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A bill to be entitled 1
An act relating to financial institutions; amending s. 2
120.80, F.S.; providing that the failure of foreign 3
nationals to participate through video conference in 4
certain hearings is grounds for denial of certain 5
applications; amending s. 475.01, F.S.; confor ming a 6
cross-reference; amending s. 518.117, F.S.; conforming 7
a cross-reference; amending s. 655.045, F.S.; revising 8
the circumstances under which the Office of Financial 9
Regulation is required to conduct certain 10
examinations; authorizing the office to del ay 11
examinations of state financial institutions under 12
certain circumstances; specifying that examination 13
requirements are deemed met under certain 14
circumstances; requiring copies of certain examination 15
reports to be furnished to state financial 16
institutions; requiring certain directors to review 17
such reports and acknowledge receipt of such reports 18
and reviews; amending s. 655.414, F.S.; revising the 19
entities that may acquire liabilities and assets, and 20
the liabilities and assets that may be acquired, 21
according to certain procedures, conditions, and 22
limitations; specifying the basis for calculating 23
percentages of assets or liabilities; specifying the 24
basis for calculating percentages of assets or 25
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liabilities; revising the quantity of assets a mutual 26
financial institution may not sell to a stock 27
financial institution, subject to certain conditions; 28
amending s. 655.50, F.S.; revising the definition of 29
the term "financial institution"; amending s. 657.021, 30
F.S.; requiring credit unions to submit specified 31
information to the office within a specified timeframe 32
after certain meetings; amending s. 657.028, F.S.; 33
deleting a provision relating to filing specified 34
credit union information with the office; amending s. 35
658.12, F.S.; defining the term "target market"; 36
amending s. 658.20, F.S.; requiring the office, upon 37
receiving applications for authority to organize a 38
bank or trust company, to investigate the need for a 39
target market and the ability of the primary service 40
area or target market to support proposed and exis ting 41
bank or trust facilities; amending s. 658.21, F.S.; 42
revising financial institution application approval 43
requirements to include consideration of target market 44
conditions; authorizing the office to waive a 45
requirement that certain proposed financial 46
institution presidents or chief executive officers 47
have certain experience within a specified timeframe 48
under certain circumstances; amending s. 658.28, F.S.; 49
requiring a person or group to notify the office 50
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within a specified timeframe upon acquiring a 51
controlling interest in a state bank or state trust 52
company; amending s. 658.2953, F.S.; defining the term 53
"de novo branch"; amending s. 662.1225, F.S.; revising 54
the type of institution with which certain family 55
trust companies are required to maintain a depos it 56
account; amending s. 662.128, F.S.; revising the 57
timeframe for filing renewal applications for certain 58
family trust companies; amending s. 663.07, F.S.; 59
revising the banks with which international bank 60
agencies and international branches are required to 61
maintain certain deposits or investment securities; 62
amending s. 663.532, F.S.; revising references to 63
lists of jurisdictions used for qualifying qualified 64
limited service affiliates; requiring qualified 65
limited service affiliates to suspend certain 66
permissible activities under certain circumstances; 67
specifying that such suspensions remain in effect 68
until certain conditions are met; amending s. 69
736.0802, F.S.; conforming a cross -reference; 70
reenacting s. 658.165(1), F.S., relating to banker's 71
banks, for the purpose of incorporating amendments 72
made by the act; providing an effective date. 73
74
Be It Enacted by the Legislature of the State of Florida: 75
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76
Section 1. Paragraph (a) of subsection (3) of section 77
120.80, Florida Statutes, is amended to read: 78
120.80 Exceptions and special requirements; agencies. — 79
(3) OFFICE OF FINANCIAL REGULATION. — 80
(a) Notwithstanding s. 120.60(1), in proceedings for the 81
issuance, denial, renewal, or amendment of a license or approval 82
of a merger pursuant to title XXXVIII: 83
1.a. The Office of Financial Regulation of the Financial 84
Services Commission shall have published in the Florida 85
Administrative Register notice of the application within 21 days 86
after receipt. 87
b. Within 21 days after publication of notice, any person 88
may request a hearing. Failure to request a hearing within 21 89
days after notice constitutes a waiver of any right to a 90
hearing. The Office of Financial Regulation or an applicant may 91
request a hearing at any time prior to the issuance of a final 92
order. Hearings shall be conducted pursuant to ss. 120.569 and 93
120.57, except that the Financial Services Commission shall by 94
rule provide for participation by the general public. 95
2. Should a hearing be requested as provided by sub -96
subparagraph 1.b., the applicant or licensee shall publish at 97
its own cost a notice of the hearing in a newspaper of general 98
circulation in the area affected by the application. The 99
Financial Services Commission may by rule specify the format and 100
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size of the notice. 101
3. Notwithstanding s. 1 20.60(1), and except as provided in 102
subparagraph 4., an application for license for a new bank, new 103
trust company, new credit union, new savings and loan 104
association, or new licensed family trust company must be 105
approved or denied within 180 days after rec eipt of the original 106
application or receipt of the timely requested additional 107
information or correction of errors or omissions. An application 108
for such a license or for acquisition of such control which is 109
not approved or denied within the 180 -day period or within 30 110
days after conclusion of a public hearing on the application, 111
whichever is later, shall be deemed approved subject to the 112
satisfactory completion of conditions required by statute as a 113
prerequisite to license and approval of insurance of accou nts 114
for a new bank, a new savings and loan association, a new credit 115
union, or a new licensed family trust company by the appropriate 116
insurer. 117
4. In the case of an application for license to establish 118
a new bank, trust company, or capital stock savings a ssociation 119
in which a foreign national proposes to own or control 10 120
percent or more of any class of voting securities, and in the 121
case of an application by a foreign national for approval to 122
acquire control of a bank, trust company, or capital stock 123
savings association, the Office of Financial Regulation shall 124
request that a public hearing be conducted pursuant to ss. 125
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120.569 and 120.57. Notice of such hearing shall be published by 126
the applicant as provided in subparagraph 2. The failure of such 127
foreign national to appear personally at or to participate 128
through video conference in the hearing shall be grounds for 129
denial of the application. Notwithstanding s. 120.60(1) and 130
subparagraph 3., every application involving a foreign national 131
shall be approved or d enied within 1 year after receipt of the 132
original application or any timely requested additional 133
information or the correction of any errors or omissions, or 134
within 30 days after the conclusion of the public hearing on the 135
application, whichever is later. 136
Section 2. Subsection (4) of section 475.01, Florida 137
Statutes, is amended to read: 138
475.01 Definitions. — 139
(4) A broker acting as a trustee of a trust created under 140
chapter 689 is subject to the provisions of this chapter unless 141
the trustee is a bank, state or federal association, or trust 142
company possessing trust powers as defined in s. 658.12 s. 143
658.12(23). 144
Section 3. Section 518.117, Florida Statutes, is amended 145
to read: 146
518.117 Permissible investments of fiduciary funds. —A 147
fiduciary that is authorized by lawful authority to engage in 148
trust business as defined in s. 658.12 s. 658.12(20) may invest 149
fiduciary funds in accordance with s. 660.417 so long as the 150
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investment otherwise complies with this chapter. 151
Section 4. Paragraph (a) of subsection (1) and subsection 152
(4) of section 655.045, Florida Statutes, are amended, and 153
paragraph (f) is added to subsection (1) of that section, to 154
read: 155
655.045 Examinations, reports, and internal audits; 156
penalty.— 157
(1) The office shall conduct an examination of the 158
condition of each state financial institution at least every 18 159
months. The office may conduct more frequent examinations based 160
upon the risk profile of the financial insti tution, prior 161
examination results, or significant changes in the institution 162
or its operations. The office may use continuous, phase, or 163
other flexible scheduling examination methods for very large or 164
complex state financial institutions and financial inst itutions 165
owned or controlled by a multi -financial institution holding 166
company. The office shall consider examination guidelines from 167
federal regulatory agencies in order to facilitate, coordinate, 168
and standardize examination processes. 169
(a) The office may accept an examination of a state 170
financial institution made by an appropriate federal regulatory 171
agency or may conduct a joint or concurrent examination of the 172
institution with the federal agency. However, if the office 173
accepts an examination in accordanc e with this paragraph, the 174
office shall conduct at least once during each 36 -month period 175
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beginning July 1, 2023 2014, a subsequent the office shall 176
conduct an examination of each state financial institution in a 177
manner that allows the preparation of a com plete examination 178
report not subject to the right of a federal or other non -179
Florida entity to limit access to the information contained 180
therein. The office may furnish a copy of all examinations or 181
reviews made of financial institutions or their affiliates to 182
the state or federal agencies participating in the examination, 183
investigation, or review, or as otherwise authorized under s. 184
655.057. 185
(f) In coordinating an examination required under this 186
section, if a federal agency suspends or cancels a previousl y 187
scheduled examination of a state financial institution, the 188
office has an additional 90 days to meet the examination 189
requirement of this section. In such case, the requirement is 190
deemed met by the federal agency conducting the examination or 191
upon the office conducting the examination instead. 192
(4) A copy of the report of each examination must be 193
furnished to the state financial institution entity examined and 194
presented to the board of directors at its next regular or 195
special meeting. Each director shall review the report and 196
acknowledge receipt of the report and such review by signing and 197
dating the prescribed signature page of the report and returning 198
a copy of the signed page to the office. 199
Section 5. Section 655.414, Florida Statutes, is amended 200
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to read: 201
655.414 Acquisition of assets; assumption of liabilities. —202
With prior approval of the office , and upon such conditions as 203
the commission prescribes by rule, a financial institution 204
entity may acquire 50 percent or more all or substantially all 205
of the assets of, liabilities of, or a combination of assets and 206
or assume all or any part of the liabilities of, any other 207
financial institution in accordance with the procedures and 208
subject to the following conditions and limitations: 209
(1) CALCULATION OF ASSET OR LIABILITY PERCENTAGES. —210
Percentages of assets or liabilities must be calculated based on 211
the most recent quarterly reporting date. 212
(2) ADOPTION OF A PLAN.—The board of directors of the 213
acquiring or assuming financial entity and the board of 214
directors of the transferring financial institution must adopt, 215
by a majority vote, a plan for such acquisition, assumption, or 216
sale on terms that are mutually agreed upon. The plan must 217
include: 218
(a) The names and types of financial institutions 219
involved. 220
(b) A statement setting forth the material terms of the 221
proposed acquisition, assumption, or sale, including the plan 222
for disposition of all assets and liabilities not subject to the 223
plan. 224
(c) A provision for liquidation, if applicable, of the 225
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transferring financial institution upon execution of the plan, 226
or a provision setting forth the business plan for the continued 227
operation of each financial institution after the execution of 228
the plan. 229
(d) A statement that the entire transaction is subject to 230
written approval of the office and approval of the members or 231
stockholders of the transferring financial institution. 232
(e) If a stock financial institution is the transferring 233
financial institution and the proposed sale is not for cash, a 234
clear and concise statem ent that dissenting stockholders of the 235
institution are entitled to the rights set forth in s. 658.44(4) 236
and (5). 237
(f) The proposed effective date of the acquisition, 238
assumption, or sale and such other information and provisions as 239
necessary to execute th e transaction or as required by the 240
office. 241
(3)(2) APPROVAL OF OFFICE.—Following approval by the board 242
of directors of each participating financial institution, the 243
plan, together with certified copies of the authorizing 244
resolutions adopted by the boards and a completed application 245
with a nonrefundable filing fee, must be forwarded to the office 246
for approval or disapproval. The office shall approve the plan 247
of acquisition, assumption, or sale if it appears that: 248
(a) The resulting financial entity or ent ities would have 249
an adequate capital structure in relation to their activities 250
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and their deposit liabilities; 251
(b) The plan is fair to all parties; and 252
(c) The plan is not contrary to the public interest. 253
254
If the office disapproves the plan, it shall st ate its 255
objections and give the parties an opportunity to amend the plan 256
to overcome such objections. 257
(4)(3) VOTE OF MEMBERS OR STOCKHOLDERS. —If the office 258
approves the plan, it may be submitted to the members or 259
stockholders of the transferring financia l institution at an 260
annual meeting or at a special meeting called to consider such 261
action. Upon a majority vote of the total number of votes 262
eligible to be cast or, in the case of a credit union, a 263
majority vote of the members present at the meeting, the p lan is 264
adopted. 265
(5)(4) ADOPTED PLAN; CERTIFICATE; ABANDONMENT. — 266
(a) If the plan is adopted by the members or stockholders 267
of the transferring financial institution, the president or vice 268
president and the cashier, manager, or corporate secretary of 269
such institution shall submit the adopted plan to the office, 270
together with a certified copy of the resolution of the members 271
or stockholders approving it. 272
(b) Upon receipt of the certified copies and evidence that 273
the participating financial institutions h ave complied with all 274
applicable state and federal law and rules, the office shall 275
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certify, in writing, to the participants that the plan has been 276
approved. 277
(c) Notwithstanding approval of the members or 278
stockholders or certification by the office, the b oard of 279
directors of the transferring financial institution may abandon 280
such a transaction without further action or approval by the 281
members or stockholders, subject to the rights of third parties 282
under any contracts relating thereto. 283
(6)(5) FEDERALLY CHARTERED OR OUT -OF-STATE INSTITUTION AS 284
A PARTICIPANT.—If one of the participants in a transaction under 285
this section is a federally chartered financial institution or 286
an out-of-state financial institution, all participants must 287
also comply with requirements imposed by federal and other state 288
law for the acquisition, assumption, or sale and provide 289
evidence of such compliance to the office as a condition 290
precedent to the issuance of a certificate authorizing the 291
transaction; however, if the pur chasing or assuming financial 292
institution is a federal or out -of-state state-chartered 293
financial institution and the transferring state financial 294
entity will be liquidated, approval of the office is not 295
required. 296
(7)(6) STOCK INSTITUTION ACQUIRING MUTUAL INSTITUTION.—A 297
mutual financial institution may not sell 50 percent or more all 298
or substantially all of its assets to a stock financial 299
institution until it has first converted into a capital stock 300
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financial institution in accordance with s. 665.033(1) an d (2). 301
For this purpose, references in s. 665.033(1) and (2) to 302
associations also refer to credit unions but, in the case of a 303
credit union, the provision concerning proxy statements does not 304
apply. 305
Section 6. Paragraph (c) of subsection (3) of section 306
655.50, Florida Statutes, is amended to read: 307
655.50 Florida Control of Money Laundering and Terrorist 308
Financing in Financial Institutions Act. — 309
(3) As used in this section, the term: 310
(c) "Financial institution" has the same meaning as in s. 311
655.005(1)(i), excluding an international representative office, 312
an international administrative office, or a qualified limited 313
service affiliate means a financial institution, as defined in 314
31 U.S.C. s. 5312, as amended, including a credit card bank, 315
located in this state. 316
Section 7. Present subsections (2) through (8) of section 317
657.021, Florida Statutes, are redesignated as subsections (3) 318
through (9), respectively, and a new subsection (2) is added to 319
that section, to read: 320
657.021 Board of directors; ex ecutive committee 321
responsibilities; oaths; reports to the office .— 322
(2) Within the 30 days following the annual meeting or any 323
other meeting at which any director, officer, member of the 324
supervisory or audit committee, member of the credit committee, 325
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or credit manager is elected or appointed, the credit union 326
shall submit to the office the names and residence addresses of 327
the elected or appointed persons on a form adopted by the 328
commission and provided by the office. 329
Section 8. Subsection (6) of sectio n 657.028, Florida 330
Statutes, is amended to read: 331
657.028 Activities of directors, officers, committee 332
members, employees, and agents. — 333
(6) Within 30 days after election or appointment, a record 334
of the names and addresses of the members of the board, me mbers 335
of committees, all officers of the credit union, and the credit 336
manager shall be filed with the office on forms prescribed by 337
the commission. 338
Section 9. Present subsections (20) through (24) of 339
section 658.12, Florida Statutes, are redesignated a s 340
subsections (21) through (25), respectively, and a new 341
subsection (20) is added to that section, to read: 342
658.12 Definitions. —Subject to other definitions contained 343
in the financial institutions codes and unless the context 344
otherwise requires: 345
(20) "Target market" means the group of clients or 346
potential clients from whom: 347
(a) A bank or proposed bank expects to draw deposits and 348
to whom the bank or proposed bank focuses or intends to focus 349
its marketing efforts; or 350
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(b) A trust company, a trust depa rtment of a bank or 351
association, a proposed trust company, or a proposed trust 352
department of a bank or association expects to draw its 353
fiduciary accounts and to whom the trust company, the trust 354
department of a bank or association, the proposed trust compa ny, 355
or the proposed trust department of a bank or association 356
focuses or intends to focus its marketing efforts. 357
Section 10. Paragraphs (b) and (c) of subsection (1) of 358
section 658.20, Florida Statutes, are amended to read: 359
658.20 Investigation by of fice.— 360
(1) Upon the filing of an application, the office shall 361
make an investigation of: 362
(b) The need for bank or trust facilities or additional 363
bank or trust facilities, as the case may be, in the primary 364
service area where the proposed bank or trust company is to be 365
located or the need for the target market that the bank or trust 366
company intends to engage with in business . 367
(c) The ability of the primary service area or target 368
market to support the proposed bank or trust company and all 369
other existing bank or trust facilities that serve the same 370
primary service area or target market in the primary service 371
area. 372
Section 11. Subsections (1) and (4) of section 658.21, 373
Florida Statutes, are amended to read: 374
658.21 Approval of application; findings r equired.—The 375
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office shall approve the application if it finds that: 376
(1) Local and target market conditions indicate reasonable 377
promise of successful operation for the proposed state bank or 378
trust company. In determining whether an applicant meets the 379
requirements of this subsection, the office shall consider all 380
materially relevant factors, including: 381
(a) The purpose, objectives, and business philosophy of 382
the proposed state bank or trust company. 383
(b) The projected financial performance of the propose d 384
bank or trust company. 385
(c) The feasibility of the proposed bank or trust company, 386
as stated in the business plan, particularly with respect to 387
asset and liability growth and management. 388
(4)(a) The proposed officers have sufficient financial 389
institution experience, ability, standing, and reputation and 390
the proposed directors have sufficient business experience, 391
ability, standing, and reputation to indicate reasonable promise 392
of successful operation, and none of the proposed officers or 393
directors has been convicted of, or pled guilty or nolo 394
contendere to, any violation of s. 655.50, relating to the 395
control of money laundering and terrorist financing; chapter 396
896, relating to offenses related to financial institutions; or 397
similar state or federal law. 398
(b) At least two of the proposed directors who are not 399
also proposed officers must have had at least 1 year of direct 400
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experience as an executive officer, regulator, or director of a 401
financial institution within the 5 years before the date of the 402
application. However, if the applicant demonstrates that at 403
least one of the proposed directors has very substantial 404
experience as an executive officer, director, or regulator of a 405
financial institution more than 5 years before the date of the 406
application, the offi ce may modify the requirement and allow the 407
applicant to have only one director who has direct financial 408
institution experience within the last 5 years. 409
(c) The proposed president or chief executive officer must 410
have had at least 1 year of direct experie nce as an executive 411
officer, director, or regulator of a financial institution 412
within the last 5 years. The office may waive this requirement 413
after considering: 414
1. The adequacy of the overall experience and expertise of 415
the proposed president or chief ex ecutive officer; 416
2. The likelihood of successful operation of the proposed 417
state bank or trust company pursuant to subsection (1); 418
3. The adequacy of the proposed capitalization under 419
subsection (2); 420
4. The proposed capital structure under subsection (3); 421
5. The experience of the other proposed officers and 422
directors; and 423
6. Any other relevant data or information. 424
Section 12. Present subsections (2), (3), and (4) of 425
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section 658.28, Florida Statutes, are redesignated as 426
subsections (3), (4), an d (5), respectively, and a new 427
subsection (2) is added to that section, to read: 428
658.28 Acquisition of control of a bank or trust company. — 429
(2) If a person or a group of persons, directly or 430
indirectly, acquires a controlling interest in a state bank o r 431
state trust company, as contemplated by this section, through 432
probate or trust, the person or group of persons shall notify 433
the office within 90 days after acquiring such an interest. Such 434
an interest does not give rise to a presumption of control until 435
the person or group of persons votes the shares or the office 436
has issued a certificate of approval in response to an 437
application pursuant to subsection (1). 438
Section 13. Present paragraphs (a), (b), and (c) of 439
subsection (11) of section 658.2953, Florid a Statutes, are 440
redesignated as paragraphs (b), (c), and (d), respectively, and 441
a new paragraph (a) is added to that subsection, to read: 442
658.2953 Interstate branching. — 443
(11) DE NOVO INTERSTATE BRANCHING BY STATE BANKS.— 444
(a) As used in this subsectio n, the term "de novo branch" 445
means a branch of a bank which is originally established by the 446
bank as a branch and does not become a branch of such bank as a 447
result of: 448
1. The bank's acquisition of another bank or of a branch 449
of another bank; or 450
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2. The conversion, merger, or consolidation of any bank or 451
branch. 452
Section 14. Paragraph (d) of subsection (1) and paragraph 453
(d) of subsection (2) of section 662.1225, Florida Statutes, are 454
amended to read: 455
662.1225 Requirements for a family trust company, licensed 456
family trust company, or foreign licensed family trust company. — 457
(1) A family trust company or a licensed family trust 458
company shall maintain: 459
(d) A deposit account with : 460
1. A bank located in the United States and insured by the 461
Federal Deposit Insurance Corporation; or 462
2. A credit union located in the United States and insured 463
by the National Credit Union Administration a state-chartered or 464
national financial institution that has a principal or branch 465
office in this state . 466
(2) In order to operate in this state, a foreign licensed 467
family trust company must be in good standing in its principal 468
jurisdiction, must be in compliance with the family trust 469
company laws and regulations of its principal jurisdiction, and 470
must maintain: 471
(d) A deposit account with: 472
1. A bank located in the United States and insured by the 473
Federal Deposit Insurance Corporation; or 474
2. A credit union located in the United States and insured 475
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by the National Credit Union Administration a state-chartered or 476
national financial institution that has a principal or branch 477
office in this state . 478
Section 15. Subsection (1) of section 662.128, Florida 479
Statutes, is amended to read: 480
662.128 Annual renewal. — 481
(1) Within 45 days after the end of each calendar year, A 482
family trust company, licensed family trust company, or foreign 483
licensed family trust company shall file an its annual renewal 484
application with the office on an annual basis no later than 45 485
days after the anniversary of the filing of either the initial 486
application or the prior year's renewal application . 487
Section 16. Subsection (1) of section 663.07, Florida 488
Statutes, is amended to read: 489
663.07 Asset maintenance or capital equivalency. — 490
(1) Each international bank agency and international 491
branch shall: 492
(a) Maintain with one or more banks insured by the Federal 493
Deposit Insurance Corporation and located within the United 494
States in this state, in such amounts as the office specifies, 495
evidence of dollar deposits or investment securities of the type 496
that may be held by a state bank for its own account pursuant to 497
s. 658.67. The aggregate amount of dollar deposits and 498
investment securities for an international bank agency or 499
international branch shall, at a minimum, equal the greater of: 500
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1. Four million dollars; or 501
2. Seven percent of the total liabilities of the 502
international bank agency or international branch excluding 503
accrued expenses and amounts due and other liabilities to 504
affiliated branches, offices, agencies, or entities; or 505
(b) Maintain other appropriate reserves, taking into 506
consideration the nature of the business being conducted by the 507
international bank agency or international branch. 508
509
The commission shall prescribe, by rule, the deposit, 510
safekeeping, pledge, withdrawal, recordkeeping , and other 511
arrangements for funds and securities maintained under this 512
subsection. The deposits and securities used to satisfy the 513
capital equivalency requirements of this subsection shall be 514
held, to the extent feasible, in one or more state or national 515
banks located in this state or in a federal reserve bank. 516
Section 17. Present subsections (4), (5), and (6) of 517
section 663.532, Florida Statutes, are redesignated as 518
subsections (5), (6), and (7), respectively, paragraphs (i) and 519
(j) of subsection (1) are amended, and a new subsection (4) is 520
added to that section, to read: 521
663.532 Qualification. — 522
(1) To qualify as a qualified limited service affiliate 523
under this part, a proposed qualified limited service affiliate 524
must file a written notice with the office, in the manner and on 525
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a form prescribed by the commission. Such written notice must 526
include: 527
(i) A declaration under penalty of perjury signed by the 528
executive officer, manager, or managing member of the proposed 529
qualified limited service affilia te that, to the best of his or 530
her knowledge: 531
1. No employee, representative, or agent provides, or will 532
provide, banking services; promotes or sells, or will promote or 533
sell, investments; or accepts, or will accept, custody of 534
assets. 535
2. No employee, representative, or agent acts, or will 536
act, as a fiduciary in this state, which includes, but is not 537
limited to, accepting the fiduciary appointment, executing the 538
fiduciary documents that create the fiduciary relationship, or 539
making discretionary decision s regarding the investment or 540
distribution of fiduciary accounts. 541
3. The jurisdiction of the international trust entity or 542
its offices, subsidiaries, or any affiliates that are directly 543
involved in or facilitate the financial services functions, 544
banking, or fiduciary activities of the international trust 545
entity is not listed on the Financial Action Task Force's list 546
of High-Risk Jurisdictions subject to a Call for Action or list 547
of Jurisdictions under Increased Monitoring Force Public 548
Statement or on its list of jurisdictions with deficiencies in 549
anti-money laundering or counterterrorism . 550
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(j) For each international trust entity that the proposed 551
qualified limited service affiliate will provide services for in 552
this state, the following: 553
1. The name of the international trust entity; 554
2. A list of the current officers and directors of the 555
international trust entity; 556
3. Any country where the international trust entity is 557
organized or authorized to do business; 558
4. The name of the home -country regulator; 559
5. Proof that the international trust entity has been 560
authorized by charter, license, or similar authorization by its 561
home-country regulator to engage in trust business; 562
6. Proof that the international trust entity lawfully 563
exists and is in good stan ding under the laws of the 564
jurisdiction where it is chartered, licensed, or organized; 565
7. A statement that the international trust entity is not 566
in bankruptcy, conservatorship, receivership, liquidation, or in 567
a similar status under the laws of any count ry; 568
8. Proof that the international trust entity is not 569
operating under the direct control of the government or the 570
regulatory or supervisory authority of the jurisdiction of its 571
incorporation, through government intervention or any other 572
extraordinary actions, and confirmation that it has not been in 573
such a status or under such control at any time within the prior 574
3 years; 575
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9. Proof and confirmation that the proposed qualified 576
limited service affiliate is affiliated with the international 577
trust entities provided in the notice; and 578
10. Proof that the jurisdictions where the international 579
trust entity or its offices, subsidiaries, or any affiliates 580
that are directly involved in or that facilitate the financial 581
services functions, banking, or fiduciary ac tivities of the 582
international trust entity are not listed on the Financial 583
Action Task Force's list of High -Risk Jurisdictions subject to a 584
Call for Action or list of Jurisdictions under Increased 585
Monitoring Force Public Statement or on its list of 586
jurisdictions with deficiencies in anti -money laundering or 587
counterterrorism. 588
589
The proposed qualified limited service affiliate may provide 590
additional information in the form of exhibits when attempting 591
to satisfy any of the qualification requirements. All 592
information that the proposed qualified limited service 593
affiliate desires to present to support the written notice must 594
be submitted with the notice. 595
(4) The qualified limited service affiliate shall suspend 596
the permissible activities provided in s. 663. 531 relating to a 597
specific jurisdiction if the qualified limited service affiliate 598
becomes aware that the jurisdiction of an international trust 599
entity served by the qualified limited service affiliate is 600
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included on the Financial Action Task Force's list of High-Risk 601
Jurisdictions subject to a Call for Action or list of 602
Jurisdictions under Increased Monitoring. Suspensions under this 603
subsection must remain in effect until the jurisdiction is 604
removed from the Financial Action Task Force's list of High -Risk 605
Jurisdictions subject to a Call for Action or list of 606
Jurisdictions under Increased Monitoring. 607
Section 18. Paragraph (a) of subsection (5) of section 608
736.0802, Florida Statutes, is amended to read: 609
736.0802 Duty of loyalty. — 610
(5)(a) An investment b y a trustee authorized by lawful 611
authority to engage in trust business, as defined in s. 658.12 612
s. 658.12(20), in investment instruments, as defined in s. 613
660.25(6), that are owned or controlled by the trustee or its 614
affiliate, or from which the trustee or its affiliate receives 615
compensation for providing services in a capacity other than as 616
trustee, is not presumed to be affected by a conflict between 617
personal and fiduciary interests provided the investment 618
otherwise complies with chapters 518 and 660 and the trustee 619
complies with the requirements of this subsection. 620
Section 19. For the purpose of incorporating the amendment 621
made by this act to section 658.20, Florida Statutes, in 622
references thereto, subsection (1) of section 658.165, Florida 623
Statutes, is reenacted to read: 624
658.165 Banker's banks; formation; applicability of 625
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financial institutions codes; exceptions. — 626
(1) If authorized by the office, a corporation may be 627
formed under the laws of this state for the purpose of becoming 628
a banker's bank. An application for authority to organize a 629
banker's bank is subject to ss. 658.19, 658.20, and 658.21, 630
except that s. 658.20(1)(b) and (c) and the minimum stock 631
ownership requirements for the organizing directors provided in 632
s. 658.21(2) do not apply. 633
Section 20. This act shall take effect July 1, 2022. 634