Section 69V-40.00111 - Determination of Common Terms used throughout Chapter 494, F.S., and Rule Chapter 69V-40, F.A.C"Material Benefit" as used in Section 494.00296, F.S., is a beneficial change in the current mortgage rates or terms where one or more of the following occurred:
(1) Reduction in Principal Amount of the loan by 10% or more;(2) Permanent reduction in the annual interest rate of at least 1% on an annual basis; or(3) Conversion of an Adjustable Interest Rate loan to a Fixed Rate loan and the annual interest rate is equal to or less than the current adjustable interest rate.Fla. Admin. Code Ann. R. 69V-40.00111
Rulemaking Authority 494.00296(1)(c) FS. Law Implemented 494.00296(1)(c) FS.
Adopted by Florida Register Volume 41, Number 209, October 27, 2015 effective 11/9/2015.