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