No mortgage loan which has a face amount of $35,000 or less and is secured by vacant land shall be sold to a mortgagee, except a financial institution, by any person unless all of the following requirements are met:
(1) Each mortgage securing a note or other obligation sold or offered for sale shall be eligible for a recordation as a first mortgage.
(2) Each mortgage negotiated pursuant to this section must include a mortgagee’s title insurance policy or an opinion of title, from an attorney who is licensed to practice law in this state, on each parcel of land which is described in the mortgage. The policy or opinion shall reflect that there are no other mortgages on the property. A notice stating the priority of the mortgage shall be placed on the face of each mortgage in an amount over $35,000 issued pursuant to this section.
(3) Contracts to purchase a mortgage loan shall contain, immediately above the purchaser’s signature line, the statement in 10-point boldfaced type: “This mortgage is secured by vacant land subject to development at a future time.” This statement shall also be typed or printed in 10-point type on the face of the note and mortgage sold.
(4) The most recent assessment for tax purposes made by the county property appraiser of each parcel of land described in the mortgage shall be furnished to each mortgagee.
(5) The mortgage broker shall record or cause to be recorded all mortgages or other similar documents prior to delivery of the note and mortgage to the mortgagee.
(6) All funds received by the mortgage broker pursuant to this section shall promptly be deposited in the broker’s trust account where they shall remain until the note and mortgage are fully executed and recorded.
(7) Willful failure to comply with any of the above provisions shall subject the person to the penalties of 1s. 494.05.