September 23, 2019
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Senate Bill 0272

Senate Bill sb0272

CODING: Words stricken are deletions; words underlined are additions.
    Florida Senate - 2002                                   SB 272

    By Senators Latvala and Garcia





    19-99-02

  1                      A bill to be entitled

  2         An act relating to governmental reorganization;

  3         creating s. 17.001, F.S.; establishing the

  4         Office of the Chief Financial Officer; creating

  5         s. 20.121, F.S.; creating the Department of

  6         Financial Services; providing for the divisions

  7         of the department; specifying division

  8         directors who shall act as agency head for

  9         purposes of ch. 120, F.S.; establishing the

10         manner of their appointment and confirmation;

11         amending s. 627.0623, F.S.; limiting campaign

12         contributions from certain persons to or on

13         behalf of the Treasurer or Chief Financial

14         Officer; providing a criminal penalty for a

15         violation; amending s. 655.019, F.S.; limiting

16         campaign contributions from certain persons to

17         or on behalf of the Comptroller or Chief

18         Financial Officer; providing a criminal penalty

19         for a violation; providing that this act shall

20         not affect the validity of certain judicial and

21         administrative actions; transferring the

22         Department of Banking and Finance and the

23         Department of Insurance to the Department of

24         Financial Services; repealing s. 20.12, F.S.;

25         abolishing the Department of Banking and

26         Finance; repealing s. 20.13, F.S.; abolishing

27         the Department of Insurance; providing

28         effective dates.

29

30  Be It Enacted by the Legislature of the State of Florida:

31

                                  1

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    Florida Senate - 2002                                   SB 272
    19-99-02




  1         Section 1.  Section 17.001, Florida Statutes, is

  2  created to read:

  3         17.001  Financial Officer.--As provided in s. 4(c),

  4  Art. IV of the State Constitution, the Chief Financial Officer

  5  is the chief fiscal officer of the state and is responsible

  6  for settling and approving accounts against the state and

  7  keeping all state funds and securities.

  8         Section 2.  Section 20.121, Florida Statutes, is

  9  created to read:

10         20.121  Department of Financial Services.--There is

11  created a Department of Financial Services.

12         (1)  The head of the Department of Financial Services

13  is the Chief Financial Officer.

14         (2)  The Department of Financial Services shall consist

15  of the following divisions:

16         (a)  Division of Treasury.

17         (b)  Division of Consumer Services.

18         (c)  Division of Insurer Services.

19         (d)  Division of Financial Institutions, which shall

20  consist of the following bureaus:

21         1.  Bureau of Banking; and

22         2.  Bureau of Credit Unions.

23         (e)  Division of Risk Management.

24         (f)  Division of State Fire Marshal.

25         (g)  Division of Insurance Fraud.

26         (h)  Division of Rehabilitation and Liquidation.

27         (i)  Division of Securities.

28         (j)  Division of Information Systems.

29         (k)  Division of Legal Services.

30         (l)  Division of Financial Investigations.

31         (m)  Division of Accounting and Auditing.

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    Florida Senate - 2002                                   SB 272
    19-99-02




  1         (n)  Division of Insurance Agent and Agency Services.

  2         (o)  Division of Administration.

  3         (3)  The Division of Financial Institutions, the

  4  Division of Securities, and the Division of Insurer Services

  5  shall each be headed by a "director." The directors of these

  6  divisions shall act as agency head for purposes of chapter

  7  120, and shall be responsible for final agency action with

  8  regard to the implementation and enforcement of statutes and

  9  rules under the regulatory authority delegated to their

10  divisions. The Director of the Division of Financial

11  Institutions, the Director of the Division of Securities, and

12  the Director of the Division of Insurer Services shall each be

13  appointed by the Chief Financial Officer, subject to

14  confirmation by the trustees of the State Board of

15  Administration, and shall serve at the pleasure of the

16  trustees of the State Board of Administration.

17         (4)  The Division of Financial Investigations shall

18  function as a criminal justice agency within the meaning of s.

19  943.045(10)(e).

20         (5)(a)  The Division of Treasury, in addition to other

21  matters that may be assigned to or located within that

22  division, shall administer the Government Employees Deferred

23  Compensation Plan established under s. 112.215 for state

24  employees.

25         (b)  To carry out the purpose of paragraph (a), a

26  Section of Government Employee Deferred Compensation is

27  created within the Division of Treasury.

28         Section 3.  Effective upon this act becoming a law,

29  section 627.0623, Florida Statutes, is amended to read:

30         627.0623  Restrictions on expenditures and

31  solicitations of insurers and affiliates.--

                                  3

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    Florida Senate - 2002                                   SB 272
    19-99-02




  1         (1)  As used in this section:

  2         (a)  "Insurer" means any entity holding a certificate

  3  of authority under chapter 624, chapter 628, chapter 629,

  4  chapter 632, or chapter 641.

  5         (b)  "Affiliate" means any insurance holding company

  6  required to be registered under s. 628.801 or any subsidiary

  7  of such holding company.

  8         (2)  No insurer, affiliate, or officer of an insurer or

  9  affiliate, and no political committee or committee of

10  continuous existence representing the interests of such

11  insurer, affiliate, or officer shall make a contribution in

12  excess of $100, for any election, to or on behalf of the

13  Treasurer or Chief Financial Officer or to or on behalf of any

14  candidate for the office of Chief Financial Officer Treasurer.

15  The provisions of this subsection shall not prevent any

16  candidate or members of that candidate's family from

17  contributing to that candidate's campaign as otherwise

18  permitted by law.

19         (3)  The Treasurer or Chief Financial Officer or a

20  candidate for the office of Chief Financial Officer Treasurer

21  may not accept a campaign contribution in excess of $100 from

22  any insurer, affiliate, or officer of an insurer or affiliate,

23  or any political committee or committee of continuous

24  existence that represents such insurer, affiliate, or officer.

25         (4)  No employee of the department or the Department of

26  Financial Services may solicit a campaign contribution for the

27  Treasurer or Chief Financial Officer or any candidate for the

28  office of Chief Financial Officer Treasurer from any insurer,

29  affiliate, or officer of an insurer or affiliate, or any

30  political committee or committee of continuous existence that

31  represents such insurer, affiliate, or officer. For purposes

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    Florida Senate - 2002                                   SB 272
    19-99-02




  1  of this section, "employee of the department" means any person

  2  employed in the Department of Insurance, or the Treasurer's

  3  office, the Department of Financial Services, or the Office of

  4  the Chief Financial Officer holding a position in the Senior

  5  Management Service as defined in s. 110.402; any person

  6  holding a position in the Selected Exempt Service as defined

  7  in s. 110.602; any person having authority over insurance

  8  policy, regulation, or supervision; or any person hired on a

  9  contractual basis, having the power normally conferred upon

10  such person, by whatever title.

11         (5)  The Department of Insurance and the Department of

12  Financial services shall make available by electronic means a

13  list of persons whose names are filed with such the department

14  and who are insurers, affiliates, or officers subject to this

15  section. Each The department may charge a fee for the

16  furnishing of a list under this subsection in an amount to

17  cover its the cost of preparing the list.

18         (6)  Any person who commits a knowing and willful

19  violation of this section commits a misdemeanor of the first

20  degree, punishable as provided in s. 775.082 or s. 775.083.

21         Section 4.  Effective upon this act becoming a law,

22  section 655.019, Florida Statutes, is amended to read:

23         655.019  Campaign contributions; limitations.--

24         (1)  Notwithstanding the limits provided in s. 106.08,

25  no financial institution which is licensed or otherwise

26  authorized to do business pursuant to chapters 655-665, nor an

27  officer, executive officer, affiliate, subsidiary or service

28  corporation of a financial institution that is licensed or

29  otherwise authorized to do business pursuant to chapters

30  655-665, and no political committee or committee of continuous

31  existence representing the interests of such financial

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    Florida Senate - 2002                                   SB 272
    19-99-02




  1  institution shall make a contribution in excess of $100, for

  2  any election, to or on behalf of the Comptroller or Chief

  3  Financial Officer or any candidate for the office of Chief

  4  Financial Officer Comptroller.  The provisions of this

  5  subsection shall not prevent any candidate or members of that

  6  candidate's immediate family from contributing to that

  7  candidate's campaign as otherwise permitted by law.

  8         (2)  The Comptroller, Chief Financial Officer, or

  9  candidate for the office of Chief Financial Officer

10  Comptroller may not accept a campaign contribution in excess

11  of $100 from any financial institution which is licensed or

12  otherwise authorized to do business pursuant to chapters

13  655-665, or an officer, executive officer, affiliate,

14  subsidiary or service corporation of such financial

15  institution, or any political committee or committee of

16  continuous existence that represents that financial

17  institution.

18         (3)  No employee of the department or of the Department

19  of Financial Services may solicit a campaign contribution for

20  the Comptroller or Chief Financial Officer or any candidate

21  for the office of the Chief Financial Officer Comptroller from

22  any person who is licensed or otherwise authorized to do

23  business by the department or the Department of Financial

24  Services under chapters 655-665 or who has an application

25  pending for licensure or other authorization to do business

26  pending with the department or the Department of Financial

27  Services under chapters 655-665, or any director, officer,

28  employee, agent, retained legal counsel, lobbyist, or partner

29  or affiliate of that person or any political committee or

30  committee of continuous existence that represents that person.

31  For purposes of this section, "employee of the department"

                                  6

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    Florida Senate - 2002                                   SB 272
    19-99-02




  1  means any person employed in the department, the Department of

  2  Financial Services, or the Comptroller's office, or the office

  3  of the Chief Financial Officer holding a position in the

  4  Senior Management Service as defined in s. 110.402; any person

  5  holding a position in the Selected Exempt Service as defined

  6  in s. 110.602; any person having authority over institution

  7  policy, regulation, or supervision; or any person hired on a

  8  contractual basis, having the power normally conferred upon

  9  such person, by whatever title.

10         (4)  Any person who knowingly and willfully commits a

11  violation of this section commits a misdemeanor of the first

12  degree, punishable as provided in s. 775.082 or s. 775.083.

13         Section 5.  This act shall not affect the validity of

14  any judicial or administrative action involving the Department

15  of Banking and Finance or the Department of Insurance pending

16  on January 7, 2003, and the Department of Financial Services

17  shall be substituted as a party in interest in any such

18  action. However, if the action involves the constitutional

19  functions of the Comptroller or Treasurer, the Chief Financial

20  Officer shall instead be substituted as a party in interest.

21         Section 6.  Effective January 7, 2003, the Department

22  of Banking and Finance and the Department of Insurance are

23  transferred by a type two transfer, as defined in section

24  20.06, Florida Statutes, to the Department of Financial

25  Services.

26         Section 7.  Sections 20.12 and 20.13, Florida Statutes,

27  are repealed.

28         Section 8.  Except as otherwise provided in this act,

29  this act shall take effect January 7, 2003.

30

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    Florida Senate - 2002                                   SB 272
    19-99-02




  1            *****************************************

  2                          SENATE SUMMARY

  3    Establishes the office of Chief Financial Officer.
      Creates the Department of Financial Services and
  4    subdivisions of that department and transfers to it the
      Department of Banking and Finance and the Department of
  5    Insurance. Provides for the appointment, powers, and
      duties of the directors of the Division of Financial
  6    Institutions, the Division of Securities, and the
      Division of Insurer Services. Prohibits certain political
  7    contributions or expenditures to or on behalf of the
      Chief Financial Officer or a candidate for that office.
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