The Board proposes an amendment to update the notice requirements.

 

DEPARTMENT OF BUSINESS AND PROFESSIONAL REGULATION

Florida Real Estate Commission

RULE NO.:RULE TITLE:

61J2-10.032Notice Requirements

PURPOSE AND EFFECT: The Board proposes an amendment to update the notice requirements.

SUMMARY: The proposed rule amendment updates the rule requirements for notice requirements.

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: 475.05, 475.25 FS.

LAW IMPLEMENTED: 83.49(3)(d), 475.25 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:

61J2-10.032 Notice Requirements.

(1)(a) Through (b) No Change.

(c) If one of the parties to a failed real estate sales transaction does not respond to the broker’s inquiry as to whether that party is placing a demand on the trust funds or is willing to release them to the other party, the broker may send a certified Notice notice letter, return receipt requested, to the address of record or email address of record shown with the DBPR to the non-responding party. This Notice shall notice should include the information that a demand has been placed by the other party;, that a response must be received by the seventh business day following dispatch of the Notice, as defined below; and show the contacting broker’s mailing address, phone number, and email address. A a certain date, and that failure to respond to the Notice within seven business days will be construed as authorization for the broker to release the funds to the other party.

(2)(a) Through (c) No Change.

(3) When a broker provides written Notice of the existence of conflicting demands for escrowed funds, For purposes of this rule, where a broker is required to provide written notification within a certain period, the effective date of that Notice notification is deemed to be the date of the last dispatched Notice postmark or other dispatch of notification. As used in this Rule, the term “Notice” means a notice to a non-responding party regarding a demand for release of escrow funds pursuant to paragraph (1)(c), above. As used in this Rule, the term “date of the last dispatched Notice” shall mean the date the certified letter or emailed Notice is postmarked or the email send confirmation is dated.

(4) A request for an Escrow Disbursement Order as a settlement procedure is deemed instituted when the completed request form is mailed or otherwise dispatched to the Commission.

(5)(4) Brokers who are entrusted with an earnest money deposit (EMD), pursuant to a residential sales contract utilized by the Department of Housing and Urban Development (HUD) in the sale of property owned by HUD, shall comply with the EMD requirements of the specific HUD contract, and are not required to follow the notice or settlement procedures of Section 475.25(1)(d)1., F.S., and subsection (1) of this rule.

(6) This rule shall be reviewed, and if necessary, repealed, modified, or renewed through the rulemaking process five years from the effective date.

Rulemaking Authority 475.05, 475.25 FS. Law Implemented 83.49(3)(d), 475.25 FS. History–New 10-13-85, Formerly 21V-10.32, Amended 2-18-92, 12-8-92, 6-28-93, Formerly 21V-10.032, Amended 11-16-93, 6-6-94, 8-6-96, 11-10-97, 1-17-02, 12-8-20,________________.

 

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: December 12, 2023

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 19, 2023