STATE OF FLORIDA

DIVISION OF ADMINISTRATIVE HEARINGS

METROPOLITAN MORTGAGE CORPORATION, )

)

Petitioner, )

)

vs. ) CASE NO. 76-2189RX

) DEPARTMENT OF BANKING AND FINANCE ) OF THE STATE OF FLORIDA, )

)

Respondent. )

)

FINAL ORDER

This matter was brought up for hearing before this division in Tallahassee, Florida, on the Amended Petition of METROPOLITAN MORTGAGE CORPORATION pursuant to Section 120.56, Florida Statutes, seeking an administrative determination of the validity of Rule 3D-40.12, Florida Administrative Code.

APPEARANCES

For Petitioner: H. Glenn Boggs, II

For Respondent: William B. Corbett, Jr.

The rule in question has been propounded by the Department of Banking and Finance and deals with recording and satisfaction of certain mortgages. That rule states:

3D-40.12 Recording mortgages. When a mortgage is recorded and funds are not disbursed to the mortgagor, a satisfaction of said mortgage shall be given immediately.

Failure to do so will be considered a deceptive practice and subject the licensee to suspension or revocation of the license. Specific Authority 20.05(5), 494.07, F.S. Law

Implemented 494.08 F.S. History - New 9-29-75.

It is the position of the Petitioner that this rule lacks the specific statutory authority required for implementation of a rule by Section 120.54(6), Florida Statutes (1975), which was in effect at the time the rule was adopted. The Petitioner, therefore, claims that the above quoted rule is invalid.

After considering the above, and the position of the Respondent as set forth in its Amended Answer, it is the finding of the Hearing Officer that there are no disputed issues of fact or of law and upon the admission of the Respondent that the said rule is invalid,

IT IS ORDERED that said rule is invalid.

DONE AND ORDERED this 20th day of January 1977 at Tallahassee, Florida.

KENNETH G. OERTEL, Director

Division of Administrative Hearings Room 530, Carlton Building Tallahassee, Florida 32304

(904) 488-9675

COPIES FURNISHED:

William B. Corbett, Jr. Assistant General Counsel Office of the Comptroller Legal Annex

Tallahassee, Florida

H. Glenn Boggs, II

Bryant, Dickens, Franson & Miller 700 Barnett Bank Building Tallahassee, Florida 32301

Carroll Webb, Executive Director Administrative Procedures Committee Room 120, Holland Building Tallahassee, Florida 32301

Ms. Liz Cloud Department of State

403 E. Gaines Street Tallahassee, Florida 32302

Docket for Case No: 76-002189RX

Orders for Case No: 76-002189RX