Florida Senate - 2024 SB 1018 By Senator Ingoglia 11-00205B-24 20241018__ 1 A bill to be entitled 2 An act relating to public deposits; amending s. 17.68, 3 F.S.; conforming provisions to changes made by the 4 act; amending s. 280.02, F.S.; revising definitions; 5 adding credit unions to a list of financial 6 institutions that are eligible to be qualified public 7 depositories; amending s. 280.025, F.S.; providing 8 applicability of qualified public depository 9 provisions to credit unions; amending s. 280.03, F.S.; 10 conforming a provision to changes made by the act; 11 creating s. 280.042, F.S.; prohibiting the Chief 12 Financial Officer from designating credit unions as 13 qualified public depositories unless certain 14 conditions are met; requiring the Chief Financial 15 Officer to withdraw from a collateral agreement with a 16 credit union under certain circumstances; specifying a 17 requirement for and a restriction on a credit union 18 that is a party to a withdrawn collateral agreement; 19 authorizing the Chief Financial Officer to limit the 20 amount of public deposits a credit union may hold; 21 amending ss. 280.05, 280.052, 280.053, and 280.055, 22 F.S.; providing applicability of qualified public 23 depository provisions to credit unions; amending s. 24 280.07, F.S.; specifying the losses against which 25 certain solvent banks, savings banks, savings 26 associations, and credit unions must guarantee public 27 depositors; amending ss. 280.08 and 280.085, F.S.; 28 conforming provisions to changes made by the act; 29 amending s. 280.09, F.S.; requiring the Chief 30 Financial Officer to segregate and separately account 31 for proceeds, assessments, and administrative 32 penalties attributable to a credit union from those 33 attributable to other specified financial 34 institutions; revising a condition for the payment of 35 losses to public depositors; amending s. 280.10, F.S.; 36 conforming provisions to changes made by the act; 37 amending s. 280.13, F.S.; providing that a specified 38 limit on securities eligible to be pledged as 39 collateral applies to qualified public depositories, 40 rather than to banks and savings associations; 41 amending s. 280.17, F.S.; conforming a provision to 42 changes made by the act; reenacting ss. 280.17(1)(a), 43 17.57(7)(a), 24.114(1), 125.901(3)(e), 136.01, 44 159.608(11), 175.301, 175.401(8), 185.30, 185.50(8), 45 190.007(3), 191.006(16), 215.34(2), 218.415(16)(c), 46 (17)(c), and (23)(a), 255.502(4)(h), 280.051(15), 47 280.18(1), 331.309(1) and (2), 373.553(2), 631.221, 48 and 723.06115(3)(c), F.S., relating to requirements 49 for public depositors; deposits and investments of 50 state money; bank deposits and control of lottery 51 transactions; childrens services and independent 52 special districts; county depositories; powers of 53 housing finance authorities; depositories for pension 54 funds; retiree health insurance subsidies; 55 depositories for retirement funds; retiree health 56 insurance subsidies; boards of supervisors; general 57 powers; state funds and noncollectible items; local 58 government investment policies; definitions; grounds 59 for suspension or disqualification of a qualified 60 public depository; protection of public depositors and 61 liability of the state; treasurer, depositories, and 62 fiscal agent for Space Florida; treasurer of the 63 board, payment of funds, and depositories; deposit of 64 moneys collected; and the Florida Mobile Home 65 Relocation Trust Fund, respectively, to incorporate 66 the amendments made by this act to s. 280.02, F.S., in 67 references thereto; providing an effective date. 68 69 Be It Enacted by the Legislature of the State of Florida: 70 71 Section 1.Subsection (4) of section 17.68, Florida 72 Statutes, is amended to read: 73 17.68Financial Literacy Program for Individuals with 74 Developmental Disabilities. 75 (4)Within 90 days after the department establishes the 76 website clearinghouse and publishes the brochure, each bank, 77 credit union, savings association, and savings bank that is a 78 qualified public depository as defined in s. 280.02 shall: 79 (a)Make copies of the departments brochures available, 80 upon the request of the consumer, at its principal place of 81 business and each branch office located in this state which has 82 in-person teller services by having copies of the brochure 83 available or having the capability to print a copy of the 84 brochure from the departments website. Upon request, the 85 department shall provide copies of the brochure to a bank, 86 credit union, savings association, or savings bank. 87 (b)Provide on its website a hyperlink to the departments 88 website clearinghouse. If the department changes the website 89 address for the clearinghouse, the bank, credit union, savings 90 association, or savings bank must update the hyperlink within 90 91 days after notification by the department of such change. 92 Section 2.Subsections (6), (10), (21), (23), and (26) of 93 section 280.02, Florida Statutes, are amended to read: 94 280.02Definitions.As used in this chapter, the term: 95 (6)Capital account or tangible equity capital means 96 total equity capital, as defined on the balance-sheet portion of 97 the Consolidated Reports of Condition and Income (call report), 98 or net worth, as described in the National Credit Union 99 Administration 5300 Call Report, less intangible assets, as 100 submitted to the regulatory financial banking authority. 101 (10)Custodian means the Chief Financial Officer or a 102 bank, credit union, savings association, or trust company that: 103 (a)Is organized and existing under the laws of this state, 104 any other state, or the United States; 105 (b)Has executed all forms required under this chapter or 106 any rule adopted hereunder; 107 (c)Agrees to be subject to the jurisdiction of the courts 108 of this state, or of the courts of the United States which are 109 located within this state, for the purpose of any litigation 110 arising out of this chapter; and 111 (d)Has been approved by the Chief Financial Officer to act 112 as a custodian. 113 (21)Pool figure means the total average monthly balances 114 of public deposits held by all banks, savings banks, or savings 115 associations or held separately by all credit unions qualified 116 public depositories during the immediately preceding 12-month 117 period. 118 (23)Public deposit means the moneys of the state or of 119 any state university, county, school district, community college 120 district, special district, metropolitan government, or 121 municipality, including agencies, boards, bureaus, commissions, 122 and institutions of any of the foregoing, or of any court, and 123 includes the moneys of all county officers, including 124 constitutional officers, which are placed on deposit in a bank, 125 credit union, savings bank, or savings association. This 126 includes, but is not limited to, time deposit accounts, demand 127 deposit accounts, and nonnegotiable certificates of deposit. 128 Moneys in deposit notes and in other nondeposit accounts such as 129 repurchase or reverse repurchase operations are not public 130 deposits. Securities, mutual funds, and similar types of 131 investments are not public deposits and are not subject to this 132 chapter. 133 (26)Qualified public depository means a bank, credit 134 union, savings bank, or savings association that: 135 (a)Is organized and exists under the laws of the United 136 States, or the laws of this state, or the laws of any other 137 state or territory of the United States. 138 (b)Has its principal place of business in this state or 139 has a branch office in this state which is authorized under the 140 laws of this state or of the United States to receive deposits 141 in this state. 142 (c)Is insured by the Federal Deposit Insurance Corporation 143 or the National Credit Union Share Insurance Fund Has deposit 144 insurance pursuant to the Federal Deposit Insurance Act, as 145 amended, 12 U.S.C. ss. 1811 et seq. 146 (d)Has procedures and practices for accurate 147 identification, classification, reporting, and collateralization 148 of public deposits. 149 (e)Makes determinations about the provision of services or 150 the denial of services based on an analysis of risk factors 151 unique to each customer or member. This paragraph does not 152 restrict a qualified public depository that claims a religious 153 purpose from making such determinations based on the religious 154 beliefs, religious exercise, or religious affiliations of a 155 customer or member. 156 (f)Does not engage in the unsafe and unsound practice of 157 denying or canceling its services to a person, or otherwise 158 discriminating against a person in making available such 159 services or in the terms or conditions of such services, on the 160 basis of: 161 1.The persons political opinions, speech, or 162 affiliations; 163 2.Except as provided in paragraph (e), the persons 164 religious beliefs, religious exercise, or religious 165 affiliations; 166 3.Any factor if it is not a quantitative, impartial, and 167 risk-based standard, including any such factor related to the 168 persons business sector; or 169 4.The use of any rating, scoring, analysis, tabulation, or 170 action that considers a social credit score based on factors 171 including, but not limited to: 172 a.The persons political opinions, speech, or 173 affiliations. 174 b.The persons religious beliefs, religious exercise, or 175 religious affiliations. 176 c.The persons lawful ownership of a firearm. 177 d.The persons engagement in the lawful manufacture, 178 distribution, sale, purchase, or use of firearms or ammunition. 179 e.The persons engagement in the exploration, production, 180 utilization, transportation, sale, or manufacture of fossil 181 fuel-based energy, timber, mining, or agriculture. 182 f.The persons support of the state or Federal Government 183 in combating illegal immigration, drug trafficking, or human 184 trafficking. 185 g.The persons engagement with, facilitation of, 186 employment by, support of, business relationship with, 187 representation of, or advocacy for any person described in this 188 subparagraph. 189 h.The persons failure to meet or commit to meet, or 190 expected failure to meet, any of the following as long as such 191 person is in compliance with applicable state or federal law: 192 (I)Environmental standards, including emissions standards, 193 benchmarks, requirements, or disclosures; 194 (II)Social governance standards, benchmarks, or 195 requirements, including, but not limited to, environmental or 196 social justice; 197 (III)Corporate board or company employment composition 198 standards, benchmarks, requirements, or disclosures based on 199 characteristics protected under the Florida Civil Rights Act of 200 1992; or 201 (IV)Policies or procedures requiring or encouraging 202 employee participation in social justice programming, including, 203 but not limited to, diversity, equity, or inclusion training. 204 (g)Meets all the requirements of this chapter. 205 (h)Has been designated by the Chief Financial Officer as a 206 qualified public depository. 207 Section 3.Subsection (1) of section 280.025, Florida 208 Statutes, is amended to read: 209 280.025Attestation required. 210 (1)Beginning July 1, 2024 2023, the following entities 211 must attest, under penalty of perjury, on a form prescribed by 212 the Chief Financial Officer, whether the entity is in compliance 213 with s. 280.02(26)(e) and (f): 214 (a)A bank, savings bank, credit union, or savings 215 association, upon application or reapplication for designation 216 as a qualified public depository. 217 (b)A qualified public depository, upon filing the report 218 required by s. 280.16(1)(d). 219 Section 4.Paragraph (a) of subsection (3) of section 220 280.03, Florida Statutes, is amended to read: 221 280.03Public deposits to be secured; prohibitions; 222 exemptions. 223 (3)The following are exempt from the requirements of, and 224 protection under, this chapter: 225 (a)Public deposits deposited in a bank, credit union, or 226 savings association by a trust department or trust company which 227 are fully secured under trust business laws. 228 Section 5.Section 280.042, Florida Statutes, is created to 229 read: 230 280.042Credit union designations as qualified public 231 depositories; withdrawal by the Chief Financial Officer from 232 collateral agreements; limits on public deposits. 233 (1)The Chief Financial Officer may not designate a credit 234 union as a qualified public depository unless, at the time the 235 credit union submits its agreement of contingent liability and 236 its collateral agreement: 237 (a)The credit union submits a signed statement from a 238 public depositor indicating that if the credit union is 239 designated as a qualified public depository, the public 240 depositor intends to deposit public funds with the credit union. 241 (b)The combined total of the numbers in subparagraphs 1. 242 and 2. is at least four: 243 1.The number of credit unions designated as qualified 244 public depositories. 245 2.The number of credit unions that meet all of the 246 following requirements: 247 a.Apply to be designated as qualified public depositories. 248 b.Meet the requirements in paragraph (a). 249 (2)The Chief Financial Officer must withdraw from a 250 collateral agreement previously entered into with a credit union 251 if, during any 90 calendar days, the combined total of the 252 number of credit unions designated as qualified public 253 depositories and the number of eligible credit unions applying 254 to be designated as qualified public depositories is less than 255 five. 256 (3)A credit union that is a party to a collateral 257 agreement from which the Chief Financial Officer withdraws in 258 accordance with subsection (2) may no longer be designated as a 259 qualified public depository. Within 10 business days after the 260 Chief Financial Officer notifies the credit union that the Chief 261 Financial Officer has withdrawn from the collateral agreement, 262 the credit union must return all public deposits that the credit 263 union holds to the public depositor who deposited the funds. The 264 notice provided for in this subsection may be sent to a credit 265 union by regular mail or by e-mail. 266 (4)The Chief Financial Officer may limit the amount of 267 public deposits that a credit union may hold in order to make 268 sure that no single credit union holds an amount of public 269 deposits that might adversely affect the integrity of the public 270 deposits program. 271 Section 6.Subsection (11) of section 280.05, Florida 272 Statutes, is amended to read: 273 280.05Powers and duties of the Chief Financial Officer.In 274 fulfilling the requirements of this act, the Chief Financial 275 Officer has the power to take the following actions he or she 276 deems necessary to protect the integrity of the public deposits 277 program: 278 (11)Sell securities for the purpose of paying losses to 279 public depositors not covered by deposit or share insurance. 280 Section 7.Subsection (1) of section 280.052, Florida 281 Statutes, is amended to read: 282 280.052Order of suspension or disqualification; 283 procedure. 284 (1)The suspension or disqualification of a bank, credit 285 union, or savings association as a qualified public depository 286 must be by order of the Chief Financial Officer and must be 287 mailed to the qualified public depository by registered or 288 certified mail. 289 Section 8.Paragraph (c) of subsection (1) and paragraph 290 (c) of subsection (2) of section 280.053, Florida Statutes, are 291 amended to read: 292 280.053Period of suspension or disqualification; 293 obligations during period; reinstatement. 294 (1) 295 (c)Upon expiration of the suspension period, the bank, 296 credit union, or savings association may, by order of the Chief 297 Financial Officer, be reinstated as a qualified public 298 depository, unless the cause of the suspension has not been 299 corrected or the bank, credit union, or savings association is 300 otherwise not in compliance with this chapter or any rule 301 adopted pursuant to this chapter. 302 (2) 303 (c)Upon expiration of the disqualification period, the 304 bank, credit union, or savings association may reapply for 305 qualification as a qualified public depository. If a 306 disqualified bank, credit union, or savings association is 307 purchased or otherwise acquired by new owners, it may reapply to 308 the Chief Financial Officer to be a qualified public depository 309 before prior to the expiration date of the disqualification 310 period. Redesignation as a qualified public depository may occur 311 only after the Chief Financial Officer has determined that all 312 requirements for holding public deposits under the law have been 313 met. 314 Section 9.Section 280.055, Florida Statutes, is amended to 315 read: 316 280.055Cease and desist order; corrective order; 317 administrative penalty. 318 (1)The Chief Financial Officer may issue a cease and 319 desist order and a corrective order upon determining that: 320 (a)A qualified public depository has requested and 321 obtained a release of pledged collateral without approval of the 322 Chief Financial Officer; 323 (b)A bank, credit union, savings association, or other 324 financial institution is holding public deposits without a 325 certificate of qualification issued by the Chief Financial 326 Officer; 327 (c)A qualified public depository pledges, deposits, or 328 arranges for the issuance of unacceptable collateral; 329 (d)A custodian has released pledged collateral without 330 approval of the Chief Financial Officer; 331 (e)A qualified public depository or a custodian has not 332 furnished to the Chief Financial Officer, when the Chief 333 Financial Officer requested, a power of attorney or bond power 334 or bond assignment form required by the bond agent or bond 335 trustee for each issue of registered certificated securities 336 pledged and registered in the name, or nominee name, of the 337 qualified public depository or custodian; 338 (f)A qualified public depository; a bank, credit union, 339 savings association, or other financial institution; or a 340 custodian has committed any other violation of this chapter or 341 any rule adopted pursuant to this chapter that the Chief 342 Financial Officer determines may be remedied by a cease and 343 desist order or corrective order; or 344 (g)A qualified public depository no longer meets the 345 definition of a qualified public depository under s. 280.02. 346 (2)Any qualified public depository or other bank, credit 347 union, savings association, or financial institution or 348 custodian that violates a cease and desist order or corrective 349 order of the Chief Financial Officer is subject to an 350 administrative penalty not exceeding $1,000 for each violation 351 of the order. Each day the violation of the order continues 352 constitutes a separate violation. 353 Section 10.Section 280.07, Florida Statutes, is amended to 354 read: 355 280.07Mutual responsibility and contingent liability. 356 (1)A Any bank, savings bank, or savings association that 357 is designated as a qualified public depository and that is not 358 insolvent shall guarantee public depositors against loss caused 359 by the default or insolvency of other banks, savings banks, or 360 savings associations that are designated as qualified public 361 depositories. 362 (2)A credit union that is designated as a qualified public 363 depository and that is not insolvent shall guarantee public 364 depositors against loss caused by the default or insolvency of 365 other credit unions that are designated as qualified public 366 depositories. 367 368 Each qualified public depository shall execute a form prescribed 369 by the Chief Financial Officer for such guarantee which must 370 shall be approved by the board of directors and must shall 371 become an official record of the institution. 372 Section 11.Subsections (1) and (3) of section 280.08, 373 Florida Statutes, are amended to read: 374 280.08Procedure for payment of losses.When the Chief 375 Financial Officer determines that a default or insolvency has 376 occurred, he or she shall provide notice as required in s. 377 280.085 and implement the following procedures: 378 (1)The Division of Treasury, in cooperation with the 379 Office of Financial Regulation of the Financial Services 380 Commission or the receiver of the qualified public depository in 381 default, shall ascertain the amount of funds of each public 382 depositor on deposit at such depository and the amount of 383 deposit or share insurance applicable to such deposits. 384 (3)(a)The loss to public depositors shall be satisfied, 385 insofar as possible, first through any applicable deposit or 386 share insurance and then through demanding payment under letters 387 of credit or the sale of collateral pledged or deposited by the 388 defaulting depository. The Chief Financial Officer may assess 389 qualified public depositories as provided in paragraph (b), 390 subject to the segregation of contingent liability in s. 280.07, 391 for the total loss if the demand for payment or sale of 392 collateral cannot be accomplished within 7 business days. 393 (b)The Chief Financial Officer shall provide coverage of 394 any remaining loss by assessment against the other qualified 395 public depositories. The Chief Financial Officer shall determine 396 such assessment for each qualified public depository by 397 multiplying the total amount of any remaining loss to all public 398 depositors by a percentage which represents the average monthly 399 balance of public deposits held by each qualified public 400 depository during the previous 12 months divided by the total 401 average monthly balances of public deposits held by all 402 qualified public depositories, excluding the defaulting 403 depository, during the same period. The assessment calculation 404 must shall be computed to six decimal places. 405 Section 12.Subsection (4) of section 280.085, Florida 406 Statutes, is amended, and subsection (1) of that section is 407 republished, to read: 408 280.085Notice to claimants. 409 (1)Upon determining the default or insolvency of a 410 qualified public depository, the Chief Financial Officer shall 411 notify, by first-class mail, all public depositors that have 412 complied with s. 280.17 of such default or insolvency. The 413 notice must direct all public depositors having claims or 414 demands against the Public Deposits Trust Fund occasioned by the 415 default or insolvency to file their claims with the Chief 416 Financial Officer within 30 days after the date of the notice. 417 (4)The notice required in subsection (1) is not required 418 if the default or insolvency of a qualified public depository is 419 resolved in a manner in which all Florida public deposits are 420 acquired by another insured bank, credit union, savings bank, or 421 savings association. 422 Section 13.Section 280.09, Florida Statutes, is amended to 423 read: 424 280.09Public Deposits Trust Fund. 425 (1)In order to facilitate the administration of this 426 chapter, there is created the Public Deposits Trust Fund, 427 hereafter in this section designated the fund. The proceeds 428 from the sale of securities or draw on letters of credit held as 429 collateral or from any assessment pursuant to s. 280.08 must 430 shall be deposited into the fund. The Chief Financial Officer 431 must segregate and separately account for any collateral 432 proceeds, assessments, or administrative penalties attributable 433 to a credit union from any collateral proceeds, assessments, or 434 administrative penalties attributable to any bank, savings bank, 435 or savings association. Any administrative penalty collected 436 pursuant to this chapter shall be deposited into the Treasury 437 Administrative and Investment Trust Fund. 438 (2)The Chief Financial Officer is authorized to pay any 439 losses to public depositors from the fund, subject to the 440 limitations provided in subsection (1), and there are hereby 441 appropriated from the fund such sums as may be necessary from 442 time to time to pay the losses. The term losses, for purposes 443 of this chapter, must shall also include losses of interest or 444 other accumulations to the public depositor as a result of 445 penalties for early withdrawal required by Depository 446 Institution Deregulatory Commission Regulations or applicable 447 successor federal laws or regulations because of suspension or 448 disqualification of a qualified public depository by the Chief 449 Financial Officer pursuant to s. 280.05 or because of withdrawal 450 from the public deposits program pursuant to s. 280.11. In that 451 event, the Chief Financial Officer is authorized to assess 452 against the suspended, disqualified, or withdrawing public 453 depository, in addition to any amount authorized by any other 454 provision of this chapter, an administrative penalty equal to 455 the amount of the early withdrawal penalty and to pay that 456 amount over to the public depositor as reimbursement for such 457 loss. Any money in the fund estimated not to be needed for 458 immediate cash requirements shall be invested pursuant to s. 459 17.61. 460 Section 14.Subsections (1) and (3) of section 280.10, 461 Florida Statutes, are amended to read: 462 280.10Effect of merger, acquisition, or consolidation; 463 change of name or address. 464 (1)When a qualified public depository is merged into, 465 acquired by, or consolidated with a bank, credit union, savings 466 bank, or savings association that is not a qualified public 467 depository: 468 (a)The resulting institution shall automatically become a 469 qualified public depository subject to the requirements of the 470 public deposits program. 471 (b)The contingent liability of the former institution shall 472 be a liability of the resulting institution. 473 (c)The public deposits and associated collateral of the 474 former institution shall be public deposits and collateral of 475 the resulting institution. 476 (d)The resulting institution shall, within 90 calendar 477 days after the effective date of the merger, acquisition, or 478 consolidation, deliver to the Chief Financial Officer: 479 1.Documentation in its name as required for participation 480 in the public deposits program; or 481 2.Written notice of intent to withdraw from the program as 482 provided in s. 280.11 and a proposed effective date of 483 withdrawal which shall be within 180 days after the effective 484 date of the acquisition, merger, or consolidation of the former 485 institution. 486 (e)If the resulting institution does not meet 487 qualifications to become a qualified public depository or does 488 not submit required documentation within 90 calendar days after 489 the effective date of the merger, acquisition, or consolidation, 490 the Chief Financial Officer shall initiate mandatory withdrawal 491 actions as provided in s. 280.11 and shall set an effective date 492 of withdrawal that is within 180 days after the effective date 493 of the acquisition, merger, or consolidation of the former 494 institution. 495 (3)If the default or insolvency of a qualified public 496 depository results in acquisition of all or part of its Florida 497 public deposits by a bank, credit union, savings bank, or 498 savings association that is not a qualified public depository, 499 the bank, credit union, savings bank, or savings association 500 acquiring the Florida public deposits is subject to subsection 501 (1). 502 Section 15.Subsection (1) of section 280.13, Florida 503 Statutes, is amended to read: 504 280.13Eligible collateral. 505 (1)Securities eligible to be pledged as collateral by 506 qualified public depositories banks and savings associations 507 shall be limited to: 508 (a)Direct obligations of the United States Government. 509 (b)Obligations of any federal agency that are fully 510 guaranteed as to payment of principal and interest by the United 511 States Government. 512 (c)Obligations of the following federal agencies: 513 1.Farm credit banks. 514 2.Federal land banks. 515 3.The Federal Home Loan Bank and its district banks. 516 4.Federal intermediate credit banks. 517 5.The Federal Home Loan Mortgage Corporation. 518 6.The Federal National Mortgage Association. 519 7.Obligations guaranteed by the Government National 520 Mortgage Association. 521 (d)General obligations of a state of the United States, or 522 of Puerto Rico, or of a political subdivision or municipality 523 thereof. 524 (e)Obligations issued by the Florida State Board of 525 Education under authority of the State Constitution or 526 applicable statutes. 527 (f)Tax anticipation certificates or warrants of counties 528 or municipalities having maturities not exceeding 1 year. 529 (g)Public housing authority obligations. 530 (h)Revenue bonds or certificates of a state of the United 531 States or of a political subdivision or municipality thereof. 532 (i)Corporate bonds of any corporation that is not an 533 affiliate or subsidiary of the qualified public depository. 534 Section 16.Paragraph (b) of subsection (4) of section 535 280.17, Florida Statutes, is amended, and, for the purpose of 536 incorporating the amendment made by this act to section 280.02, 537 Florida Statutes, in a reference thereto, paragraph (a) of 538 subsection (1) of section 280.17, Florida Statutes, is 539 reenacted, to read: 540 280.17Requirements for public depositors; notice to public 541 depositors and governmental units; loss of protection.In 542 addition to any other requirement specified in this chapter, 543 public depositors shall comply with the following: 544 (1)(a)Each official custodian of moneys that meet the 545 definition of a public deposit under s. 280.02 shall ensure such 546 moneys are placed in a qualified public depository unless the 547 moneys are exempt under the laws of this state. 548 (4)If public deposits are in a qualified public depository 549 that has been declared to be in default or insolvent, each 550 public depositor shall: 551 (b)Submit to the Chief Financial Officer for each public 552 deposit, within 30 days after the date of official notification 553 from the Chief Financial Officer, the following: 554 1.A claim form and agreement, as prescribed by the Chief 555 Financial Officer, executed under oath, accompanied by proof of 556 authority to execute the form on behalf of the public depositor. 557 2.A completed public deposit identification and 558 acknowledgment form, as described in subsection (2). 559 3.Evidence of the insurance afforded the deposit pursuant 560 to the Federal Deposit Insurance Act or the Federal Credit Union 561 Act, as appropriate. 562 Section 17.For the purpose of incorporating the amendment 563 made by this act to section 280.02, Florida Statutes, in a 564 reference thereto, paragraph (a) of subsection (7) of section 565 17.57, Florida Statutes, is reenacted to read: 566 17.57Deposits and investments of state money. 567 (7)In addition to the deposits authorized under this 568 section and notwithstanding any other provisions of law, funds 569 that are not needed to meet the disbursement needs of the state 570 may be deposited by the Chief Financial Officer in accordance 571 with the following conditions: 572 (a)The funds are initially deposited in a qualified public 573 depository, as defined in s. 280.02, selected by the Chief 574 Financial Officer. 575 Section 18.For the purpose of incorporating the amendment 576 made by this act to section 280.02, Florida Statutes, in a 577 reference thereto, subsection (1) of section 24.114, Florida 578 Statutes, is reenacted to read: 579 24.114Bank deposits and control of lottery transactions. 580 (1)All moneys received by each retailer from the operation 581 of the state lottery, including, but not limited to, all ticket 582 sales, interest, gifts, and donations, less the amount retained 583 as compensation for the sale of the tickets and the amount paid 584 out as prizes, shall be remitted to the department or deposited 585 in a qualified public depository, as defined in s. 280.02, as 586 directed by the department. The department shall have the 587 responsibility for all administrative functions related to the 588 receipt of funds. The department may also require each retailer 589 to file with the department reports of the retailers receipts 590 and transactions in the sale of lottery tickets in such form and 591 containing such information as the department may require. The 592 department may require any person, including a qualified public 593 depository, to perform any function, activity, or service in 594 connection with the operation of the lottery as it may deem 595 advisable pursuant to this act and rules of the department, and 596 such functions, activities, or services shall constitute lawful 597 functions, activities, and services of such person. 598 Section 19.For the purpose of incorporating the amendment 599 made by this act to section 280.02, Florida Statutes, in a 600 reference thereto, paragraph (e) of subsection (3) of section 601 125.901, Florida Statutes, is reenacted to read: 602 125.901Childrens services; independent special district; 603 council; powers, duties, and functions; public records 604 exemption. 605 (3) 606 (e)1.All moneys received by the council on childrens 607 services shall be deposited in qualified public depositories, as 608 defined in s. 280.02, with separate and distinguishable accounts 609 established specifically for the council and shall be withdrawn 610 only by checks signed by the chair of the council and 611 countersigned by either one other member of the council on 612 childrens services or by a chief executive officer who shall be 613 so authorized by the council. 614 2.Upon entering the duties of office, the chair and the 615 other member of the council or chief executive officer who signs 616 its checks shall each give a surety bond in the sum of at least 617 $1,000 for each $1 million or portion thereof of the councils 618 annual budget, which bond shall be conditioned that each shall 619 faithfully discharge the duties of his or her office. The 620 premium on such bond may be paid by the district as part of the 621 expense of the council. No other member of the council shall be 622 required to give bond or other security. 623 3.No funds of the district shall be expended except by 624 check as aforesaid, except expenditures from a petty cash 625 account which shall not at any time exceed $100. All 626 expenditures from petty cash shall be recorded on the books and 627 records of the council on childrens services. No funds of the 628 council on childrens services, excepting expenditures from 629 petty cash, shall be expended without prior approval of the 630 council, in addition to the budgeting thereof. 631 Section 20.For the purpose of incorporating the amendment 632 made by this act to section 280.02, Florida Statutes, in a 633 reference thereto, section 136.01, Florida Statutes, is 634 reenacted to read: 635 136.01County depositories.Each county depository shall be 636 a qualified public depository as defined in s. 280.02 for the 637 following funds: county funds; funds of all county officers, 638 including constitutional officers; funds of the school board; 639 and funds of the community college district board of trustees. 640 This enumeration of funds is made not by way of limitation, but 641 of illustration; and it is the intent hereof that all funds of 642 the county, the board of county commissioners or the several 643 county officers, the school board, or the community college 644 district board of trustees be included. 645 Section 21.For the purpose of incorporating the amendment 646 made by this act to section 280.02, Florida Statutes, in a 647 reference thereto, subsection (11) of section 159.608, Florida 648 Statutes, is reenacted to read: 649 159.608Powers of housing finance authorities.A housing 650 finance authority shall constitute a public body corporate and 651 politic, exercising the public and essential governmental 652 functions set forth in this act, and shall exercise its power to 653 borrow only for the purpose as provided herein: 654 (11)To invest and reinvest surplus funds of the housing 655 finance authority in accordance with s. 218.415. However, in 656 addition to the investments expressly authorized in s. 657 218.415(16)(a)-(g) and (17)(a)-(d), a housing finance authority 658 may invest surplus funds in interest-bearing time deposits or 659 savings accounts that are fully insured by the Federal Deposit 660 Insurance Corporation regardless of whether the bank or 661 financial institution in which the deposit or investment is made 662 is a qualified public depository as defined in s. 280.02. This 663 subsection is supplementary to and may not be construed as 664 limiting any powers of a housing finance authority or providing 665 or implying a limiting construction of any other statutory 666 provision. 667 Section 22.For the purpose of incorporating the amendment 668 made by this act to section 280.02, Florida Statutes, in a 669 reference thereto, section 175.301, Florida Statutes, is 670 reenacted to read: 671 175.301Depository for pension funds.For any municipality, 672 special fire control district, chapter plan, local law 673 municipality, local law special fire control district, or local 674 law plan under this chapter, all funds of the firefighters 675 pension trust fund of any chapter plan or local law plan under 676 this chapter may be deposited by the board of trustees with the 677 treasurer of the municipality or special fire control district, 678 acting in a ministerial capacity only, who shall be liable in 679 the same manner and to the same extent as he or she is liable 680 for the safekeeping of funds for the municipality or special 681 fire control district. However, any funds so deposited with the 682 treasurer of the municipality or special fire control district 683 shall be kept in a separate fund by the treasurer or clearly 684 identified as such funds of the firefighters pension trust 685 fund. In lieu thereof, the board of trustees shall deposit the 686 funds of the firefighters pension trust fund in a qualified 687 public depository as defined in s. 280.02, which depository with 688 regard to such funds shall conform to and be bound by all of the 689 provisions of chapter 280. 690 Section 23.For the purpose of incorporating the amendment 691 made by this act to section 280.02, Florida Statutes, in 692 references thereto, subsection (8) of section 175.401, Florida 693 Statutes, is reenacted to read: 694 175.401Retiree health insurance subsidy.For any 695 municipality, special fire control district, chapter plan, local 696 law municipality, local law special fire control district, or 697 local law plan under this chapter, under the broad grant of home 698 rule powers under the State Constitution and chapter 166, 699 municipalities have the authority to establish and administer 700 locally funded health insurance subsidy programs. In addition, 701 special fire control districts may, by resolution, establish and 702 administer locally funded health insurance subsidy programs. 703 Pursuant thereto: 704 (8)DEPOSIT OF HEALTH INSURANCE SUBSIDY FUNDS.All funds of 705 the health insurance subsidy fund may be deposited by the board 706 of trustees with the treasurer of the municipality or special 707 fire control district, acting in a ministerial capacity only, 708 who shall be liable in the same manner and to the same extent as 709 he or she is liable for the safekeeping of funds for the 710 municipality or special fire control district. Any funds so 711 deposited shall be segregated by the treasurer in a separate 712 fund, clearly identified as funds of the health insurance 713 subsidy fund. In lieu thereof, the board of trustees shall 714 deposit the funds of the health insurance subsidy fund in a 715 qualified public depository as defined in s. 280.02, which shall 716 conform to and be bound by the provisions of chapter 280 with 717 regard to such funds. In no case shall the funds of the health 718 insurance subsidy fund be deposited in any financial 719 institution, brokerage house trust company, or other entity that 720 is not a public depository as provided by s. 280.02. 721 Section 24.For the purpose of incorporating the amendment 722 made by this act to section 280.02, Florida Statutes, in a 723 reference thereto, section 185.30, Florida Statutes, is 724 reenacted to read: 725 185.30Depository for retirement fund.For any 726 municipality, chapter plan, local law municipality, or local law 727 plan under this chapter, all funds of the municipal police 728 officers retirement trust fund of any municipality, chapter 729 plan, local law municipality, or local law plan under this 730 chapter may be deposited by the board of trustees with the 731 treasurer of the municipality acting in a ministerial capacity 732 only, who shall be liable in the same manner and to the same 733 extent as he or she is liable for the safekeeping of funds for 734 the municipality. However, any funds so deposited with the 735 treasurer of the municipality shall be kept in a separate fund 736 by the municipal treasurer or clearly identified as such funds 737 of the municipal police officers retirement trust fund. In lieu 738 thereof, the board of trustees shall deposit the funds of the 739 municipal police officers retirement trust fund in a qualified 740 public depository as defined in s. 280.02, which depository with 741 regard to such funds shall conform to and be bound by all of the 742 provisions of chapter 280. 743 Section 25.For the purpose of incorporating the amendment 744 made by this act to section 280.02, Florida Statutes, in 745 references thereto, subsection (8) of section 185.50, Florida 746 Statutes, is reenacted to read: 747 185.50Retiree health insurance subsidy.For any 748 municipality, chapter plan, local law municipality, or local law 749 plan under this chapter, under the broad grant of home rule 750 powers under the State Constitution and chapter 166, 751 municipalities have the authority to establish and administer 752 locally funded health insurance subsidy programs. Pursuant 753 thereto: 754 (8)DEPOSIT OF PENSION FUNDS.All funds of the health 755 insurance subsidy fund may be deposited by the board of trustees 756 with the treasurer of the municipality, acting in a ministerial 757 capacity only, who shall be liable in the same manner and to the 758 same extent as he or she is liable for the safekeeping of funds 759 for the municipality. Any funds so deposited shall be segregated 760 by said treasurer in a separate fund, clearly identified as 761 funds of the health insurance subsidy fund. In lieu thereof, the 762 board of trustees shall deposit the funds of the health 763 insurance subsidy fund in a qualified public depository as 764 defined in s. 280.02, which shall conform to and be bound by the 765 provisions of chapter 280 with regard to such funds. In no case 766 shall the funds of the health insurance subsidy fund be 767 deposited in any financial institution, brokerage house trust 768 company, or other entity that is not a public depository as 769 provided by s. 280.02. 770 Section 26.For the purpose of incorporating the amendment 771 made by this act to section 280.02, Florida Statutes, in a 772 reference thereto, subsection (3) of section 190.007, Florida 773 Statutes, is reenacted to read: 774 190.007Board of supervisors; general duties. 775 (3)The board is authorized to select as a depository for 776 its funds any qualified public depository as defined in s. 777 280.02 which meets all the requirements of chapter 280 and has 778 been designated by the Chief Financial Officer as a qualified 779 public depository, upon such terms and conditions as to the 780 payment of interest by such depository upon the funds so 781 deposited as the board may deem just and reasonable. 782 Section 27.For the purpose of incorporating the amendment 783 made by this act to section 280.02, Florida Statutes, in a 784 reference thereto, subsection (16) of section 191.006, Florida 785 Statutes, is reenacted to read: 786 191.006General powers.The district shall have, and the 787 board may exercise by majority vote, the following powers: 788 (16)To select as a depository for its funds any qualified 789 public depository as defined in s. 280.02 which meets all the 790 requirements of chapter 280 and has been designated by the Chief 791 Financial Officer as a qualified public depository, upon such 792 terms and conditions as to the payment of interest upon the 793 funds deposited as the board deems just and reasonable. 794 Section 28.For the purpose of incorporating the amendment 795 made by this act to section 280.02, Florida Statutes, in a 796 reference thereto, subsection (2) of section 215.34, Florida 797 Statutes, is reenacted to read: 798 215.34State funds; noncollectible items; procedure. 799 (2)Whenever a check, draft, or other order for the payment 800 of money is returned by the Chief Financial Officer, or by a 801 qualified public depository as defined in s. 280.02, to a state 802 officer, a state agency, or the judicial branch for collection, 803 the officer, agency, or judicial branch shall add to the amount 804 due a service fee of $15 or 5 percent of the face amount of the 805 check, draft, or order, whichever is greater. An agency or the 806 judicial branch may adopt a rule which prescribes a lesser 807 maximum service fee, which shall be added to the amount due for 808 the dishonored check, draft, or other order tendered for a 809 particular service, license, tax, fee, or other charge, but in 810 no event shall the fee be less than $15. The service fee shall 811 be in addition to all other penalties imposed by law, except 812 that when other charges or penalties are imposed by an agency 813 related to a noncollectible item, the amount of the service fee 814 shall not exceed $150. Proceeds from this fee shall be deposited 815 in the same fund as the collected item. Nothing in this section 816 shall be construed as authorization to deposit moneys outside 817 the State Treasury unless specifically authorized by law. 818 Section 29.For the purpose of incorporating the amendment 819 made by this act to section 280.02, Florida Statutes, in 820 references thereto, paragraph (c) of subsection (16), paragraph 821 (c) of subsection (17), and paragraph (a) of subsection (23) of 822 section 218.415, Florida Statutes, are reenacted to read: 823 218.415Local government investment policies.Investment 824 activity by a unit of local government must be consistent with a 825 written investment plan adopted by the governing body, or in the 826 absence of the existence of a governing body, the respective 827 principal officer of the unit of local government and maintained 828 by the unit of local government or, in the alternative, such 829 activity must be conducted in accordance with subsection (17). 830 Any such unit of local government shall have an investment 831 policy for any public funds in excess of the amounts needed to 832 meet current expenses as provided in subsections (1)-(16), or 833 shall meet the alternative investment guidelines contained in 834 subsection (17). Such policies shall be structured to place the 835 highest priority on the safety of principal and liquidity of 836 funds. The optimization of investment returns shall be secondary 837 to the requirements for safety and liquidity. Each unit of local 838 government shall adopt policies that are commensurate with the 839 nature and size of the public funds within its custody. 840 (16)AUTHORIZED INVESTMENTS; WRITTEN INVESTMENT POLICIES. 841 Those units of local government electing to adopt a written 842 investment policy as provided in subsections (1)-(15) may by 843 resolution invest and reinvest any surplus public funds in their 844 control or possession in: 845 (c)Interest-bearing time deposits or savings accounts in 846 qualified public depositories as defined in s. 280.02. 847 (17)AUTHORIZED INVESTMENTS; NO WRITTEN INVESTMENT POLICY. 848 Those units of local government electing not to adopt a written 849 investment policy in accordance with investment policies 850 developed as provided in subsections (1)-(15) may invest or 851 reinvest any surplus public funds in their control or possession 852 in: 853 (c)Interest-bearing time deposits or savings accounts in 854 qualified public depositories, as defined in s. 280.02. 855 856 The securities listed in paragraphs (c) and (d) shall be 857 invested to provide sufficient liquidity to pay obligations as 858 they come due. 859 (23)AUTHORIZED DEPOSITS.In addition to the investments 860 authorized for local governments in subsections (16) and (17) 861 and notwithstanding any other provisions of law, a unit of local 862 government may deposit any portion of surplus public funds in 863 its control or possession in accordance with the following 864 conditions: 865 (a)The funds are initially deposited in a qualified public 866 depository, as defined in s. 280.02, selected by the unit of 867 local government. 868 Section 30.For the purpose of incorporating the amendment 869 made by this act to section 280.02, Florida Statutes, in a 870 reference thereto, paragraph (h) of subsection (4) of section 871 255.502, Florida Statutes, is reenacted to read: 872 255.502Definitions; ss. 255.501-255.525.As used in this 873 act, the following words and terms shall have the following 874 meanings unless the context otherwise requires: 875 (4)Authorized investments means and includes without 876 limitation any investment in: 877 (h)Savings accounts in, or certificates of deposit of, 878 qualified public depositories as defined in s. 280.02, in an 879 amount that does not exceed 15 percent of the net worth of the 880 institution, or a lesser amount as determined by rule by the 881 State Board of Administration, provided such savings accounts 882 and certificates of deposit are secured in the manner prescribed 883 in chapter 280. 884 885 Investments in any security authorized in this subsection may be 886 under repurchase agreements or reverse repurchase agreements. 887 Section 31.For the purpose of incorporating the amendment 888 made by this act to section 280.02, Florida Statutes, in a 889 reference thereto, subsection (15) of section 280.051, Florida 890 Statutes, is reenacted to read: 891 280.051Grounds for suspension or disqualification of a 892 qualified public depository.A qualified public depository may 893 be suspended or disqualified or both if the Chief Financial 894 Officer determines that the qualified public depository has: 895 (15)No longer meets the definition of a qualified public 896 depository under s. 280.02. 897 Section 32.For the purpose of incorporating the amendment 898 made by this act to section 280.02, Florida Statutes, in a 899 reference thereto, subsection (1) of section 280.18, Florida 900 Statutes, is reenacted to read: 901 280.18Protection of public depositors; liability of the 902 state. 903 (1)When public deposits are made in accordance with this 904 chapter, there shall be protection from loss to public 905 depositors, as defined in s. 280.02, in the absence of 906 negligence, malfeasance, misfeasance, or nonfeasance on the part 907 of the public depositor or on the part of his or her agents or 908 employees. 909 Section 33.For the purpose of incorporating the amendment 910 made by this act to section 280.02, Florida Statutes, in 911 references thereto, subsections (1) and (2) of section 331.309, 912 Florida Statutes, are reenacted to read: 913 331.309Treasurer; depositories; fiscal agent. 914 (1)The board shall designate an individual who is a 915 resident of the state, or a qualified public depository as 916 defined in s. 280.02, as treasurer of Space Florida, who shall 917 have charge of the funds of Space Florida. Such funds shall be 918 disbursed only upon the order of or pursuant to the resolution 919 of the board by warrant, check, authorization, or direct deposit 920 pursuant to s. 215.85, signed or authorized by the treasurer or 921 his or her representative or by such other persons as may be 922 authorized by the board. The board may give the treasurer such 923 other or additional powers and duties as the board may deem 924 appropriate and shall establish the treasurers compensation. 925 The board may require the treasurer to give a bond in such 926 amount, on such terms, and with such sureties as may be deemed 927 satisfactory to the board to secure the performance by the 928 treasurer of his or her powers and duties. The board shall audit 929 or have audited the books of the treasurer at least once a year. 930 (2)The board is authorized to select as depositories in 931 which the funds of the board and of Space Florida shall be 932 deposited any qualified public depository as defined in s. 933 280.02, upon such terms and conditions as to the payment of 934 interest by such depository upon the funds so deposited as the 935 board may deem just and reasonable. The funds of Space Florida 936 may be kept in or removed from the State Treasury upon written 937 notification from the chair of the board to the Chief Financial 938 Officer. 939 Section 34.For the purpose of incorporating the amendment 940 made by this act to section 280.02, Florida Statutes, in a 941 reference thereto, subsection (2) of section 373.553, Florida 942 Statutes, is reenacted to read: 943 373.553Treasurer of the board; payment of funds; 944 depositories. 945 (2)The board is authorized to select as depositories in 946 which the funds of the board and of the district shall be 947 deposited in any qualified public depository as defined in s. 948 280.02, and such deposits shall be secured in the manner 949 provided in chapter 280. 950 Section 35.For the purpose of incorporating the amendment 951 made by this act to section 280.02, Florida Statutes, in a 952 reference thereto, section 631.221, Florida Statutes, is 953 reenacted to read: 954 631.221Deposit of moneys collected.The moneys collected 955 by the department in a proceeding under this chapter shall be 956 deposited in a qualified public depository as defined in s. 957 280.02, which depository with regards to such funds shall 958 conform to and be bound by all the provisions of chapter 280, or 959 invested with the Chief Financial Officer pursuant to chapter 960 18. For the purpose of accounting for the assets and 961 transactions of the estate, the receiver shall use such 962 accounting books, records, and systems as the court directs 963 after it hears and considers the recommendations of the 964 receiver. 965 Section 36.For the purpose of incorporating the amendment 966 made by this act to section 280.02, Florida Statutes, in a 967 reference thereto, paragraph (c) of subsection (3) of section 968 723.06115, Florida Statutes, is reenacted to read: 969 723.06115Florida Mobile Home Relocation Trust Fund. 970 (3)The department shall distribute moneys in the Florida 971 Mobile Home Relocation Trust Fund to the Florida Mobile Home 972 Relocation Corporation in accordance with the following: 973 (c)Funds transferred from the trust fund to the 974 corporation shall be transferred electronically and shall be 975 transferred to and maintained in a qualified public depository 976 as defined in s. 280.02 which is specified by the corporation. 977 Section 37.This act shall take effect July 1, 2024.