Bill Text: FL S0958 | 2017 | Regular Session | Comm Sub

---

Bill Title: Financial Institutions

Spectrum: Bipartisan Bill

Status: (Failed) 2017-05-05 - Died in Regulated Industries [S0958 Detail]

Download: Florida-2017-S0958-Comm_Sub.html

---

       Florida Senate - 2017                              CS for SB 958
       
       
        
       By the Committee on Banking and Insurance; and Senator Thurston
       
       
       
       
       
       597-03396-17                                           2017958c1
    1                        A bill to be entitled                      
    2         An act relating to financial institutions; amending s.
    3         658.21, F.S.; revising an applicable timeframe of a
    4         minimum financial institution experience requirement
    5         for certain proposed directors of a bank or trust
    6         company applicant; amending s. 658.33, F.S.; revising
    7         minimum qualifications for the board of directors and
    8         certain officers of banks or trust companies;
    9         providing an effective date.
   10          
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Subsection (4) of section 658.21, Florida
   14  Statutes, is amended to read:
   15         658.21 Approval of application; findings required.—The
   16  office shall approve the application if it finds that:
   17         (4) The proposed officers have sufficient financial
   18  institution experience, ability, standing, and reputation and
   19  the proposed directors have sufficient business experience,
   20  ability, standing, and reputation to indicate reasonable promise
   21  of successful operation, and none of the proposed officers or
   22  directors has been convicted of, or pled guilty or nolo
   23  contendere to, any violation of s. 655.50, relating to the
   24  control of money laundering and terrorist financing; chapter
   25  896, relating to offenses related to financial institutions; or
   26  similar state or federal law. At least two of the proposed
   27  directors who are not also proposed officers must have had at
   28  least 1 year of direct experience as an executive officer,
   29  regulator, or director of a financial institution within the 5
   30  year period 3 years before the date of the application. However,
   31  if the applicant demonstrates that at least one of the proposed
   32  directors has very substantial experience as an executive
   33  officer, director, or regulator of a financial institution for
   34  more than 5 3 years before the date of the application, the
   35  office may modify the requirement and allow the applicant to
   36  have only one director who has to have direct financial
   37  institution experience within the last 5 3 years. The proposed
   38  president or chief executive officer must have had at least 1
   39  year of direct experience as an executive officer, director, or
   40  regulator of a financial institution within the last 5 3 years.
   41         Section 2. Subsections (2) and (5) of section 658.33,
   42  Florida Statutes, are amended to read:
   43         658.33 Directors, number, qualifications; officers.—
   44         (2) Not less than a majority of the directors must, during
   45  their whole term of service, be citizens of the United States,
   46  and at least a majority three-fifths of the directors must have
   47  resided in this state for at least 1 year preceding their
   48  election and must be residents therein during their continuance
   49  in office. In the case of a bank or trust company with total
   50  assets of less than $150 million, at least one, and in the case
   51  of a bank or trust company with total assets of $150 million or
   52  more, two of the directors who are not also officers of the bank
   53  or trust company must have had at least 1 year of direct
   54  experience as an executive officer, regulator, or director of a
   55  financial institution within the last 5 3 years.
   56         (5) The president, chief executive officer, or any other
   57  person, regardless of title, who has equivalent rank or leads
   58  the overall operations of a bank or trust company must have had
   59  at least 1 year of direct experience as an executive officer,
   60  director, or regulator of a financial institution within the
   61  last 5 3 years. This requirement may be waived by the office
   62  after considering the overall experience and expertise of the
   63  proposed officer and the condition of the bank or trust company,
   64  as reflected in the most recent regulatory examination report
   65  and other available data.
   66         Section 3. This act shall take effect July 1, 2017.