Florida § 494.00721 - Net worth.
Full text of Florida Florida Statutes § 494.00721 — Net worth., with citation guidance and answers to common questions.
§ 494.00721. Net worth.
(1) The net worth requirements in s. 494.00611 shall be continually maintained as a condition of licensure. (2) If a mortgage lender fails to satisfy the net worth requirements, the mortgage lender shall immediately cease taking any new mortgage loan applications. Thereafter, the mortgage lender shall have up to 60 days within which to satisfy the net worth requirements. If the licensee makes the office aware, prior to an examination, that the licensee no longer meets the net worth requirements, the mortgage lender shall have 120 days within which to satisfy the net worth requirements. A mortgage lender may not resume acting as a mortgage lender without written authorization from the office, which authorization shall be granted if the mortgage lender provides the office with documentation which satisfies the requirements of s. 494.00611, whichever is applicable. (3) If the mortgage lender does not satisfy the net worth requirements within 120 days, the license of the mortgage lender shall be deemed to be relinquished and canceled and all servicing contracts shall be disposed of in a timely manner by the mortgage lender.
Frequently Asked Questions About Florida § 494.00721
What does Florida Statutes § 494.00721 cover?
Section 494.00721 ("Net worth.") 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 § 494.00721?
A common citation format is "Florida Statutes § 494.00721" (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 § 494.00721 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.