pay compensation to the seller or owner. The text limits the term to 6 months with no renewal, bars a court from enforcing such an agreement by a lien or constructive trust, and requires notice to and written consent of the seller or owner before assignment. A violation is deemed an unfair or deceptive trade practice, and the act takes effect July 1, 2023.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
- Issuer
- Congressional materials
- Document type
- 2023 3236 Regulatory Reform Economic Development Subcommittee Proposed Committee Bills Pcb
- Case
- 2023 3236 Regulatory Reform Economic Development Subcommittee Proposed Committee Bills Pcbs Fn Pcs For Hb 861
Cite this document
“PCS for HB 861 — Residential Loan Alternative Agreements (Florida, 2023).”
Original at www.flhouse.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-3236-regulatory-reform-economic-development-subcommittee-proposed-committee-bills-pcbs-fn-pcs-for-hb-861/
, SHA-256 8adfdde4c6cd7062aeb3b189a8a6ee82043800df71114bb2dac95bac7883faca.Full text
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
PCS for HB 861 2023
1 A bill to be entitled
2 An act relating to residential loan alternative
3 agreements; creating s. 475.279, F.S.; providing
4 definitions; specifying a limitation on the term of a
5 residential loan alternative agreement for the
6 disposition of residential real property; prohibiting
7 a court from enforcing a residential loan alternative
8 agreement by certain means; requiring notice to and
9 consent of the residential property owner before a
10 residential loan alternative agreement may be
11 assigned; providing construction; providing penalties
12 for violations; providing an effective date.
13
14 Be It Enacted by the Legislature of the State of Florida:
15
16 Section 1. Section 475.279, Florida Statutes, is created
17 to read:
18 475.279 Residential loan alternative agreements for the
19 disposition of residential real property.—
20 (1) As used in this section, the term:
21 (a) "Disposition" means a transfer or voluntary conveyance
22 of the title or other ownership interest in residential real
23 estate.
24 (b) "Residential loan alternative agreement" means a
25 signed writing between a person and a seller or owner of
Page 1 of 3
PCS for HB 861
CODING: Words stricken are deletions; words underlined are additions.
V
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
PCS for HB 861 2023
26 residential real property that:
27 1. Grants an exclusive right to a person to act as a
28 broker for the disposition of the property.
29 2. Has an effective duration of more than 2 years.
30 3. Requires the person pay compensation to the seller or
31 owner.
32 (c) "Residential real property" means improved residential
33 property of four units or fewer or unimproved residential real
34 property intended for four units or fewer.
35 (2) A residential loan alternative agreement for the
36 disposition of residential real property may not exceed a term
37 of 6 months and may not be renewed.
38 (3) A residential loan alternative agreement may not
39 authorize a person to place a lien or otherwise encumber any
40 residential real property. A residential loan alternative
41 agreement may not constitute a lien, an encumbrance, or a
42 security interest in the residential real property. A court may
43 not enforce a residential loan alternative agreement by a lien
44 or constructive trust in the residential real property or upon
45 the proceeds of the disposition of the residential real
46 property.
47 (4) A residential loan alternative agreement must require
48 notice to and written consent of the seller or owner before the
49 person may assign the residential loan alternative agreement to
50 another person.
Page 2 of 3
PCS for HB 861
CODING: Words stricken are deletions; words underlined are additions.
V
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
PCS for HB 861 2023
51 (5) As a matter of public policy, a residential loan
52 alternative agreement that does not meet the requirements of
53 this section is unenforceable in law or equity. In addition, a
54 residential loan alternative agreement may not be recorded by
55 the clerk of the circuit court.
56 (6) A violation of this section is deemed an unfair or
57 deceptive trade practice within the meaning of part II of
58 chapter 501, and a person who violates this section is subject
59 to the penalties and remedies provided therein.
60 Section 2. This act shall take effect July 1, 2023.
Page 3 of 3
PCS for HB 861
CODING: Words stricken are deletions; words underlined are additions.
V
File and source
- File
- 2023_3236_regulatory-reform-economic-development-subcommittee_proposed-committee-bills-pcbs_fn-pcs-for-hb-861.pdf
- Size
- 99,092 bytes
- SHA-256
- 8adfdde4c6cd7062aeb3b189a8a6ee82043800df71114bb2dac95bac7883faca
- Original
- www.flhouse.gov