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Florida Administrative Code (Last Updated: June 27, 2024) |
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69. Department of Financial Services |
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69V. Finance |
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69V-40. Mortgage Brokerage |
69V-40.00111. Determination of common terms used throughout Chapter 494, F.S., and Rule Chapter 69V-40
Effective on Monday, November 9, 2015
1“Material Benefit” as used in Section 7494.00296, F.S., 9is a beneficial change in the current mortgage rates or terms where one or more of the following occurred:
28(1) Reduction in Principal Amount of the loan by 10% or more;
40(2) Permanent reduction in the annual interest rate of at least 1% on an annual basis; or
57(3) Conversion of an Adjustable Interest Rate loan to a Fixed Rate loan and the annual interest rate is equal to or less than the current adjustable interest rate.
86Rulemaking Authority 88494.00296(1)(c) FS. 90Law Implemented 92494.00296(1)(c) FS. 94History–New 11-9-15.