Florida § 494.0038 - Mortgage broker fees.
Full text of Florida Florida Statutes § 494.0038 — Mortgage broker fees., with citation guidance and answers to common questions.
§ 494.0038. Mortgage broker fees.
(1) Any third-party fee entrusted to a mortgage broker must immediately, upon receipt, be placed into a segregated account with a financial institution located in the state the accounts of which are insured by the Federal Government. Such funds shall be held in trust for the payor and shall be kept in the account until disbursement. Such funds may be placed in one account if adequate accounting measures are taken to identify the source of the funds. (2) A mortgage broker may not pay a commission to any person not licensed pursuant to this chapter. (3) This section does not prohibit a mortgage broker from offering products and services, in addition to those offered in conjunction with the loan origination process, for a fee or commission.
Source: official Florida text · Last verified 2026-08-27
Frequently Asked Questions About Florida § 494.0038
What does Florida Statutes § 494.0038 cover?
Section 494.0038 ("Mortgage broker fees.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 494.0038?
A common citation format is "Florida Statutes § 494.0038" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 494.0038 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.