Bill Text: FL S0806 | 2015 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Regulation of Financial Institutions
Spectrum: Slight Partisan Bill (? 2-1)
Status: (Passed) 2015-05-22 - Chapter No. 2015-64 [S0806 Detail]
Download: Florida-2015-S0806-Introduced.html
Bill Title: Regulation of Financial Institutions
Spectrum: Slight Partisan Bill (? 2-1)
Status: (Passed) 2015-05-22 - Chapter No. 2015-64 [S0806 Detail]
Download: Florida-2015-S0806-Introduced.html
Florida Senate - 2015 SB 806 By Senator Richter 23-00499B-15 2015806__ 1 A bill to be entitled 2 An act relating to the regulation of financial 3 institutions; amending s. 655.005, F.S.; redefining 4 the terms “main office” and “principal office”; 5 amending s. 655.047, F.S.; requiring mailed semiannual 6 assessments to be received by the Office of Financial 7 Regulation by a specified date; requiring 8 electronically transmitted semiannual assessments to 9 be transmitted to the office by specified dates; 10 amending s. 655.60, F.S.; deleting the requirement 11 that the office select a licensed or certified 12 appraiser to conduct certain appraisals; deleting the 13 requirement that the office approve the cost of 14 certain appraisals before payment of that cost by a 15 state financial institution, subsidiary, or service 16 corporation; creating s. 657.0275, F.S.; requiring a 17 credit union to notify the office of the name and 18 residential address of an individual who is elected or 19 appointed to certain positions within a specified 20 time; authorizing the Financial Services Commission to 21 adopt a notification form by rule; amending s. 658.19, 22 F.S.; revising the individuals for whom certain 23 information must be provided to the office on an 24 application for authority to organize a banking 25 corporation or trust company; amending s. 660.33, 26 F.S.; conforming a cross-reference; amending s. 27 663.08, F.S.; requiring an international banking 28 corporation to provide its annual certification of 29 capital accounts to the office by a specified date; 30 reenacting ss. 655.960(8) and 663.302(1)(a), F.S., to 31 incorporate the amendment made to s. 655.005, F.S., in 32 references thereto; reenacting ss. 658.165(1), 33 665.013(3), and 667.003(3), F.S., to incorporate the 34 amendment made to s. 658.19, F.S., in references 35 thereto; reenacting s. 658.12(4), F.S., to incorporate 36 the amendment made to s. 660.33, F.S., in references 37 thereto; providing an effective date. 38 39 Be It Enacted by the Legislature of the State of Florida: 40 41 Section 1. Paragraph (q) of subsection (1) of section 42 655.005, Florida Statutes, is amended to read: 43 655.005 Definitions.— 44 (1) As used in the financial institutions codes, unless the 45 context otherwise requires, the term: 46 (q) “Main office” or “principal office” of a financial 47 institution means the main business office designated in its 48 articles of incorporation or bylaws, or redesignated in a 49 relocation application filed with the office, at an identified 50 location approved by the office in the case of a state financial 51 institution, or by the appropriate federal regulatory agency in 52 the case of a federal financial institution. With respect to the 53 trust department of a bank or association that has trust powers, 54 the terms mean the office or place of business of the trust 55 department at an identified location, which need not be the same 56 location as the main office of the bank or association, approved 57 by the office in the case of a state bank or association, or by 58 the appropriate federal regulatory agency in the case of a 59 national bank or federal association. The “main office” or 60 “principal office” of a trust company means the office 61 designated or provided for in its articles of incorporation,at 62 an identified location as approved by the relevant chartering 63 authority. 64 Section 2. Subsection (2) of section 655.047, Florida 65 Statutes, is amended to read: 66 655.047 Assessments; financial institutions.— 67 (2) If mailed, themailing of asemiannual assessment must 68 be received by the officepostmarkedon or before January 31 and 69 July 31 of each year. If transmitted through a wire transfer, an 70 automated clearinghouse, or other electronic means approved by 71 the office, the semiannual assessment must be transmitted to the 72 office on or before January 31 and July 31 of each year. The 73 office may levy a late payment penalty of up to $100 per day or 74 part thereof that a semiannual assessment payment is overdue, 75 unless it is excused for good cause. However, for intentional 76 late payment of a semiannual assessment, the office shall levy 77 an administrative fine of up to $1,000 a day for each day the 78 semiannual assessment is overdue. 79 Section 3. Subsection (1) of section 655.60, Florida 80 Statutes, is amended to read: 81 655.60 Appraisals.— 82 (1) The office is authorized to cause appraisals to be made 83appraisalsof real estate or other property held by aanystate 84 financial institution, subsidiary, or service corporation or 85 securing the assets of the state financial institution, 86 subsidiary, or service corporation ifwhenspecific facts or 87 information with respect to real estate or other property held, 88 secured loans, or lending, or when in its opinion the state 89 financial institution’s policies, practices, operating results, 90 and trends give evidence that the state financial institution’s 91 appraisals or evaluations of ability to make payments may be 92 excessive, that lending or investment may be of a marginal 93 nature, that appraisal policies and loan practices may not 94 conform with generally accepted and established professional 95 standards, or that real estate or other property held by the 96 state financial institution, subsidiary, or service corporation 97 or assets secured by real estate or other property are 98 overvalued. In lieu of causing such appraisals to be made, the 99 office may accept any appraisal caused to be made by an 100 appropriate state or federal regulatory agency or other insuring 101 agency or corporation of a state financial institution. Unless 102 otherwise ordered by the office, an appraisal of real estate or 103 other property pursuant to this section must be made by a 104 licensed or certified appraiseror appraisersselected by the105office, and the cost of such appraisal shall be paid promptly by106such state financial institution, subsidiary, or service107corporation directly to such appraiser or appraisers upon108receipt by the state financial institution of a statement of109such cost bearing the written approval of the office. A copy of 110 the report of each appraisal caused to be made by the office 111 pursuant to this section shall be furnished to the state 112 financial institution, subsidiary, or service corporation within 113 a reasonable time, not exceeding 60 days, following the 114 completion of thesuchappraisal and may be furnished to the 115 insuring agency or corporation or federal or state regulatory 116 agency. 117 Section 4. Section 657.0275, Florida Statutes, is created 118 to read: 119 657.0275 Notification of an election or an appointment. 120 Within 30 days after the election or appointment of a director, 121 an executive officer, a member of the supervisory or audit 122 committee, a member of the credit committee, or a credit 123 manager, the credit union must submit to the office the name and 124 residential address of the individual elected or appointed. The 125 commission may adopt a rule to establish a form for the 126 notification. 127 Section 5. Paragraph (f) of subsection (1) of section 128 658.19, Florida Statutes, is amended to read: 129 658.19 Application for authority to organize a bank or 130 trust company.— 131 (1) A written application for authority to organize a 132 banking corporation or a trust company shall be filed with the 133 office by the proposed directors and shall include: 134 (f) Such detailed financial, business, and biographical 135 information as the commission or office may reasonably require 136 for each proposed director,president, chiefexecutive officer 137(if other than the president), and, if applicable, trust officer 138(if applicable). 139 Section 6. Subsection (1) of section 660.33, Florida 140 Statutes, is amended to read: 141 660.33 Trust service offices.— 142 (1) In addition to its principal office and any branch 143 trust company authorized under s. 658.26s. 660.32, a trust 144 company oratrust department with its principal place of doing 145 business in this state may maintain one or more trust service 146 offices at the location of any bank, association, or credit 147 union thatwhichis organized under the laws of this state or 148 under the laws of the United States with its principal place of 149 doing business in this state. However, a trust service office 150 may be established only after the trust company orthetrust 151 department has secured the consent of a majority of the 152 stockholders or members entitled to vote on such proposal at a 153 meeting of stockholders or members, and of a majority of the 154 board of directors, of the bank, association, or credit union at 155 which a trust service office is proposed to be maintained, and 156 after a certificate of authorization has been issued to the 157 trust company orthetrust department by the office. 158 Section 7. Section 663.08, Florida Statutes, is amended to 159 read: 160 663.08 Certification of capital accounts.—Before opening an 161 office in this state, and annually thereafter so long as a bank 162 office is maintained in this state, an international banking 163 corporation licensed pursuant to ss. 663.01-663.14 shall certify 164 to the office the amount of its capital accounts, expressed in 165 the currency of the jurisdiction of its incorporation. The 166 dollar equivalent of these amounts, as determined by the office, 167 shall be deemed to be the amount of its capital accounts. The 168 annual certification of capital accounts must be received by the 169 office on or before June 30 of each year. 170 Section 8. For the purpose of incorporating the amendment 171 made by this act to section 655.005, Florida Statutes, in a 172 reference thereto, subsection (8) of section 655.960, Florida 173 Statutes, is reenacted to read: 174 655.960 Definitions; ss. 655.960-655.965.—As used in this 175 section and ss. 655.961-655.965, unless the context otherwise 176 requires: 177 (8) “Financial institution office” means a main office or 178 principal office, as defined in s. 655.005, and a branch or 179 branch office as defined in s. 658.12(4). 180 Section 9. For the purpose of incorporating the amendment 181 made by this act to section 655.005, Florida Statutes, in a 182 reference thereto, paragraph (a) of subsection (1) of section 183 663.302, Florida Statutes, is reenacted to read: 184 663.302 Applicability of state banking laws.— 185 (1)(a) International development banks shall be subject to 186 the following provisions of chapter 655 as though such 187 international development banks were state banks: 188 1. Section 655.005, relating to definitions. 189 2. Section 655.012, relating to general supervisory powers 190 of the office. 191 3. Section 655.016, relating to liability. 192 4. Section 655.031, relating to administrative enforcement 193 guidelines. 194 5. Section 655.032, relating to investigations; etc. 195 6. Section 655.0321, relating to hearings and proceedings. 196 7. Section 655.033, relating to cease and desist orders. 197 8. Section 655.034, relating to injunctions. 198 9. Section 655.037, relating to removal of financial 199 institution-affiliated party. 200 10. Section 655.041, relating to administrative fines. 201 11. Section 655.043, relating to articles of incorporation. 202 12. Section 655.044, relating to accounting practices. 203 13. Section 655.045, relating to examinations, reports, and 204 internal audits. 205 14. Section 655.049, relating to deposit of fees and 206 assessments. 207 15. Section 655.057, relating to records. 208 16. Section 655.071, relating to international banking 209 facilities. 210 17. Section 655.50, relating to reports of transactions 211 involving currency. 212 Section 10. For the purpose of incorporating the amendment 213 made by this act to section 658.19, Florida Statutes, in a 214 reference thereto, subsection (1) of section 658.165, Florida 215 Statutes, is reenacted to read: 216 658.165 Banker’s banks; formation; applicability of 217 financial institutions codes; exceptions.— 218 (1) If authorized by the office, a corporation may be 219 formed under the laws of this state for the purpose of becoming 220 a banker’s bank. An application for authority to organize a 221 banker’s bank is subject to ss. 658.19, 658.20, and 658.21, 222 except that s. 658.20(1)(b) and (c) and the minimum stock 223 ownership requirements for the organizing directors provided in 224 s. 658.21(2) do not apply. 225 Section 11. For the purpose of incorporating the amendment 226 made by this act to section 658.19, Florida Statutes, in a 227 reference thereto, subsection (3) of section 665.013, Florida 228 Statutes, is reenacted to read: 229 665.013 Applicability of chapter 658.—The following 230 sections of chapter 658, relating to banks and trust companies, 231 are applicable to an association to the same extent as if the 232 association were a “bank” operating thereunder: 233 (3) Section 658.19, relating to application for authority 234 to organize a bank or trust company. 235 Section 12. For the purpose of incorporating the amendment 236 made by this act to section 658.19, Florida Statutes, in a 237 reference thereto, subsection (3) of section 667.003, Florida 238 Statutes, is reenacted to read: 239 667.003 Applicability of chapter 658.—Any state savings 240 bank is subject to all the provisions, and entitled to all the 241 privileges, of the financial institutions codes except where it 242 appears, from the context or otherwise, that such provisions 243 clearly apply only to banks or trust companies organized under 244 the laws of this state or the United States. Without limiting 245 the foregoing general provisions, it is the intent of the 246 Legislature that the following provisions apply to a savings 247 bank to the same extent as if the savings bank were a “bank” 248 operating under such provisions: 249 (3) Section 658.19, relating to application for authority 250 to organize a bank or trust company. 251 Section 13. For the purpose of incorporating the amendment 252 made by this act to section 660.33, Florida Statutes, in a 253 reference thereto, subsection (4) of section 658.12, Florida 254 Statutes, is reenacted to read: 255 658.12 Definitions.—Subject to other definitions contained 256 in the financial institutions codes and unless the context 257 otherwise requires: 258 (4) “Branch” or “branch office” of a bank means any office 259 or place of business of a bank, other than its main office and 260 the facilities and operations authorized by ss. 658.26(4) and 261 660.33, at which deposits are received, checks are paid, or 262 money is lent. With respect to a bank that has a trust 263 department, the terms have the meanings herein ascribed to a 264 branch or a branch office of a trust company and mean any office 265 or place of business of a trust company, other than its main 266 office and its trust service offices established pursuant to s. 267 660.33, where trust business is transacted with its customers. 268 Section 14. This act shall take effect October 1, 2015.