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The Florida Statutes

The 2001 Florida Statutes

Title XXXVIII
Banks And Banking
Chapter 663
International Banking
View Entire Chapter
Section 663.01, Florida Statutes 2001

663.01  Definitions.--As used in this part, the term:

(1)  "Banking business" means receiving deposits, paying of checks or other instruments, making loans, or any other activity authorized in this chapter for an international banking corporation or its offices.

(2)  "Credit balance" means any uninsured balance on one or more accounts of a nonresident or resident person or entity derived from the overseas transfer of funds and from the permissible activities of an international agency or international branch. A credit balance may be a demand balance or a term balance.

(3)  "Foreign country" means a country other than the United States and includes any colony, dependency, or possession of such country and any territory of the United States, including Guam, American Samoa, the Virgin Islands, and the Commonwealth of Puerto Rico.

(4)  "International administrative office" means an office of an international banking corporation established in this state for the purpose of engaging in the activities described in s. 663.063(1).

(5)  "International bank agency" means an office of an international banking corporation established in this state for the purpose of engaging in the activities described in s. 663.061.

(6)  "International banking corporation" means a banking corporation organized and licensed under the laws of a foreign country, or, if organized and licensed under the laws of the United States or any of the states of the United States of America, a banking corporation:

(a)  Which is not a bank or bank holding company as defined in the federal Bank Holding Company Act, as amended, 12 U.S.C. ss. 1841-1850; and

(b)  Which maintained, on July 1, 1981, as its only United States banking office, one state agency licensed by a state other than this state.

The term "international banking corporation" includes, without limitation, a foreign commercial bank, foreign merchant bank, or other foreign institution that engages in banking activities usual in connection with the business of banking in the country where such foreign institution is organized or operating, including a corporation: the sole shareholders of which are one or more international banking corporations or holding companies which own or control one or more international banking corporations which are authorized to carry on a banking business, or a central bank or government agency of a foreign country and any affiliate or division thereof; which has the power to receive deposits from the general public in the country where it is chartered and organized; and which is under the supervision of the central bank or other bank regulatory authority of such country.

(7)  "International branch" means any office of an international banking corporation established in this state under s. 663.064.

(8)  "International representative office" means an office of an international banking corporation organized and licensed under the laws of a foreign country that is established or maintained in this state for the purpose of engaging in the activities described in s. 663.062, or any person whose primary business is to engage in such activities, on behalf of such international banking corporation, from an office located in this state.

(9)  "Nonresident" means:

(a)  An individual who resides in the United States for less than 183 days during a calendar year.

(b)  A person other than an individual whose principal place of business or domicile is outside the United States and includes a person who conducts a majority of its business activities in a foreign country and any foreign government and its subdivision, agencies, and instrumentalities. Any person who conducts business in the United States is considered to have its principal place of business outside the United States if any one of the following requirements is satisfied for its most recent fiscal year:

1.  Its assets located outside the United States exceed its assets located within the United States;

2.  Its gross revenues generated outside the United States exceed its gross revenues generated within the United States; or

3.  Its payroll expenses incurred outside the United States exceed its payroll expenses incurred within the United States.

(10)  "State-chartered investment company" means a corporation organized under the laws of this state for the purpose of engaging in the activities described in s. 663.065.

History.--s. 1, ch. 77-157; ss. 82, 151, 152, ch. 80-260; ss. 1, 4, ch. 81-156; ss. 2, 3, ch. 81-318; s. 3, ch. 83-129; s. 3, ch. 83-265; ss. 33, 51, ch. 84-216; s. 1, ch. 91-307; ss. 1, 150, ch. 92-303; s. 2, ch. 97-109.

Note.--Former s. 659.67(1).

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