Bill Text: FL S0736 | 2017 | Regular Session | Comm Sub


Bill Title: International Financial Institutions

Spectrum: Bipartisan Bill

Status: (Introduced - Dead) 2017-05-02 - Laid on Table, companion bill(s) passed, see CS/CS/HB 435 (Ch. 2017-83), CS/CS/HB 437 (Ch. 2017-84) [S0736 Detail]

Download: Florida-2017-S0736-Comm_Sub.html
       Florida Senate - 2017                       CS for CS for SB 736
       
       
        
       By the Committees on Appropriations; and Banking and Insurance;
       and Senators Mayfield and Steube
       
       
       
       
       576-03769-17                                           2017736c2
    1                        A bill to be entitled                      
    2         An act relating to international financial
    3         institutions; amending s. 655.005, F.S.; redefining
    4         the term “financial institution” to include
    5         international trust entities and qualified limited
    6         service affiliates; amending s. 655.059, F.S.;
    7         specifying conditions under which confidential books
    8         and records of international trust entities may be
    9         disclosed to their home-country supervisors; revising
   10         conditions for such disclosure for international
   11         banking corporations; redefining the term “home
   12         country supervisor”; requiring books and records
   13         pertaining to trust accounts to be kept confidential
   14         by financial institutions and their directors,
   15         officers, and employees; providing an exception;
   16         providing construction; creating s. 663.001, F.S.;
   17         providing legislative intent; amending s. 663.01,
   18         F.S.; redefining terms; deleting the definition of the
   19         term “international trust company representative
   20         office”; amending s. 663.02, F.S.; revising
   21         applicability of the financial institutions codes as
   22         to international banking corporations; amending s.
   23         663.021, F.S.; conforming a provision to changes made
   24         by the act; amending s. 663.04, F.S.; deleting
   25         international trust companies from requirements for
   26         carrying on financial institution business; conforming
   27         a provision to changes made by the act; authorizing
   28         the Office of Financial Regulation to permit certain
   29         entities that would otherwise be prohibited from
   30         carrying on financial institution business to remain
   31         open and in operation under certain circumstances;
   32         amending s. 663.05, F.S.; providing for an abbreviated
   33         application procedure for certain entities established
   34         by an international banking corporation; specifying
   35         that the Financial Services Commission, rather than
   36         the office, prescribes a certain application form;
   37         requiring the commission to adopt rules for a time
   38         limitation for an application decision after a
   39         specified date; revising conditions for the office to
   40         issue an international banking corporation license;
   41         conforming a provision to changes made by the act;
   42         amending s. 663.055, F.S.; revising capital
   43         requirements for international banking corporations;
   44         amending s. 663.06, F.S.; making technical changes;
   45         conforming a provision to changes made by the act;
   46         creating s. 663.0601, F.S.; providing an after-the
   47         fact licensure process in the event of the
   48         acquisition, merger, or consolidation of international
   49         banking corporations; specifying conditions for such
   50         license; amending s. 663.061, F.S.; providing
   51         permissible activities for international bank
   52         agencies; amending s. 663.062, F.S.; providing
   53         permissible activities for certain international
   54         representative offices; amending s. 663.063, F.S.;
   55         providing permissible activities for international
   56         administrative offices; amending s. 663.064, F.S.;
   57         requiring the commission to adopt rules relating to
   58         permissible deposits of international branches;
   59         providing permissible activities for international
   60         branches; amending s. 663.09, F.S.; revising
   61         requirements for the maintenance of books and records
   62         of international banking corporations; authorizing the
   63         office to require international banking corporations
   64         to translate certain documents into English at the
   65         expense of the international banking corporations;
   66         amending s. 663.11, F.S.; authorizing the office to
   67         permit certain entities that would otherwise be
   68         prohibited from continuing business to remain open and
   69         in operation under certain circumstances; authorizing
   70         the commission to adopt certain rules; requiring an
   71         entity to surrender its license under certain
   72         circumstances; making technical and conforming
   73         changes; amending s. 663.12, F.S.; conforming a
   74         provision to changes made by the act; amending s.
   75         663.17, F.S.; making technical changes; providing a
   76         directive to the Division of Law Revision and
   77         Information to create part III of ch. 663, F.S.,
   78         entitled “International Trust Company Representative
   79         Offices”; creating s. 663.4001, F.S.; providing
   80         legislative intent; creating s. 663.401, F.S.;
   81         defining terms; creating s. 663.402, F.S.; providing
   82         applicability of the financial institutions codes as
   83         to international trust entities; creating s. 663.403,
   84         F.S.; providing applicability of the Florida Business
   85         Corporation Act as to international trust entities;
   86         creating s. 663.404, F.S.; specifying requirements for
   87         an international trust entity or certain related
   88         entities to conduct financial institution business;
   89         authorizing the office to permit an international
   90         trust company representative office that would
   91         otherwise be prohibited from continuing business to
   92         remain open and in operation under certain
   93         circumstances; creating s. 663.405, F.S.; providing
   94         that an international trust company representative
   95         office is not required to produce certain books and
   96         records under certain circumstances; providing
   97         applicability; creating s. 663.406, F.S.; providing
   98         requirements for applications for an international
   99         trust entity license; requiring the office to disallow
  100         certain financial resources from capitalization
  101         requirements; requiring the international trust entity
  102         to submit to the office a certain certificate;
  103         providing an abbreviated application process for
  104         certain international trust entities to establish
  105         international trust company representative offices;
  106         specifying parameters and requirements for the office
  107         in determining whether to approve or disapprove an
  108         application; requiring the commission to adopt by rule
  109         general principles regarding the adequacy of
  110         supervision of an international trust entity’s foreign
  111         establishments rules; creating s. 663.407, F.S.;
  112         providing capital requirements for an international
  113         trust entity; requiring the commission to adopt rules;
  114         creating s. 663.408, F.S.; providing permissible
  115         activities under and requirements and limitations for
  116         international trust entity licenses; providing
  117         procedures, conditions, and requirements for the
  118         suspension, revocation, or surrender of an
  119         international trust entity license; creating s.
  120         663.4081, F.S.; providing for an after-the-fact
  121         licensure process in the event of the acquisition,
  122         merger, or consolidation of international trust
  123         entities; specifying conditions for such licensure;
  124         transferring, renumbering, and amending s. 663.0625,
  125         F.S.; adding prohibited activities of representatives
  126         and employees of an international trust company
  127         representative office; providing permissible
  128         activities of such offices; conforming provisions to
  129         changes made by the act; creating s. 663.410, F.S.;
  130         requiring international trust entities to certify to
  131         the office the amount of their capital accounts at
  132         specified intervals; providing construction; creating
  133         s. 663.411, F.S.; specifying reporting and
  134         recordkeeping requirements for international trust
  135         entities; providing penalties; authorizing the office
  136         to require an international trust entity to translate
  137         certain documents into English at the international
  138         trust entity’s expense; creating s. 663.412, F.S.;
  139         prohibiting an international trust entity from
  140         continuing to conduct business in this state under
  141         certain circumstances; authorizing the office to
  142         permit an international trust company representative
  143         office to remain open and in operation under certain
  144         circumstances; authorizing the commission to adopt
  145         certain rules; requiring an entity to surrender its
  146         license under certain circumstances; requiring an
  147         international trust entity or its surviving officers
  148         and directors to deliver specified documents to the
  149         office; providing construction; creating s. 663.413,
  150         F.S.; specifying application and examination fees for
  151         international trust company representative offices;
  152         creating s. 663.414, F.S.; authorizing the commission
  153         to adopt certain rules; providing an exemption from
  154         statement of estimated regulatory costs requirements;
  155         creating s. 663.415, F.S.; requiring international
  156         trust company representative offices that are under
  157         examination to reimburse domestic or foreign travel
  158         expenses of the office; providing a directive to the
  159         Division of Law Revision and Information to create
  160         part IV of ch. 663, F.S., entitled “Qualified Limited
  161         Service Affiliates of International Trust Entities”;
  162         creating s. 663.530, F.S.; defining terms; creating s.
  163         663.531, F.S.; specifying permissible and prohibited
  164         activities of a qualified limited service affiliate;
  165         requiring specified notices to be posted on an
  166         international trust entity’s or qualified limited
  167         service affiliate’s website; authorizing enforcement
  168         actions by the office; providing construction;
  169         creating s. 663.532, F.S.; requiring certain persons
  170         or entities to qualify as qualified limited service
  171         affiliates by a specified date or cease doing business
  172         in this state; permitting certain persons or entities
  173         to remain open and in operation under certain
  174         circumstances; amending s. 663.532, F.S., as created
  175         by this act; specifying qualification notice
  176         requirements; providing requirements and procedures
  177         for additional information requested by the office;
  178         providing summary suspension requirements and
  179         procedures; requiring the office to make investigation
  180         of specified persons upon the filing of a completed
  181         qualification notice; requiring the office to approve
  182         a qualification only if certain conditions are met;
  183         providing factors for the office to consider when
  184         evaluating a previous offense or violation committed
  185         by, or a previous fine or penalty imposed on,
  186         specified persons; providing that qualifications are
  187         not transferable or assignable; requiring certain
  188         persons or entities to file notices seeking
  189         qualification by a specified date or cease doing
  190         business in this state; creating s. 663.5325, F.S.;
  191         providing that a qualified limited service affiliate
  192         is not required to produce certain books and records
  193         under certain circumstances; providing applicability;
  194         creating s. 663.533, F.S.; providing applicability of
  195         the financial institutions codes as to qualified
  196         limited service affiliates; providing construction;
  197         creating s. 663.534, F.S.; requiring qualified limited
  198         service affiliates to report changes of certain
  199         information to the office within a specified
  200         timeframe; creating s. 663.535, F.S.; requiring a
  201         specified notice to customers in marketing documents,
  202         advertisements, and displays at the qualified limited
  203         service affiliate’s location or at certain events;
  204         creating s. 663.536, F.S.; specifying recordkeeping
  205         requirements relating to certain events that a
  206         qualified limited service affiliate participates in;
  207         creating s. 663.537, F.S.; authorizing the office to
  208         conduct examinations or investigations of qualified
  209         limited service affiliates for certain purposes;
  210         specifying a minimum interval of examinations to
  211         assess compliance; authorizing the office to examine a
  212         person or entity submitting a notice of qualification
  213         for certain purposes; creating s. 663.538, F.S.;
  214         providing requirements and procedures relating to the
  215         suspension, revocation, or voluntary surrender of a
  216         qualified limited service affiliate’s qualification;
  217         providing a penalty; authorizing the office to conduct
  218         examinations under certain circumstances; prohibiting
  219         the office from denying a request to terminate
  220         operations except under certain circumstances;
  221         providing construction; creating s. 663.539, F.S.;
  222         requiring a qualified limited service affiliate to
  223         renew its qualification biennially; specifying
  224         requirements for the renewal qualification; reenacting
  225         s. 663.16, F.S., relating to definitions, to
  226         incorporate the amendment made to s. 663.01, F.S., in
  227         a reference thereto; providing effective dates.
  228          
  229  Be It Enacted by the Legislature of the State of Florida:
  230  
  231         Section 1. Paragraph (i) of subsection (1) of section
  232  655.005, Florida Statutes, is amended to read:
  233         655.005 Definitions.—
  234         (1) As used in the financial institutions codes, unless the
  235  context otherwise requires, the term:
  236         (i) “Financial institution” means a state or federal
  237  savings or thrift association, bank, savings bank, trust
  238  company, international bank agency, international banking
  239  corporation, international branch, international representative
  240  office, international administrative office, international trust
  241  entity, international trust company representative office,
  242  qualified limited service affiliate, credit union, or an
  243  agreement corporation operating pursuant to s. 25 of the Federal
  244  Reserve Act, 12 U.S.C. ss. 601 et seq. or Edge Act corporation
  245  organized pursuant to s. 25(a) of the Federal Reserve Act, 12
  246  U.S.C. ss. 611 et seq.
  247         Section 2. Subsection (1) and paragraph (b) of subsection
  248  (2) of section 655.059, Florida Statutes, are amended to read:
  249         655.059 Access to books and records; confidentiality;
  250  penalty for disclosure.—
  251         (1) The books and records of a financial institution are
  252  confidential and shall be made available for inspection and
  253  examination only:
  254         (a) To the office or its duly authorized representative;
  255         (b) To any person duly authorized to act for the financial
  256  institution;
  257         (c) To any federal or state instrumentality or agency
  258  authorized to inspect or examine the books and records of an
  259  insured financial institution;
  260         (d) With respect to an international banking corporation or
  261  international trust entity, to the home-country supervisor of
  262  the international banking corporation or international trust
  263  entity, provided:
  264         1. The home-country supervisor provides advance notice to
  265  the office that the home-country supervisor intends to examine
  266  the Florida office of the international banking corporation or
  267  international trust entity. Such examination may be conducted
  268  onsite or offsite and may include ongoing reporting by the
  269  Florida office of the international banking corporation or
  270  international trust entity to the home-country supervisor.
  271         2. The home-country supervisor confirms to the office that
  272  the purpose of the examination is to ensure the safety and
  273  soundness of the international banking corporation or
  274  international trust entity.
  275         3. The books and records pertaining to customer deposit,
  276  investment, and custodial, and trust accounts are not disclosed
  277  to the home-country supervisor.
  278         4. At any time during the conduct of the examination, the
  279  office reserves the right to have an examiner present, or to
  280  participate jointly in the examination, or to receive copies of
  281  all information provided to the home-country supervisor.
  282  
  283  As used in For purposes of this paragraph, the term “home
  284  country supervisor” means the governmental entity in the
  285  international banking corporation’s or international trust
  286  entity’s home country with responsibility for the supervision
  287  and regulation of the safety and soundness of the international
  288  banking corporation or international trust entity;
  289         (e) As compelled by a court of competent jurisdiction,
  290  pursuant to a subpoena issued pursuant to the Florida Rules of
  291  Civil Procedure, the Florida Rules of Criminal Procedure, or the
  292  Federal Rules of Civil Procedure, or pursuant to a subpoena
  293  issued in accordance with state or federal law. Before Prior to
  294  the production of the books and records of a financial
  295  institution, the party seeking production must reimburse the
  296  financial institution for the reasonable costs and fees incurred
  297  in compliance with the production. If the parties disagree
  298  regarding the amount of reimbursement, the party seeking the
  299  records may request the court or agency having jurisdiction to
  300  set the amount of reimbursement;
  301         (f) As compelled by legislative subpoena as provided by
  302  law, in which case the provisions of s. 655.057 apply;
  303         (g) Pursuant to a subpoena, to any federal or state law
  304  enforcement or prosecutorial instrumentality authorized to
  305  investigate suspected criminal activity;
  306         (h) As authorized by the board of directors of the
  307  financial institution; or
  308         (i) As provided in subsection (2).
  309         (2)
  310         (b) The books and records pertaining to trust accounts and
  311  the deposit accounts and loans of depositors, borrowers,
  312  members, and stockholders of any financial institution shall be
  313  kept confidential by the financial institution and its
  314  directors, officers, and employees and may shall not be released
  315  except upon express authorization of the account holder as to
  316  her or his own accounts, loans, or voting rights. However,
  317  information relating to any loan made by a financial institution
  318  may be released without the borrower’s authorization in a manner
  319  prescribed by the board of directors for the purpose of meeting
  320  the needs of commerce and for fair and accurate credit
  321  information. Information may also be released, without the
  322  authorization of a member or depositor but in a manner
  323  prescribed by the board of directors, to verify or corroborate
  324  the existence or amount of a customer’s or member’s account when
  325  such information is reasonably provided to meet the needs of
  326  commerce and to ensure accurate credit information. In addition,
  327  a financial institution, affiliate, and its subsidiaries, and
  328  any holding company of the financial institution or subsidiary
  329  of such holding company, may furnish to one another information
  330  relating to their customers or members, subject to the
  331  requirement that each corporation receiving information that is
  332  confidential maintain the confidentiality of such information
  333  and not provide or disclose such information to any unaffiliated
  334  person or entity. Notwithstanding this paragraph, nothing in
  335  this subsection does not shall prohibit:
  336         1. A financial institution from disclosing financial
  337  information as referenced in this subsection as authorized
  338  permitted by Pub. L. No. 106-102 (1999), as set forth in 15
  339  U.S.C.A. s. 6802, as amended.
  340         2.The Florida office of the international banking
  341  corporation or international trust entity from sharing books and
  342  records under this subsection with the home-country supervisor
  343  in accordance with subsection (1).
  344         Section 3. Section 663.001, Florida Statutes, is created in
  345  part I of chapter 663, Florida Statutes, to read:
  346         663.001Purpose.—The purpose of this part is to establish a
  347  legal and regulatory framework for the conduct by international
  348  banking corporations of financial services business in this
  349  state. This part is intended to:
  350         (1)Support the Florida operations of international banking
  351  corporations and promote the growth of international financial
  352  services to benefit the economy and consumers in this state.
  353         (2)Provide for appropriate supervision and regulatory
  354  oversight to ensure that financial services activities of
  355  international banking corporations in this state are conducted
  356  responsibly and in a safe and sound manner.
  357         Section 4. Subsections (6) and (9) and paragraph (b) of
  358  subsection (11) of section 663.01, Florida Statutes, are amended
  359  to read:
  360         663.01 Definitions.—As used in this part, the term:
  361         (6) “International banking corporation” means a banking
  362  corporation organized and licensed under the laws of a foreign
  363  country. The term “international banking corporation” includes,
  364  without limitation, a foreign commercial bank, foreign merchant
  365  bank, or other foreign institution that engages in banking
  366  activities usual in connection with the business of banking in
  367  the country where such foreign institution is organized or
  368  operating, including a corporation: the sole shareholders of
  369  which are one or more international banking corporations or
  370  holding companies which own or control one or more international
  371  banking corporations which are authorized to carry on a banking
  372  business, or a central bank or government agency of a foreign
  373  country and any affiliate or division thereof; which has the
  374  power to receive deposits from the general public in the country
  375  where it is chartered and organized; and which is under the
  376  supervision of the central bank or other bank regulatory
  377  authority of such country. The term also includes foreign trust
  378  companies, or any similar business entities, including, but not
  379  limited to, foreign banks with fiduciary powers which, that
  380  conduct trust business as defined in the financial institutions
  381  codes.
  382         (9)“International trust company representative office”
  383  means an office of an international banking corporation or trust
  384  company organized and licensed under the laws of a foreign
  385  country which office is established or maintained in this state
  386  for the purpose of engaging in nonfiduciary activities described
  387  in s. 663.0625, or any affiliate, subsidiary, or other person
  388  that engages in such activities on behalf of such international
  389  banking corporation or trust company from an office located in
  390  this state.
  391         (10)(11) “Nonresident” means:
  392         (b) A person, other than an individual, whose principal
  393  place of business or domicile is outside the United States and
  394  includes a person who conducts a majority of its business
  395  activities in a foreign country and any foreign government and
  396  its subdivision, agencies, and instrumentalities. Any person who
  397  conducts business in the United States is considered to have its
  398  principal place of business outside the United States if any one
  399  of the following requirements is satisfied for its most recent
  400  fiscal year:
  401         1. Its assets located outside the United States exceed its
  402  assets located within the United States;
  403         2. Its gross revenues generated outside the United States
  404  exceed its gross revenues generated within the United States; or
  405         3. Its payroll expenses incurred outside the United States
  406  exceed its payroll expenses incurred within the United States.
  407         Section 5. Section 663.02, Florida Statutes, is amended to
  408  read:
  409         663.02 Applicability of the financial institutions codes
  410  state banking laws.—
  411         (1) International banking corporations having offices in
  412  this state are subject to all the provisions of the financial
  413  institutions codes and chapter 655 as though such corporations
  414  were state banks or trust companies, except where it may appear,
  415  from the context or otherwise, that such provisions are clearly
  416  applicable only to banks or trust companies organized under the
  417  laws of this state or the United States. Without limiting the
  418  foregoing general provisions, it is the intent of the
  419  Legislature that the following provisions are applicable to such
  420  banks or trust companies: s. 655.031, relating to administrative
  421  enforcement guidelines; s. 655.032, relating to investigations,
  422  subpoenas, hearings, and witnesses; s. 655.0321, relating to
  423  hearings, proceedings, and related documents and restricted
  424  access thereto; s. 655.033, relating to cease and desist orders;
  425  s. 655.037, relating to removal by the office of an officer,
  426  director, committee member, employee, or other person; s.
  427  655.041, relating to administrative fines and enforcement; s.
  428  655.50, relating to the control of money laundering and
  429  terrorist financing; and any law for which the penalty is
  430  increased under s. 775.31 for facilitating or furthering
  431  terrorism. International banking corporations do not have the
  432  powers conferred on domestic banks by s. 658.60, relating to
  433  deposits of public funds. Chapter 687, relating to interest and
  434  usury, applies to all bank loans.
  435         (2) Neither an international bank agency nor an
  436  international branch shall have any greater right under, or by
  437  virtue of, this section than is granted to banks organized under
  438  the laws of this state. Legal and financial terms used herein
  439  shall be deemed to refer to equivalent terms used by the country
  440  in which the international banking corporation is organized.
  441  This chapter and the financial institutions codes may not be
  442  construed to authorize any international banking corporation or
  443  trust company to conduct trust business, as defined in s.
  444  658.12, from an office in this state except for those activities
  445  specifically authorized by s. 663.061(5) ss. 663.061(5) and
  446  663.0625.
  447         Section 6. Subsection (1) of section 663.021, Florida
  448  Statutes, is amended to read:
  449         663.021 Civil action subpoena enforcement.—
  450         (1) Notwithstanding s. 655.059, an international
  451  representative office, international bank agency, international
  452  branch, international trust company representative office, or
  453  international administrative office established under this
  454  chapter is not required to produce a book or record pertaining
  455  to a deposit account, investment account, or loan of a customer
  456  of the international banking corporation’s offices that are
  457  located outside the United States or its territories in response
  458  to a subpoena if the book or record is maintained outside the
  459  United States or its territories and is not in the possession,
  460  custody, or control of the international banking corporation’s
  461  office, agency, or branch established in this state.
  462         Section 7. Section 663.04, Florida Statutes, is amended to
  463  read:
  464         663.04 Requirements for carrying on financial institution
  465  business.—An international banking corporation or trust company,
  466  or any affiliate, subsidiary, or other person or business entity
  467  acting as an agent for, on behalf of, or for the benefit of such
  468  international banking corporation or trust company who engages
  469  in such activities from an office located in this state, may not
  470  transact a banking or trust business, or maintain in this state
  471  any office for carrying on such business, or any part thereof,
  472  unless such corporation, trust company, affiliate, subsidiary,
  473  person, or business entity:
  474         (1) Has been authorized by its charter to carry on a
  475  banking or trust business and has complied with the laws of the
  476  jurisdiction in which it is chartered.
  477         (2) Has furnished to the office such proof as to the nature
  478  and character of its business and as to its financial condition
  479  as the commission or office requires.
  480         (3) Has filed with the office a certified copy of that
  481  information required to be supplied to the Department of State
  482  by those provisions of part I of chapter 607 which are
  483  applicable to foreign corporations.
  484         (4) Has received a license duly issued to it by the office.
  485         (5) Has sufficient capital in accordance with the
  486  requirements of capital accounts no less than the minimums
  487  required per s. 663.055 and the rules adopted thereunder and is
  488  not imminently insolvent or insolvent, as those terms are
  489  defined in per s. 655.005(1).
  490         (6)(a) Is not in bankruptcy, conservatorship, receivership,
  491  liquidation, or similar status under the laws of any country.
  492         (b) Is not operating under the direct control of the
  493  government, regulatory, or supervisory authority of the
  494  jurisdiction of its incorporation through government
  495  intervention or any other extraordinary actions.
  496         (c) Has not been in such status or control at any time
  497  within the 3 7 years preceding the date of application for a
  498  license.
  499  
  500  Notwithstanding paragraphs (a) and (b), the office may permit an
  501  international branch, international bank agency, international
  502  administrative office, or international representative office to
  503  remain open and in operation pursuant to s. 663.11(1)(b).
  504         Section 8. Present subsections (4) through (8) of section
  505  663.05, Florida Statutes, are redesignated as subsections (5)
  506  through (9), respectively, a new subsection (4) is added to that
  507  section, and present subsections (4), (5), and (6), paragraph
  508  (c) of present subsection (7), and present subsection (8) of
  509  that section are amended, to read:
  510         663.05 Application for license; approval or disapproval.—
  511         (4)Notwithstanding subsection (1), an international
  512  banking corporation that has operated an international branch,
  513  international bank agency, international administrative office,
  514  or international representative office in this state for a
  515  minimum of 3 years in a safe and sound manner, as defined by
  516  commission rule, and that is otherwise eligible to establish an
  517  additional office may establish one or more additional
  518  international branches, international bank agencies,
  519  international administrative offices, or international
  520  representative offices by providing an abbreviated application
  521  and paying the appropriate license fee pursuant to s. 663.12.
  522  This subsection does not permit an international banking
  523  corporation to file an abbreviated application for any license
  524  type whose permissible activities are broader than those in
  525  which the international banking corporation is currently
  526  authorized to engage.
  527         (5)(4)An application filed pursuant to this section must
  528  shall be made on a form prescribed by the commission office and
  529  must shall contain such information as the commission or office
  530  requires.
  531         (6)(5) The office may, in its discretion, approve or
  532  disapprove the application, but it may shall not approve the
  533  application unless, in its opinion, the applicant meets each and
  534  every requirement of this part and any other applicable
  535  provision of the financial institutions codes. The office shall
  536  approve the application only if it has determined that the
  537  directors, executive officers, and principal shareholders of the
  538  international banking corporation are qualified by reason of
  539  their financial ability, reputation, and integrity and have
  540  sufficient banking and other business experience to indicate
  541  that they will manage and direct the affairs of the
  542  international banking corporation in a safe, sound, and lawful
  543  manner. In the processing of an application filed pursuant to
  544  this section applications, the time limitations under the
  545  Administrative Procedure Act do shall not apply as to approval
  546  or disapproval of the application. For applications filed on or
  547  after January 1, 2018, the time limitations for approval or
  548  disapproval of an application must be prescribed by rule of the
  549  commission.
  550         (7)(6) The office may not issue a license to an
  551  international banking corporation unless:
  552         (a) It is chartered in a jurisdiction in which any
  553  financial institution licensed or chartered by any state or any
  554  federal bank regulatory agency in the United States bank or
  555  trust company having its principal place of business in this
  556  state may establish similar facilities or exercise similar
  557  powers; or
  558         (b) Federal law permits the appropriate federal regulatory
  559  authority to issue a comparable license to the international
  560  banking corporation.
  561         (8)(7) The office may not issue a license to an
  562  international banking corporation for the purpose of operating:
  563         (c)A trust representative office in this state unless the
  564  corporation:
  565         1.Holds an unrestricted license to conduct trust business
  566  in the foreign country under the laws of which it is organized
  567  and chartered.
  568         2.Has been authorized by the foreign country’s trust
  569  business regulatory authority to establish the proposed
  570  international trust representative office.
  571         3.Is adequately supervised by the central bank or trust
  572  regulatory agency in the foreign country in which it is
  573  organized and chartered.
  574         4.Meets all requirements under the financial institutions
  575  codes for the operation of a trust company or trust department
  576  as if it were a state chartered trust company or bank authorized
  577  to exercise fiduciary powers.
  578         (9)(8) The commission shall establish, by rule, the general
  579  principles which shall determine the adequacy of supervision of
  580  an international banking corporation’s foreign establishments.
  581  These principles shall be based upon the need for cooperative
  582  supervisory efforts and consistent regulatory guidelines and
  583  shall address, at a minimum, the capital adequacy, asset
  584  quality, management, earnings, liquidity, internal controls,
  585  audits, and foreign exchange operations and positions of the
  586  international banking corporation. This subsection does shall
  587  not require examination by the home-country regulatory
  588  authorities of any office of an international banking
  589  corporation in this state. The commission may also establish, by
  590  rule, other standards for approval of an application for a
  591  license as considered necessary to ensure the safe and sound
  592  operations of the international banking corporation bank or
  593  trust representative office in this state.
  594         Section 9. Section 663.055, Florida Statutes, is amended to
  595  read:
  596         663.055 Capital requirements.—
  597         (1) To qualify for a license under the provisions of this
  598  part, the proposed capitalization of the international banking
  599  corporation must be in such amount as the office determines is
  600  necessary, taking into consideration the risk profile of the
  601  international banking corporation and the ability of the
  602  international banking corporation to operate a licensed office
  603  in a safe and sound manner. In making this determination, the
  604  office must consider the financial resources of the
  605  international banking corporation, including an international
  606  banking corporation must have net capital accounts, calculated
  607  according to United States generally accepted accounting
  608  principles and practices, of at least:
  609         (a) The international banking corporation’s current and
  610  projected capital position, profitability, level of
  611  indebtedness, and business and strategic plans Forty million
  612  dollars for the establishment of an international bank agency,
  613  an international branch, or an international administrative
  614  office; or
  615         (b) The financial condition of any of the international
  616  banking corporation’s existing offices located in the United
  617  States; Twenty million dollars for the establishment of an
  618  international representative office or international trust
  619  representative office.
  620         (c)The minimum capital requirements of the international
  621  banking corporation’s home-country jurisdiction; and
  622         (d)The capital ratio standards used in the United States
  623  and in the international banking corporation’s home-country
  624  jurisdiction.
  625         (2) The proposed capitalization of the international
  626  banking corporation must be in such amount as the office deems
  627  adequate, but in no case may the total capital accounts of the
  628  international banking corporation be less than the minimum
  629  required under s. 658.21(2) to establish a state bank
  630  Notwithstanding the provisions of paragraph (1)(a), the office
  631  may approve an application for a license to establish an
  632  international bank agency, an international branch, or an
  633  international administrative office if:
  634         (a)The international banking corporation is licensed to
  635  receive deposits from the general public in the country where it
  636  is organized and licensed and to engage in such other activities
  637  as are usual in connection with the business of banking in such
  638  country;
  639         (b)The office receives a certificate that is issued by the
  640  banking or supervisory authority of the country in which the
  641  international banking corporation is organized and licensed and
  642  states that the international banking corporation is duly
  643  organized and licensed and lawfully existing in good standing,
  644  and is empowered to conduct a banking business; and
  645         (c)The international banking corporation has been in the
  646  business of banking for at least 10 years and is ranked by the
  647  banking or supervisory authority of the country in which it is
  648  organized and licensed as one of the five largest banks in that
  649  country in terms of domestic deposits, as of the date of its
  650  most recent statement of financial condition. However, in no
  651  event shall the office approve an application under this
  652  subsection for any international banking corporation with
  653  capital accounts of less than $20 million.
  654         (3) The office may specify such other conditions as it
  655  determines are appropriate, considering the public interest and,
  656  the need to maintain a safe, sound, and competitive banking
  657  system in this state, and the preservation of an environment
  658  conducive to the conduct of an international banking business in
  659  this state. In translating the capital accounts of an
  660  international banking corporation, the office may consider
  661  monetary corrections accounts that reflect results consistent
  662  with the requirements of generally accepted accounting
  663  principles in the United States.
  664         (4) For the purpose of this part, the capital accounts of
  665  and capital ratio standards for an international banking
  666  corporation must shall be determined in accordance with rules
  667  adopted by the commission. In adopting such rules, the
  668  commission shall consider similar rules adopted by bank
  669  regulatory agencies in the United States and the need to provide
  670  reasonably consistent regulatory requirements for international
  671  banking corporations which will maintain the safe and sound
  672  condition of international banking corporations doing business
  673  in this state, as well as capital adequacy standards of an
  674  international banking corporation’s home-country jurisdiction.
  675         Section 10. Subsections (1) and (3) of section 663.06,
  676  Florida Statutes, are amended to read:
  677         663.06 Licenses; permissible activities.—
  678         (1)(a) An international banking corporation licensed to
  679  operate an office in this state may engage in the business
  680  authorized by this part at the office specified in such license
  681  for an indefinite period.
  682         (b) An international banking corporation may operate more
  683  than one licensed office, each at a different place of business,
  684  provided that each office is shall be separately licensed.
  685         (c)A No license is not transferable or assignable.
  686  However, the location of a licensed office may be changed after
  687  notification of the office.
  688         (d) Every such license must shall be, at all times,
  689  conspicuously displayed in the place of business specified
  690  therein.
  691         (3) The license for any international banking corporation
  692  office in this state may be suspended or revoked by the office,
  693  with or without examination, upon its determination that the
  694  international banking corporation or the licensed office does
  695  not meet all requirements for original licensing. Additionally,
  696  the office shall revoke the license of any licensed office that
  697  the office determines has been inactive for 6 months or longer.
  698  The commission may by rule prescribe additional conditions or
  699  standards under which the license of an international bank
  700  agency, international branch, international representative
  701  office, international trust company representative office, or
  702  international administrative office may be suspended or revoked.
  703         Section 11. Section 663.0601, Florida Statutes, is created
  704  to read:
  705         663.0601After-the-fact licensure process in the event of
  706  the acquisition, merger, or consolidation of international
  707  banking corporations.—If an international banking corporation
  708  proposes to acquire, merge, or consolidate with an international
  709  banking corporation that presently operates an international
  710  branch, international bank agency, international administrative
  711  office, or international representative office licensed in this
  712  state, the office may authorize the currently licensed
  713  international branch, international bank agency, international
  714  administrative office, or international representative office to
  715  remain open and in operation after consummation of the proposed
  716  acquisition, merger, or consolidation, if the acquiring
  717  international banking corporation files an after-the-fact
  718  application and all of the following conditions are met:
  719         (1)The international banking corporation or corporations
  720  resulting from the acquisition, merger, or consolidation will
  721  not directly or indirectly own or control more than 5 percent of
  722  any class of the voting securities of, or control, a United
  723  States bank.
  724         (2)Before consummation of the acquisition, merger, or
  725  consolidation, the international banking corporation currently
  726  licensed to operate an international branch, international bank
  727  agency, international administrative office, or international
  728  representative office in this state must provide the office at
  729  least 30 days’ advance written notice, as prescribed by rules
  730  adopted by the commission, of the proposed acquisition, merger,
  731  or consolidation.
  732         (3)Before consummation of the acquisition, merger, or
  733  consolidation, each international banking corporation commits in
  734  writing that it will either:
  735         (a)Comply with the conditions in subsections (1) and (2)
  736  and file an after-the-fact application for a license under s.
  737  663.05(1) within 60 days after consummation of the proposed
  738  acquisition, merger, or consolidation; and refrain from engaging
  739  in new lines of business and from otherwise expanding the
  740  activities of such establishment in this state until the
  741  disposition of the after-the-fact license application, in
  742  accordance with chapter 120; or
  743         (b)Promptly wind down and close any international branch,
  744  international bank agency, international administrative office,
  745  or international representative office in this state if the
  746  international banking corporations that are party to the
  747  acquisition, merger, or consolidation elect not to file an
  748  application for a license in accordance with paragraph (a); and,
  749  before such wind-down and closure, refrain from engaging in new
  750  lines of business or otherwise expanding the activities of such
  751  establishment in this state.
  752         Section 12. Subsection (1) of section 663.061, Florida
  753  Statutes, is amended to read:
  754         663.061 International bank agencies; permissible
  755  activities.—
  756         (1) An international bank agency licensed under this part
  757  may make any loan, extension of credit, or investment which it
  758  could make if incorporated and operating as a bank organized
  759  under the laws of this state. An international bank agency may
  760  act as custodian and may furnish investment management, and
  761  investment advisory services authorized under rules adopted by
  762  the commission, to nonresident entities or persons whose
  763  principal places of business or domicile are outside the United
  764  States and to resident entities or persons with respect to
  765  international, or foreign, or domestic investments. An
  766  international banking corporation that which has an
  767  international bank agency licensed under the terms of this part
  768  is shall be exempt from the registration requirements of s.
  769  517.12. An international bank agency licensed by the office may
  770  engage in any activity permissible for an international
  771  administrative office or international representative office.
  772         Section 13. Section 663.062, Florida Statutes, is amended
  773  to read:
  774         663.062 International representative offices; permissible
  775  activities.—An international representative office may promote
  776  or assist the deposit-taking, lending, or other financial or
  777  banking activities of an international banking corporation. An
  778  international representative office may serve as a liaison in
  779  Florida between an international banking corporation and its
  780  existing and potential customers. Representatives and employees
  781  based at such office may solicit business for the international
  782  banking corporation and its subsidiaries and affiliates, provide
  783  information to customers concerning their accounts, answer
  784  questions, receive applications for extensions of credit and
  785  other banking services, transmit documents on behalf of
  786  customers, and make arrangements for customers to transact
  787  business on their accounts, but a representative office may not
  788  conduct any banking or trust business in this state. An
  789  international representative office of an international banking
  790  corporation that has fiduciary powers may engage in the
  791  international trust representative office activities enumerated
  792  in s. 663.409.
  793         Section 14. Subsection (2) of section 663.063, Florida
  794  Statutes, is amended to read:
  795         663.063 International administrative offices.—
  796         (2) An office established pursuant to the provisions of
  797  this section may not engage only in any activity except those
  798  activities set forth in subsection (1) and the activities
  799  permissible for an international representative office pursuant
  800  to s. 663.062.
  801         Section 15. Section 663.064, Florida Statutes, is amended
  802  to read:
  803         663.064 International branches; permissible activities;
  804  requirements.—
  805         (1) An international banking corporation that meets the
  806  requirements of ss. 658.26, 663.04, and 663.05 may, with the
  807  approval of the office, establish one or more branches in this
  808  state. An international branch shall have the same rights and
  809  privileges as a federally licensed international branch. The
  810  operations of an international branch shall be conducted
  811  pursuant to requirements determined by the office as necessary
  812  to ensure compliance with the provisions of the financial
  813  institutions codes, including requirements for the maintenance
  814  of accounts and records separate from those of the international
  815  banking corporation of which it is a branch.
  816         (2)An international branch has the same rights and
  817  privileges as a federally licensed international branch. The
  818  permissible deposits of an international branch must be
  819  determined in accordance with rules adopted by the commission.
  820  In adopting such rules, the commission shall consider the
  821  similar deposit-taking authority of a federally licensed
  822  international branch and the need to provide reasonably
  823  consistent regulatory requirements for international banking
  824  corporations doing business in this state.
  825         (3)An international branch licensed by the office may
  826  engage in any activity permissible for an international bank
  827  agency, international administrative office, or international
  828  representative office.
  829         Section 16. Subsection (3) of section 663.09, Florida
  830  Statutes, is amended, and subsection (5) is added to that
  831  section, to read:
  832         663.09 Reports; records.—
  833         (3) Each international banking corporation that which
  834  operates an office licensed under this part shall cause to be
  835  kept, at a location accepted by the office:
  836         (a) Correct and complete books and records of account of
  837  the business operations transacted by such office. All policies
  838  and procedures relating specifically to governing the operations
  839  of such office, as well as any existing general ledger or
  840  subsidiary accounts, must shall be maintained in the English
  841  language. Any policies and procedures of the international
  842  banking corporation which are not specific to the operations of
  843  such office may be maintained in a language other than English
  844  The office may require that any other document not written in
  845  the English language which the office deems necessary for the
  846  purposes of its regulatory and supervisory functions be
  847  translated into English at the expense of the international
  848  banking corporation.
  849         (b) Current copies of the charter and bylaws of the
  850  international banking corporation, relative to the operations of
  851  the office, and minutes of the proceedings of its directors,
  852  officers, or committees relative to the business of the office.
  853  Such records may be maintained in a language other than English
  854  and must shall be kept pursuant to s. 655.91 and shall be made
  855  available to the office, upon request, at any time during
  856  regular business hours of the office. Any failure to keep such
  857  records as aforesaid or any refusal to produce such records upon
  858  request by the office is shall be grounds for suspension or
  859  revocation of any license issued under this part.
  860         (5)The office may require at any time that any document
  861  not written in the English language which the office deems
  862  necessary for the purposes of its regulatory and supervisory
  863  functions be translated into English at the expense of the
  864  international banking corporation.
  865         Section 17. Section 663.11, Florida Statutes, is amended to
  866  read:
  867         663.11 Termination of international banking corporation’s
  868  charter or authority.—
  869         (1)(a) An international banking corporation that is
  870  licensed to maintain an office in this state may not continue to
  871  conduct its licensed business in this state if the international
  872  banking corporation:
  873         1. Is dissolved, or its authority or existence is otherwise
  874  terminated or canceled in the jurisdiction of its
  875  incorporation;,
  876         2. Is in bankruptcy, conservatorship, receivership,
  877  liquidation, or similar status under the laws of any country;,
  878  or
  879         3. Is operating under the direct control of the government
  880  or the regulatory or supervisory authority of the jurisdiction
  881  of its incorporation through government intervention or any
  882  other extraordinary actions.
  883         (b)1.Notwithstanding subparagraphs (a)2. and 3., the
  884  office may permit an international branch, international bank
  885  agency, international administrative office, or international
  886  representative office to remain open and in operation under the
  887  following conditions:
  888         a.Within 30 days after the occurrence of an event
  889  described in subparagraph (a)2. or subparagraph (a)3., the
  890  international branch, international bank agency, international
  891  administrative office, or international representative office
  892  provides the office with a plan to wind down its affairs and
  893  business within the subsequent 90 days or provides an interim
  894  operational plan outlining parameters for its continued
  895  operation. If the office finds that such interim operational
  896  plan does not allow for the conduct of business in a safe and
  897  sound manner, the office shall revoke the license.
  898         b.The international banking corporation is authorized by
  899  the foreign country in which it is organized and licensed to
  900  address the affairs of any international branch, international
  901  bank agency, international administrative office, or
  902  international representative office in this state.
  903         c.The international branch, international bank agency,
  904  international administrative office, or international
  905  representative office does not engage in any new lines of
  906  business or otherwise expand its activities in this state.
  907         d.The office determines that allowing the international
  908  branch, international bank agency, international administrative
  909  office, or international representative office to remain open
  910  furthers domestic and foreign supervisory cooperation.
  911         e.The office determines that allowing the international
  912  branch, international bank agency, international administrative
  913  office, or international representative office to remain open is
  914  in the public’s interest and does not present an immediate or
  915  serious danger to the public health, safety, or welfare.
  916         2.The commission may establish, by rule, additional
  917  standards and conditions for approval of an interim operational
  918  plan and for ongoing compliance with the plan. Such standards
  919  and conditions shall be based upon the need for cooperative
  920  supervisory efforts, consistent regulatory oversight, and the
  921  orderly administration of the international banking
  922  corporation’s affairs.
  923         3.After the resolution of all applicable events described
  924  in subparagraphs (a)2. and 3., if an international banking
  925  corporation is no longer authorized by the foreign country in
  926  which it is organized and licensed to conduct banking business,
  927  the international branch, international bank agency,
  928  international administrative office, or international
  929  representative office shall surrender its license in accordance
  930  with s. 663.06.
  931         (2)A certificate of the official who is responsible for
  932  records of banking corporations of the jurisdiction of
  933  incorporation of such international banking corporation,
  934  attesting to the occurrence of any such event, or a certified
  935  copy of an order or decree of a court of such jurisdiction,
  936  directing the dissolution of such international banking
  937  corporation, the termination of its existence, or the
  938  cancellation of its authority, or declaring its status in
  939  bankruptcy, conservatorship, receivership, liquidation, or
  940  similar proceedings, or other reliable documentation that the
  941  international banking corporation is operating under the direct
  942  control of its government or a regulatory or supervisory
  943  authority, shall be delivered by The international banking
  944  corporation or its surviving officers and directors shall
  945  deliver to the office:.
  946         (a)A certificate of the official who is responsible for
  947  records of banking corporations of the jurisdiction of
  948  incorporation of such international banking corporation,
  949  attesting to the occurrence of any event described in paragraph
  950  (1)(a);
  951         (b)A certified copy of an order or decree of a court of
  952  such jurisdiction, directing the dissolution of such
  953  international banking corporation, the termination of its
  954  existence, or the cancellation of its authority or declaring its
  955  status in bankruptcy, conservatorship, receivership,
  956  liquidation, or similar proceedings; or
  957         (c)Other reliable documentation evidencing that the
  958  international banking corporation is operating under the direct
  959  control of its government or a regulatory or supervisory
  960  authority.
  961         (3) The filing of the certificate, order, documentation, or
  962  decree has shall have the same effect as the revocation of the
  963  license of such international banking corporation as provided in
  964  s. 663.06, unless the office has permitted the international
  965  branch, international bank agency, international administrative
  966  office, or international representative office to remain open
  967  and in operation pursuant to paragraph (1)(b).
  968         Section 18. Subsection (1) of section 663.12, Florida
  969  Statutes, is amended to read:
  970         663.12 Fees; assessments; fines.—
  971         (1) Each application for a license under the provisions of
  972  this part must shall be accompanied by a nonrefundable filing
  973  fee payable to the office in the following amount:
  974         (a) Ten thousand dollars for establishing a state-chartered
  975  investment company.
  976         (b) Ten thousand dollars for establishing an international
  977  bank agency or branch.
  978         (c) Five thousand dollars for establishing an international
  979  administrative office.
  980         (d) Five thousand dollars for establishing an international
  981  representative office.
  982         (e)Five thousand dollars for establishing an international
  983  trust company representative office.
  984         (e)(f) An amount equal to the initial filing fee for an
  985  application to convert from one type of license to another. The
  986  commission may increase the filing fee for any type of license
  987  to an amount established by rule and calculated in a manner so
  988  as to cover the direct and indirect cost of processing such
  989  applications.
  990         Section 19. Subsection (11) of section 663.17, Florida
  991  Statutes, is amended to read:
  992         663.17 Liquidation; possession of business and property;
  993  inventory of assets; wages; depositing collected assets;
  994  appointing agents; appointment of judges.—
  995         (11) The compensation of agents and any other employees
  996  appointed by the office to assist in the liquidation of an
  997  international banking corporation, or any of the corporation’s
  998  licensed offices located in this state, the distribution of its
  999  assets, or the expenses of supervision, must shall be paid out
 1000  of the assets of the corporation in the possession hands of the
 1001  office. Expenses of liquidation and approved claims for fees and
 1002  assessments due the office must shall be given first priority
 1003  among unsecured creditors.
 1004         Section 20. The Division of Law Revision and Information is
 1005  directed to create part III of chapter 663, Florida Statutes,
 1006  consisting of ss. 663.4001-663.416, Florida Statutes, to be
 1007  entitled “International Trust Company Representative Offices.”
 1008         Section 21. Section 663.4001, Florida Statutes, is created
 1009  to read:
 1010         663.4001Purpose.—The purpose of this part is to establish
 1011  a legal and regulatory framework for the conduct by
 1012  international trust entities of financial services business in
 1013  this state. This part is intended to:
 1014         (1)Support the Florida operations of international trust
 1015  entities and promote the growth of international financial
 1016  services to benefit the economy and consumers in this state.
 1017         (2)Provide for appropriate supervision and regulatory
 1018  oversight to ensure that financial services activities of
 1019  international trust entities in this state are conducted
 1020  responsibly and in a safe and sound manner.
 1021         Section 22. Section 663.401, Florida Statutes, is created
 1022  to read:
 1023         663.401Definitions.—
 1024         (1)“Affiliate” means a person or business or a group of
 1025  persons or businesses acting in concert which controls, is
 1026  controlled by, or is under common control of an international
 1027  trust entity.
 1028         (2)“International trust company representative office”
 1029  means an office of an international trust entity which is
 1030  established or maintained in this state for the purpose of
 1031  engaging in nonfiduciary activities described in s. 663.409, or
 1032  any affiliate, subsidiary, or other person that engages in such
 1033  activities on behalf of such international trust entity from an
 1034  office located in this state.
 1035         (3)“International trust entity” means an international
 1036  trust company or organization, or any similar business entity,
 1037  or an affiliated or subsidiary entity that is licensed,
 1038  chartered, or similarly permitted to conduct trust business in a
 1039  foreign country or countries under the laws where such entity is
 1040  organized and supervised.
 1041         Section 23. Section 663.402, Florida Statutes, is created
 1042  to read:
 1043         663.402Applicability of the financial institutions codes.—
 1044         (1)An international trust entity that operates an office
 1045  licensed under this part is subject to all the financial
 1046  institutions codes as though such international trust entity
 1047  were a state trust company, except when it appears, from the
 1048  context or otherwise, that such provisions are clearly
 1049  applicable only to trust companies organized under the laws of
 1050  this state or the United States. Without limiting the foregoing
 1051  general provisions, it is the intent of the Legislature that the
 1052  following provisions are applicable to such international trust
 1053  entities having offices in this state: s. 655.031, relating to
 1054  administrative enforcement guidelines; s. 655.032, relating to
 1055  investigations, subpoenas, hearings, and witnesses; s. 655.0321,
 1056  relating to restricted access hearings, proceedings, and related
 1057  documents; s. 655.033, relating to cease and desist orders; s.
 1058  655.037, relating to removal of a financial institution-related
 1059  party by the office; s. 655.041, relating to administrative
 1060  fines and enforcement; s. 655.50, the Florida Control of Money
 1061  Laundering and Terrorist Financing in Financial Institutions
 1062  Act; and any law for which the penalty is increased under s.
 1063  775.31 for facilitating or furthering terrorism.
 1064         (2)An international trust entity does not have any greater
 1065  right under, or by virtue of, this section than is granted to
 1066  trust companies organized under the laws of this state. Legal
 1067  and financial terms used in this chapter are deemed to refer to
 1068  equivalent terms used by the country in which the international
 1069  trust entity is organized. This chapter and the financial
 1070  institutions codes may not be construed to authorize any
 1071  international trust entity to conduct trust business, as defined
 1072  in s. 658.12, from an office in this state.
 1073         Section 24. Section 663.403, Florida Statutes, is created
 1074  to read:
 1075         663.403Applicability of the Florida Business Corporation
 1076  Act.—Notwithstanding s. 607.01401(12), the provisions of part I
 1077  of chapter 607 which are not in conflict with the financial
 1078  institutions codes and which relate to foreign corporations
 1079  apply to all international trust entities and their offices
 1080  doing business in this state.
 1081         Section 25. Section 663.404, Florida Statutes, is created
 1082  to read:
 1083         663.404Requirements for conducting financial institution
 1084  business.—An international trust entity, or any affiliated,
 1085  subsidiary, or other person or business entity acting as an
 1086  agent for, on behalf of, or for the benefit of such
 1087  international trust entity, who engages in such activities from
 1088  an office located in this state, may not transact a trust
 1089  business, or maintain in this state any office for carrying on
 1090  such business, or any part thereof, unless such international
 1091  trust entity, affiliate, subsidiary, person, or business entity:
 1092         (1)Has been authorized by charter, license, or similar
 1093  authorization by operation of law to carry on trust business and
 1094  has complied with the laws of each jurisdiction in which it is
 1095  chartered, licensed, or otherwise authorized and created under
 1096  operation of law.
 1097         (2)Has furnished to the office such proof as to the nature
 1098  and character of its business and as to its financial condition
 1099  as the commission or office requires.
 1100         (3)Has filed with the office a certified copy of that
 1101  information required to be supplied to the Department of State
 1102  by those provisions of part I of chapter 607 which are
 1103  applicable to foreign corporations.
 1104         (4)Has received a license duly issued to it by the office.
 1105         (5)Has sufficient capital in accordance with the
 1106  requirements of s. 663.407 and the rules adopted thereunder and
 1107  is not imminently insolvent or insolvent, as those terms are
 1108  defined under s. 655.005(1).
 1109         (6)(a)Is not in bankruptcy, conservatorship, receivership,
 1110  liquidation, or similar status under the laws of any country.
 1111         (b)Is not operating under the direct control of the
 1112  government or the regulatory or supervisory authority of the
 1113  home jurisdiction in which it has been chartered, licensed, or
 1114  otherwise authorized and created under operation of law, through
 1115  government intervention or any other extraordinary actions.
 1116         (c)Has not been in such status or control at any time
 1117  within the 3 years preceding the date of application for a
 1118  license.
 1119  
 1120  Notwithstanding paragraphs (a) and (b), the office may permit an
 1121  international trust company representative office to remain open
 1122  and in operation pursuant to s. 663.412(1)(b).
 1123         Section 26. Section 663.405, Florida Statutes, is created
 1124  to read:
 1125         663.405Civil action subpoena enforcement.—
 1126         (1)Notwithstanding s. 655.059, an international trust
 1127  company representative office established under this chapter is
 1128  not required to produce a book or record pertaining to a deposit
 1129  account, investment account, trust account, or loan of a
 1130  customer of the international trust entity’s offices that are
 1131  located outside the United States or its territories in response
 1132  to a subpoena, if the book or record is maintained outside the
 1133  United States or its territories and is not in the possession,
 1134  custody, or control of the international trust entity’s
 1135  representative office established in this state.
 1136         (2)This section applies only to a subpoena issued pursuant
 1137  to the Florida Rules of Civil Procedure, the Federal Rules of
 1138  Civil Procedure, or other similar law or rule of civil procedure
 1139  in another state. This section does not apply to a subpoena
 1140  issued by or on behalf of a federal, state, or local government
 1141  law enforcement agency, administrative or regulatory agency,
 1142  legislative body, or grand jury and does not limit the power of
 1143  the office to access all books and records in the exercise of
 1144  the office’s regulatory and supervisory powers under the
 1145  financial institutions codes.
 1146         Section 27. Section 663.406, Florida Statutes, is created
 1147  to read:
 1148         663.406Application for license; approval or disapproval.—
 1149         (1)An international trust entity, before being licensed by
 1150  the office to maintain any office in this state, must subscribe
 1151  and acknowledge, and submit to the office, an application that
 1152  contains all of the following:
 1153         (a)The name of the international trust entity.
 1154         (b)The proposed location, by street and post office
 1155  address and county, where its business is to be transacted in
 1156  this state, and the name of the person who will be in charge of
 1157  the business and affairs of the office.
 1158         (c)The location where its initial registered office will
 1159  be located in this state.
 1160         (d)The total amount of the capital accounts of the
 1161  international trust entity.
 1162         (e)A complete and detailed statement of its financial
 1163  condition as of a date within 180 days before the date of such
 1164  application, except that the office in its discretion may, when
 1165  necessary or expedient, accept such statement of financial
 1166  condition as of a date within 240 days before the date of such
 1167  application. The office in its discretion may, when necessary or
 1168  expedient, require an independent opinion audit or the
 1169  equivalent satisfactory to the office.
 1170         (f)A listing of any occasion within the 10-year period
 1171  before the application on which either the international trust
 1172  entity or any of its directors, executive officers, or principal
 1173  shareholders have been arrested for, charged with, convicted of,
 1174  or pled guilty or nolo contendere to, regardless of
 1175  adjudication, any offense with respect to which the penalties
 1176  include the possibility of imprisonment for 1 year or more, or
 1177  to any offense involving money laundering, currency transaction
 1178  reporting, facilitating or furthering terrorism, or fraud, or
 1179  otherwise related to the operation of a financial institution.
 1180         (2)The office shall disallow any illegally obtained
 1181  currency, monetary instruments, funds, or other financial
 1182  resources from the capitalization requirements of this section,
 1183  and the existence of such illegally obtained resources is
 1184  grounds for denial of the application for license.
 1185         (3)An international trust entity that submits an
 1186  application to the office shall concurrently submit a
 1187  certificate issued by the supervisory authority of the country
 1188  in which the international trust entity is chartered or
 1189  organized which states that the international trust entity is
 1190  duly organized and licensed, or otherwise authorized by
 1191  operation of law to transact business as a trust entity, and
 1192  lawfully existing in good standing.
 1193         (4)An international trust entity that has operated an
 1194  international trust company representative office in this state
 1195  for at least 3 years in a safe and sound manner, as defined by
 1196  commission rule, and that is otherwise eligible to establish an
 1197  additional office may establish one or more international trust
 1198  company representative offices by providing an abbreviated
 1199  application, and paying the appropriate license fee pursuant to
 1200  s. 663.413.
 1201         (5)An application filed pursuant to this section must be
 1202  made on a form prescribed by the commission and must contain
 1203  such information as the commission or office requires.
 1204         (6)The office may, in its discretion, approve or
 1205  disapprove the application, but it may not approve the
 1206  application unless, in its opinion, the applicant meets each and
 1207  every requirement of this part and any other applicable
 1208  provision of the financial institutions codes. The office may
 1209  approve the application only if it has determined that the
 1210  directors, executive officers, and principal shareholders of the
 1211  international trust entity are qualified by reason of their
 1212  financial ability, reputation, and integrity and have sufficient
 1213  trust company and other business experience to indicate that
 1214  they will manage and direct the affairs of the international
 1215  trust entity in a safe, sound, and lawful manner. In the
 1216  processing of any application filed pursuant to this section,
 1217  the time limitations under the Administrative Procedure Act do
 1218  not apply as to approval or disapproval of the application. For
 1219  applications filed on or after January 1, 2018, the time
 1220  limitations for approval or disapproval of an application must
 1221  be prescribed by rule of the commission.
 1222         (7)The office may not issue a license to an international
 1223  trust entity unless it is chartered, licensed, or similarly
 1224  authorized by operation of law in a jurisdiction in which any
 1225  financial institution licensed or chartered by any state or
 1226  federal regulatory agency in the United States may establish
 1227  similar facilities or exercise similar powers.
 1228         (8)The office may not issue a license to an international
 1229  trust entity for the purpose of operating an international trust
 1230  company representative office in this state unless the trust
 1231  entity:
 1232         (a)Holds an unrestricted license to conduct trust business
 1233  in the foreign country under whose laws it is organized and
 1234  chartered;
 1235         (b)Has been authorized by the foreign country’s
 1236  appropriate regulatory authority to establish the proposed
 1237  international trust company representative office; and
 1238         (c)Is adequately supervised by the appropriate regulatory
 1239  agency in the foreign country in which it is organized and
 1240  chartered.
 1241         (9)The commission shall establish, by rule, the general
 1242  principles that determine the adequacy of supervision of an
 1243  international trust entity’s foreign establishments. These
 1244  principles must be based upon the need for cooperative
 1245  supervisory efforts and consistent regulatory guidelines and
 1246  must address, at a minimum, the capital adequacy, asset quality,
 1247  management, earnings, liquidity, internal controls, audits, and
 1248  foreign exchange operations and positions of the international
 1249  trust entity. This subsection does not require examination by
 1250  the home-country regulatory authorities of any office of an
 1251  international trust entity in this state. The commission may
 1252  also establish, by rule, other standards for approval of an
 1253  application for a license as considered necessary to ensure the
 1254  safe and sound operations of the international trust entity in
 1255  this state.
 1256         Section 28. Section 663.407, Florida Statutes, is created
 1257  to read:
 1258         663.407Capital requirements.—
 1259         (1)For an international trust entity to qualify for a
 1260  license under this part, the proposed capitalization of the
 1261  international trust entity must be in such amount as the office
 1262  determines is necessary, taking into consideration the risk
 1263  profile of the international trust entity and the ability of the
 1264  international trust entity to operate a licensed office in a
 1265  safe and sound manner. In making this determination, the office
 1266  shall consider the financial resources of the international
 1267  trust entity, including:
 1268         (a)The international trust entity’s current and projected
 1269  capital position, profitability, level of indebtedness, business
 1270  and strategic plans, and off-balance sheet asset management and
 1271  administration activities;
 1272         (b)The financial condition of any of the international
 1273  trust entity’s existing offices located in the United States;
 1274         (c)The minimum capital requirements of the international
 1275  trust entity’s home-country jurisdiction; and
 1276         (d)The capital ratio standards used in the United States
 1277  and in the international trust entity’s home-country
 1278  jurisdiction.
 1279         (2)The proposed capitalization of the international trust
 1280  entity must be in such amount as the office deems adequate, but
 1281  in no case may the total capital accounts of the international
 1282  trust entity be less than $1 million.
 1283         (3)The office may specify such other conditions as it
 1284  determines are appropriate, considering the public interest and
 1285  the need to maintain a safe, sound, and competitive financial
 1286  marketplace in this state.
 1287         (4)For purposes of this part, the capital accounts of and
 1288  capital ratio standards for an international trust entity must
 1289  be determined in accordance with rules adopted by the
 1290  commission. In adopting such rules, the commission shall
 1291  consider similar rules adopted by regulatory agencies in the
 1292  United States and the need to provide reasonably consistent
 1293  regulatory requirements for international trust entities doing
 1294  business in this state, as well as capital adequacy standards of
 1295  an international trust entity’s home-country jurisdiction.
 1296         Section 29. Section 663.408, Florida Statutes, is created
 1297  to read:
 1298         663.408Licenses; permissible activities of licensees.—
 1299         (1)(a)An international trust entity licensed to operate an
 1300  office in this state may engage in the business authorized by
 1301  this part at the office specified in such license for an
 1302  indefinite period.
 1303         (b)An international trust entity may operate more than one
 1304  licensed office, each at a different place of business, provided
 1305  that each office is separately licensed.
 1306         (c)A license is not transferable or assignable. However,
 1307  the location of a licensed office may be changed after
 1308  notification to the office.
 1309         (d)A license must at all times be conspicuously displayed
 1310  in the place of business specified therein.
 1311         (2)An international trust entity that proposes to
 1312  terminate the operations of a licensed office in this state must
 1313  surrender its license to the office and comply with such
 1314  procedures as the commission may prescribe by rule.
 1315         (3)The license for an international trust company
 1316  representative office in this state may be suspended or revoked
 1317  by the office, with or without examination, upon its
 1318  determination that the international trust entity or the
 1319  licensed office does not meet all requirements for original
 1320  licensing. Additionally, the office shall revoke the license of
 1321  any licensed office that the office determines has been inactive
 1322  for 6 months or longer. The commission may by rule prescribe
 1323  additional conditions or standards under which the license of an
 1324  international trust company representative office may be
 1325  suspended or revoked.
 1326         (4)If any such license is surrendered by the international
 1327  trust entity or is suspended or revoked by the office, all
 1328  rights and privileges of the international trust entity to
 1329  transact the business under the license cease. The commission
 1330  shall prescribe by rule procedures for the surrender of a
 1331  license and for the orderly cessation of business by an
 1332  international trust entity in a manner that is not harmful to
 1333  the interests of its customers or of the public.
 1334         Section 30. Section 663.4081, Florida Statutes, is created
 1335  to read:
 1336         663.4081After-the-fact licensure process in the event of
 1337  the acquisition, merger, or consolidation of international trust
 1338  entities.—If an international trust entity proposes to acquire,
 1339  merge, or consolidate with an international trust entity that
 1340  presently operates an international trust company representative
 1341  office licensed in this state, the office may allow the
 1342  currently licensed international trust company representative
 1343  office to remain open and in operation after consummation of the
 1344  proposed acquisition, merger, or consolidation, subject to the
 1345  filing with the office of an after-the-fact license application
 1346  in accordance with all of the following conditions:
 1347         (1)The international trust entity or entities resulting
 1348  from the acquisition, merger, or consolidation will not directly
 1349  or indirectly own or control more than 5 percent of any class of
 1350  the voting securities of, or control, a United States bank.
 1351         (2)Before consummation of the acquisition, merger, or
 1352  consolidation, the international trust entity currently licensed
 1353  to operate an international trust company representative office
 1354  in this state must provide the office at least 30 days’ advance
 1355  written notice, as prescribed by rules adopted by the
 1356  commission, of the proposed acquisition, merger, or
 1357  consolidation.
 1358         (3)Before consummation of the acquisition, merger, or
 1359  consolidation, each international trust entity commits in
 1360  writing that it will:
 1361         (a)Comply with the conditions in subsections (1) and (2)
 1362  and file an after-the-fact application for a license under s.
 1363  663.406(1) within 60 days after consummation of the proposed
 1364  acquisition, merger, or consolidation; and refrain from engaging
 1365  in new lines of business and from otherwise expanding the
 1366  activities of such establishment in this state until the
 1367  disposition of the after-the-fact license application, in
 1368  accordance with chapter 120; or
 1369         (b)Promptly wind down and close any international trust
 1370  company representative office in this state if the international
 1371  trust entities that are party to the acquisition, merger, or
 1372  consolidation elect not to file an application for a license in
 1373  accordance with paragraph (a); and, before such wind-down and
 1374  closure, refrain from engaging in new lines of business or
 1375  otherwise expanding the activities of such establishment in this
 1376  state.
 1377         Section 31. Section 663.0625, Florida Statutes, is
 1378  transferred, renumbered as section 663.409, Florida Statutes,
 1379  and amended to read:
 1380         663.409 663.0625 International trust company representative
 1381  offices; permissible activities; requirements.—
 1382         (1) An international trust company representative office
 1383  may conduct any nonfiduciary activities that are ancillary to
 1384  the fiduciary business of its international trust entity banking
 1385  corporation or trust company, but may not act as a fiduciary.
 1386  Permissible activities include advertising, marketing, and
 1387  soliciting for fiduciary business on behalf of an international
 1388  trust entity banking corporation or trust company; contacting
 1389  existing or potential customers, answering questions, and
 1390  providing information about matters related to their accounts;
 1391  serving as a liaison in this state between the international
 1392  trust entity banking corporation or trust company and its
 1393  existing or potential customers; and engaging in any other
 1394  activities approved by the office or under rules of the
 1395  commission.
 1396         (2) Representatives and employees at such office may not
 1397  act as a fiduciary, including, but not limited to, accepting the
 1398  fiduciary appointment, executing the fiduciary documents that
 1399  create the fiduciary relationship, or making discretionary
 1400  decisions regarding the investment or distribution of fiduciary
 1401  accounts, or accepting custody of any trust property or any
 1402  other good, asset, or thing of value on behalf of the affiliated
 1403  international trust entity, its subsidiaries or affiliates, or
 1404  subsidiaries and affiliates of the international trust company
 1405  representative office.
 1406         (3)An international trust company representative office
 1407  licensed by the office may engage in any activities permissible
 1408  for a qualified limited service affiliate under part IV of this
 1409  chapter.
 1410         Section 32. Section 663.410, Florida Statutes, is created
 1411  to read:
 1412         663.410Certification of capital accounts.—Before opening
 1413  an office in this state, and annually thereafter so long as an
 1414  international trust company representative office is maintained
 1415  in this state, an international trust entity licensed pursuant
 1416  to this part must certify to the office the amount of its
 1417  capital accounts, expressed in the currency of the home
 1418  jurisdiction where it has been authorized by charter, license,
 1419  or similar authorization by operation of law to carry on trust
 1420  business. The dollar equivalent of these amounts, as determined
 1421  by the office, is deemed to be the amount of its capital
 1422  accounts. The annual certification of capital accounts must be
 1423  received by the office on or before June 30 of each year.
 1424         Section 33. Section 663.411, Florida Statutes, is created
 1425  to read:
 1426         663.411Reports; records.—
 1427         (1)An international trust entity that operates an office
 1428  licensed under this part shall, at such times and in such form
 1429  as the commission prescribes, make written reports in the
 1430  English language to the office, under the oath of one of its
 1431  officers, managers, or agents transacting business in this
 1432  state, showing the amount of its assets and liabilities and
 1433  containing such other matters as the commission or office
 1434  requires. An international trust entity that maintains two or
 1435  more representative offices may consolidate such information in
 1436  one report unless the office requires otherwise for purposes of
 1437  its supervision of the condition and operations of each such
 1438  office. The late filing of such reports is subject to an
 1439  administrative fine as prescribed under s. 655.045(2). If the
 1440  international trust entity fails to make such report as directed
 1441  by the office or if such report contains a false statement
 1442  knowingly made, the same are grounds for revocation of the
 1443  license of the international trust entity.
 1444         (2)An international trust entity that operates an office
 1445  licensed under this part shall cause to be kept, at a location
 1446  accepted by the office:
 1447         (a)Correct and complete books and records of account of
 1448  the business operations transacted by such office. All policies
 1449  and procedures relating specifically to the operations of such
 1450  office, as well as any existing general ledger or subsidiary
 1451  accounts, must be maintained in the English language; however,
 1452  any policies and procedures of the international trust entity
 1453  which are not specific to the operations of such office may be
 1454  maintained in a language other than English.
 1455         (b)Current copies of the charter or statement of operation
 1456  and bylaws of the international trust entity, relative to the
 1457  operations of the international trust company representative
 1458  office, and minutes of the proceedings of its directors,
 1459  officers, or committees relative to the business of the
 1460  international trust company representative office. Such records
 1461  may be maintained in a language other than English and must be
 1462  kept pursuant to s. 655.91 and be made available to the office,
 1463  upon request, at any time during regular business hours of the
 1464  international trust company representative office.
 1465         (3)Any failure to keep such records as required in
 1466  subsection (2) or any refusal to produce such records upon
 1467  request by the office is grounds for suspension or revocation of
 1468  any license issued under this part.
 1469         (4)The office may require at any time that any document
 1470  not written in the English language which the office deems
 1471  necessary for the purposes of its regulatory and supervisory
 1472  functions be translated into English at the expense of the
 1473  international trust entity.
 1474         Section 34. Section 663.412, Florida Statutes, is created
 1475  to read:
 1476         663.412Termination of international trust entity’s charter
 1477  or authority.—
 1478         (1)(a)An international trust entity that is licensed to
 1479  maintain an office in this state may not continue to conduct its
 1480  licensed business in this state if the international trust
 1481  entity:
 1482         1.Is dissolved, or its authority or existence is otherwise
 1483  terminated or canceled in the home jurisdiction where it has
 1484  been authorized by charter, license, or similar authorization by
 1485  operation of law to carry on trust business;
 1486         2.Is in bankruptcy, conservatorship, receivership,
 1487  liquidation, or similar status under the laws of any country; or
 1488         3.Is operating under the direct control of the government
 1489  or the regulatory or supervisory authority of the jurisdiction
 1490  where it has been authorized by charter, license, or similar
 1491  authorization by operation of law to carry on trust business
 1492  through government intervention or any other extraordinary
 1493  actions.
 1494         (b)1.Notwithstanding subparagraphs (a)2. and 3., the
 1495  office may permit an international trust company representative
 1496  office to remain open and in operation under the following
 1497  conditions:
 1498         a.Within 30 days after the occurrence of an event
 1499  described in subparagraph (a)2. or subparagraph (a)3., the
 1500  international trust company representative office provides the
 1501  office with a plan to wind down its affairs and business within
 1502  the subsequent 90 days or provides an interim operational plan
 1503  outlining parameters for its continued operation. If the office
 1504  finds that such interim operational plan does not allow for the
 1505  conduct of business in a safe and sound manner, the office shall
 1506  revoke the license.
 1507         b.The international trust entity is authorized by the
 1508  foreign country in which it is organized and licensed to address
 1509  the affairs of any international trust company representative
 1510  office in this state.
 1511         c.The international trust company representative office
 1512  does not engage in any new lines of business or otherwise expand
 1513  its activities in this state.
 1514         d.The office determines that allowing the international
 1515  trust company representative office to remain open furthers
 1516  domestic and foreign supervisory cooperation.
 1517         e.The office determines that allowing the international
 1518  trust company representative office to remain open is in the
 1519  public’s interest and does not present an immediate or serious
 1520  danger to the public health, safety, or welfare.
 1521         2.The commission may establish, by rule, additional
 1522  standards and conditions for approval of an interim operational
 1523  plan and for ongoing compliance with the plan. Such standards
 1524  and conditions shall be based upon the need for cooperative
 1525  supervisory efforts, consistent regulatory oversight, and the
 1526  orderly administration of the international trust entity’s
 1527  affairs.
 1528         3.After the resolution of all applicable events described
 1529  in subparagraphs (a)2. and 3., if an international trust entity
 1530  is no longer authorized by the foreign country in which it is
 1531  organized and supervised to conduct trust business, the
 1532  international trust company representative office shall
 1533  surrender its license in accordance with s. 663.408.
 1534         (2)The international trust entity or its surviving
 1535  officers and directors shall deliver to the office:
 1536         (a)A certificate of the official who is responsible for
 1537  records of trust entities in the jurisdiction where the
 1538  international trust entity has been authorized by charter,
 1539  license, or similar authorization by operation of law to carry
 1540  on trust business of the international trust entity, attesting
 1541  to the occurrence of any event described in paragraph (1)(a);
 1542         (b)A certified copy of an order or decree of a court of
 1543  such jurisdiction, directing the dissolution of such
 1544  international trust entity, the termination of its existence, or
 1545  the cancellation of its authority, or declaring its status in
 1546  bankruptcy, conservatorship, receivership, liquidation, or
 1547  similar proceedings; or
 1548         (c)Other reliable documentation evidencing that the
 1549  international trust entity is operating under the direct control
 1550  of its government or a regulatory or supervisory authority.
 1551         (3)The filing of the certificate, order, documentation, or
 1552  decree has the same effect as the revocation of the license of
 1553  such international trust entity as provided in s. 663.408,
 1554  unless the office has permitted the international trust company
 1555  representative office to remain open and in operation pursuant
 1556  to paragraph (1)(b).
 1557         Section 35. Section 663.413, Florida Statutes, is created
 1558  to read:
 1559         663.413Application and examination fees.—
 1560         (1)An application for a license to establish an
 1561  international trust company representative office under this
 1562  part must be accompanied by a nonrefundable $5,000 filing fee,
 1563  payable to the office.
 1564         (2)An international trust entity that maintains an office
 1565  licensed under this part must pay to the office examination fees
 1566  that are determined by the commission by rule and that are
 1567  calculated in a manner so as to be equal to the actual cost of
 1568  each examiner’s participation in the examination, as measured by
 1569  the examiner’s pay scale, plus any other expenses directly
 1570  incurred in the examination. However, the examination fees may
 1571  not be less than $200 per day for each examiner participating in
 1572  the examination.
 1573         Section 36. Section 663.414, Florida Statutes, is created
 1574  to read:
 1575         663.414Rules; exemption from statement of estimated
 1576  regulatory costs requirements.—In addition to any other
 1577  rulemaking authority it has under the financial institutions
 1578  codes, the commission may adopt reasonable rules that it deems
 1579  advisable for the administration of international trust entities
 1580  under this part in the interest of protecting depositors,
 1581  creditors, borrowers, or the public interest and in the interest
 1582  of maintaining a sound banking and trust system in this state.
 1583  Because of the difficulty in obtaining economic data with regard
 1584  to such trusts, ss. 120.54(3)(b) and 120.541 do not apply to the
 1585  adoption of rules pursuant to this section.
 1586         Section 37. Section 663.415, Florida Statutes, is created
 1587  to read:
 1588         663.415Travel expenses.—If domestic or foreign travel is
 1589  deemed necessary by the office to effectuate the purposes of
 1590  this part, the office must be reimbursed for actual, reasonable,
 1591  and necessary expenses incurred in such domestic or foreign
 1592  travel by the international trust company representative office
 1593  under examination.
 1594         Section 38. The Division of Law Revision and Information is
 1595  directed to create part IV of chapter 663, Florida Statutes,
 1596  consisting of ss. 663.530-663.540, Florida Statutes, to be
 1597  entitled “Qualified Limited Service Affiliates of International
 1598  Trust Entities.”
 1599         Section 39. Section 663.530, Florida Statutes, is created
 1600  to read:
 1601         663.530Definitions.—
 1602         (1)As used in ss. 663.531-663.539, the term:
 1603         (a)“Foreign country” means a country other than the United
 1604  States and includes any colony, dependency, or possession of
 1605  such country notwithstanding any definitions in chapter 658, and
 1606  any territory of the United States, including Guam, American
 1607  Samoa, the Virgin Islands, and the Commonwealth of Puerto Rico.
 1608         (b)“Home-country regulator” means the supervisory
 1609  authority or equivalent or other similarly sanctioned body,
 1610  organization, governmental entity, or recognized authority,
 1611  which has similar responsibilities in a foreign country in which
 1612  and by whom an international trust entity is licensed,
 1613  chartered, or has similar authorization to organize and operate.
 1614         (c)“International trust entity” means an international
 1615  trust company or organization, or any similar business entity,
 1616  or an affiliated or subsidiary entity that is licensed,
 1617  chartered, or similarly permitted to conduct trust business in a
 1618  foreign country or countries under the laws where such entity is
 1619  organized and supervised.
 1620         (d)“Limited service affiliate” means a marketing and
 1621  liaison office that engages in the permissible activities
 1622  enumerated in s. 663.531 for the benefit of an international
 1623  trust entity.
 1624         (e)“Nonresident” has the same meaning as in s. 663.01.
 1625         (f)“Professional” means an accountant, attorney, or other
 1626  financial services and wealth planning professional who is
 1627  licensed by a governing body or affiliated with a licensed,
 1628  chartered, or similarly authorized entity.
 1629         (g)“Qualified limited service affiliate” means a person or
 1630  entity that is qualified under this part to perform the
 1631  permissible activities outlined in s. 663.531 related to or for
 1632  the benefit of an affiliated international trust entity.
 1633         (2)As used in ss. 663.531-663.539, the terms “affiliate,”
 1634  “commission,” “executive officer,” “financial institution,”
 1635  “financial institution-affiliated party,” “financial
 1636  institutions codes,” “office,” “officer,” “state,” and
 1637  “subsidiary” have the same meaning as provided in s. 655.005.
 1638         Section 40. Section 663.531, Florida Statutes, is created
 1639  to read:
 1640         663.531Permissible activities; prohibited activities.—
 1641         (1)Qualification as a qualified limited service affiliate
 1642  under this part does not provide any exemption from licensure,
 1643  registration, application, and requirements to conduct licensed
 1644  business activities in this state. A qualified limited service
 1645  affiliate may engage in any of the following permissible
 1646  activities, which are not meant to be restrictive unless an
 1647  activity is prohibited under subsection (2):
 1648         (a)Marketing and liaison services related to or for the
 1649  benefit of the affiliated international trust entities, directed
 1650  exclusively at professionals and current or prospective
 1651  nonresident clients of an affiliated international trust entity;
 1652         (b)Advertising and marketing at trade, industry, or
 1653  professional events;
 1654         (c)Transmission of documents between the international
 1655  trust entity and its current or prospective clients or a
 1656  designee of such clients; and
 1657         (d)Transmission of information about the trust or trust
 1658  holdings of current clients between current clients or their
 1659  designees and the international trust entity.
 1660         (2)A qualified limited service affiliate may not engage in
 1661  any of the following activities:
 1662         (a)Advertising and marketing related to or for the benefit
 1663  of the international trust entity which are directed to the
 1664  general public;
 1665         (b)Acting as a fiduciary, including, but not limited to,
 1666  accepting the fiduciary appointment, executing the fiduciary
 1667  documents that create the fiduciary relationship, or making
 1668  discretionary decisions regarding the investment or distribution
 1669  of fiduciary accounts;
 1670         (c)Accepting custody of any trust property or any other
 1671  good, asset, or thing of value on behalf of the affiliated
 1672  international trust entity, its subsidiaries or affiliates, or
 1673  subsidiaries and affiliates of the qualified limited service
 1674  affiliate;
 1675         (d)Soliciting business within this state from the general
 1676  public related to or for the benefit of an affiliated
 1677  international trust entity;
 1678         (e)Adding a director, an executive officer, a principal
 1679  shareholder, a manager, a managing member, or an equivalent
 1680  position to the qualified limited service affiliate without
 1681  prior written notification to the office;
 1682         (f)Commencing services for an international trust entity
 1683  without complying with the requirements of s. 663.532;
 1684         (g)Providing services for any international trust entity
 1685  that is in bankruptcy, conservatorship, receivership,
 1686  liquidation, or a similar status under the laws of any country;
 1687  or
 1688         (h)Otherwise conducting banking or trust business.
 1689         (3)The provisions of subsection (2) are not deemed to
 1690  prevent the qualified limited service affiliate’s use of an
 1691  international trust entity’s website, or its own website, if the
 1692  posted information or communication includes the following:
 1693         (a)The following statement: “Certain described services
 1694  are not offered to the general public in Florida, but are
 1695  marketed by ...(insert name of qualified limited service
 1696  affiliate)... exclusively to professionals and current or
 1697  prospective non-U.S. resident clients of the affiliated
 1698  international trust entity or entities.”
 1699         (b)The notice required by s. 663.535.
 1700         (4)In addition to any other power conferred upon it to
 1701  enforce and administer this chapter and the financial
 1702  institutions codes, the office may impose any remedy or penalty
 1703  pursuant to s. 655.033, relating to cease and desist orders; s.
 1704  655.034, relating to injunctions; s. 655.037, relating to
 1705  removal of a financial institution-affiliated party by the
 1706  office; or s. 655.041, relating to administrative fines and
 1707  enforcement, if a qualified limited service affiliate engages in
 1708  any of the impermissible activities in subsection (2).
 1709         Section 41. Effective upon this act becoming a law, section
 1710  663.532, Florida Statutes, is created to read:
 1711         663.532Qualification.—No later than March 31, 2018, a
 1712  person or entity that previously qualified under the moratorium
 1713  in s. 663.041 must seek qualification as a qualified limited
 1714  service affiliate or cease doing business in this state.
 1715  Notwithstanding the expiration of the moratorium under s.
 1716  663.041, a person or entity that previously qualified under such
 1717  moratorium may remain open and in operation but shall refrain
 1718  from engaging in new lines of business in this state until
 1719  qualified as a qualified limited service affiliate under this
 1720  part.
 1721         Section 42. Section 663.532, Florida Statutes, as created
 1722  by this act, is amended to read:
 1723         663.532 Qualification.—
 1724         (1)To qualify as a qualified limited service affiliate
 1725  under this part, a limited service affiliate must file a written
 1726  notice with the office, in the manner and on a form prescribed
 1727  by the commission. Such written notice must include:
 1728         (a)The name under which the proposed qualified limited
 1729  service affiliate will conduct business in this state.
 1730         (b)A copy of the articles of incorporation or articles of
 1731  organization, or the equivalent, of the proposed qualified
 1732  limited service affiliate.
 1733         (c)The physical address where the proposed qualified
 1734  limited service affiliate will conduct business.
 1735         (d)The mailing address of the proposed qualified limited
 1736  service affiliate.
 1737         (e)The name and biographical information of each director,
 1738  executive officer, manager, managing member, or equivalent
 1739  position of the proposed qualified limited service affiliate, to
 1740  be submitted on a form prescribed by the commission.
 1741         (f)The number of officers and employees of the proposed
 1742  qualified limited service affiliate.
 1743         (g)A detailed list and description of the activities to be
 1744  conducted by the proposed qualified limited service affiliate.
 1745  The detailed list and description must include:
 1746         1.The services and activities of the proposed qualified
 1747  limited service affiliate;
 1748         2.An explanation of how the services and activities of the
 1749  proposed qualified limited service affiliate serve the business
 1750  purpose of each international trust entity; and
 1751         3.An explanation of how the services and activities of the
 1752  proposed qualified limited service affiliate are distinguishable
 1753  from those of the permissible activities of an international
 1754  trust company representative office described under s. 663.409.
 1755         (h)Disclosure of any instance occurring within the prior
 1756  10 years when the proposed qualified limited service affiliate’s
 1757  director, executive officer, principal shareholder, manager,
 1758  managing member, or equivalent position was:
 1759         1.Arrested for, charged with, or convicted of, or who pled
 1760  guilty or nolo contendere to, regardless of adjudication, any
 1761  offense that is punishable by imprisonment for a term exceeding
 1762  1 year, or to any offense that involves money laundering,
 1763  currency transaction reporting, tax evasion, facilitating or
 1764  furthering terrorism, fraud, theft, larceny, embezzlement,
 1765  fraudulent conversion, misappropriation of property, dishonesty,
 1766  breach of trust, breach of fiduciary duty, or moral turpitude,
 1767  or that is otherwise related to the operation of a financial
 1768  institution;
 1769         2.Fined or sanctioned as a result of a complaint to the
 1770  office or any other state or federal regulatory agency; or
 1771         3.Ordered to pay a fine or penalty in a proceeding
 1772  initiated by a federal, state, foreign, or local law enforcement
 1773  agency or an international agency related to money laundering,
 1774  currency transaction reporting, tax evasion, facilitating or
 1775  furthering terrorism, fraud, theft, larceny, embezzlement,
 1776  fraudulent conversion, misappropriation of property, dishonesty,
 1777  breach of trust, breach of fiduciary duty, or moral turpitude,
 1778  or that is otherwise related to the operation of a financial
 1779  institution.
 1780         (i)A declaration under penalty of perjury signed by the
 1781  executive officer, manager, or managing member of the proposed
 1782  qualified limited service affiliate that, to the best of his or
 1783  her knowledge:
 1784         1.No employee, representative, or agent provides, or will
 1785  provide, banking services; promotes or sells, or will promote or
 1786  sell, investments; or accepts, or will accept, custody of
 1787  assets.
 1788         2.No employee, representative, or agent acts, or will act,
 1789  as a fiduciary in this state, which includes, but is not limited
 1790  to, accepting the fiduciary appointment, executing the fiduciary
 1791  documents that create the fiduciary relationship, or making
 1792  discretionary decisions regarding the investment or distribution
 1793  of fiduciary accounts.
 1794         3.The jurisdiction of the international trust entity or
 1795  its offices, subsidiaries, or any affiliates that are directly
 1796  involved in or facilitate the financial services functions,
 1797  banking, or fiduciary activities of the international trust
 1798  entity is not listed on the Financial Action Task Force Public
 1799  Statement or on its list of jurisdictions with deficiencies in
 1800  anti-money laundering or counterterrorism.
 1801         (j)For each international trust entity that the proposed
 1802  qualified limited service affiliate will provide services for in
 1803  this state, the following:
 1804         1.The name of the international trust entity;
 1805         2.A list of the current officers and directors of the
 1806  international trust entity;
 1807         3.Any country where the international trust entity is
 1808  organized or authorized to do business;
 1809         4.The name of the home-country regulator;
 1810         5.Proof that the international trust entity has been
 1811  authorized by charter, license, or similar authorization by its
 1812  home-country regulator to engage in trust business;
 1813         6.Proof that the international trust entity lawfully
 1814  exists and is in good standing under the laws of the
 1815  jurisdiction where it is chartered, licensed, or organized;
 1816         7.A statement that the international trust entity is not
 1817  in bankruptcy, conservatorship, receivership, liquidation, or in
 1818  a similar status under the laws of any country;
 1819         8.Proof that the international trust entity is not
 1820  operating under the direct control of the government or the
 1821  regulatory or supervisory authority of the jurisdiction of its
 1822  incorporation, through government intervention or any other
 1823  extraordinary actions, and confirmation that it has not been in
 1824  such a status or under such control at any time within the prior
 1825  3 years;
 1826         9.Proof and confirmation that the proposed qualified
 1827  limited service affiliate is affiliated with the international
 1828  trust entities provided in the notice; and
 1829         10.Proof that the jurisdictions where the international
 1830  trust entity or its offices, subsidiaries, or any affiliates
 1831  that are directly involved in or that facilitate the financial
 1832  services functions, banking, or fiduciary activities of the
 1833  international trust entity are not listed on the Financial
 1834  Action Task Force Public Statement or on its list of
 1835  jurisdictions with deficiencies in anti-money laundering or
 1836  counterterrorism.
 1837         (k)A declaration under penalty of perjury, signed by an
 1838  executive officer, manager, or managing member of each
 1839  affiliated international trust entity, declaring that the
 1840  information provided to the office is true and correct to the
 1841  best of his or her knowledge.
 1842  
 1843  The proposed qualified limited service affiliate may provide
 1844  additional information in the form of exhibits when attempting
 1845  to satisfy any of the qualification requirements. All
 1846  information that the proposed qualified limited service
 1847  affiliate desires to present to support the written notice must
 1848  be submitted with the notice.
 1849         (2)The office may request additional information as the
 1850  office reasonably requires. Any request for additional
 1851  information must be made by the office within 30 days after
 1852  initial receipt of the written notice. Additional information
 1853  must be submitted within 60 days after a request has been made
 1854  by the office. Failure to respond to such request within 60 days
 1855  after the date of the request is a ground for denial of the
 1856  qualification. A notice is not deemed complete until all
 1857  requested information has been submitted to the office. Upon
 1858  deeming the notice complete, the office has 120 days to qualify
 1859  the limited service affiliate or issue a denial. An order
 1860  denying a qualification must contain notice of opportunity for a
 1861  hearing pursuant to ss. 120.569 and 120.57.
 1862         (3)A qualification under this part must be summarily
 1863  suspended by the office if the qualified limited service
 1864  affiliate made a material false statement in the written notice.
 1865  The summary suspension must remain in effect until a final order
 1866  is entered by the office. For purposes of s. 120.60(6), a
 1867  material false statement made in the qualified limited service
 1868  affiliate’s written notice constitutes an immediate and serious
 1869  danger to the public health, safety, and welfare. If a qualified
 1870  limited service affiliate made a material false statement in the
 1871  written notice, the office must enter a final order revoking the
 1872  qualification and may issue a fine as prescribed by s. 655.041
 1873  or issue an order of suspension, removal, or prohibition under
 1874  s. 655.037 to a financial institution-affiliated party of the
 1875  qualified limited service affiliate.
 1876         (4)Upon the filing of a completed qualification notice
 1877  under this section, the office shall make an investigation of
 1878  the character, reputation, business experience, and business
 1879  qualifications of the proposed qualified limited service
 1880  affiliate’s proposed directors, executive officers, principal
 1881  shareholder, managers, managing members, or equivalent
 1882  positions. The office shall approve the qualification only if it
 1883  has determined that such persons are qualified by reason of
 1884  their ability, reputation, and integrity and have sufficient
 1885  experience to manage and direct the affairs of the qualified
 1886  limited service affiliate in a lawful manner and in accordance
 1887  with the requirements for obtaining and maintaining a
 1888  qualification under this part. When evaluating a qualification
 1889  notice, the office may consider factors reasonably related to an
 1890  offense or related to a violation, fine, or penalty, such as
 1891  mitigating factors, history of multiple violations, severity of
 1892  the offense, and showings of rehabilitation.
 1893         (5)A qualification is not transferable or assignable.
 1894         (6)A person or entity in operation as of January 1, 2018,
 1895  which meets the definition of a limited service affiliate under
 1896  s. 663.530 must, on or before March 31, 2018, file the written
 1897  notice pursuant to this section seeking qualification as a
 1898  qualified limited service affiliate or cease doing business in
 1899  this state.
 1900         (7) No later than March 31, 2018, a person or entity that
 1901  previously qualified under the moratorium in s. 663.041 must
 1902  seek qualification as a qualified limited service affiliate or
 1903  cease doing business in this state. Notwithstanding the
 1904  expiration of the moratorium under s. 663.041, a person or
 1905  entity that previously qualified under such moratorium may
 1906  remain open and in operation but shall refrain from engaging in
 1907  new lines of business in this state until qualified as a
 1908  qualified limited service affiliate under this part.
 1909         Section 43. Section 663.5325, Florida Statutes, is created
 1910  to read:
 1911         663.5325Civil action subpoena enforcement.—
 1912         (1)Notwithstanding s. 655.059, a qualified limited service
 1913  affiliate established under this chapter is not required to
 1914  produce a book or record pertaining to a customer of an
 1915  affiliated international trust entity that is located outside
 1916  the United States or its territories in response to a subpoena
 1917  if the book or record is maintained outside the United States or
 1918  its territories and is not in the possession, custody, or
 1919  control of the qualified limited service affiliate.
 1920         (2)This section applies only to a subpoena issued pursuant
 1921  to the Florida Rules of Civil Procedure, the Federal Rules of
 1922  Civil Procedure, or other similar law or rule of civil procedure
 1923  in another state or territory of the United States. This section
 1924  does not apply to a subpoena issued by or on behalf of a
 1925  federal, state, or local government law enforcement agency,
 1926  administrative or regulatory agency, legislative body, or grand
 1927  jury and does not limit the power of the office to access all
 1928  books and records in the exercise of the office’s regulatory and
 1929  supervisory powers under the financial institutions codes.
 1930         Section 44. Section 663.533, Florida Statutes, is created
 1931  to read:
 1932         663.533Applicability of the financial institutions codes.
 1933  A qualified limited service affiliate is subject to the
 1934  financial institutions codes. Without limiting the foregoing,
 1935  the following provisions are applicable to a qualified limited
 1936  service affiliate:
 1937         (1)Section 655.012, relating to general supervisory powers
 1938  of the office.
 1939         (2)Section 655.031, relating to administrative enforcement
 1940  guidelines.
 1941         (3)Section 655.032, relating to investigations, subpoenas,
 1942  hearings, and witnesses.
 1943         (4)Section 655.0321, relating to restricted access to
 1944  certain hearings, proceedings, and related documents.
 1945         (5)Section 655.033, relating to cease and desist orders.
 1946         (6)Section 655.034, relating to injunctions.
 1947         (7)Section 655.037, relating to removal of a financial
 1948  institution-affiliated party by the office.
 1949         (8)Section 655.041, relating to administrative fines and
 1950  enforcement.
 1951         (9)Section 655.057, relating to restrictions on access to
 1952  public records.
 1953         (10)Section 655.059, relating to access to books and
 1954  records.
 1955         (11)Section 655.0591, relating to trade secret documents.
 1956         (12)Section 655.91, relating to records of institutions
 1957  and copies thereof; retention and destruction.
 1958         (13)Section 655.968, relating to financial institutions;
 1959  transactions relating to Iran or terrorism.
 1960  
 1961  This section does not prohibit the office from investigating or
 1962  examining an entity to ensure that it is not in violation of
 1963  this chapter or applicable provisions of the financial
 1964  institutions codes.
 1965         Section 45. Section 663.534, Florida Statutes, is created
 1966  to read:
 1967         663.534Events that require notice to be provided to the
 1968  office.—A qualified limited service affiliate must report to the
 1969  office, within 15 days of its knowledge of the occurrence, any
 1970  changes to the information previously relied upon by the office
 1971  when qualifying or renewing a qualification under this part.
 1972         Section 46. Section 663.535, Florida Statutes, is created
 1973  to read:
 1974         663.535Notice to customers.—All marketing documents and
 1975  advertisements and any display at the location of the qualified
 1976  limited service affiliate or at any trade or marketing event
 1977  must contain the following statement in a contrasting color in
 1978  at least 10-point type: “The Florida Office of Financial
 1979  Regulation DOES NOT provide safety and soundness oversight of
 1980  this company, does not provide any opinion as to any affiliated
 1981  companies or products, and does not provide the oversight of
 1982  this company’s affiliated international trust entities or the
 1983  jurisdictions within which they operate. This company may not
 1984  act as a fiduciary and may not accept the fiduciary appointment,
 1985  execute or transmit fiduciary documents, take possession of any
 1986  assets, create a fiduciary relationship, make discretionary
 1987  decisions regarding the investment or distribution of fiduciary
 1988  accounts, provide banking services, or promote or sell
 1989  investments.”
 1990         Section 47. Section 663.536, Florida Statutes, is created
 1991  to read:
 1992         663.536Recordkeeping requirements for trade, industry, or
 1993  professional events.—A qualified limited service affiliate who
 1994  participates in a trade, industry, or professional event
 1995  pursuant to s. 663.531 must keep a record of its participation
 1996  in the event. The record must be maintained for at least 2 years
 1997  following the event and must contain the following information:
 1998         (1)The date, time, and location of the event;
 1999         (2)To the extent known or available, a list of
 2000  participants in the event, including other vendors, presenters,
 2001  attendees, and targeted attendees;
 2002         (3)The nature and purpose of the event;
 2003         (4)The qualified limited service affiliate’s purpose for
 2004  participating in the event; and
 2005         (5)Samples of materials or, when samples are unavailable,
 2006  descriptions of materials provided by the qualified limited
 2007  service affiliate to attendees and other participants.
 2008         Section 48. Section 663.537, Florida Statutes, is created
 2009  to read:
 2010         663.537Examination or investigation of a qualified limited
 2011  service affiliate.—The office may conduct an examination or
 2012  investigation of a qualified limited service affiliate at any
 2013  time that it deems necessary to determine whether the qualified
 2014  limited service affiliate or financial institution-affiliated
 2015  party thereof has violated, or is about to violate, any
 2016  provision of this chapter, any applicable provision of the
 2017  financial institutions codes, or any rule adopted by the
 2018  commission pursuant to this chapter or the financial
 2019  institutions codes. The office shall conduct an examination of
 2020  each qualified limited service affiliate at least once every 18
 2021  months to assess compliance with this part and the financial
 2022  institutions codes. The office may conduct an examination,
 2023  before or after qualification, of any person or entity that
 2024  submits the written notice for qualification pursuant to s.
 2025  663.532 to confirm information provided in the written notice
 2026  and to confirm the activities of the person or entity seeking
 2027  qualification.
 2028         Section 49. Section 663.538, Florida Statutes, is created
 2029  to read:
 2030         663.538Suspension, revocation, or voluntary surrender of
 2031  qualification.—
 2032         (1)A qualified limited service affiliate that proposes to
 2033  terminate operations in this state shall surrender its
 2034  qualification to the office and comply with such procedures as
 2035  required by rule of the commission.
 2036         (2)A qualified limited service affiliate that fails to
 2037  renew its qualification may be subject to a fine and penalty;
 2038  however, such qualified limited service affiliate may renew its
 2039  qualification within 30 days after expiration or may surrender
 2040  the qualification in accordance with procedures prescribed by
 2041  commission rule.
 2042         (3)The qualification of a qualified limited service
 2043  affiliate in this state may be suspended or revoked by the
 2044  office, with or without examination, upon the office’s
 2045  determination that the qualified limited service affiliate does
 2046  not meet all requirements for original or renewal qualification.
 2047         (4)If a qualified limited service affiliate surrenders its
 2048  qualification or its qualification is suspended or revoked by
 2049  the office, all rights and privileges afforded by this part to
 2050  the qualified limited service affiliate cease.
 2051         (5)At least 60 days before a proposed date of voluntary
 2052  termination of a qualification, a qualified limited service
 2053  affiliate must provide to the office written notice by letter of
 2054  its intention to surrender its qualification and terminate
 2055  operations. The notice must include the proposed date of
 2056  termination and the name of the officer in charge of the
 2057  termination procedures.
 2058         (6)The office may conduct an examination of the books and
 2059  records of a qualified limited service affiliate at any time
 2060  after receipt of the notice of surrender of qualification to
 2061  confirm the winding down of operations.
 2062         (7)Operations of a qualified limited service affiliate are
 2063  deemed terminated effective upon the later of the expiration of
 2064  60 days from the date of the filing of the notice of voluntary
 2065  surrender or upon the date provided in the notice of voluntary
 2066  surrender, unless the office provides written notice specifying
 2067  the grounds for denial of such proposed termination. The office
 2068  may not deny a request to terminate unless it learns of the
 2069  existence of any outstanding claim or claims against the
 2070  qualified limited service affiliate, it finds that the
 2071  requirements to terminate operations have not been satisfied, or
 2072  there is an immediate and serious danger to the public health,
 2073  safety, and welfare if the termination occurred.
 2074         Section 50. Section 663.539, Florida Statutes, is created
 2075  to read:
 2076         663.539Biennial qualification renewal.—A qualification
 2077  must be renewed every 2 years. A qualification must be renewed
 2078  by furnishing such information as the commission requires. A
 2079  complete biennial renewal of qualification must include a
 2080  declaration under penalty of perjury, signed by the executive
 2081  officer or managing member of the qualified limited service
 2082  affiliate seeking renewal, declaring that the information
 2083  submitted for the purposes of renewal is true and correct to the
 2084  best of his or her knowledge, and confirming or providing all of
 2085  the following:
 2086         (1)That the qualified limited service affiliate is in
 2087  compliance with this part.
 2088         (2)The physical location of the principal place of
 2089  business of the qualified limited service affiliate.
 2090         (3)The telephone number of the qualified limited service
 2091  affiliate.
 2092         (4)A list of the qualified limited service affiliate’s
 2093  current directors, executive officers, principal shareholder,
 2094  managers, managing members, or equivalent positions.
 2095         (5)Any updates or changes in information which were not
 2096  previously provided either in the initial qualification or in
 2097  subsequent qualification renewals or which were not previously
 2098  disclosed to the office.
 2099         Section 51. For the purpose of incorporating the amendment
 2100  made by this act to section 663.01, Florida Statutes, in a
 2101  reference thereto, subsection (4) of section 663.16, Florida
 2102  Statutes, is reenacted to read:
 2103         663.16 Definitions; ss. 663.17-663.181.—As used in ss.
 2104  663.17-663.181, the term:
 2105         (4) Except where the context otherwise requires,
 2106  “international banking corporation” or “corporation” has the
 2107  same meaning as that provided in s. 663.01 and includes any
 2108  licensed office of an international banking corporation
 2109  operating in this state.
 2110         Section 52. Except as otherwise expressly provided in this
 2111  act and except for this section, which shall take effect upon
 2112  this act becoming a law, this act shall take effect January 1,
 2113  2018.

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