The Board proposes a rule amendment to update the violations for failure to indicate the name, address and telephone number of the title company on the contract and for failure to provide Seller’s broker, or Seller if not ....

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Commission

RULE NO.:RULE TITLE:

61J2-24.002Citation Authority

PURPOSE AND EFFECT: The Board proposes a rule amendment to update the violations for failure to indicate the name, address and telephone number of the title company on the contract and for failure to provide Seller’s broker, or Seller if not represented by a broker, within ten (10) business days of the date the Licensee’s broker made a written request for verification of the deposit with either a copy of the written verification, or if no verification is received by Licensee’s broker, written notice that Licensee’s broker did not receive verification of the deposit.

SUMMARY: The proposed amendment updates violations and increases the fine amounts for failure to indicate the name, address and telephone number of the title company on the contract and for failure to provide Seller’s broker, or Seller if not represented by a broker, within ten (10) business days of the date the Licensee’s broker made a written request for verification of the deposit with either a copy of the written verification, or if no verification is received by Licensee’s broker, written notice that Licensee’s broker did not receive verification of the deposit.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: During discussion of the economic impact of this rule at its Board meeting, the Board concluded that this rule change will not have any impact on licensees and their businesses or the businesses that employ them. The rule will not increase any fees, business costs, personnel costs, will not decrease profit opportunities, and will not require any specialized knowledge to comply. This change will not increase any direct or indirect regulatory costs. Hence, the Board determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 455.224(1), (2), 475.05, 475.2801, FS.

LAW IMPLEMENTED: 455.224, 475.2801, FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Giuvanna Corona, Executive Director, Florida Real Estate Commission, 400 W. Robinson Street, #N801, Orlando, FL 32801, [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

61J2-24.002 Citation Authority.

(1) No Change.

(2) The following violations with accompanying fine or other conditions may be disposed of by citation:

VIOLATION	FINE
(a) through (bb) No Change.
(cc) Paragraph 61J2-14.008(2)(b), F.A.C. – Second offense Ffailure to indicate the name, address and telephone number of the title company or attorney on the contract	$1,000.00 250.00
(dd) Paragraph 61J2-14.008(2)(b), F.A.C. – Second offense Ffailure to provide Seller’s broker, or Seller if not represented by a broker, within ten (10) business days of the date the Licensee’s broker made the written request for verification of the deposit with either a copy of the written verification, or if no verification is received by Licensee’s broker, written notice that Licensee’s broker did not receive verification of the deposit	$1,000.00 500.00
(ee) Through (kk) No Change.

(3) Through (5) No Change.

Rulemaking Authority 455.224(1), (2), 475.05, 475.2801, 475.2801 FS. Law Implemented 455.224, 475.2801 475.25(1) FS. History–New 12-29-91, Amended 4-16-92, 1-20-93, 6-28-93, Formerly 21V-24.002, Amended 8-23-93, 4-7-94, 4-12-95, 7-5-95, 2-13-96, 6-5-96, 7-23-96, 1-22-97, 3-30-97, 11-10-97, 3-24-98, 7-1-98, 10-25-98, 1-19-99, 1-18-00, 10-15-00, 2-21-02, 2-5-04, 1-30-06, 7-20-09, 11-15-12, 10-16-16, 2-11-19, 9-23-20, 5-10-22, 3-2-23_____________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Florida Real Estate Commission

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Florida Real Estate Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: August 27, 2024

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: November 6, 2024