A licensee shall not permit a borrower to execute and deliver to licensee a deed or other unconditional conveyance transferring ownership or borrower's real or personal property as security or collateral for a loan. Any collateral or security shall be evidenced by an appropriate mortgage or other security instrument. A deed or other conveyance transferring ownership of real or personal property to the borrower shall not be held or kept as collateral or security by a licensee.
Fla. Admin. Code Ann. R. 69V-160.012
Rulemaking Authority 516.22(1), 516.23(3) FS. Law Implemented 516.16 FS.
New 10-20-73, Formerly 3-2.12, 3D-160.12, Amended 9-1-75, Formerly 3D-160.012.