Florida § 494.0076 - Servicing audits.
Full text of Florida Florida Statutes § 494.0076 — Servicing audits., with citation guidance and answers to common questions.
§ 494.0076. Servicing audits.
(1)(a) Each licensee under this part who services mortgage loans shall: 1. Maintain a segregated set of records for accounts that are serviced by the licensee. 2. Have a separate, segregated depository account for all receipts relating to servicing. (b) For fiscal years ending after January 1, 1992, such records and receipts shall be audited annually pursuant to the Uniform Single Audit Program for Mortgage Bankers as approved by the Mortgage Bankers Association of America with the cooperation of the American Institute of Certified Public Accountants. (c) The audited statement shall be maintained at the licensee’s place of business. (2)(a) In lieu of the audit referred to in subsection (1), a person who services an aggregate value of less than $7.5 million in outstanding mortgage loans, excluding mortgage loans serviced under contract as an agent for federal, state, or municipal agencies, may obtain a fidelity bond, financial guaranty bond, fidelity insurance, or other financial guaranty providing protection against theft, loss, or other illegal diversion of funds for any amounts normally held by such person. (b) The commission may adopt rules to ensure that investors are adequately protected under this subsection.
Frequently Asked Questions About Florida § 494.0076
What does Florida Statutes § 494.0076 cover?
Section 494.0076 ("Servicing audits.") 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 § 494.0076?
A common citation format is "Florida Statutes § 494.0076" (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 § 494.0076 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.