Florida Senate - 2013                        COMMITTEE AMENDMENT
       Bill No. SB 1020
       
       
       
       
       
       
                                Barcode 185768                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/16/2013           .                                
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       The Committee on Banking and Insurance (Hays) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (t) of subsection (1) of section
    6  655.005, Florida Statutes, is amended to read:
    7         655.005 Definitions.—
    8         (1) As used in the financial institutions codes, unless the
    9  context otherwise requires, the term:
   10         (t) “Related interest” means, with respect to any person,
   11  the person’s spouse, partner, sibling, parent, child, or other
   12  individual residing in the same household as the person. With
   13  respect to any person, the term means a company, partnership,
   14  corporation, or other business organization controlled by the
   15  person. A person has control if the person:
   16         1. Owns, controls, or has the power to vote 25 percent or
   17  more of any class of voting securities of the organization;
   18         2. Controls in any manner the election of a majority of the
   19  directors of the organization; or
   20         3. Has the power to exercise a controlling influence over
   21  the management or policies of the organization.
   22         Section 2. Section 655.85, Florida Statutes, is amended to
   23  read:
   24         655.85 Settlement of checks.—Whenever a any check is
   25  forwarded or presented to a financial an institution for
   26  payment, except when presented by the payee in person, the
   27  paying institution or remitting institution shall settle the
   28  amount of the check at par and may pay or remit the same, at its
   29  option, either in money or in exchange drawn on its reserve
   30  agent or agents in the City of New York or in any reserve city
   31  within the Sixth Federal Reserve District; however, an
   32  institution may not settle any check drawn on it otherwise than
   33  at par. The term “at par” applies only to the settlement of
   34  checks between collecting and paying or remitting institutions
   35  and does not apply to, or prohibit an institution from,
   36  deducting from the face amount of the check drawn on it a fee
   37  for paying the check if the check is presented to the
   38  institution by the payee in person. The provisions of this
   39  section do not apply with respect to the settlement of a check
   40  sent to such institution as a special collection item.
   41         Section 3. It is the Legislature’s intent that the
   42  amendment to s. 655.85, Florida Statutes, made by this act
   43  clarify the relevant portions of the financial institutions
   44  codes as defined in s. 655.005, Florida Statutes, relating to
   45  fees imposed by a financial institution for the payment of
   46  checks presented in person without requiring further amendment.
   47         Section 4. This act shall take effect July 1, 2013.
   48  
   49  ================= T I T L E  A M E N D M E N T ================
   50         And the title is amended as follows:
   51         Delete everything before the enacting clause
   52  and insert:
   53                        A bill to be entitled                      
   54         An act relating to banking; amending s. 655.005, F.S.;
   55         revising the definition for “related interest”;
   56         amending s. 655.85, F.S.; clarifying that an
   57         institution may impose a fee for the settlement of a
   58         check under certain circumstances; providing
   59         legislative intent; providing an effective date.