Section 69V-160.018 - Deductions and Distributions(1) The following are the only deductions and distributions permitted to be made by the licensee from the principal amount of a loan: (a) Documentary excise taxes.(b) Fees required to be paid for the filing, recording or releasing of any instrument securing the loan including the premium payable for any insurance in lieu of perfecting any security interest otherwise required by the licensee.(c) Premiums for non-filing, credit life, credit property, disability and involuntary unemployment insurance purchased pursuant to and to the extent the same are permitted by chapter 516, F.S., or the Florida Insurance Code and any rules and regulations thereunder.(d) Distributions on behalf of the borrower, including payments of obligations due licensee.(e) Fees required to be paid for title insurance, title search fees, and an opinion from an attorney licensed to practice law in Florida.(f) Fees paid for appraisal or opinion of value of real property offered as security when paid to qualified third parties and supported by an actual expenditure. Receipts for the expenditure must show the amount, date, and the name of the client for whom the expenditure was made if the deduction is to be allowed.(g) Fees required by the licensee for investigating the credit of the borrower, or, the annual fee on a line of credit.(2) Documentary stamps and recording. Upon completion of the loan transaction, documentary stamps shall be attached to the appropriate document and cancelled. Instruments on which the borrower has paid the fees for filing and recording shall be recorded among the public records within thirty (30) days from the date of the instruments. All deductions from the principal amount of the loan provided by chapter 516, F.S., are permitted only to the extent they are actually paid, used or disbursed for the purposes stated.Fla. Admin. Code Ann. R. 69V-160.018
Rulemaking Authority 516.22(1), 516.23(3) FS. Law Implemented 516.031, 516.15(1) FS.
Amended 10-20-73, Renumbered from 3-2.18 to 3D-160.18 on 8-11-75, Readopted 9-1-75, Amended 10-21-75, 4-2-81, Formerly 3D-160.18, Amended 10-17-94, 7-10-96, Formerly 3D-160.018.New 10-20-73, Formerly 3-2.18, 3D-160.18, Amended 9-1-75, 10-21-75, 4-2-81, Formerly 3D-160.18, Amended 10-17-94, 7-10-96, Formerly 3D-160.018.