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The Florida Statutes

The 2003 Florida Statutes

Title XXXIII
REGULATION OF TRADE, COMMERCE, INVESTMENTS, AND SOLICITATIONS
Chapter 501
CONSUMER PROTECTION
View Entire Chapter
Section 501.137, Florida Statutes 2003

501.137  Mortgage lenders; tax and insurance payments from escrow accounts; duties.--Every lender of money, whether a natural person or an artificial entity, whose loans are secured by a mortgage on real estate located within the state and who receives funds incidental thereto or in connection therewith for the payment of property taxes or hazard insurance premiums when such funds are held in escrow by or on behalf of the lender, shall promptly pay such taxes or insurance premiums when such taxes or premiums become due and adequate escrow funds are deposited, so that the maximum tax discount available may be obtained with regard to the taxable property and so that insurance coverage on the property does not lapse. If an escrow account for such taxes or insurance premiums is deficient, the lender shall notify the property owner within 15 days after the lender receives the notification of taxes due from the county tax collector or receives the notification from the insurer that a premium is due. If the lender, as a result of neglect, fails to pay any tax or insurance premium when the tax or premium is due and there are sufficient escrow funds on deposit to pay the tax or premium, and if the property owner suffers a loss as a result of such failure, then the lender will be liable for such loss; except, however, that with respect to any loss which would otherwise have been insured, the extent of such liability shall not exceed the coverage limits of any insurance policy which has lapsed. At the expiration of the annual accounting period, the lender shall issue to the property owner an annual statement of the escrow account.

History.--s. 1, ch. 76-12; s. 1, ch. 77-174; s. 1, ch. 84-52.

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