11932084, 69O-185.005 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 11932084

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

OIR – Insurance Regulation

Chapter:

MORTGAGE GUARANTY INSURANCE

Overview

RULE:

69O-185.005

Advertisement of Mortgage Insurance (Repealed)

PURPOSE:

Repeals Rule 69O-185.005, Florida Administrative Code.

SUMMARY:

This rule prohibits insurers from insuring mortgages which are offered for sale to the public by advertisements that expressly or impliedly represent that the worth, value or safety of the mortgage investment arises by virtue of the proposed mortgage guaranty insurance rather than by virtue of the value of the underlying security or which stress the fact that the mortgage guarantee insurance is regulated by an agency of the State or Federal Government.
This rule substantially restates the language of Section 635.071(3), Florida Statutes and is unnecessary.  As a result, this rule should be repealed.

RULEMAKING AUTHORITY:

635.081, FS.

LAW:

635.071, FS.

PRINT PUBLISH DATE:

8/31/2012 Vol. 38/35

COMMENTS:

From 8/31/2012 To 9/21/2012 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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