Florida 2022 Regular Session

Florida House Bill H1559 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1
2	2
3	3	HB 1559 2022
4	4
5	5
6	6
7	7	CODING: Words stricken are deletions; words underlined are additions.
8	8	hb1559-00
9	9	Page 1 of 36
10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
11	11
12	12
13	13
14	14	A bill to be entitled 1
15	15	An act relating to public deposits; amending s. 17.68, 2
16	16	F.S.; providing requirements for credit unions that 3
17	17	are qualified public depositories; requiring the 4
18	18	Department of Financial Services to provide its 5
19	19	brochures to such credit unions upon request; amendi ng 6
20	20	s. 280.02, F.S.; revising definitions; amending s. 7
21	21	280.03, F.S.; providing that public deposits in credit 8
22	22	unions by specified trust departments or trust 9
23	23	companies are exempt from certain requirements and 10
24	24	protection; creating s. 280.042, F.S.; prohibitin g the 11
25	25	Chief Financial Officer from designating credit unions 12
26	26	as qualified public depositories unless certain 13
27	27	requirements are met; requiring the Chief Financial 14
28	28	Officer to withdraw from specified collateral 15
29	29	agreements under certain circumstances; prohibiti ng 16
30	30	credit unions from being designated as qualified 17
31	31	public depositories if the Chief Financial Officer 18
32	32	withdraws from collateral agreements; requiring 19
33	33	specified credit unions to return all public deposits 20
34	34	in the credit unions within a specified timeframe 21
35	35	under certain circumstances; authorizing the Chief 22
36	36	Financial Officer to limit the amount of public 23
37	37	deposits in credit unions for a specified purpose; 24
38	38	amending s. 280.05, F.S.; revising the losses for 25
39	39
40	40	HB 1559 2022
41	41
42	42
43	43
44	44	CODING: Words stricken are deletions; words underlined are additions.
45	45	hb1559-00
46	46	Page 2 of 36
47	47	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
48	48
49	49
50	50
51	51	which the Chief Financial Officer may sell securities 26
52	52	to protect the integrity of the public deposits 27
53	53	program; amending s. 280.052, F.S.; providing 28
54	54	requirements for the suspension or disqualification of 29
55	55	credit unions as qualified public depositories; 30
56	56	amending s. 280.053, F.S.; authorizing credit unions 31
57	57	to be reinstated, or to reapply for qualification, as 32
58	58	qualified public depositories under specified 33
59	59	circumstances; amending s. 280.055, F.S.; authorizing 34
60	60	the Chief Financial Officer to issue a cease and 35
61	61	desist order and a corrective order to credit unions 36
62	62	upon certain determinations; providing penalties; 37
63	63	amending s. 280.07, F.S.; specifying the losses 38
64	64	against which certain solvent banks, savings banks, 39
65	65	savings associations, and credit unions must guarantee 40
66	66	public depositors; amending s. 280.08, F.S.; revising 41
67	67	the Chief Financial Officer's procedures upon a 42
68	68	default or insolvency of a qualified public 43
69	69	depository; amending s. 280.085, F.S.; revising the 44
70	70	exemptions to the notice to claimants upon a default 45
71	71	or insolvency of a qualified public depository; 46
72	72	amending s. 280.09, F.S.; requiring the Chief 47
73	73	Financial Officer to segregate and separately account 48
74	74	for certain proceeds, assessments, and administrative 49
75	75	penalties; revising the payment of any losses to 50
76	76
77	77	HB 1559 2022
78	78
79	79
80	80
81	81	CODING: Words stricken are deletions; words underlined are additions.
82	82	hb1559-00
83	83	Page 3 of 36
84	84	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
85	85
86	86
87	87
88	88	public depositors; amending s. 280.10, F.S.; revising 51
89	89	the duties and responsibilities of qualified public 52
90	90	depositories as a result of specified mergers, 53
91	91	acquisitions, or consolidations; amending s. 280.13, 54
92	92	F.S.; providing that the limits imposed on specified 55
93	93	securities apply to qualified public depositories, 56
94	94	rather than to banks and savings associations; 57
95	95	amending s. 280.17, F.S.; revising the evidence that 58
96	96	public depositors must submit when a qualified public 59
97	97	depository is in default or insolvent; reenacting ss. 60
98	98	17.57(7)(a), 24.114(1), 125.901(3)(e), 136.01, 61
99	99	159.608(11), 175.301, 175.401(8), 185.30, 185.50(8), 62
100	100	190.007(3), 191.006(16), 215.34(2), 218.415(16)(c), 63
101	101	(17)(c), and (23)(a), 255.502(4)(h), 331.309(1) and 64
102	102	(2), 373.553(2), 631.221, and 723.06115(3)(c), F.S., 65
103	103	relating to deposits and investments of state money; 66
104	104	bank deposits and control of lottery transactions; 67
105	105	children's services and independent special districts; 68
106	106	county depositories; powers of housing finance 69
107	107	authorities; depositories for pension funds; retiree 70
108	108	health insurance subsidies; depositories for 71
109	109	retirement funds; retiree health insurance subsidies; 72
110	110	board of supervisors; general powers; state funds and 73
111	111	noncollectible items; local government investment 74
112	112	policies; definitions; treasurer, depositories, and 75
113	113
114	114	HB 1559 2022
115	115
116	116
117	117
118	118	CODING: Words stricken are deletions; words underlined are additions.
119	119	hb1559-00
120	120	Page 4 of 36
121	121	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
122	122
123	123
124	124
125	125	fiscal agent; treasurer of the board, payment of 76
126	126	funds, and depositories; deposit of moneys collected; 77
127	127	and the Florida Mobile Home Relocation Trust Fund, 78
128	128	respectively, to incorporate the amendments made by 79
129	129	the act; providing an effective date. 80
130	130	81
131	131	Be It Enacted by the Legislature of the State of Florida: 82
132	132	83
133	133	Section 1. Subsection (4) of section 17.68, Florida 84
134	134	Statutes, is amended to read: 85
135	135	17.68 Financial Literacy Program for Individuals with 86
136	136	Developmental Disabilities. — 87
137	137	(4) Within 90 days after the department establishes the 88
138	138	website clearinghouse and publishes the brochure, each bank, 89
139	139	credit union, savings association, and savings bank that is a 90
140	140	qualified public depository as defined in s. 280.02 shall: 91
141	141	(a) Make copies of the department's brochures available, 92
142	142	upon the request of the consumer, at its principal place of 93
143	143	business and each branch office located in this state which has 94
144	144	in-person teller services by having copies of the brochure 95
145	145	available or having the capability to print a copy of the 96
146	146	brochure from the department's website. Upon request, the 97
147	147	department shall provide copies of the brochure to a bank, 98
148	148	credit union, savings association, or savings bank. 99
149	149	(b) Provide on its website a hyperlink to the department's 100
150	150
151	151	HB 1559 2022
152	152
153	153
154	154
155	155	CODING: Words stricken are deletions; words underlined are additions.
156	156	hb1559-00
157	157	Page 5 of 36
158	158	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
159	159
160	160
161	161
162	162	website clearinghouse. If the department changes the website 101
163	163	address for the clearinghouse, the bank, credit union, savings 102
164	164	association, or savings bank must update the hyperlink within 90 103
165	165	days after notification by the department of such change. 104
166	166	Section 2. Subsections (6), (10), (21), (23), and (26) of 105
167	167	section 280.02, Florida Statutes, are a mended to read: 106
168	168	280.02 Definitions. —As used in this chapter, the term: 107
169	169	(6) "Capital account" or "tangible equity capital" means 108
170	170	total equity capital, as defined on the balance -sheet portion of 109
171	171	the Consolidated Reports of Condition and Income (call repo rt), 110
172	172	or net worth, as described in the National Credit Union 111
173	173	Administration 5300 Call Report , less intangible assets, as 112
174	174	submitted to the regulatory financial banking authority. 113
175	175	(10) "Custodian" means the Chief Financial Officer or a 114
176	176	bank, credit union, savings association, or trust company that: 115
177	177	(a) Is organized and existing under the laws of this 116
178	178	state, any other state, or the United States; 117
179	179	(b) Has executed all forms required under this chapter or 118
180	180	any rule adopted hereunder; 119
181	181	(c) Agrees to be subj ect to the jurisdiction of the courts 120
182	182	of this state, or of the courts of the United States which are 121
183	183	located within this state, for the purpose of any litigation 122
184	184	arising out of this chapter; and 123
185	185	(d) Has been approved by the Chief Financial Officer to 124
186	186	act as a custodian. 125
187	187
188	188	HB 1559 2022
189	189
190	190
191	191
192	192	CODING: Words stricken are deletions; words underlined are additions.
193	193	hb1559-00
194	194	Page 6 of 36
195	195	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
196	196
197	197
198	198
199	199	(21) "Pool figure" means the total average monthly 126
200	200	balances of public deposits held by all banks, savings banks, or 127
201	201	savings associations or held separately by all credit unions 128
202	202	qualified public depositories during the immediately precedi ng 129
203	203	12-month period. 130
204	204	(23) "Public deposit" means the moneys of the state or of 131
205	205	any state university, county, school district, community college 132
206	206	district, special district, metropolitan government, or 133
207	207	municipality, including agencies, boards, bureaus, comm issions, 134
208	208	and institutions of any of the foregoing, or of any court, and 135
209	209	includes the moneys of all county officers, including 136
210	210	constitutional officers, which are placed on deposit in a bank, 137
211	211	credit union, savings bank, or savings association. This 138
212	212	includes, but is not limited to, time deposit accounts, demand 139
213	213	deposit accounts, and nonnegotiable certificates of deposit. 140
214	214	Moneys in deposit notes and in other nondeposit accounts such as 141
215	215	repurchase or reverse repurchase operations are not public 142
216	216	deposits. Securities, mutual funds, and similar types of 143
217	217	investments are not public deposits and are not subject to this 144
218	218	chapter. 145
219	219	(26) "Qualified public depository" means a bank, credit 146
220	220	union, savings bank, or savings association that: 147
221	221	(a) Is organized and exists under the laws of the United 148
222	222	States, or the laws of this state , or the laws of any other 149
223	223	state or territory of the United States. 150
224	224
225	225	HB 1559 2022
226	226
227	227
228	228
229	229	CODING: Words stricken are deletions; words underlined are additions.
230	230	hb1559-00
231	231	Page 7 of 36
232	232	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
233	233
234	234
235	235
236	236	(b) Has its principal place of business in this state or 151
237	237	has a branch office in this state which is authorized under the 152
238	238	laws of this state or of the United States to receive deposits 153
239	239	in this state. 154
240	240	(c) Is insured by the Federal Deposit Insurance 155
241	241	Corporation or the National Credit Union Share Insurance Fund 156
242	242	Has deposit insurance pursuant to the Federal Deposit Insurance 157
243	243	Act, as amended, 12 U.S.C. ss. 1811 et seq . 158
244	244	(d) Has procedures and practices for accurate 159
245	245	identification, classification, reporting, and collateralization 160
246	246	of public deposits. 161
247	247	(e) Meets all the requirements of this chapter. 162
248	248	(f) Has been designated by the Chief Financial Officer as 163
249	249	a qualified public depository. 164
250	250	Section 3. Paragraph (a) of subsection (3) of section 165
251	251	280.03, Florida Statutes, is amended to read: 166
252	252	280.03 Public deposits to be secured; prohibitions; 167
253	253	exemptions.— 168
254	254	(3) The following are exempt fr om the requirements of, and 169
255	255	protection under, this chapter: 170
256	256	(a) Public deposits deposited in a bank , credit union, or 171
257	257	savings association by a trust department or trust company which 172
258	258	are fully secured under trust business laws. 173
259	259	Section 4. Section 280 .042, Florida Statutes, is created 174
260	260	to read: 175
261	261
262	262	HB 1559 2022
263	263
264	264
265	265
266	266	CODING: Words stricken are deletions; words underlined are additions.
267	267	hb1559-00
268	268	Page 8 of 36
269	269	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
270	270
271	271
272	272
273	273	280.042 Credit union designations as qualified public 176
274	274	depositories; withdrawal by the Chief Financial Officer from 177
275	275	collateral agreements; limits on public deposits. — 178
276	276	(1) The Chief Financial Officer may not de signate a credit 179
277	277	union as a qualified public depository unless, at the time the 180
278	278	credit union submits its agreement of contingent liability and 181
279	279	its collateral agreement: 182
280	280	(a) The credit union submits a signed statement from a 183
281	281	public depositor indicating th at if the credit union is 184
282	282	designated as a qualified public depository, the public 185
283	283	depositor intends to deposit public funds with the credit union. 186
284	284	(b) The combined total of the numbers in subparagraphs 1. 187
285	285	and 2. is at least four: 188
286	286	1. The number of credi t unions designated as qualified 189
287	287	public depositories. 190
288	288	2. The number of credit unions that meet all of the 191
289	289	following requirements: 192
290	290	a. Apply to be designated as qualified public 193
291	291	depositories. 194
292	292	b. Meet the requirements in paragraph (a). 195
293	293	(2) The Chief Financial Officer must withdraw from a 196
294	294	collateral agreement previously entered into with a credit union 197
295	295	if, during any 90 calendar days, the combined total of the 198
296	296	number of credit unions designated as qualified public 199
297	297	depositories and the number of eligible credit unions applying 200
298	298
299	299	HB 1559 2022
300	300
301	301
302	302
303	303	CODING: Words stricken are deletions; words underlined are additions.
304	304	hb1559-00
305	305	Page 9 of 36
306	306	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
307	307
308	308
309	309
310	310	to be designated as qualified public depositories is less than 201
311	311	five. 202
312	312	(3) A credit union that is a party to a collateral 203
313	313	agreement from which the Chief Financial Officer withdraws in 204
314	314	accordance with subsection (2) may no longer be designated as a 205
315	315	qualified public depository. Within 10 business days after the 206
316	316	Chief Financial Officer notifies the credit union that the Chief 207
317	317	Financial Officer has withdrawn from the collateral agreement, 208
318	318	the credit union must return all public deposits that the credit 209
319	319	union holds to the public depositor who deposited the funds. The 210
320	320	notice provided for in this subsection may be sent to a credit 211
321	321	union by regular mail or by e -mail. 212
322	322	(4) The Chief Financial Officer may limit the amount of 213
323	323	public deposits that a credit union may hold in order to make 214
324	324	sure that no single credit union holds an amount of public 215
325	325	deposits that might adversely affect the integrity of the public 216
326	326	deposits program. 217
327	327	Section 5. Subsection (11) of section 280.05, Florida 218
328	328	Statutes, is amended to read: 219
329	329	280.05 Powers and duties of the Chief Financial Officer. —220
330	330	In fulfilling the requirements of this act, the Chief Financial 221
331	331	Officer has the power to take the following actions he or she 222
332	332	deems necessary to protect the integrity of the publi c deposits 223
333	333	program: 224
334	334	(11) Sell securities for the purpose of paying losses to 225
335	335
336	336	HB 1559 2022
337	337
338	338
339	339
340	340	CODING: Words stricken are deletions; words underlined are additions.
341	341	hb1559-00
342	342	Page 10 of 36
343	343	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
344	344
345	345
346	346
347	347	public depositors not covered by deposit or share insurance. 226
348	348	Section 6. Subsection (1) of section 280.052, Florida 227
349	349	Statutes, is amended to read: 228
350	350	280.052 Order of suspension or disqualification; 229
351	351	procedure.— 230
352	352	(1) The suspension or disqualification of a bank , credit 231
353	353	union, or savings association as a qualified public depository 232
354	354	must be by order of the Chief Financial Officer and must be 233
355	355	mailed to the qualified public depository by registered or 234
356	356	certified mail. 235
357	357	Section 7. Paragraph (c) of subsection (1) and paragraph 236
358	358	(c) of subsection (2) of section 280.053, Florida Statutes, are 237
359	359	amended to read: 238
360	360	280.053 Period of suspension or disqualification; 239
361	361	obligations during period; reinstatement. — 240
362	362	(1) 241
363	363	(c) Upon expiration of the suspension period, the bank , 242
364	364	credit union, or savings association may, by order of the Chief 243
365	365	Financial Officer, be reinstated as a qualified public 244
366	366	depository, unless the cause of the suspension h as not been 245
367	367	corrected or the bank , credit union, or savings association is 246
368	368	otherwise not in compliance with this chapter or any rule 247
369	369	adopted pursuant to this chapter. 248
370	370	(2) 249
371	371	(c) Upon expiration of the disqualification period, the 250
372	372
373	373	HB 1559 2022
374	374
375	375
376	376
377	377	CODING: Words stricken are deletions; words underlined are additions.
378	378	hb1559-00
379	379	Page 11 of 36
380	380	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
381	381
382	382
383	383
384	384	bank, credit union, or savings association may reapply for 251
385	385	qualification as a qualified public depository. If a 252
386	386	disqualified bank, credit union, or savings association is 253
387	387	purchased or otherwise acquired by new owners, it may reapply to 254
388	388	the Chief Financial Officer to be a qua lified public depository 255
389	389	before prior to the expiration date of the disqualification 256
390	390	period. Redesignation as a qualified public depository may occur 257
391	391	only after the Chief Financial Officer has determined that all 258
392	392	requirements for holding public deposits un der the law have been 259
393	393	met. 260
394	394	Section 8. Section 280.055, Florida Statutes, is amended 261
395	395	to read: 262
396	396	280.055 Cease and desist order; corrective order; 263
397	397	administrative penalty. — 264
398	398	(1) The Chief Financial Officer may issue a cease and 265
399	399	desist order and a correct ive order upon determining that: 266
400	400	(a) A qualified public depository has requested and 267
401	401	obtained a release of pledged collateral without approval of the 268
402	402	Chief Financial Officer; 269
403	403	(b) A bank, credit union, savings association, or other 270
404	404	financial institution is holding public deposits without a 271
405	405	certificate of qualification issued by the Chief Financial 272
406	406	Officer; 273
407	407	(c) A qualified public depository pledges, deposits, or 274
408	408	arranges for the issuance of unacceptable collateral; 275
409	409
410	410	HB 1559 2022
411	411
412	412
413	413
414	414	CODING: Words stricken are deletions; words underlined are additions.
415	415	hb1559-00
416	416	Page 12 of 36
417	417	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
418	418
419	419
420	420
421	421	(d) A custodian has released pledged collateral without 276
422	422	approval of the Chief Financial Officer; 277
423	423	(e) A qualified public depository or a custodian has not 278
424	424	furnished to the Chief Financial Officer, when the Chief 279
425	425	Financial Officer requested, a power of attorney or bond power 280
426	426	or bond assignment form required by the bond agent or bond 281
427	427	trustee for each issue of registered certificated securities 282
428	428	pledged and registered in the name, or nominee name, of the 283
429	429	qualified public depository or custodian; or 284
430	430	(f) A qualified public depository; a bank, credit union, 285
431	431	savings association, or other financial institution; or a 286
432	432	custodian has committed any other violation of this chapter or 287
433	433	any rule adopted pursuant to this chapter that the Chief 288
434	434	Financial Officer determines may be remedied by a cease and 289
435	435	desist order or corrective order. 290
436	436	(2) Any qualified public depository or other bank, credit 291
437	437	union, savings association, or financial institution or 292
438	438	custodian that violates a cease and desist order or corrective 293
439	439	order of the Chief Financial Officer is subject t o an 294
440	440	administrative penalty not exceeding $1,000 for each violation 295
441	441	of the order. Each day the violation of the order continues 296
442	442	constitutes a separate violation. 297
443	443	Section 9. Section 280.07, Florida Statutes, is amended to 298
444	444	read: 299
445	445	280.07 Mutual responsib ility and contingent liability. — 300
446	446
447	447	HB 1559 2022
448	448
449	449
450	450
451	451	CODING: Words stricken are deletions; words underlined are additions.
452	452	hb1559-00
453	453	Page 13 of 36
454	454	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
455	455
456	456
457	457
458	458	(1) A Any bank, savings bank, or savings association that 301
459	459	is designated as a qualified public depository and that is not 302
460	460	insolvent shall guarantee public depositors against loss caused 303
461	461	by the default or insolvency of othe r banks, savings banks, or 304
462	462	savings associations that are designated as qualified public 305
463	463	depositories. 306
464	464	(2) A credit union that is designated as a qualified 307
465	465	public depository and that is not insolvent shall guarantee 308
466	466	public depositors against loss caused b y the default or 309
467	467	insolvency of other credit unions that are designated as 310
468	468	qualified public depositories. 311
469	469	312
470	470	Each qualified public depository shall execute a form prescribed 313
471	471	by the Chief Financial Officer for such guarantee which must 314
472	472	shall be approved by the board of directors and must shall 315
473	473	become an official record of the institution. 316
474	474	Section 10. Subsections (1) and (3) of section 280.08, 317
475	475	Florida Statutes, are amended to read: 318
476	476	280.08 Procedure for payment of losses. —When the Chief 319
477	477	Financial Officer de termines that a default or insolvency has 320
478	478	occurred, he or she shall provide notice as required in s. 321
479	479	280.085 and implement the following procedures: 322
480	480	(1) The Division of Treasury, in cooperation with the 323
481	481	Office of Financial Regulation of the Financial Ser vices 324
482	482	Commission or the receiver of the qualified public depository in 325
483	483
484	484	HB 1559 2022
485	485
486	486
487	487
488	488	CODING: Words stricken are deletions; words underlined are additions.
489	489	hb1559-00
490	490	Page 14 of 36
491	491	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
492	492
493	493
494	494
495	495	default, shall ascertain the amount of funds of each public 326
496	496	depositor on deposit at such depository and the amount of 327
497	497	deposit or share insurance applicable to such deposits. 328
498	498	(3)(a) The loss to public depositors shall be satisfied, 329
499	499	insofar as possible, first through any applicable deposit or 330
500	500	share insurance and then through demanding payment under letters 331
501	501	of credit or the sale of collateral pledged or deposited by the 332
502	502	defaulting depository. The Chief Financial Officer may assess 333
503	503	qualified public depositories as provided in paragraph (b) , 334
504	504	subject to the segregation of contingent liability in s. 280.07, 335
505	505	for the total loss if the demand for payment or sale of 336
506	506	collateral cannot be accomplish ed within 7 business days. 337
507	507	(b) The Chief Financial Officer shall provide coverage of 338
508	508	any remaining loss by assessment against the other qualified 339
509	509	public depositories. The Chief Financial Officer shall determine 340
510	510	such assessment for each qualified public depository by 341
511	511	multiplying the total amount of any remaining loss to all public 342
512	512	depositors by a percentage which represents the average monthly 343
513	513	balance of public deposits held by each qualified public 344
514	514	depository during the previous 12 months divided by the total 345
515	515	average monthly balance s of public deposits held by all 346
516	516	qualified public depositories, excluding the defaulting 347
517	517	depository, during the same period. The assessment calculation 348
518	518	must shall be computed to six decimal places. 349
519	519	Section 11. Subsection (4) of section 280.085, Florida 350
520	520
521	521	HB 1559 2022
522	522
523	523
524	524
525	525	CODING: Words stricken are deletions; words underlined are additions.
526	526	hb1559-00
527	527	Page 15 of 36
528	528	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
529	529
530	530
531	531
532	532	Statutes, is amended, and subsection (1) of that section is 351
533	533	republished, to read: 352
534	534	280.085 Notice to claimants. — 353
535	535	(1) Upon determining the default or insolvency of a 354
536	536	qualified public depository, the Chief Financial Officer shall 355
537	537	notify, by first-class mail, all public depositors that have 356
538	538	complied with s. 280.17 of such default or insolvency. The 357
539	539	notice must direct all public depositors having claims or 358
540	540	demands against the Public Deposits Trust Fund occasioned by the 359
541	541	default or insolvency to file their c laims with the Chief 360
542	542	Financial Officer within 30 days after the date of the notice. 361
543	543	(4) The notice required in subsection (1) is not required 362
544	544	if the default or insolvency of a qualified public depository is 363
545	545	resolved in a manner in which all Florida publi c deposits are 364
546	546	acquired by another insured bank, credit union, savings bank, or 365
547	547	savings association. 366
548	548	Section 12. Section 280.09, Florida Statutes, is amended 367
549	549	to read: 368
550	550	280.09 Public Deposits Trust Fund. — 369
551	551	(1) In order to facilitate the administration of this 370
552	552	chapter, there is created the Public Deposits Trust Fund, 371
553	553	hereafter in this section designated "the fund." The proceeds 372
554	554	from the sale of securities or draw on letters of credit held as 373
555	555	collateral or from any assessment pursuant to s. 280.08 must 374
556	556	shall be deposited into the fund. The Chief Financial Officer 375
557	557
558	558	HB 1559 2022
559	559
560	560
561	561
562	562	CODING: Words stricken are deletions; words underlined are additions.
563	563	hb1559-00
564	564	Page 16 of 36
565	565	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
566	566
567	567
568	568
569	569	must segregate and separately account for any collateral 376
570	570	proceeds, assessments, or administrative penalties attributable 377
571	571	to a credit union from any collateral proceeds, assessments, or 378
572	572	administrative penalties attributable to any bank, savings bank, 379
573	573	or savings association. Any administrative penalty collected 380
574	574	pursuant to this chapter shall be deposited into the Treasury 381
575	575	Administrative and Investment Trust Fund. 382
576	576	(2) The Chief Financial Officer is authorized to pay any 383
577	577	losses to public depositors from the fund, subject to the 384
578	578	limitations provided in subsection (1), and there are hereby 385
579	579	appropriated from the fund such sums as may be necessary from 386
580	580	time to time to pay the losses. The term "losses," f or purposes 387
581	581	of this chapter, must shall also include losses of interest or 388
582	582	other accumulations to the public depositor as a result of 389
583	583	penalties for early withdrawal required by Depository 390
584	584	Institution Deregulatory Commission Regulations or applicable 391
585	585	successor federal laws or regulations because of suspension or 392
586	586	disqualification of a qualified public depository by the Chief 393
587	587	Financial Officer pursuant to s. 280.05 or because of withdrawal 394
588	588	from the public deposits program pursuant to s. 280.11. In that 395
589	589	event, the Chief Financial Officer is authorized to assess 396
590	590	against the suspended, disqualified, or withdrawing public 397
591	591	depository, in addition to any amount authorized by any other 398
592	592	provision of this chapter, an administrative penalty equal to 399
593	593	the amount of the ear ly withdrawal penalty and to pay that 400
594	594
595	595	HB 1559 2022
596	596
597	597
598	598
599	599	CODING: Words stricken are deletions; words underlined are additions.
600	600	hb1559-00
601	601	Page 17 of 36
602	602	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
603	603
604	604
605	605
606	606	amount over to the public depositor as reimbursement for such 401
607	607	loss. Any money in the fund estimated not to be needed for 402
608	608	immediate cash requirements shall be invested pursuant to s. 403
609	609	17.61. 404
610	610	Section 13. Subsections ( 1) and (3) of section 280.10, 405
611	611	Florida Statutes, are amended to read: 406
612	612	280.10 Effect of merger, acquisition, or consolidation; 407
613	613	change of name or address. — 408
614	614	(1) When a qualified public depository is merged into, 409
615	615	acquired by, or consolidated with a bank, credit union, savings 410
616	616	bank, or savings association that is not a qualified public 411
617	617	depository: 412
618	618	(a) The resulting institution shall automatically become a 413
619	619	qualified public depository subject to the requirements of the 414
620	620	public deposits program. 415
621	621	(b) The contingent liability of the former institution 416
622	622	shall be a liability of the resulting institution. 417
623	623	(c) The public deposits and associated collateral of the 418
624	624	former institution shall be public deposits and collateral of 419
625	625	the resulting institution. 420
626	626	(d) The resulting institution shall, within 90 calendar 421
627	627	days after the effective date of the merger, acquisition, or 422
628	628	consolidation, deliver to the Chief Financial Officer: 423
629	629	1. Documentation in its name as required for participation 424
630	630	in the public deposits program; or 425
631	631
632	632	HB 1559 2022
633	633
634	634
635	635
636	636	CODING: Words stricken are deletions; words underlined are additions.
637	637	hb1559-00
638	638	Page 18 of 36
639	639	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
640	640
641	641
642	642
643	643	2. Written notice of intent to withdraw from the program 426
644	644	as provided in s. 280.11 and a proposed effective date of 427
645	645	withdrawal which shall be within 180 days after the effective 428
646	646	date of the acquisition, merger, or consolidation of the former 429
647	647	institution. 430
648	648	(e) If the resulting institution does not meet 431
649	649	qualifications to become a qualified public depository or does 432
650	650	not submit required documentation within 90 calendar days after 433
651	651	the effective date of the merger, acquisition, or consolidation, 434
652	652	the Chief Financial Officer shall initiate mandatory withdrawal 435
653	653	actions as provided in s. 280.11 and shall set an effective date 436
654	654	of withdrawal that is within 180 days after the effective date 437
655	655	of the acquisition, merger, or consolidation of the former 438
656	656	institution. 439
657	657	(3) If the default or insolvency of a qualified public 440
658	658	depository results in acquisition of all or part of its Florida 441
659	659	public deposits by a bank, credit union, savings bank, or 442
660	660	savings association that is not a qualified public depository, 443
661	661	the bank, credit union, savings bank, or savings association 444
662	662	acquiring the Florida public deposits is subject to subsection 445
663	663	(1). 446
664	664	Section 14. Subsection (1) of section 280.13, Florida 447
665	665	Statutes, is amended to read: 448
666	666	280.13 Eligible collateral. — 449
667	667	(1) Securities eligible to b e pledged as collateral by 450
668	668
669	669	HB 1559 2022
670	670
671	671
672	672
673	673	CODING: Words stricken are deletions; words underlined are additions.
674	674	hb1559-00
675	675	Page 19 of 36
676	676	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
677	677
678	678
679	679
680	680	qualified public depositories banks and savings associations 451
681	681	shall be limited to: 452
682	682	(a) Direct obligations of the United States Government. 453
683	683	(b) Obligations of any federal agency that are fully 454
684	684	guaranteed as to payment of principal and interest by the United 455
685	685	States Government. 456
686	686	(c) Obligations of the following federal agencies: 457
687	687	1. Farm credit banks. 458
688	688	2. Federal land banks. 459
689	689	3. The Federal Home Loan Bank and its district banks. 460
690	690	4. Federal intermediate credit banks. 461
691	691	5. The Federal Home Loan Mortgage Corporation. 462
692	692	6. The Federal National Mortgage Association. 463
693	693	7. Obligations guaranteed by the Government National 464
694	694	Mortgage Association. 465
695	695	(d) General obligations of a state of the United States, 466
696	696	or of Puerto Rico, or of a political subdivision or municipality 467
697	697	thereof. 468
698	698	(e) Obligations issued by the Florida State Board of 469
699	699	Education under authority of the State Constitution or 470
700	700	applicable statutes. 471
701	701	(f) Tax anticipation certificates or warrants of counties 472
702	702	or municipalities having maturities not exceeding 1 year. 473
703	703	(g) Public housing authority obligations. 474
704	704	(h) Revenue bonds or certificates of a state of the United 475
705	705
706	706	HB 1559 2022
707	707
708	708
709	709
710	710	CODING: Words stricken are deletions; words underlined are additions.
711	711	hb1559-00
712	712	Page 20 of 36
713	713	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
714	714
715	715
716	716
717	717	States or of a political subdivision or municipality thereof. 476
718	718	(i) Corporate bonds of any corporation that is not an 477
719	719	affiliate or subsidiary of the qualified public depository. 478
720	720	Section 15. Paragraph (b) of subsection (4) of section 479
721	721	280.17, Florida Statutes, is amended to read: 480
722	722	280.17 Requirements for public depositors; notice to 481
723	723	public depositors and gove rnmental units; loss of protection. —In 482
724	724	addition to any other requirement specified in this chapter, 483
725	725	public depositors shall comply with the following: 484
726	726	(4) If public deposits are in a qualified public 485
727	727	depository that has been declared to be in default or insolvent, 486
728	728	each public depositor shall: 487
729	729	(b) Submit to the Chief Financial Officer for each public 488
730	730	deposit, within 30 days after the date of official notification 489
731	731	from the Chief Financial Officer, the following: 490
732	732	1. A claim form and agreement, as prescri bed by the Chief 491
733	733	Financial Officer, executed under oath, accompanied by proof of 492
734	734	authority to execute the form on behalf of the public depositor. 493
735	735	2. A completed public deposit identification and 494
736	736	acknowledgment form, as described in subsection (2). 495
737	737	3. Evidence of the insurance afforded the deposit pursuant 496
738	738	to the Federal Deposit Insurance Act or the Federal Credit Union 497
739	739	Act, as appropriate. 498
740	740	Section 16. For the purpose of incorporating the amendment 499
741	741	made by this act to section 280.02, Florida Statutes , in a 500
742	742
743	743	HB 1559 2022
744	744
745	745
746	746
747	747	CODING: Words stricken are deletions; words underlined are additions.
748	748	hb1559-00
749	749	Page 21 of 36
750	750	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
751	751
752	752
753	753
754	754	reference thereto, paragraph (a) of subsection (7) of section 501
755	755	17.57, Florida Statutes, is reenacted to read: 502
756	756	17.57 Deposits and investments of state money. — 503
757	757	(7) In addition to the deposits authorized under this 504
758	758	section and notwithstanding any ot her provisions of law, funds 505
759	759	that are not needed to meet the disbursement needs of the state 506
760	760	may be deposited by the Chief Financial Officer in accordance 507
761	761	with the following conditions: 508
762	762	(a) The funds are initially deposited in a qualified 509
763	763	public depository, as defined in s. 280.02, selected by the 510
764	764	Chief Financial Officer. 511
765	765	Section 17. For the purpose of incorporating the amendment 512
766	766	made by this act to section 280.02, Florida Statutes, in a 513
767	767	reference thereto, subsection (1) of section 24.114, Florida 514
768	768	Statutes, is reenacted to read: 515
769	769	24.114 Bank deposits and control of lottery transactions. — 516
770	770	(1) All moneys received by each retailer from the 517
771	771	operation of the state lottery, including, but not limited to, 518
772	772	all ticket sales, interest, gifts, and donations, l ess the 519
773	773	amount retained as compensation for the sale of the tickets and 520
774	774	the amount paid out as prizes, shall be remitted to the 521
775	775	department or deposited in a qualified public depository, as 522
776	776	defined in s. 280.02, as directed by the department. The 523
777	777	department shall have the responsibility for all administrative 524
778	778	functions related to the receipt of funds. The department may 525
779	779
780	780	HB 1559 2022
781	781
782	782
783	783
784	784	CODING: Words stricken are deletions; words underlined are additions.
785	785	hb1559-00
786	786	Page 22 of 36
787	787	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
788	788
789	789
790	790
791	791	also require each retailer to file with the department reports 526
792	792	of the retailer's receipts and transactions in the sale of 527
793	793	lottery tickets in such form and containing such information as 528
794	794	the department may require. The department may require any 529
795	795	person, including a qualified public depository, to perform any 530
796	796	function, activity, or service in connection with the operation 531
797	797	of the lottery as it ma y deem advisable pursuant to this act and 532
798	798	rules of the department, and such functions, activities, or 533
799	799	services shall constitute lawful functions, activities, and 534
800	800	services of such person. 535
801	801	Section 18. For the purpose of incorporating the amendment 536
802	802	made by this act to section 280.02, Florida Statutes, in a 537
803	803	reference thereto, paragraph (e) of subsection (3) of section 538
804	804	125.901, Florida Statutes, is reenacted to read: 539
805	805	125.901 Children's services; independent special district; 540
806	806	council; powers, duties, and fu nctions; public records 541
807	807	exemption.— 542
808	808	(3) 543
809	809	(e)1. All moneys received by the council on children's 544
810	810	services shall be deposited in qualified public depositories, as 545
811	811	defined in s. 280.02, with separate and distinguishable accounts 546
812	812	established specifically for the council and shall be withdrawn 547
813	813	only by checks signed by the chair of the council and 548
814	814	countersigned by either one other member of the council on 549
815	815	children's services or by a chief executive officer who shall be 550
816	816
817	817	HB 1559 2022
818	818
819	819
820	820
821	821	CODING: Words stricken are deletions; words underlined are additions.
822	822	hb1559-00
823	823	Page 23 of 36
824	824	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
825	825
826	826
827	827
828	828	so authorized by the council. 551
829	829	2. Upon entering the duties of office, the chair and the 552
830	830	other member of the council or chief executive officer who signs 553
831	831	its checks shall each give a surety bond in the sum of at least 554
832	832	$1,000 for each $1 million or portion thereof of the council's 555
833	833	annual budget, which bond shall be conditioned that each shall 556
834	834	faithfully discharge the duties of his or her office. The 557
835	835	premium on such bond may be paid by the district as part of the 558
836	836	expense of the council. No other member of the council shall be 559
837	837	required to give bond or other security. 560
838	838	3. No funds of the district shall be expended except by 561
839	839	check as aforesaid, except expenditures from a petty cash 562
840	840	account which shall not at any time exceed $100. All 563
841	841	expenditures from petty cash shall be recorded on the books and 564
842	842	records of the council on children's services. No funds of the 565
843	843	council on children's services, excepting expenditures from 566
844	844	petty cash, shall be expended without prior approval of the 567
845	845	council, in addition to the budgeting thereof. 568
846	846	Section 19. For the pu rpose of incorporating the amendment 569
847	847	made by this act to section 280.02, Florida Statutes, in a 570
848	848	reference thereto, section 136.01, Florida Statutes, is 571
849	849	reenacted to read: 572
850	850	136.01 County depositories. —Each county depository shall 573
851	851	be a qualified public depo sitory as defined in s. 280.02 for the 574
852	852	following funds: county funds; funds of all county officers, 575
853	853
854	854	HB 1559 2022
855	855
856	856
857	857
858	858	CODING: Words stricken are deletions; words underlined are additions.
859	859	hb1559-00
860	860	Page 24 of 36
861	861	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
862	862
863	863
864	864
865	865	including constitutional officers; funds of the school board; 576
866	866	and funds of the community college district board of trustees. 577
867	867	This enumeration of funds is ma de not by way of limitation, but 578
868	868	of illustration; and it is the intent hereof that all funds of 579
869	869	the county, the board of county commissioners or the several 580
870	870	county officers, the school board, or the community college 581
871	871	district board of trustees be included. 582
872	872	Section 20. For the purpose of incorporating the amendment 583
873	873	made by this act to section 280.02, Florida Statutes, in a 584
874	874	reference thereto, subsection (11) of section 159.608, Florida 585
875	875	Statutes, is reenacted to read: 586
876	876	159.608 Powers of housing finance au thorities.—A housing 587
877	877	finance authority shall constitute a public body corporate and 588
878	878	politic, exercising the public and essential governmental 589
879	879	functions set forth in this act, and shall exercise its power to 590
880	880	borrow only for the purpose as provided herein: 591
881	881	(11) To invest and reinvest surplus funds of the housing 592
882	882	finance authority in accordance with s. 218.415. However, in 593
883	883	addition to the investments expressly authorized in s. 594
884	884	218.415(16)(a)-(g) and (17)(a)-(d), a housing finance authority 595
885	885	may invest surplus funds in interest-bearing time deposits or 596
886	886	savings accounts that are fully insured by the Federal Deposit 597
887	887	Insurance Corporation regardless of whether the bank or 598
888	888	financial institution in which the deposit or investment is made 599
889	889	is a qualified public deposi tory as defined in s. 280.02. This 600
890	890
891	891	HB 1559 2022
892	892
893	893
894	894
895	895	CODING: Words stricken are deletions; words underlined are additions.
896	896	hb1559-00
897	897	Page 25 of 36
898	898	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
899	899
900	900
901	901
902	902	subsection is supplementary to and may not be construed as 601
903	903	limiting any powers of a housing finance authority or providing 602
904	904	or implying a limiting construction of any other statutory 603
905	905	provision. 604
906	906	Section 21. For the purp ose of incorporating the amendment 605
907	907	made by this act to section 280.02, Florida Statutes, in a 606
908	908	reference thereto, section 175.301, Florida Statutes, is 607
909	909	reenacted to read: 608
910	910	175.301 Depository for pension funds. —For any 609
911	911	municipality, special fire control dis trict, chapter plan, local 610
912	912	law municipality, local law special fire control district, or 611
913	913	local law plan under this chapter, all funds of the 612
914	914	firefighters' pension trust fund of any chapter plan or local 613
915	915	law plan under this chapter may be deposited by the b oard of 614
916	916	trustees with the treasurer of the municipality or special fire 615
917	917	control district, acting in a ministerial capacity only, who 616
918	918	shall be liable in the same manner and to the same extent as he 617
919	919	or she is liable for the safekeeping of funds for the 618
920	920	municipality or special fire control district. However, any 619
921	921	funds so deposited with the treasurer of the municipality or 620
922	922	special fire control district shall be kept in a separate fund 621
923	923	by the treasurer or clearly identified as such funds of the 622
924	924	firefighters' pension trust fund. In lieu thereof, the board of 623
925	925	trustees shall deposit the funds of the firefighters' pension 624
926	926	trust fund in a qualified public depository as defined in s. 625
927	927
928	928	HB 1559 2022
929	929
930	930
931	931
932	932	CODING: Words stricken are deletions; words underlined are additions.
933	933	hb1559-00
934	934	Page 26 of 36
935	935	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
936	936
937	937
938	938
939	939	280.02, which depository with regard to such funds shall conform 626
940	940	to and be bound by al l of the provisions of chapter 280. 627
941	941	Section 22. For the purpose of incorporating the amendment 628
942	942	made by this act to section 280.02, Florida Statutes, in 629
943	943	references thereto, subsection (8) of section 175.401, Florida 630
944	944	Statutes, is reenacted to read: 631
945	945	175.401 Retiree health insurance subsidy. —For any 632
946	946	municipality, special fire control district, chapter plan, local 633
947	947	law municipality, local law special fire control district, or 634
948	948	local law plan under this chapter, under the broad grant of home 635
949	949	rule powers under the Florida Constitution and chapter 166, 636
950	950	municipalities have the authority to establish and administer 637
951	951	locally funded health insurance subsidy programs. In addition, 638
952	952	special fire control districts may, by resolution, establish and 639
953	953	administer locally fund ed health insurance subsidy programs. 640
954	954	Pursuant thereto: 641
955	955	(8) DEPOSIT OF HEALTH INSURANCE SUBSIDY FUNDS. —All funds 642
956	956	of the health insurance subsidy fund may be deposited by the 643
957	957	board of trustees with the treasurer of the municipality or 644
958	958	special fire control district, acting in a ministerial capacity 645
959	959	only, who shall be liable in the same manner and to the same 646
960	960	extent as he or she is liable for the safekeeping of funds for 647
961	961	the municipality or special fire control district. Any funds so 648
962	962	deposited shall be segre gated by the treasurer in a separate 649
963	963	fund, clearly identified as funds of the health insurance 650
964	964
965	965	HB 1559 2022
966	966
967	967
968	968
969	969	CODING: Words stricken are deletions; words underlined are additions.
970	970	hb1559-00
971	971	Page 27 of 36
972	972	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
973	973
974	974
975	975
976	976	subsidy fund. In lieu thereof, the board of trustees shall 651
977	977	deposit the funds of the health insurance subsidy fund in a 652
978	978	qualified public depository as defined in s. 280.02, which shall 653
979	979	conform to and be bound by the provisions of chapter 280 with 654
980	980	regard to such funds. In no case shall the funds of the health 655
981	981	insurance subsidy fund be deposited in any financial 656
982	982	institution, brokerage house trust company, or other en tity that 657
983	983	is not a public depository as provided by s. 280.02. 658
984	984	Section 23. For the purpose of incorporating the amendment 659
985	985	made by this act to section 280.02, Florida Statutes, in a 660
986	986	reference thereto, section 185.30, Florida Statutes, is 661
987	987	reenacted to read: 662
988	988	185.30 Depository for retirement fund. —For any 663
989	989	municipality, chapter plan, local law municipality, or local law 664
990	990	plan under this chapter, all funds of the municipal police 665
991	991	officers' retirement trust fund of any municipality, chapter 666
992	992	plan, local law municipality, or local law plan under this 667
993	993	chapter may be deposited by the board of trustees with the 668
994	994	treasurer of the municipality acting in a ministerial capacity 669
995	995	only, who shall be liable in the same manner and to the same 670
996	996	extent as he or she is liable fo r the safekeeping of funds for 671
997	997	the municipality. However, any funds so deposited with the 672
998	998	treasurer of the municipality shall be kept in a separate fund 673
999	999	by the municipal treasurer or clearly identified as such funds 674
1000	1000	of the municipal police officers' retire ment trust fund. In lieu 675
1001	1001
1002	1002	HB 1559 2022
1003	1003
1004	1004
1005	1005
1006	1006	CODING: Words stricken are deletions; words underlined are additions.
1007	1007	hb1559-00
1008	1008	Page 28 of 36
1009	1009	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1010	1010
1011	1011
1012	1012
1013	1013	thereof, the board of trustees shall deposit the funds of the 676
1014	1014	municipal police officers' retirement trust fund in a qualified 677
1015	1015	public depository as defined in s. 280.02, which depository with 678
1016	1016	regard to such funds shall conform to an d be bound by all of the 679
1017	1017	provisions of chapter 280. 680
1018	1018	Section 24. For the purpose of incorporating the amendment 681
1019	1019	made by this act to section 280.02, Florida Statutes, in 682
1020	1020	references thereto, subsection (8) of section 185.50, Florida 683
1021	1021	Statutes, is reenacted to read: 684
1022	1022	185.50 Retiree health insurance subsidy. —For any 685
1023	1023	municipality, chapter plan, local law municipality, or local law 686
1024	1024	plan under this chapter, under the broad grant of home rule 687
1025	1025	powers under the Florida Constitution and chapter 166, 688
1026	1026	municipalities have the authority to establish and administer 689
1027	1027	locally funded health insurance subsidy programs. Pursuant 690
1028	1028	thereto: 691
1029	1029	(8) DEPOSIT OF PENSION FUNDS. —All funds of the health 692
1030	1030	insurance subsidy fund may be deposited by the board of trustees 693
1031	1031	with the treasurer o f the municipality, acting in a ministerial 694
1032	1032	capacity only, who shall be liable in the same manner and to the 695
1033	1033	same extent as he or she is liable for the safekeeping of funds 696
1034	1034	for the municipality. Any funds so deposited shall be segregated 697
1035	1035	by said treasurer in a separate fund, clearly identified as 698
1036	1036	funds of the health insurance subsidy fund. In lieu thereof, the 699
1037	1037	board of trustees shall deposit the funds of the health 700
1038	1038
1039	1039	HB 1559 2022
1040	1040
1041	1041
1042	1042
1043	1043	CODING: Words stricken are deletions; words underlined are additions.
1044	1044	hb1559-00
1045	1045	Page 29 of 36
1046	1046	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1047	1047
1048	1048
1049	1049
1050	1050	insurance subsidy fund in a qualified public depository as 701
1051	1051	defined in s. 280.02, which shall conform to and be bound by the 702
1052	1052	provisions of chapter 280 with regard to such funds. In no case 703
1053	1053	shall the funds of the health insurance subsidy fund be 704
1054	1054	deposited in any financial institution, brokerage house trust 705
1055	1055	company, or other entity that is not a publ ic depository as 706
1056	1056	provided by s. 280.02. 707
1057	1057	Section 25. For the purpose of incorporating the amendment 708
1058	1058	made by this act to section 280.02, Florida Statutes, in a 709
1059	1059	reference thereto, subsection (3) of section 190.007, Florida 710
1060	1060	Statutes, is reenacted to read: 711
1061	1061	190.007 Board of supervisors; general duties. — 712
1062	1062	(3) The board is authorized to select as a depository for 713
1063	1063	its funds any qualified public depository as defined in s. 714
1064	1064	280.02 which meets all the requirements of chapter 280 and has 715
1065	1065	been designated by the Ch ief Financial Officer as a qualified 716
1066	1066	public depository, upon such terms and conditions as to the 717
1067	1067	payment of interest by such depository upon the funds so 718
1068	1068	deposited as the board may deem just and reasonable. 719
1069	1069	Section 26. For the purpose of incorporating the amendment 720
1070	1070	made by this act to section 280.02, Florida Statutes, in a 721
1071	1071	reference thereto, subsection (16) of section 191.006, Florida 722
1072	1072	Statutes, is reenacted to read: 723
1073	1073	191.006 General powers. —The district shall have, and the 724
1074	1074	board may exercise by majorit y vote, the following powers: 725
1075	1075
1076	1076	HB 1559 2022
1077	1077
1078	1078
1079	1079
1080	1080	CODING: Words stricken are deletions; words underlined are additions.
1081	1081	hb1559-00
1082	1082	Page 30 of 36
1083	1083	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1084	1084
1085	1085
1086	1086
1087	1087	(16) To select as a depository for its funds any qualified 726
1088	1088	public depository as defined in s. 280.02 which meets all the 727
1089	1089	requirements of chapter 280 and has been designated by the Chief 728
1090	1090	Financial Officer as a qualified publi c depository, upon such 729
1091	1091	terms and conditions as to the payment of interest upon the 730
1092	1092	funds deposited as the board deems just and reasonable. 731
1093	1093	Section 27. For the purpose of incorporating the amendment 732
1094	1094	made by this act to section 280.02, Florida Statutes, in a 733
1095	1095	reference thereto, subsection (2) of section 215.34, Florida 734
1096	1096	Statutes, is reenacted to read: 735
1097	1097	215.34 State funds; noncollectible items; procedure. — 736
1098	1098	(2) Whenever a check, draft, or other order for the 737
1099	1099	payment of money is returned by the Chief Finan cial Officer, or 738
1100	1100	by a qualified public depository as defined in s. 280.02, to a 739
1101	1101	state officer, a state agency, or the judicial branch for 740
1102	1102	collection, the officer, agency, or judicial branch shall add to 741
1103	1103	the amount due a service fee of $15 or 5 percent of t he face 742
1104	1104	amount of the check, draft, or order, whichever is greater. An 743
1105	1105	agency or the judicial branch may adopt a rule which prescribes 744
1106	1106	a lesser maximum service fee, which shall be added to the amount 745
1107	1107	due for the dishonored check, draft, or other order tend ered for 746
1108	1108	a particular service, license, tax, fee, or other charge, but in 747
1109	1109	no event shall the fee be less than $15. The service fee shall 748
1110	1110	be in addition to all other penalties imposed by law, except 749
1111	1111	that when other charges or penalties are imposed by an age ncy 750
1112	1112
1113	1113	HB 1559 2022
1114	1114
1115	1115
1116	1116
1117	1117	CODING: Words stricken are deletions; words underlined are additions.
1118	1118	hb1559-00
1119	1119	Page 31 of 36
1120	1120	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1121	1121
1122	1122
1123	1123
1124	1124	related to a noncollectible item, the amount of the service fee 751
1125	1125	shall not exceed $150. Proceeds from this fee shall be deposited 752
1126	1126	in the same fund as the collected item. Nothing in this section 753
1127	1127	shall be construed as authorization to deposit moneys outsi de 754
1128	1128	the State Treasury unless specifically authorized by law. 755
1129	1129	Section 28. For the purpose of incorporating the amendment 756
1130	1130	made by this act to section 280.02, Florida Statutes, in 757
1131	1131	references thereto, paragraph (c) of subsection (16), paragraph 758
1132	1132	(c) of subsection (17), and paragraph (a) of subsection (23) of 759
1133	1133	section 218.415, Florida Statutes, are reenacted to read: 760
1134	1134	218.415 Local government investment policies. —Investment 761
1135	1135	activity by a unit of local government must be consistent with a 762
1136	1136	written investment pl an adopted by the governing body, or in the 763
1137	1137	absence of the existence of a governing body, the respective 764
1138	1138	principal officer of the unit of local government and maintained 765
1139	1139	by the unit of local government or, in the alternative, such 766
1140	1140	activity must be conducte d in accordance with subsection (17). 767
1141	1141	Any such unit of local government shall have an investment 768
1142	1142	policy for any public funds in excess of the amounts needed to 769
1143	1143	meet current expenses as provided in subsections (1) -(16), or 770
1144	1144	shall meet the alternative investm ent guidelines contained in 771
1145	1145	subsection (17). Such policies shall be structured to place the 772
1146	1146	highest priority on the safety of principal and liquidity of 773
1147	1147	funds. The optimization of investment returns shall be secondary 774
1148	1148	to the requirements for safety and liq uidity. Each unit of local 775
1149	1149
1150	1150	HB 1559 2022
1151	1151
1152	1152
1153	1153
1154	1154	CODING: Words stricken are deletions; words underlined are additions.
1155	1155	hb1559-00
1156	1156	Page 32 of 36
1157	1157	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1158	1158
1159	1159
1160	1160
1161	1161	government shall adopt policies that are commensurate with the 776
1162	1162	nature and size of the public funds within its custody. 777
1163	1163	(16) AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES. —778
1164	1164	Those units of local government electing to adopt a written 779
1165	1165	investment policy as provided in subsections (1) -(15) may by 780
1166	1166	resolution invest and reinvest any surplus public funds in their 781
1167	1167	control or possession in: 782
1168	1168	(c) Interest-bearing time deposits or savings accounts in 783
1169	1169	qualified public depositories as d efined in s. 280.02. 784
1170	1170	(17) AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT 785
1171	1171	POLICY.—Those units of local government electing not to adopt a 786
1172	1172	written investment policy in accordance with investment policies 787
1173	1173	developed as provided in subsections (1) -(15) may invest or 788
1174	1174	reinvest any surplus public funds in their control or possession 789
1175	1175	in: 790
1176	1176	(c) Interest-bearing time deposits or savings accounts in 791
1177	1177	qualified public depositories, as defined in s. 280.02. 792
1178	1178	793
1179	1179	The securities listed in paragraphs (c) and (d) shall be 794
1180	1180	invested to provide sufficient liquidity to pay obligations as 795
1181	1181	they come due. 796
1182	1182	(23) AUTHORIZED DEPOSITS. —In addition to the investments 797
1183	1183	authorized for local governments in subsections (16) and (17) 798
1184	1184	and notwithstanding any other provisions of law, a unit of l ocal 799
1185	1185	government may deposit any portion of surplus public funds in 800
1186	1186
1187	1187	HB 1559 2022
1188	1188
1189	1189
1190	1190
1191	1191	CODING: Words stricken are deletions; words underlined are additions.
1192	1192	hb1559-00
1193	1193	Page 33 of 36
1194	1194	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1195	1195
1196	1196
1197	1197
1198	1198	its control or possession in accordance with the following 801
1199	1199	conditions: 802
1200	1200	(a) The funds are initially deposited in a qualified 803
1201	1201	public depository, as defined in s. 280.02, selected by the uni t 804
1202	1202	of local government. 805
1203	1203	Section 29. For the purpose of incorporating the amendment 806
1204	1204	made by this act to section 280.02, Florida Statutes, in a 807
1205	1205	reference thereto, paragraph (h) of subsection (4) of section 808
1206	1206	255.502, Florida Statutes, is reenacted to read: 809
1207	1207	255.502 Definitions; ss. 255.501 -255.525.—As used in this 810
1208	1208	act, the following words and terms shall have the following 811
1209	1209	meanings unless the context otherwise requires: 812
1210	1210	(4) "Authorized investments" means and includes without 813
1211	1211	limitation any investment in: 814
1212	1212	(h) Savings accounts in, or certificates of deposit of, 815
1213	1213	qualified public depositories as defined in s. 280.02, in an 816
1214	1214	amount that does not exceed 15 percent of the net worth of the 817
1215	1215	institution, or a lesser amount as determined by rule by the 818
1216	1216	State Board of Administration, provided such savings accounts 819
1217	1217	and certificates of deposit are secured in the manner prescribed 820
1218	1218	in chapter 280. 821
1219	1219	822
1220	1220	Investments in any security authorized in this subsection may be 823
1221	1221	under repurchase agreements or reverse repurchase agreements . 824
1222	1222	Section 30. For the purpose of incorporating the amendment 825
1223	1223
1224	1224	HB 1559 2022
1225	1225
1226	1226
1227	1227
1228	1228	CODING: Words stricken are deletions; words underlined are additions.
1229	1229	hb1559-00
1230	1230	Page 34 of 36
1231	1231	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1232	1232
1233	1233
1234	1234
1235	1235	made by this act to section 280.02, Florida Statutes, in 826
1236	1236	references thereto, subsections (1) and (2) of section 331.309, 827
1237	1237	Florida Statutes, are reenacted to read: 828
1238	1238	331.309 Treasurer; deposito ries; fiscal agent.— 829
1239	1239	(1) The board shall designate an individual who is a 830
1240	1240	resident of the state, or a qualified public depository as 831
1241	1241	defined in s. 280.02, as treasurer of Space Florida, who shall 832
1242	1242	have charge of the funds of Space Florida. Such funds shal l be 833
1243	1243	disbursed only upon the order of or pursuant to the resolution 834
1244	1244	of the board by warrant, check, authorization, or direct deposit 835
1245	1245	pursuant to s. 215.85, signed or authorized by the treasurer or 836
1246	1246	his or her representative or by such other persons as may b e 837
1247	1247	authorized by the board. The board may give the treasurer such 838
1248	1248	other or additional powers and duties as the board may deem 839
1249	1249	appropriate and shall establish the treasurer's compensation. 840
1250	1250	The board may require the treasurer to give a bond in such 841
1251	1251	amount, on such terms, and with such sureties as may be deemed 842
1252	1252	satisfactory to the board to secure the performance by the 843
1253	1253	treasurer of his or her powers and duties. The board shall audit 844
1254	1254	or have audited the books of the treasurer at least once a year. 845
1255	1255	(2) The board is authorized to select as depositories in 846
1256	1256	which the funds of the board and of Space Florida shall be 847
1257	1257	deposited any qualified public depository as defined in s. 848
1258	1258	280.02, upon such terms and conditions as to the payment of 849
1259	1259	interest by such depository upon the funds so deposited as the 850
1260	1260
1261	1261	HB 1559 2022
1262	1262
1263	1263
1264	1264
1265	1265	CODING: Words stricken are deletions; words underlined are additions.
1266	1266	hb1559-00
1267	1267	Page 35 of 36
1268	1268	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1269	1269
1270	1270
1271	1271
1272	1272	board may deem just and reasonable. The funds of Space Florida 851
1273	1273	may be kept in or removed from the State Treasury upon written 852
1274	1274	notification from the chair of the board to the Chief Financial 853
1275	1275	Officer. 854
1276	1276	Section 31. For the pur pose of incorporating the amendment 855
1277	1277	made by this act to section 280.02, Florida Statutes, in a 856
1278	1278	reference thereto, subsection (2) of section 373.553, Florida 857
1279	1279	Statutes, is reenacted to read: 858
1280	1280	373.553 Treasurer of the board; payment of funds; 859
1281	1281	depositories.— 860
1282	1282	(2) The board is authorized to select as depositories in 861
1283	1283	which the funds of the board and of the district shall be 862
1284	1284	deposited in any qualified public depository as defined in s. 863
1285	1285	280.02, and such deposits shall be secured in the manner 864
1286	1286	provided in chapter 280. 865
1287	1287	Section 32. For the purpose of incorporating the amendment 866
1288	1288	made by this act to section 280.02, Florida Statutes, in a 867
1289	1289	reference thereto, section 631.221, Florida Statutes, is 868
1290	1290	reenacted to read: 869
1291	1291	631.221 Deposit of moneys collected. —The moneys collected 870
1292	1292	by the department in a proceeding under this chapter shall be 871
1293	1293	deposited in a qualified public depository as defined in s. 872
1294	1294	280.02, which depository with regards to such funds shall 873
1295	1295	conform to and be bound by all the provisions of chapter 280, or 874
1296	1296	invested with the Chief Financial Officer pursuant to chapter 875
1297	1297
1298	1298	HB 1559 2022
1299	1299
1300	1300
1301	1301
1302	1302	CODING: Words stricken are deletions; words underlined are additions.
1303	1303	hb1559-00
1304	1304	Page 36 of 36
1305	1305	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1306	1306
1307	1307
1308	1308
1309	1309	18. For the purpose of accounting for the assets and 876
1310	1310	transactions of the estate, the receiver shall use such 877
1311	1311	accounting books, records, and systems as the court directs 878
1312	1312	after it hears and considers the recommendations of the 879
1313	1313	receiver. 880
1314	1314	Section 33. For the purpose of incorporating the amendment 881
1315	1315	made by this act to section 280.02, Florida Statutes, in a 882
1316	1316	reference thereto, paragraph (c) of subsection (3) of section 883
1317	1317	723.06115, Florida Statutes, is ree nacted to read: 884
1318	1318	723.06115 Florida Mobile Home Relocation Trust Fund. — 885
1319	1319	(3) The department shall distribute moneys in the Florida 886
1320	1320	Mobile Home Relocation Trust Fund to the Florida Mobile Home 887
1321	1321	Relocation Corporation in accordance with the following: 888
1322	1322	(c) Funds transferred from the trust fund to the 889
1323	1323	corporation shall be transferred electronically and shall be 890
1324	1324	transferred to and maintained in a qualified public depository 891
1325	1325	as defined in s. 280.02 which is specified by the corporation. 892
1326	1326	Section 34. This act shall take effect July 1, 2022. 893