Florida Foreclosure Proceedings

Foreclosure Proceedings: Revises procedures and requirements for judicial sales; provides for disbursement of surplus funds after a judicial sale; establishes a rebuttable presumption of entitlement to surplus funds; provides requirements and procedures for disbursement of surplus funds by the clerk of court; provides for appointment of a surplus trustee; provides for notice of appointment; provides for termination of appointment; provides for treatment of surplus funds as unclaimed property; provides construction relating to title of property in a foreclosure sale; provides for a sale or assignment of rights to surplus funds in a property subject to foreclosure; establishes a rebuttable presumption of entitlement to surplus funds; provides requirements for proof; provides requirements for rebutting the presumption; provides requirements for transfers or assignments of surplus funds; provides duties and authority of a court in payment of surplus funds under a transfer or assignment; provides for nonapplication to specified instruments; specifies absence of effect on title or marketability of property or validity of liens; provides qualifications for appointment as a surplus trustee by the Department of Financial Services; provides requirements for appointment as a surplus trustee; provides for application and renewal fees; provides duties of the department in certifying surplus trustees; requires the department to establish a rotation system for assignment of cases to surplus trustees; provides duties of a surplus trustee; provides entitlement of a surplus trustee to specified service charges and fees; specifies service charges for clerks of court for administering judicial sales and surplus funds; provides a civil penalty for knowingly using unfair or deceptive homeowner victimization methods, acts, or practices in residential foreclosure proceedings; specifies higher priority of an order of restitution or reimbursement over imposition of a civil penalty; provides for deposit of civil penalties into the Legal Affairs Revolving Trust Fund of the Department of Legal Affairs; specifies nonapplication to specified encumbrances, deeds, or actions; specifies different newspaper legal notice and process requirements for counties above a certain population size; limits costs chargeable in a foreclosure proceeding.

Effective Date: July 1, 2006, except as otherwise provided.