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FLTA Member Alert - Week 7 Legislative Update on the Promulgated Rate and Other Legislative Activity

04/21/2023 12:00 PM | Scott Merritt (Administrator)

Your Association Hard at Work!

In the Florida legislative process, we are concluding week 7 out of 9. Earlier this month we shared with you an update on legislative activity in Tallahassee that could change Florida's title insurance rate filing procedures from promulgated to file and use. This is a status update to this legislation and other legislative bills... 

SB 7052 / COM4 (Now HB 7065) - Insurer Accountability

Senate Bill 7052 has passed its committee stops and is awaiting consideration on the Senate Floor. Through the legislative process, the bill has been amended to remove the language seeking to change Florida's promulgated rate structure to a file and use

House Bill 7065 (formerly COM4) continues its legislative progress and continues to not include language affecting title insurance.

This is the result of FLTA members, industry lobbyists, and other member organizations working together. For now, it seems Florida's Title Insurance filing system will remain as is, but we will continue to monitor the legislation until sine die (session adjournment) for any unexpected changes.

HB 743/SB 708 - Estoppel Certificates

Revises timeframe for mortgagee or mortgage servicer to send estoppel letter; revises requirements for estoppel letter; prohibits mortgagee or mortgage servicer from denying accuracy of estoppel letter; requires payments be applied to unpaid balance of mortgage; provides methods for sending written request for estoppel letter, estoppel letter, & corrected estoppel letter; requires mortgagee or mortgage servicer to take actions within specified time after unpaid balance of loan secured by mortgage has been fully paid; authorizes attorney fees & costs; provides liability.

HB 743 is awaiting placement on a House Special Order Calendar. 

SB 708 passed the State Senate by a vote of 40-0 and will now head to the House to be paired with HB 743.  

HB 861/ SB 770 - Residential Loan Alternative Agreements

Specifies limitation on term of option to enter into listing agreement for disposition of residential real property; prohibits court from enforcing option to enter into listing agreement by certain means; requires notice & written agreement of residential property owner before broker may assign option to enter into listing agreement to another broker; provides penalties for violations.

SB 770 passed the State Senate by a vote of 40-0 and the House of Representatives by a vote of 116-0 and will now head to Governor DeSantis for his consideration. 

HB 1419/SB 1436 - Property Fraud

Requires clerk of circuit court to create, maintain, & operate opt-in recording notification service through electronic registration portal; specifies portal & notification requirements; provides immunity from liability for clerk; clarifies that action may be brought to quiet title after fraudulent attempted conveyance; directs clerk to provide simplified complaint form; requires real estate licensees & parties providing real estate transaction closing services to send fraud prevention notice; limits liability of real estate licensee for noncompliance but provides that such noncompliance may be introduced as evidence for certain violations; provides that failure of property owner to respond notice does not preclude or limit his or her ability to establish certain challenges or defenses or limit his or her remedy in any quiet title or declaratory judgment action; prescribes form for quitclaim deed; revises requirements for recording instruments affecting real property.

HB 1419 was amended to remove real estate professionals and title agents from sending notices, and passed the House Judiciary Committee by unanimous vote and is scheduled for consideration on the House Special Order Calendar during Week 8.

SB 1436 passed the Senate Rules Committee by unanimous vote and having passed all committees of reference, is prepared for consideration on the Senate floor. 

HB 487/SB 1158 - Department of Financial Services

Section 10 of this bill includes a glitch fix from legislation in 2022.

Department of Financial Services: Revises eligibility for plans of deferred compensation established by CFO; authorizes judge of compensation claims to order injured employee's evaluation by expert medical advisor; revises conditions for nonprofit religious organization to be exempt from requirements of insurance code; adds limited license for transacting preneed funeral agreement insurance; revises licensure requirements for reinsurance intermediary brokers & reinsurance intermediary managers; authorizes certain persons to obtain limited license to sell only policies of life insurance covering expense of prearrangement for funeral services or merchandise; revises requirements, conditions, & procedures for bail bond agency license.

HB 487 passed the House Commerce Committee by unanimous vote and has been placed on the Special Order Calendar for Week 8.  

SB 1158 passed the Senate Fiscal Policy Committee by unanimous vote and having passed all committees of reference will be placed on the Senate 2nd Reading Calendar.

HB 49/SB 430 - Abandoned Cemeteries

Abandoned and Historic Cemeteries: Creates Historic Cemeteries Program within Division of Historical Resources of DOS; creates Historic Cemeteries Program Advisory Council; authorizes certain entities to acquire conservation easements to preserve cemeteries.

HB 49 - Passed the House Floor by unanimous vote and delivered to the Senate to be paired with SB 430.

SB 430 - Awaiting consideration by Appropriations Committee during week 8.

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