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.
Rulemaking Authority 494.00296(1)(c) FS. Law Implemented 494.00296(1)(c) FS. History–New 11-9-15.