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Amendment CaShTmL-813944.HTM
                                                  SENATE AMENDMENT
    Bill No. CS for CS for SB 2994
    Amendment No. ___   Barcode 813944
                            CHAMBER ACTION
              Senate                               House
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11  Senator Alexander moved the following amendment:
12  
13         Senate Amendment (with title amendment) 
14         On page 80, between lines 10 and 11,
15  
16  insert:  
17         Section 82.  Subsection (10) is added to section
18  494.0025, Florida Statutes, to read:
19         494.0025  Prohibited practices.--It is unlawful for any
20  person:
21         (10)  To use the name or logo of a financial
22  institution, as defined in s. 655.005(1), or its affiliates or
23  subsidiaries when marketing or soliciting existing or
24  prospective customers if such marketing materials are used
25  without the written consent of the financial institution and
26  in a manner that would lead a reasonable person to believe
27  that the material or solicitation originated from, was
28  endorsed by, or is related to or the responsibility of the
29  financial institution or its affiliates or subsidiaries.
30         Section 83.  Paragraph (o) is added to subsection (1)
31  of section 516.07, Florida Statutes, to read:
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SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 516.07 Grounds for denial of license or for 2 disciplinary action.-- 3 (1) The following acts are violations of this chapter 4 and constitute grounds for denial of an application for a 5 license to make consumer finance loans and grounds for any of 6 the disciplinary actions specified in subsection (2): 7 (o) Using the name or logo of a financial institution, 8 as defined in s. 655.005(1), or its affiliates or subsidiaries 9 when marketing or soliciting existing or prospective customers 10 if such marketing materials are used without the written 11 consent of the financial institution and in a manner that 12 would lead a reasonable person to believe that the material or 13 solicitation originated from, was endorsed by, or is related 14 to or the responsibility of the financial institution or its 15 affiliates or subsidiaries. 16 Section 84. Paragraph (j) is added to subsection (1) 17 of section 520.995, Florida Statutes, to read: 18 520.995 Grounds for disciplinary action.-- 19 (1) The following acts are violations of this chapter 20 and constitute grounds for the disciplinary actions specified 21 in subsection (2): 22 (j) Using the name or logo of a financial institution, 23 as defined in s. 655.005(1), or its affiliates or subsidiaries 24 when marketing or soliciting existing or prospective customers 25 if such marketing materials are used without the written 26 consent of the financial institution and in a manner that 27 would lead a reasonable person to believe that the material or 28 solicitation originated from, was endorsed by, or is related 29 to or the responsibility of the financial institution or its 30 affiliates or subsidiaries. 31 Section 85. Paragraph (bb) is added to subsection (1) 2 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 of section 626.9541, Florida Statutes, to read: 2 626.9541 Unfair methods of competition and unfair or 3 deceptive acts or practices defined.-- 4 (1) UNFAIR METHODS OF COMPETITION AND UNFAIR OR 5 DECEPTIVE ACTS.--The following are defined as unfair methods 6 of competition and unfair or deceptive acts or practices: 7 (bb) Deceptive use of name.--Using the name or logo of 8 a financial institution, as defined in s. 655.005(1), or its 9 affiliates or subsidiaries when marketing or soliciting 10 existing or prospective customers if such marketing materials 11 are used without the written consent of the financial 12 institution and in a manner that would lead a reasonable 13 person to believe that the material or solicitation originated 14 from, was endorsed by, or is related to or the responsibility 15 of the financial institution or its affiliates or 16 subsidiaries. 17 Section 86. Paragraphs (h) and (p) of subsection (1) 18 of section 655.005, Florida Statutes, are amended to read: 19 655.005 Definitions.-- 20 (1) As used in the financial institutions codes, 21 unless the context otherwise requires, the term: 22 (h) "Financial institution" means a state or federal 23 association, bank, savings bank, trust company, international 24 bank agency, international branch, representative office or 25 international administrative office, or credit union. 26 (p) "State financial institution" means a 27 state-chartered or state-organized association, bank, 28 investment company, trust company, international bank agency, 29 international branch, international representative office, 30 international administrative office, or credit union. 31 Section 87. Subsection (1) of section 655.0322, 3 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 Florida Statutes, is amended to read: 2 655.0322 Prohibited acts and practices; criminal 3 penalties.-- 4 (1) As used in this section, the term "financial 5 institution" means a financial institution as defined in s. 6 655.50 which includes a state trust company, state or national 7 bank, state or federal association, state or federal savings 8 bank, state or federal credit union, Edge Act or agreement 9 corporation, international bank agency, international branch, 10 representative office or administrative office or other 11 business entity as defined by the commission by rule, whether 12 organized under the laws of this state, the laws of another 13 state, or the laws of the United States, which institution is 14 located in this state. 15 Section 88. Section 655.0385, Florida Statutes, is 16 amended to read: 17 655.0385 Disapproval of directors and executive 18 officers.-- 19 (1) Each state financial institution shall notify the 20 office of the proposed appointment of any individual to the 21 board of directors or the appointment or employment of any 22 individual as an executive officer or equivalent position at 23 least 60 days before such appointment or employment becomes 24 effective, if the state financial institution: 25 (a) Has been chartered for less than 2 years; 26 (b) Has undergone a change in control or conversion 27 within the preceding 2 years. The office may exempt a 28 financial institution from this paragraph if it operates in a 29 safe and sound manner; 30 (c) Is not in compliance with the minimum capital 31 requirements applicable to such financial institution; or 4 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 (d) Is otherwise operating in an unsafe and unsound 2 condition, as determined by the office, on the basis of such 3 financial institution's most recent report of condition or 4 report of examination. 5 (2) A state financial institution may not appoint any 6 individual to the board of directors, or employ any individual 7 as an executive officer or equivalent position, if the office 8 issues a notice of disapproval with respect to that person. 9 (3) The office shall issue a notice of disapproval if 10 the competence, experience, character, or integrity of the 11 individual to be appointed or employed indicates that it is 12 not in the best interests of the depositors, the members, or 13 the public to permit the individual to be employed by or 14 associated with the state financial institution. 15 (4) Beginning 1 year after opening, each notification 16 of a proposed appointment of an individual to the board of 17 directors must be accompanied by a nonrefundable fee of $35. 18 (5)(4) The commission may adopt rules to implement 19 this section. 20 Section 89. Subsection (3) of section 655.045, Florida 21 Statutes, is amended to read: 22 655.045 Examinations, reports, and internal audits; 23 penalty.-- 24 (3)(a) The board of directors of each state financial 25 institution or, in the case of a credit union, the supervisory 26 committee or audit committee shall perform or cause to be 27 performed, within each calendar year, an internal audit of 28 each state financial institution, subsidiary, or service 29 corporation and to file a copy of the report and findings of 30 such audit with the office on a timely basis. Such internal 31 audit must include such information as the commission by rule 5 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 requires for that type of institution. 2 (b) With the approval of the office, the board of 3 directors or, in the case of a credit union, the supervisory 4 committee may elect, in lieu of such periodic audits, to adopt 5 and implement an adequate continuous audit system and 6 procedure which must include full, adequate, and continuous 7 written reports to, and review by, the board of directors or, 8 in the case of a credit union, the supervisory committee, 9 together with written statements of the actions taken thereon 10 and reasons for omissions to take actions, all of which shall 11 be noted in the minutes and filed among the records of the 12 board of directors or, in the case of a credit union, the 13 supervisory committee. If at any time such continuous audit 14 system and procedure, including the reports and statements, 15 becomes inadequate, in the judgment of the office, the state 16 financial institution shall promptly make such changes as may 17 be required by the office to cause the same to accomplish the 18 purpose of this section. 19 (c) Any de novo state financial institution open less 20 than 4 months is exempt from the audit requirements of this 21 section. 22 Section 90. Subsection (1) of section 655.059, Florida 23 Statutes, is amended to read: 24 655.059 Access to books and records; confidentiality; 25 penalty for disclosure.-- 26 (1) The books and records of a financial institution 27 are confidential and shall be made available for inspection 28 and examination only: 29 (a) To the office or its duly authorized 30 representative; 31 (b) To any person duly authorized to act for the 6 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 financial institution; 2 (c) To any federal or state instrumentality or agency 3 authorized to inspect or examine the books and records of an 4 insured financial institution; 5 (d) With respect to an international banking 6 corporation, to the home-country supervisor of the 7 corporation, provided: 8 1. The supervisor provides advance notice to the 9 office that the supervisor intends to examine the Florida 10 office of the corporation. 11 2. The supervisor confirms to the office that the 12 purpose of the examination is to ensure the safety and 13 soundness of the corporation. 14 3. The books and records pertaining to customer 15 deposit, investment, and custodial accounts are not disclosed 16 to the supervisor. 17 4. At any time during the conduct of the examination, 18 the office reserves the right to have an examiner present or 19 to participate jointly in the examination. 20 21 For purposes of this paragraph, "home-country supervisor" 22 means the governmental entity in the corporation's home 23 country with responsibility for the supervision and regulation 24 of the corporation; 25 (e) As compelled by a court of competent jurisdiction, 26 pursuant to a subpoena issued pursuant to the Florida Rules of 27 Civil or Criminal Procedure or the Federal Rules of Civil 28 Procedure, or pursuant to a subpoena issued in accordance with 29 state or federal law. Prior to the production of the books and 30 records of a financial institution, the party seeking 31 production must reimburse the financial institution for the 7 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 reasonable costs and fees incurred in compliance with the 2 production. If the parties disagree regarding the amount of 3 reimbursement, the party seeking the records may request the 4 court or agency having jurisdiction to set the amount of 5 reimbursement; 6 (f) As compelled by legislative subpoena as provided 7 by law, in which case the provisions of s. 655.057 apply; 8 (g) Pursuant to a subpoena, to any federal or state 9 law enforcement or prosecutorial instrumentality authorized to 10 investigate suspected criminal activity; 11 (h) As authorized by the board of directors of the 12 financial institution; or 13 (i) As provided in subsection (2). 14 Section 91. Section 655.921, Florida Statutes, is 15 amended to read: 16 655.921 Transaction of business by out-of-state 17 financial institutions; exempt transactions in the financial 18 institutions codes.-- 19 (1) Nothing in the financial institutions codes shall 20 be construed to prohibit a financial institution having its 21 principal place of business outside this state and not 22 operating branches in this state from: 23 (a) Contracting in this state with any person to 24 acquire from such person a part, or the entire, interest in a 25 loan that such person proposes to make, has heretofore made, 26 or hereafter makes, together with a like interest in any 27 security instrument covering real or personal property in the 28 state proposed to be given or hereafter or heretofore given to 29 such person to secure or evidence such loan. 30 (b) Entering into mortgage servicing contracts with 31 persons authorized to transact business in this state and 8 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 enforcing in this state the obligations heretofore or 2 hereafter acquired by it in the transaction of business 3 outside this state or in the transaction of any business 4 authorized by this section. 5 (c) Acquiring, holding, leasing, mortgaging, 6 contracting with respect to, or otherwise protecting, 7 managing, or conveying property in this state which has 8 heretofore or may hereafter be assigned, transferred, 9 mortgaged, or conveyed to it as security for, or in whole or 10 in part in satisfaction of, a loan or loans made by it or 11 obligations acquired by it in the transaction of any business 12 authorized by this section. 13 (d) Making loans or committing to make loans to any 14 person located in this state and soliciting compensating 15 deposit balances in connection therewith. 16 (2) No such financial institution shall be deemed to 17 be transacting business in this state, or be required to 18 qualify so to do, solely by reason of the performance of any 19 of the acts or business authorized in this section. This 20 section does not authorize or permit any such financial 21 institution to maintain an office within the state. 22 Section 92. Section 655.922, Florida Statutes, is 23 amended to read: 24 655.922 Banking business by unauthorized persons; use 25 of name.-- 26 (1) No person other than a financial institution 27 authorized to do business in this state pursuant to the 28 financial institutions codes of any state or federal law 29 shall, in this state, engage in the business of soliciting or 30 receiving funds for deposit or of issuing certificates of 31 deposit or of paying checks; and no person shall establish or 9 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 maintain a place of business in this state for any of the 2 functions, transactions, or purposes mentioned in this 3 subsection. Any person who violates the provisions of this 4 subsection is guilty of a felony of the third degree, 5 punishable as provided in s. 775.082, s. 775.083, or s. 6 775.084. This subsection does not prohibit the issuance or 7 sale by a financial institution of traveler's checks, money 8 orders, or other instruments for the transmission or payment 9 of money, by or through employees or agents of the financial 10 institution off the financial institution's premises. 11 (2) No person other than a financial institution 12 shall, in this state: 13 (a) Transact business under any name or title that 14 contains the words "bank," "banco," "banque," "banker," 15 "banking," "trust company," "savings and loan association," 16 "savings bank," or "credit union," or words of similar import, 17 in any context or in any manner; 18 (b) Use any name, word, sign, symbol, or device in any 19 context or in any manner; or 20 (c) Circulate or use any letterhead, billhead, 21 circular, paper, or writing of any kind or otherwise advertise 22 or represent in any manner, 23 24 which indicates or reasonably implies that the business being 25 conducted or advertised is the kind or character of business 26 transacted or conducted by a financial institution or which is 27 likely to lead any person to believe that such business is 28 that of a financial institution; however, the words "bank," 29 "banker," "banking," "trust company," "savings and loan 30 association," "savings bank," or "credit union," or the plural 31 of any thereof, may be used by, and in the corporate or other 10 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 name or title of, any company which is or becomes a financial 2 institution holding company pursuant to federal law; any 3 subsidiary of any such financial institution holding company 4 which includes as a part of its name or title all or any part, 5 or abbreviations, of the name or title of the financial 6 institution holding company of which it is a subsidiary; any 7 trade organization or association, whether or not 8 incorporated, functioning for the purpose of promoting the 9 interests of financial institutions or financial institution 10 holding companies, the active members of which are financial 11 institutions or financial institution holding companies; and 12 any international development bank chartered pursuant to part 13 II of chapter 663. 14 (3) No person may use the name or logo of any 15 financial institution or an affiliate or subsidiary thereof, 16 or use a name similar to that of a financial institution or an 17 affiliate or subsidiary thereof, to market or solicit business 18 from a customer or prospective customer of such institution 19 if: 20 (a) The solicitation is done without the written 21 consent of the financial institution or its affiliate or 22 subsidiary; and 23 (b) A reasonable person would believe that the 24 materials originated from, are endorsed by, or are connected 25 with the financial institution or its affiliates or 26 subsidiaries. 27 (4)(3) Any court, in a proceeding brought by the 28 office, by any financial institution the principal place of 29 business of which is in this state, or by any other person 30 residing, or whose principal place of business is located, in 31 this state and whose interests are substantially affected 11 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 thereby, may enjoin any person from violating any of the 2 provisions of this section. For the purposes of this 3 subsection, the interests of a trade organization or 4 association are deemed to be substantially affected if the 5 interests of any of its members are so affected. In addition, 6 the office may issue and serve upon any person who violates 7 any of the provisions of this section a complaint seeking a 8 cease and desist order in accordance with the procedures and 9 in the manner prescribed by s. 655.033. 10 (5)(4) Nothing in this section shall be construed to 11 prohibit the lawful establishment or the lawful operations of 12 a financial institution and nothing in this code shall be 13 construed to prohibit any advertisement or other activity in 14 this state by any person if such prohibition would contravene 15 any applicable federal law which preempts the law of this 16 state. 17 (6) The commission shall adopt rules to administer 18 this section. 19 Section 93. Subsection (1) of section 655.94, Florida 20 Statutes, is amended to read: 21 655.94 Special remedies for nonpayment of rent.-- 22 (1) If the rental due on a safe-deposit box has not 23 been paid for 3 months, the lessor may send a notice by 24 certified registered mail to the last known address of the 25 lessee stating that the safe-deposit box will be opened and 26 its contents stored at the expense of the lessee unless 27 payment of the rental is made within 30 days. If the rental 28 is not paid within 30 days from the mailing of the notice, the 29 box may be opened in the presence of an officer of the lessor 30 and of a notary public who is not a director, officer, 31 employee, or stockholder of the lessor. The contents shall be 12 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 sealed in a package by a notary public who shall write on the 2 outside the name of the lessee and the date of the opening. 3 The notary public shall execute a certificate reciting the 4 name of the lessee, the date of the opening of the box, and a 5 list of its contents. The certificate shall be included in 6 the package, and a copy of the certificate shall be sent by 7 certified registered mail to the last known address of the 8 lessee. The package shall then be placed in the general 9 vaults of the lessor at a rental not exceeding the rental 10 previously charged for the box. The lessor has a lien on the 11 package and its contents to the extent of any rental due and 12 owing plus the actual, reasonable costs of removing the 13 contents from the safe-deposit box. 14 Section 94. Section 658.16, Florida Statutes, is 15 amended to read: 16 658.16 Creation of banking or trust corporation.-- 17 (1) When authorized by the office, as provided herein, 18 a corporation may be formed under the laws of this state for 19 the purpose of becoming a state bank or a state trust company 20 and conducting a general banking or trust business. 21 (2) A bank or trust company that is chartered as a 22 limited liability company under the law of any state is deemed 23 to be incorporated under the financial institutions codes if: 24 (a) The institution is not subject to automatic 25 termination, dissolution, or suspension upon the occurrence of 26 an event including the death, disability, bankruptcy, 27 expulsion, or withdrawal of an owner of the institution, other 28 than the passage of time; 29 (b) The exclusive authority to manage the institution 30 is vested in a board of managers or directors that is elected 31 or appointed by the owners which operates in substantially the 13 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 same manner as, and has substantially the same rights, powers, 2 privileges, duties, and responsibilities, as a board of 3 directors of a bank or trust company chartered as a 4 corporation; and 5 (c) Neither the laws of the state of the institution's 6 organization nor the institution's operating agreement, 7 bylaws, or other organizational documents: 8 1. Provide that an owner of the institution is liable 9 for the debts, liabilities, or obligations of the institution 10 in excess of the amount of the owner's investment; or 11 2. Require the consent of any other owner of the 12 institution in order for an owner to transfer an ownership 13 interest in the institution, including voting rights. 14 (3) As used in the financial institutions codes, the 15 term: 16 (a) "Stockholder" or "shareholder" includes an owner 17 of any interest in a bank or trust company chartered as a 18 limited liability company, including a member or participant; 19 (b) "Director" includes a manager or director of a 20 bank or trust company chartered as a limited liability 21 company, or other person who has, with respect to such a bank 22 or trust company, authority substantially similar to that of a 23 director of a corporation; 24 (c) "Officer" includes an officer of a bank or trust 25 company chartered as a limited liability company, or other 26 person who has, with respect to such a bank or trust company, 27 authority substantially similar to that of an officer of a 28 corporation; 29 (d) "Stock," "voting stock," "voting shares," and 30 "voting securities" includes similar ownership interests in a 31 bank or trust company chartered as a limited liability 14 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 company, including certificates or other evidence of ownership 2 interests; 3 (e) "Articles of incorporation" or "bylaws" of a bank 4 or trust company chartered as a limited liability company 5 means the institution's articles of organization and operating 6 agreement or other organizational documentation that is 7 substantially similar to that of a corporation; 8 (f) "Par value" of any ownership interest in a bank or 9 trust company chartered as a limited liability company means 10 the amount of capital which must be invested for each unit of 11 ownership; and 12 (g) "Dividend" includes distributions of earnings to 13 the owners of a bank or trust company chartered as a limited 14 liability company. 15 Section 95. Subsection (5) of section 658.23, Florida 16 Statutes, is amended to read: 17 658.23 Submission of articles of incorporation; 18 contents; form; approval; filing; commencement of corporate 19 existence; bylaws.-- 20 (5) Unless the articles of incorporation provide 21 otherwise, the board of directors shall have authority to 22 adopt or amend bylaws that do not conflict with bylaws that 23 may have been adopted by the stockholders. The bylaws shall 24 be for the governance government of the bank or trust company, 25 subordinate only to the articles of incorporation and the laws 26 of the United States and of this state. A current copy of the 27 bylaws shall be filed with the office at all times. 28 Section 96. Section 658.26, Florida Statutes, is 29 amended to read: 30 658.26 Places of transacting business; branches; 31 facilities.-- 15 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 (1) Any bank or trust company heretofore or hereafter 2 incorporated pursuant to this chapter shall have one main 3 office, which shall be located within the state. 4 (2)(a) In addition, with the approval of the office 5 and upon such conditions as the commission or office 6 prescribes, any state bank or trust company may establish 7 branches or relocate offices within or outside the state. With 8 the approval of the office upon a determination that the 9 resulting bank or trust company will be of sound financial 10 condition, any bank or trust company incorporated pursuant to 11 this chapter may establish branches by merger with any other 12 bank or trust company. 13 (b) As provided by commission rules, a financial 14 institution operating in a safe and sound manner may establish 15 or relocate an office by filing a written notice with the 16 office at least 30 days before opening or relocating that 17 office, without filing an application or paying an application 18 fee. The notification must specify the name and location of 19 the office and effective date of the change. The relocation of 20 a main office to a location outside this state must be by 21 application only. 22 (c) Applications filed pursuant to this subsection 23 need not be published in the Florida Administrative Weekly, 24 but shall otherwise be subject to chapter 120. 25 (d)(b) An application to establish for a branch by a 26 bank that is ineligible does not meet the requirements for the 27 branch notification process shall be in writing in such form 28 as the commission prescribes and be supported by such 29 information, data, and records as the commission or office may 30 require to make findings necessary for approval. Applications 31 filed pursuant to this subsection shall not be published in 16 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 the Florida Administrative Weekly but shall otherwise be 2 subject to the provisions of chapter 120. Upon the filing of 3 an application and a nonrefundable filing fee for the 4 establishment of any branch permitted by paragraph (a), the 5 office shall make an investigation with respect to compliance 6 with the requirements of paragraph (a) and shall investigate 7 and consider all factors relevant to such requirements, 8 including the following: 9 1. The sufficiency of capital accounts in relation to 10 the deposit liabilities of the bank, or in relation to the 11 number and valuation of fiduciary accounts of the trust 12 company, including the proposed branch, and the additional 13 fixed assets, if any, which are proposed for the branch and 14 its operations, without undue risk to the bank or its 15 depositors, or undue risk to the trust company or its 16 fiduciary accounts; 17 2. The sufficiency of earnings and earning prospects 18 of the bank or trust company to support the anticipated 19 expenses and any anticipated operating losses of the branch 20 during its formative or initial years; 21 3. The sufficiency and quality of management available 22 to operate the branch; 23 4. The name of the proposed branch to determine if it 24 reasonably identifies the branch as a branch of the main 25 office and is not likely to unduly confuse the public; and 26 5. Substantial compliance by the applicants with 27 applicable law governing their operations. 28 (e)(c) A state bank that is not eligible for 29 notification of a branch relocation must file an application 30 in the form required by the commission. Upon the filing of a 31 relocation application and a nonrefundable filing fee, the 17 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 office shall investigate to determine whether the financial 2 institution has substantially complied with applicable law 3 governing its operations. Additional investments in land, 4 buildings, leases, and leasehold improvements resulting from 5 such relocation must comply with the limitations imposed by s. 6 658.67(7)(a). A main office may not be moved outside this 7 state unless the move is expressly authorized by the financial 8 institutions codes or by federal law. A financial institution 9 that has been in operation for less than 24 months must 10 provide evidence that the criteria of s. 658.21(1) will be 11 met. As provided by commission rule, a financial institution 12 operating in a safe and sound manner may establish a branch by 13 filing a written notice with the office at least 30 days 14 before opening that branch. In such case, the financial 15 institution need not file a branch application or pay a branch 16 application fee. 17 (3)(a) An office in this state may be relocated with 18 prior written approval of the office. An application for 19 relocation shall be in writing in such form as the commission 20 prescribes and shall be supported by such information, data, 21 and records as the commission or office may require to make 22 findings necessary for approval. 23 (b) Applications filed pursuant to this subsection 24 shall not be published in the Florida Administrative Weekly 25 but shall otherwise be subject to the provisions of chapter 26 120. Upon the filing of a relocation application and a 27 nonrefundable filing fee, the office shall investigate to 28 determine substantial compliance by the financial institution 29 with applicable law governing its operations. Additional 30 investments in land, buildings, leases, and leasehold 31 improvements resulting from such relocation shall comply with 18 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 the limitations imposed by s. 658.67(7)(a). A main office may 2 not be moved outside this state unless expressly authorized by 3 the financial institutions codes or by federal law. 4 (c) A relocation application filed by a state bank or 5 trust company that is operating in a safe and sound manner 6 which is not denied within 10 working days after receipt shall 7 be deemed approved unless the office notifies the financial 8 institution in writing that the application was not complete. 9 (d) In addition to the application required by 10 paragraph (a), a financial institution whose main office in 11 this state has been in operation less than 24 months must 12 provide evidence that the criteria of s. 658.21(1) will be 13 met. 14 (f)(e) A branch office may be closed with 30 days' 15 prior written notice to the office. The notice shall include 16 any information the commission prescribes by rule. 17 (3)(4) With prior written notification to the office, 18 any bank may operate facilities which are not physically 19 connected to the main or branch office of the bank, provided 20 that the facilities are situated on the property of the main 21 or branch office or property contiguous thereto. Property 22 which is separated from the main or branch office of a bank by 23 only a street, and one or more walkways and alleyways are 24 determined to be, for purposes of this subsection, contiguous 25 to the property of the main or branch office. 26 (4)(5) A bank may provide, directly or through a 27 contract with another company, off-premises armored car 28 service to its customers. Armored car services shall not be 29 considered a branch for the purposes of subsection (2). 30 (5)(6)(a) Any state bank that is a subsidiary of a 31 bank holding company may agree to receive deposits, renew time 19 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 deposits, close loans, service loans, and receive payments on 2 loans and other obligations, as an agent for an affiliated 3 depository institution. 4 (b) The term "close loan" does not include the making 5 of a decision to extend credit or the extension of credit. 6 (c) As used in this section, "receive deposits" means 7 the taking of deposits to be credited to an existing account 8 and does not include the opening or origination of new deposit 9 accounts at an affiliated institution by the agent 10 institution. 11 (d) Under this section, affiliated banks may act as 12 agents for one another regardless of whether the institutions 13 are located in the same or different states. This section 14 applies solely to affiliated depository institutions acting as 15 agents, and has no application to agency relationships 16 concerning nondepositories as agent, whether or not affiliated 17 with the depository institution. 18 (e) In addition, under this section, agent banks may 19 perform ministerial functions for the principal bank making a 20 loan. Ministerial functions include, but are not limited to, 21 such activities as providing loan applications, assembling 22 documents, providing a location for returning documents 23 necessary for making the loan, providing loan account 24 information, and receiving payments. It does not include such 25 loan functions as evaluating applications or disbursing loan 26 funds. 27 Section 97. Subsection (5) of section 658.33, Florida 28 Statutes, is amended to read: 29 658.33 Directors, number, qualifications; officers.-- 30 (5) The president, or chief executive officer, or any 31 other person, regardless of title, who has equivalent rank or 20 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 leads the overall operations of a bank or trust company must 2 have had at least 1 year of direct experience as an executive 3 officer, director, or regulator of a financial institution 4 within the last 3 years. This requirement may be waived by the 5 office after considering the overall experience and expertise 6 of the proposed officer and the condition of the bank or trust 7 company, as reflected in the most recent regulatory 8 examination report and other available data. 9 Section 98. Section 658.37, Florida Statutes, is 10 amended to read: 11 658.37 Dividends and surplus.-- 12 (1) The directors of any bank or trust company, after 13 charging off bad debts, depreciation, and other worthless 14 assets if any, and making provision for reasonably anticipated 15 future losses on loans and other assets, may quarterly, 16 semiannually, or annually declare a dividend of so much of the 17 aggregate of the net profits of that period combined with its 18 retained net profits of the preceding 2 years as they shall 19 judge expedient, and, with the approval of the office, any 20 bank or trust company may declare a dividend from retained net 21 profits which accrued prior to the preceding 2 years, but each 22 bank or trust company shall, before the declaration of a 23 dividend on its common stock, carry 20 percent of its net 24 profits for such preceding period as is covered by the 25 dividend to its surplus fund, until the same shall at least 26 equal the amount of its common and preferred stock then issued 27 and outstanding. No bank or trust company shall declare any 28 dividend at any time at which its net income from the current 29 year combined with the retained net income from the preceding 30 2 years is a loss or which would cause the capital accounts of 31 the bank or trust company to fall below the minimum amount 21 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 required by law, regulation, order, or any written agreement 2 with the office or a state or federal regulatory agency. A 3 bank or trust company may, however, split up or divide the 4 issued shares of capital stock into a greater number of shares 5 without increasing or decreasing the capital accounts of the 6 bank or trust company, and such shall not be construed to be a 7 dividend within the meaning of this section. 8 (2) A bank that has been determined to be imminently 9 insolvent may not pay a dividend. 10 Section 99. Present subsection (10) of section 658.48, 11 Florida Statutes, is redesignated as subsection (11), and a 12 new subsection (10) is added to that section, to read: 13 658.48 Loans.--A state bank may make loans and 14 extensions of credit, with or without security, subject to the 15 following limitations and provisions: 16 (10) IMMINENTLY INSOLVENT BANK.--When the office has 17 determined that a state bank is imminently insolvent, the bank 18 may not make any new loans or discounts other than by 19 discounting or purchasing bills of exchange payable at sight. 20 Section 100. Paragraph (a) of subsection (9) of 21 section 658.67, Florida Statutes, is amended to read: 22 658.67 Investment powers and limitations.--A bank may 23 invest its funds, and a trust company may invest its corporate 24 funds, subject to the following definitions, restrictions, and 25 limitations: 26 (9) ACQUISITIONS OF PROPERTY AS SECURITY.--A bank or 27 trust company may acquire property of any kind to secure, 28 protect, or satisfy a loan or investment previously made in 29 good faith, and such property shall be entered on the books of 30 the bank or trust company and held and disposed of subject to 31 the following conditions and limitations: 22 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 (a) The book entry shall be the lesser of the balance 2 of the loan or investment plus acquisition costs and accrued 3 interest or the appraisal value or market value of the 4 property acquired which shall be determined and dated within 1 5 year prior to or 90 days after the date of acquisition and in 6 compliance with s. 655.60. 7 Section 101. Subsection (4) of section 658.73, Florida 8 Statutes, is amended to read: 9 658.73 Fees and assessments.-- 10 (4) Any individual or entity other than a financial 11 institution chartered in this state must Each state bank and 12 state trust company shall pay to the office $25 for each 13 "certificate of good standing" certifying that a 14 state-chartered financial institution is licensed to conduct 15 business in this state under the financial institutions codes. 16 All such requests shall be in writing. The office shall waive 17 this fee when the request is by a state or federal regulatory 18 agency or law enforcement agency. 19 Section 102. Subsections (4) and (7) of section 20 663.16, Florida Statutes, are amended to read: 21 663.16 Definitions; ss. 663.17-663.181.--As used in 22 ss. 663.17-663.181, the term: 23 (4) Except where the context otherwise requires, 24 "international banking corporation" or "corporation" means any 25 international bank agency or branch operating in this state. 26 (7) "Control" means any person or group of persons 27 acting in concert, directly or indirectly, owning, 28 controlling, or holding the power to vote 25 more than 50 29 percent or more of the voting stock of a company, or having 30 the ability in any manner to elect a majority of directors of 31 a corporation, or otherwise exercising a controlling influence 23 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 over the management and policies of a corporation as 2 determined by the office. 3 Section 103. Subsection (1) of section 663.304, 4 Florida Statutes, is amended to read: 5 663.304 Application for authority to organize an 6 international development bank.-- 7 (1) A written application for authority to organize an 8 international development bank shall be filed with the office 9 by the proposed incorporator and shall include: 10 (a) The name, residence, and occupation of each 11 incorporator and proposed director. 12 (b) The proposed corporate name and evidence of 13 reservation of the proposed corporate name with the Department 14 of State. 15 (b)(c) The total initial capital and the number of 16 shares of capital stock to be authorized. 17 (c)(d) The location, by street and post-office address 18 and county, of the principal office of the proposed 19 international development bank. 20 (d)(e) If known, the name and residence of the 21 proposed president and the proposed chief executive officer, 22 if other than the proposed president. 23 (e)(f) Such detailed financial, business, and 24 biographical information as the commission or office may 25 reasonably require for each proposed director and for the 26 proposed president and the proposed chief executive officer, 27 if other than the president. 28 Section 104. Paragraph (a) of subsection (4) of 29 section 665.034, Florida Statutes, is amended to read: 30 665.034 Acquisition of assets of or control over an 31 association.-- 24 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 (4) For purposes of this section, a person or group of 2 persons shall be deemed to have control of an association if 3 such person or group of persons: 4 (a) Directly or indirectly, or acting in concert with 5 one or more persons or through one or more subsidiaries, owns, 6 controls, holds with powers to vote, or holds proxies 7 representing more than 25 percent or more of the voting common 8 stock of such association. 9 Section 105. Subsections (2) and (6) of section 10 674.406, Florida Statutes, are amended to read: 11 674.406 Customer's duty to discover and report 12 unauthorized signature or alteration.-- 13 (2) If the items are not returned to the customer, the 14 person retaining the items shall either retain the items or, 15 if the items are destroyed, maintain the capacity to furnish 16 legible copies of the items until the expiration of 5 7 years 17 after receipt of the items. A customer may request an item 18 from the bank that paid the item, and that bank must provide 19 in a reasonable time either the item or, if the item has been 20 destroyed or is not otherwise obtainable, a legible copy of 21 the item. 22 (6) Without regard to care or lack of care of either 23 the customer or the bank, a customer who does not within 180 24 days 1 year after the statement or items are made available to 25 the customer (subsection (1)) discover and report the 26 customer's unauthorized signature on or any alteration on the 27 item or who does not, within 1 year after that time, discover, 28 and report any unauthorized endorsement is precluded from 29 asserting against the bank the unauthorized signature or 30 alteration. If there is a preclusion under this subsection, 31 the payor bank may not recover for breach of warranty under s. 25 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 674.2081 with respect to the unauthorized signature or 2 alteration to which the preclusion applies. 3 Section 106. Section 658.68, Florida Statutes, is 4 repealed. 5 6 (Redesignate subsequent sections.) 7 8 9 ================ T I T L E A M E N D M E N T =============== 10 And the title is amended as follows: 11 On page 4, line 30, after the semicolon, 12 13 insert: 14 amending s. 494.0025, F.S.; prohibiting the use 15 of the name or logo of a financial institution 16 or its affiliates or subsidiaries under certain 17 circumstances without written consent; amending 18 s. 516.07, F.S.; providing that the use of the 19 name or logo of a financial institution or its 20 affiliates or subsidiaries under certain 21 circumstances without written consent is 22 grounds for denial of license or for 23 disciplinary action; amending s. 520.995, F.S.; 24 providing that the use of the name or logo of a 25 financial institution or its affiliates or 26 subsidiaries under certain circumstances 27 without written consent is grounds for 28 disciplinary action; amending s. 626.9541, 29 F.S.; providing that the deceptive use of a 30 name is an unfair method of competition and an 31 unfair or deceptive act or practice; amending 26 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 s. 655.005, F.S.; revising certain definitions 2 relating to financial institutions to include 3 the term "international branch"; amending s. 4 655.0322, F.S.; revising the definition of the 5 term "financial institution" to include an 6 international branch; amending s. 655.0385, 7 F.S.; clarifying requirements for notification 8 of the appointment of an executive director or 9 equivalent by state financial institutions; 10 requiring a nonrefundable fee to accompany 11 notification; amending s. 655.045, F.S.; 12 providing an exemption from audit requirements; 13 amending s. 655.059, F.S.; providing for the 14 inspection and examination of financial 15 institution records and books pursuant to 16 subpoena; providing for reimbursement of 17 reasonable costs and fees for compliance; 18 providing for setting the reimbursement amount 19 when charges are contested; amending s. 20 655.921, F.S.; prohibiting certain out-of-state 21 financial institutions from locating branch 22 offices in the state in order to qualify for 23 certain exempt transactions; deleting 24 provisions relating to authorization of offices 25 in the state; amending s. 655.922, F.S.; 26 clarifying provisions authorizing financial 27 institutions under another state's financial 28 codes to transact business in this state; 29 expanding the names or titles under which only 30 a financial institution may transact business; 31 prohibiting the use of the name or logo of a 27 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 financial institution or its affiliates or 2 subsidiaries under certain circumstances 3 without written consent; requiring the 4 Financial Services Commission to adopt rules; 5 amending s. 655.94, F.S.; deleting a 6 prohibition against certain notary publics 7 being involved in opening safety deposit boxes 8 for nonpayment of rent; requiring use of 9 certified mail instead of registered mail; 10 amending. s. 658.16, F.S.; providing criteria 11 for a bank or trust company chartered as a 12 limited liability company to be considered 13 "incorporated" under the financial institutions 14 codes; providing definitions; amending s. 15 658.23, F.S.; correcting terminology; deleting 16 a requirement for a current copy of the bylaws 17 of a bank or trust company to be on file with 18 the Office of Financial Regulation; amending s. 19 658.26, F.S.; providing for state banks to 20 relocate offices upon approval; providing that 21 certain financial institutions may establish or 22 relocate an office upon written notification; 23 providing requirements for notification and a 24 fee; requiring an application for relocation of 25 a main office outside the state; exempting 26 applications from publication in the Florida 27 Administrative Weekly; modifying requirements 28 for applications for branch offices by a bank 29 ineligible for branch notification; deleting a 30 requirement that such applications be published 31 in the Florida Administrative Weekly and be 28 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 subject to ch. 120, F.S.; requiring a 2 relocation application to be filed with the 3 Office of Financial Regulation; providing for a 4 filing fee, investigations, and restrictions 5 relating to such applications; amending s. 6 658.33, F.S.; adding to the list of persons who 7 must meet certain qualification levels; 8 providing for a waiver of qualification 9 requirements; amending s. 658.37, F.S.; 10 prohibiting an imminently insolvent bank from 11 paying dividends; amending s. 658.48, F.S.; 12 specifying limitations on making loans and 13 extending credit by a bank declared to be 14 imminently insolvent; amending s. 658.67, F.S.; 15 providing multiple dates for the assessment of 16 the value of property acquisition as security; 17 amending s. 658.73, F.S.; delineating which 18 entities or individuals must pay a fee for a 19 certificate of good standing; amending s. 20 663.16, F.S.; revising definitions to include 21 the term "branch" and to reduce the percentage 22 of voting stock necessary for consideration as 23 control; amending s. 663.304, F.S.; deleting a 24 requirement for reservation of a proposed 25 corporate name with the Department of State; 26 amending s. 665.034, F.S.; revising a 27 percentage designating control of an 28 association; amending s. 674.406, F.S.; 29 reducing the time that banks must retain 30 receipts of items; reducing the time within 31 which one must report unauthorized signatures; 29 6:11 PM 04/23/04 s2994c2c-17k0r
SENATE AMENDMENT Bill No. CS for CS for SB 2994 Amendment No. ___ Barcode 813944 1 providing a time limitation within which to 2 assert claims against a bank for an 3 unauthorized endorsement; repealing s. 658.68, 4 F.S., relating to liquidity requirements for a 5 state bank; 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 30 6:11 PM 04/23/04 s2994c2c-17k0r
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