October 14, 2019
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The Florida Statutes

The 2010 Florida Statutes(including Special Session A)

Title XXXVIII
BANKS AND BANKING
Chapter 655
FINANCIAL INSTITUTIONS GENERALLY
View Entire Chapter
F.S. 655.045
655.045 Examinations, reports, and internal audits; penalty.
(1)(a) The office shall conduct an examination of the condition of each state financial institution during each 18-month period, beginning July 1, 1981. The office may accept an examination made by the appropriate federal regulator, insuring or guaranteeing corporation, or agency with respect to the condition of the state financial institution or may make a joint or concurrent examination with the appropriate federal regulator, insuring or guaranteeing corporation, or agency. However, at least once during each 36-month period beginning on July 3, 1992, the office shall conduct an examination of each state financial institution in such a manner as to allow the preparation of a complete examination report not subject to the right of any federal or other non-Florida entity to limit access to the information contained therein. If, as a part of an examination or investigation of a state financial institution, subsidiary, or service corporation, the office has reason to believe that an affiliate is engaged in an unsafe or unsound practice or that the affiliate has a negative impact on the state financial institution, subsidiary, or service corporation, then the office may review such books and records as are reasonably related to the examination or investigation. The office may furnish a copy of all examinations or reviews made of such financial institutions or their affiliates to the state or federal financial institution regulators participating in the examination of a bank holding company; an association holding company; or any of their subsidiaries, service corporations, or affiliates; an insuring or guaranteeing corporation or agency or its representatives; or state financial institution regulators participating in the examination of a holding company or its subsidiaries.
(b) The office may recover the costs of examination and supervision of a state financial institution, subsidiary, or service corporation that is determined by the office to be engaged in an unsafe or unsound practice. The office may also recover the costs of any review conducted pursuant to paragraph (a) of any affiliate of a state financial institution determined by the office to have contributed to an unsafe or unsound practice at a state financial institution, subsidiary, or service corporation.
(c) For the purposes of this section, the term “costs” means the salary and travel expenses directly attributable to the field staff examining the state financial institution, subsidiary, or service corporation, and the travel expenses of any supervisory staff required as a result of examination findings. The mailing of any costs incurred under this subsection must be postmarked not later than 30 days after the date of receipt of a notice stating that such costs are due. The office may levy a late payment of up to $100 per day or part thereof that a payment is overdue, unless it is excused for good cause. However, for intentional late payment of costs, the office may levy an administrative fine of up to $1,000 per day for each day the payment is overdue.
(d) The office may require an audit of any state financial institution, subsidiary, or service corporation by an independent certified public accountant approved by the office whenever the office, after conducting an examination of such state financial institution, subsidiary, or service corporation, or after accepting an examination of such state financial institution by the appropriate state or federal regulatory agency, determines that such an audit is necessary in order to ascertain the condition of the financial institution, subsidiary, or service corporation. The cost of such audit shall be paid by the state financial institution, subsidiary, or state service corporation.
(2)(a) Each state financial institution, subsidiary, or service corporation shall submit a report, at least four times each calendar year, as of such dates as the commission or office determines. Such report must include such information as the commission by rule requires for that type of institution.
(b) The office shall levy an administrative fine of up to $100 per day for each day the report is past due, unless it is excused for good cause. However, for intentional late filing of the report required under paragraph (a), the office shall levy an administrative fine of up to $1,000 per day for each day the report is past due.
(3)(a) The board of directors of each state financial institution or, in the case of a credit union, the supervisory committee or audit committee shall perform or cause to be performed, within each calendar year, an internal audit of each state financial institution, subsidiary, or service corporation and to file a copy of the report and findings of such audit with the office on a timely basis. Such internal audit must include such information as the commission by rule requires for that type of institution.
(b) With the approval of the office, the board of directors or, in the case of a credit union, the supervisory committee may elect, in lieu of such periodic audits, to adopt and implement an adequate continuous audit system and procedure which must include full, adequate, and continuous written reports to, and review by, the board of directors or, in the case of a credit union, the supervisory committee, together with written statements of the actions taken thereon and reasons for omissions to take actions, all of which shall be noted in the minutes and filed among the records of the board of directors or, in the case of a credit union, the supervisory committee. If at any time such continuous audit system and procedure, including the reports and statements, becomes inadequate, in the judgment of the office, the state financial institution shall promptly make such changes as may be required by the office to cause the same to accomplish the purpose of this section.
(c) Any de novo state financial institution open less than 4 months is exempt from the audit requirements of this section.
(4) A copy of the report of each examination must be furnished to the financial institution examined. Such report of examination shall be presented to the board of directors at its next regular or special meeting.
History.s. 1, ch. 80-273; s. 2, ch. 82-214; s. 143, ch. 83-216; s. 1, ch. 85-65; s. 3, ch. 85-82; s. 2, ch. 90-197; s. 1, ch. 91-307; ss. 1, 24, ch. 92-303; s. 5, ch. 93-111; s. 4, ch. 97-30; s. 523, ch. 97-102; s. 1717, ch. 2003-261; s. 8, ch. 2004-340; s. 91, ch. 2004-390.
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