Bill Text: FL S1976 | 2011 | Regular Session | Introduced
Bill Title: Public Depositories
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-05-07 - Indefinitely postponed and withdrawn from consideration [S1976 Detail]
Download: Florida-2011-S1976-Introduced.html
Florida Senate - 2011 SB 1976 By Senator Braynon 33-01226-11 20111976__ 1 A bill to be entitled 2 An act relating to public depositories; amending s. 3 280.02, F.S.; revising the definition of the term 4 “qualified public depository”; amending s. 280.07, 5 F.S.; conforming provisions to changes made by the 6 act; providing an effective date. 7 8 Be It Enacted by the Legislature of the State of Florida: 9 10 Section 1. Subsection (26) of section 280.02, Florida 11 Statutes, is amended to read: 12 280.02 Definitions.—As used in this chapter, the term: 13 (26) “Qualified public depository” means any financial 14 institutionbank, savings bank, or savings associationthat: 15 (a) Is organized and exists under the laws of the United 16 States, the laws of this state, or the laws of any other state 17 or territory of the United States. 18 (b) Has its principal place of business in this state or 19 has a branch office in this state which is authorized under the 20 laws of this state or of the United States to receive deposits 21 in this state. 22 (c) Is insured by the FederalHasDeposit Insurance 23 Corporation, the Federal Savings and Loan Insurance Corporation, 24 or the National Credit Union Share Insurance Fundunder the25provision of the Federal Deposit Insurance Act, as amended, 1226U.S.C. ss. 1811 et seq. 27 (d) Has procedures and practices for accurate 28 identification, classification, reporting, and collateralization 29 of public deposits. 30 (e) Meets all the requirements of this chapter. 31 (f) Has been designated by the Chief Financial Officer as a 32 qualified public depository. 33 Section 2. Section 280.07, Florida Statutes, is amended to 34 read: 35 280.07 Mutual responsibility and contingent liability.—Any 36 financial institutionbank or savings associationthat is 37 designated as a qualified public depository and that is not 38 insolvent shall guarantee public depositors against loss caused 39 by the default or insolvency of other qualified public 40 depositories. Each qualified public depository shall execute a 41 form prescribed by the Chief Financial Officer for such 42 guarantee which shall be approved by the board of directors and 43 shall become an official record of the institution. 44 Section 3. This act shall take effect July 1, 2011.