Florida Senate - 2014                      CS for CS for SB 1012
       
       
        
       By the Committees on Appropriations; and Banking and Insurance;
       and Senator Richter
       
       
       
       
       576-04572A-14                                         20141012c2
    1                        A bill to be entitled                      
    2         An act relating to financial institutions; amending s.
    3         655.005, F.S.; revising the definition of “related
    4         interest”; creating s. 655.017, F.S.; preempting to
    5         the state the regulation of certain financial or
    6         lending activities of entities subject to the
    7         jurisdiction of the office or other regulatory
    8         agencies; providing that counties and municipalities
    9         may engage in investigations and proceedings against
   10         financial institutions that are not preempted;
   11         requiring a financial institution to notify the office
   12         if such local action is commenced; providing for the
   13         office’s sole and exclusive jurisdiction in certain
   14         cases; providing applicability; amending s. 655.0322,
   15         F.S.; revising provisions relating to prohibited acts
   16         and practices by a financial institution; applying
   17         certain provisions to affiliates; amending s. 655.034,
   18         F.S.; authorizing the circuit court to issue an
   19         injunction in order to protect the interests of the
   20         depositors, members, creditors, or stockholders of a
   21         financial institution and the public’s interest in the
   22         safety and soundness of the financial institution
   23         system; defining “formal enforcement action”; amending
   24         s. 655.037, F.S.; conforming a cross-reference;
   25         amending s. 655.0385, F.S.; prohibiting a director or
   26         executive officer from concurrently serving as a
   27         director or officer in a financial institution or
   28         affiliate in the same geographical area or the same
   29         major business market area unless waived by the Office
   30         of Financial Regulation; amending s. 655.041, F.S.;
   31         revising provisions relating to administrative fines;
   32         clarifying that the office may initiate administrative
   33         proceedings for violations of rules; providing that
   34         fines for violations begin accruing immediately upon
   35         the service of a complaint; applying certain
   36         provisions to affiliates; revising the applications
   37         for imposing a fine; amending s. 655.045, F.S.;
   38         requiring the office to conduct an examination of a
   39         financial institution within a specified period;
   40         amending s. 655.057, F.S.; conforming a cross
   41         reference; providing that specified records are not
   42         considered a waiver of privileges or legal rights in
   43         certain proceedings; clarifying who has a right to
   44         copy member or shareholder records; creating s.
   45         655.0591, F.S.; providing notice requirements and
   46         procedures that allow a financial institution to
   47         protect trade secrets included in documents submitted
   48         to the office; amending s. 655.50, F.S.; revising
   49         provisions relating to the control of money laundering
   50         to also include terrorist financing; adding and
   51         revising definitions; requiring a financial
   52         institution to have a BSA/AML compliance officer;
   53         revising records requirements; updating cross
   54         references; amending s. 655.85, F.S.; clarifying that
   55         an institution may impose a fee for the settlement of
   56         a check under certain circumstances; providing
   57         legislative intent; amending s. 655.921, F.S.;
   58         revising provisions relating to business transactions
   59         by an out-of-state financial institution; providing
   60         that such institution may file suit to collect a
   61         security interest in collateral; amending s. 655.922,
   62         F.S.; revising provisions relating to the name of a
   63         financial institution; prohibiting certain financial
   64         institutions from using a name that may mislead
   65         consumers; authorizing the office to seek court orders
   66         to annul or dissolve a business entity for certain
   67         violations and to issue emergency cease and desist
   68         orders; amending s. 655.948, F.S.; requiring a
   69         financial institution to notify the office of any
   70         investigations or proceedings initiated by a county or
   71         municipality against the institution within a
   72         specified timeframe; creating s. 655.955, F.S.;
   73         providing that a financial institution is not civilly
   74         liable solely by virtue of extending credit to a
   75         person; amending s. 657.008, F.S.; requiring certain
   76         credit unions seeking to establish a branch office to
   77         submit an application to the office for examination
   78         and approval; providing the criteria for the
   79         examination; amending s. 657.028, F.S.; revising
   80         provisions relating to prohibited activities of
   81         directors, officers, committee members, employees, and
   82         agents of credit unions; requiring the name and
   83         address of the credit manager to be submitted to the
   84         office; amending s. 657.041, F.S.; authorizing a
   85         credit union to pay health and accident insurance
   86         premiums and to fund employee benefit plans under
   87         certain circumstances; amending s. 658.12, F.S.;
   88         revising the definition of “trust business”; amending
   89         ss. 658.21 and 658.235, F.S.; conforming cross
   90         references; repealing s. 658.49, F.S., relating to
   91         requirements for bank loans up to $50,000; amending
   92         ss. 663.02 and 663.09, F.S.; conforming provisions to
   93         changes made by the act; amending s. 663.12, F.S.;
   94         deleting an annual assessment imposed on certain
   95         international offices; amending s. 663.306, F.S.;
   96         conforming provisions to changes made by the act;
   97         amending ss. 665.013, 665.033, 665.034, 667.003,
   98         667.006, and 667.008, F.S.; conforming cross
   99         references; providing an effective date.
  100          
  101  Be It Enacted by the Legislature of the State of Florida:
  102  
  103         Section 1. Paragraph (t) of subsection (1) of section
  104  655.005, Florida Statutes, is amended to read:
  105         655.005 Definitions.—
  106         (1) As used in the financial institutions codes, unless the
  107  context otherwise requires, the term:
  108         (t) “Related interest” means, with respect to a any
  109  person:,
  110         1. The person’s spouse, partner, sibling, parent, child, or
  111  other dependent individual residing in the same household as the
  112  person;. With respect to any person, the term means
  113         2. A company, partnership, corporation, or other business
  114  organization controlled by the person. A person has control if
  115  the person:
  116         a.1. Owns, controls, or has the power to vote 25 percent or
  117  more of any class of voting securities of the organization;
  118         b.2. Controls in any manner the election of a majority of
  119  the directors of the organization; or
  120         c.3. Has the power to exercise a controlling influence over
  121  the management or policies of the organization; or.
  122         3. An individual, company, partnership, corporation, or
  123  other business organization that engages in a common business
  124  enterprise with that person. A common business enterprise exists
  125  if:
  126         a. The expected source for repayment of a loan or extension
  127  of credit is the same for each borrower and neither borrower has
  128  another source of income from which the loan, together with the
  129  borrower’s other obligations, may be fully repaid. An employer
  130  will not be treated as a source of repayment under this
  131  paragraph because of wages and salaries paid to an employee,
  132  unless the standards of sub-subparagraph b. are met;
  133         b. Loans or extensions of credit are made:
  134         (I) To borrowers who are directly or indirectly related
  135  through common control, including where one borrower is directly
  136  or indirectly controlled by another borrower; and
  137         (II) Substantial financial interdependence exists between
  138  or among the borrowers. Substantial financial interdependence
  139  exists if 50 percent or more of one borrower’s gross receipts or
  140  gross expenditures on an annual basis are derived from
  141  transactions with the other borrower. Gross receipts and
  142  expenditures include gross revenues and expenses, intercompany
  143  loans, dividends, capital contributions, and similar receipts or
  144  payments;
  145         c. Separate persons borrow from a financial institution to
  146  acquire a business enterprise such that those borrowers will own
  147  more than 50 percent of the voting securities or voting
  148  interests of the enterprise, in which case a common enterprise
  149  is deemed to exist between the borrowers for purposes of
  150  combining the acquisition loans; or
  151         d. The office determines, based upon an evaluation of the
  152  facts and circumstances of particular transactions, that a
  153  common enterprise exists.
  154         Section 2. Section 655.017, Florida Statutes, is created to
  155  read:
  156         655.017 Local regulation preempted.—
  157         (1) A county or municipality may not enact or enforce a
  158  resolution, ordinance, or rule that regulates financial or
  159  lending activities, including a resolution, ordinance, or rule
  160  that disqualifies persons from doing business with a county or
  161  municipality based on lending interest rates, or that imposes
  162  reporting requirements or other obligations regarding the
  163  financial services or lending practices of persons or entities,
  164  and subsidiaries or affiliates thereof which:
  165         (a) Are subject to the jurisdiction of the office pursuant
  166  to the financial institutions codes;
  167         (b) Are subject to the jurisdiction of the Board of
  168  Governors of the Federal Reserve System, the Office of the
  169  Comptroller of the Currency, the National Credit Union
  170  Administration, the Federal Deposit Insurance Corporation, the
  171  Federal Trade Commission, or the United States Department of
  172  Housing and Urban Development;
  173         (c) Originate, purchase, sell, assign, secure, or service
  174  property interests or obligations created by financial
  175  transactions or loans made, executed, or originated by persons
  176  referred to in paragraph (a) or paragraph (b) which assist or
  177  facilitate such transactions;
  178         (d) Are chartered by the United States Congress to engage
  179  in secondary market mortgage transactions; or
  180         (e)Are acting on behalf of the Florida Housing Finance
  181  Corporation.
  182         (2) This section does not prevent a county or municipality
  183  from engaging in a civil investigation, initiating an
  184  administrative proceeding, or commencing a civil proceeding to
  185  determine compliance with or to enforce a state law, a rule or
  186  order of a state agency, or an ordinance or rule of a county or
  187  municipality which is not preempted pursuant to this section.
  188         (3) Notwithstanding subsection (2), a financial institution
  189  shall notify the office of any civil investigation or
  190  administrative or civil proceeding initiated by a county or
  191  municipality in accordance with s. 655.948. The office shall
  192  have sole and exclusive jurisdiction to initiate appropriate
  193  administrative or civil proceedings to enforce such laws, rules,
  194  or orders if the office determines that such investigation or
  195  proceeding:
  196         (a) Is based on a local resolution, ordinance, or rule that
  197  is preempted pursuant to subsection (1); or
  198         (b) Directly and specifically regulates the manner,
  199  content, or terms and conditions of a financial transaction or
  200  account related thereto, that a financial institution is
  201  authorized to engage in, or prevents, significantly interferes
  202  with, or alters the exercise of powers granted to a financial
  203  institution under the financial institutions codes or any
  204  applicable federal law or regulation.
  205         (4) This section does not limit or restrict the powers of
  206  the Department of Legal Affairs or the law enforcement agencies
  207  of this state to commence a civil or criminal action, as
  208  applicable.
  209         Section 3. Section 655.0322, Florida Statutes, is amended
  210  to read:
  211         655.0322 Prohibited acts and practices; criminal
  212  penalties.—
  213         (1) As used in this section, the term “financial
  214  institution” means a financial institution as defined in s.
  215  655.005 s. 655.50 which includes a state trust company, state or
  216  national bank, state or federal association, state or federal
  217  savings bank, state or federal credit union, Edge Act or
  218  agreement corporation, international bank agency, international
  219  branch, representative office or administrative office or other
  220  business entity as defined by the commission by rule, whether
  221  organized under the laws of this state, the laws of another
  222  state, or the laws of the United States, which institution is
  223  located in this state.
  224         (2) A It is unlawful for any financial institution
  225  affiliated party may not to ask for, or willfully and knowingly
  226  receive or consent to receive for himself or herself or any
  227  related interest, a any commission, emolument, gratuity, money,
  228  property, or thing of value for:
  229         (a) Procuring, or endeavoring to procure, for any person a
  230  loan or extension of credit from such financial institution,
  231  affiliate, subsidiary, or service corporation; or
  232         (b) Procuring, or endeavoring to procure, the purchase or
  233  discount of any note, draft, check, bill of exchange, or other
  234  obligation by such financial institution, affiliate, subsidiary,
  235  or service corporation.
  236  
  237  Any person who violates this subsection commits is guilty of a
  238  felony of the third degree, punishable as provided in s.
  239  775.082, s. 775.083, or s. 775.084.
  240         (3) A It is unlawful for any financial institution
  241  affiliated party may not to:
  242         (a) Knowingly receive or possess himself or herself of any
  243  of such financial institution’s its property other otherwise
  244  than in payment of a just demand, or and, with intent to deceive
  245  or defraud, to omit to make or cause to be made a full and true
  246  entry thereof in the financial institution’s its books and
  247  accounts, or concur in omitting to make any material entry
  248  thereof;
  249         (b) Embezzle, abstract, or misapply any money, property, or
  250  thing of value of such the financial institution, affiliate,
  251  subsidiary, or service corporation with intent to deceive or
  252  defraud the such financial institution, affiliate, subsidiary,
  253  or service corporation;
  254         (c) Knowingly make, draw, issue, put forth, or assign any
  255  certificate of deposit, draft, order, bill of exchange,
  256  acceptance, note, debenture, bond or other obligation, mortgage,
  257  judgment, or decree without authority from the board of
  258  directors of such financial institution;
  259         (d) Make a any false entry in any book, report, or
  260  statement of such financial institution, affiliate, subsidiary,
  261  or service corporation with intent to deceive or defraud the
  262  such financial institution, affiliate, subsidiary, or service
  263  corporation, or another person, firm, or corporation, or with
  264  intent to deceive the office, any other appropriate federal or
  265  state regulatory agency, or an any authorized representative
  266  appointed to examine the affairs of the such financial
  267  institution, affiliate, subsidiary, or service corporation; or
  268         (e) Deliver or disclose to the office or any of its
  269  employees any application, any examination report, report of
  270  condition, report of income and dividends, internal audit,
  271  account, statement, or other document known by him or her to be
  272  fraudulent or false as to any material matter.
  273  
  274  Any person who violates this subsection commits is guilty of a
  275  felony of the third degree, punishable as provided in s.
  276  775.082, s. 775.083, or s. 775.084.
  277         (4) A It is unlawful for any financial institution
  278  affiliated party may not to knowingly place among the assets of
  279  such financial institution, affiliate, subsidiary, or service
  280  corporation any note, obligation, or security that which the
  281  financial institution, affiliate, subsidiary, or service
  282  corporation does not own or that, which to the party’s
  283  individual’s knowledge, is fraudulent or otherwise worthless or
  284  for the financial institution-affiliated party any such
  285  individual to represent to the office that any note, obligation,
  286  or security carried as an asset of such financial institution,
  287  affiliate, subsidiary, or service corporation is the property of
  288  the financial institution, affiliate, subsidiary, or service
  289  corporation and is genuine if it is known to such party
  290  individual that such representation is false or that the such
  291  note, obligation, or security is fraudulent or otherwise
  292  worthless. Any person who violates this subsection commits is
  293  guilty of a felony of the third degree, punishable as provided
  294  in s. 775.082, s. 775.083, or s. 775.084.
  295         (5) Any person who willfully makes a any false statement or
  296  report, or willfully overvalues any land, property, or security,
  297  for the purposes of influencing in any way the action of a any
  298  financial institution, affiliate, subsidiary, or service
  299  corporation or any other entity authorized by law to extend
  300  credit, upon an any application, advance, discount, purchase,
  301  purchase agreement, repurchase agreement, commitment, or loan,
  302  or any change or extension of any of the same, by renewal,
  303  deferment of action or otherwise, or the acceptance, release, or
  304  substitution of security therefor, commits is guilty of a felony
  305  of the second degree, punishable as provided in s. 775.082, s.
  306  775.083, or s. 775.084.
  307         (6) Any person who knowingly executes, or attempts to
  308  execute, a scheme or artifice to defraud a financial
  309  institution, affiliate, subsidiary, or service corporation or
  310  any other entity authorized by law to extend credit, or to
  311  obtain any of the moneys, funds, credits, assets, securities, or
  312  other property owned by, or under the custody or control of, a
  313  financial institution, affiliate, subsidiary, service
  314  corporation, or any other entity authorized by law to extend
  315  credit, by means of false or fraudulent pretenses,
  316  representations, or promises, commits is guilty of a felony of
  317  the second degree, punishable as provided in s. 775.082, s.
  318  775.083, or s. 775.084.
  319         Section 4. Section 655.034, Florida Statutes, is amended to
  320  read:
  321         655.034 Injunctions.—
  322         (1) If the office determines that Whenever a violation of
  323  the financial institutions codes or a violation of a formal
  324  enforcement action has occurred or is threatened or impending
  325  and such violation will cause substantial injury to a state
  326  financial institution or to the depositors, members, creditors,
  327  or stockholders thereof, the circuit court has jurisdiction to
  328  hear a any complaint filed by the office and, upon proper
  329  showing, to issue an injunction restraining such violation or
  330  granting other such appropriate relief. Upon proper showing, the
  331  circuit court may also issue an injunction restraining any
  332  conduct or other act in order to protect the interests of
  333  depositors, members, creditors, or stockholders of a financial
  334  institution or the interests of the public in the safety and
  335  soundness of the financial institution system in this state and
  336  the proper conduct of fiduciary functions.
  337         (2) As used in this section, the term “formal enforcement
  338  action” means:
  339         (a) With respect to a financial institution, a supervisory
  340  action subject to enforcement pursuant to s. 655.033, s.
  341  655.037, or s. 655.041 which directs the financial institution
  342  to take corrective action to address violations of law or safety
  343  and soundness deficiencies.
  344         (b) With respect to a person or entity that is not a
  345  financial institution, an order issued by the office pursuant
  346  the financial institutions codes which is directed to such
  347  person or entity.
  348         Section 5. Subsection (1) of section 655.037, Florida
  349  Statutes, is amended to read:
  350         655.037 Removal of a financial institution-affiliated party
  351  by the office.—
  352         (1) The office may issue and serve upon any financial
  353  institution-affiliated party and upon the state financial
  354  institution, subsidiary, or service corporation involved, a
  355  complaint stating charges if whenever the office has reason to
  356  believe that the financial institution-affiliated party is
  357  engaging or has engaged in conduct that is:
  358         (a) An unsafe or unsound practice;
  359         (b) A prohibited act or practice;
  360         (c) A willful violation of any law relating to financial
  361  institutions;
  362         (d) A violation of any other law involving fraud or moral
  363  turpitude which constitutes a felony;
  364         (e) A violation of s. 655.50, relating to the Florida
  365  control of money laundering and terrorist financing in Financial
  366  Institutions Act; chapter 896, relating to offenses related to
  367  financial transactions; or any similar state or federal law;
  368         (f) A willful violation of any rule of the commission;
  369         (g) A willful violation of any order of the office;
  370         (h) A willful breach of any written agreement with the
  371  office; or
  372         (i) An act of commission or omission or a practice which is
  373  a breach of trust or a breach of fiduciary duty.
  374         Section 6. Present subsections (4) and (5) of section
  375  655.0385, Florida Statutes, are redesignated as subsections (5)
  376  and (6), respectively, and a new subsection (4) is added to that
  377  section, to read:
  378         655.0385 Disapproval of directors and executive officers.—
  379         (4) A director or executive officer of a state financial
  380  institution or affiliate may not concurrently serve as a
  381  director, or be employed as an officer, of a nonaffiliated
  382  financial institution or affiliate whose principal place of
  383  business is located in the same metropolitan statistical area in
  384  this state. A person affected by this prohibition may provide
  385  written notice to the office of the proposed appointment or
  386  employment. Such notice may provide information that such
  387  concurrent service does not present a conflict of interest and
  388  that neither institution is competitively disadvantaged in the
  389  common market area. The office may waive this prohibition if the
  390  information provided demonstrates that the individual’s proposed
  391  concurrent service does not present a conflict of interest and
  392  neither institution is competitively disadvantaged in the common
  393  market area. A person who violates this subsection is subject to
  394  suspension, removal, or prohibition under s. 655.037.
  395         Section 7. Section 655.041, Florida Statutes, is amended to
  396  read:
  397         655.041 Administrative fines; enforcement.—
  398         (1) The office may, by complaint, initiate a proceeding
  399  pursuant to chapter 120 to impose an administrative fine against
  400  any person found to have violated a any provision of the
  401  financial institutions codes or the rules adopted thereunder, an
  402  or a cease and desist order of the office, or a any written
  403  agreement with the office. Such No such proceeding may not shall
  404  be initiated and no fine shall accrue pursuant to this section
  405  until after such person has been notified in writing of the
  406  nature of the violation and has been afforded a reasonable
  407  period of time, as set forth in the notice, to correct the
  408  violation and has failed to do so. If the office provided such
  409  notice, a fine for a violation of an office order or written
  410  agreement begins to accrue immediately upon service of the
  411  complaint and continues to accrue until the violation is
  412  corrected.
  413         (2) Any Such fine may not exceed $2,500 per a day for each
  414  violation except as provided in this section.
  415         (a) If the office determines that any such person has
  416  recklessly violated a any provision of the financial
  417  institutions codes, an or a cease and desist order of the
  418  office, or a any written agreement with the office, which
  419  violation results in more than a minimal loss to a financial
  420  institution, affiliate, subsidiary, or service corporation, or
  421  in a pecuniary benefit to such person, the office may impose a
  422  fine of up to not exceeding $10,000 per a day for each day the
  423  violation continues.
  424         (b) If the office determines that any such person has
  425  knowingly violated a any provision of the financial institutions
  426  codes, an or a cease and desist order of the office, or a any
  427  written agreement with the office, which violation results in
  428  more than a minimal loss to a financial institution, affiliate,
  429  subsidiary, or service corporation, or in a pecuniary benefit to
  430  such a person, the office may impose a fine of up to not
  431  exceeding the lesser of $500,000 per day or 1 percent of the
  432  total assets in the case of a financial institution, or $50,000
  433  per day in any other case for each day the violation continues.
  434         (c) The office may by complaint impose an administrative
  435  fine of up to, not exceeding $10,000 per a day on a, upon any
  436  financial institution-affiliated party, on and upon a state
  437  financial institution, subsidiary, service corporation, or
  438  affiliate, or on a person subject to supervision by the office
  439  pursuant to s. 655.0391 which who refuses to permit an examiner
  440  to examine a state financial institution, subsidiary, or service
  441  corporation;, who refuses to permit an examiner to review the
  442  books and records of an affiliate or a contracting service
  443  entity subject to supervision by the office pursuant to s.
  444  655.0391;, or who refuses to give an examiner any information
  445  required in the course of an any examination or review of the
  446  books and records.
  447         (3) An Any administrative fine levied by the office may be
  448  enforced by the office by appropriate proceedings in the circuit
  449  court of the county in which such person resides or in which the
  450  principal office of a state financial institution, affiliate,
  451  subsidiary, service corporation, or contracting service entity
  452  is located or does business in the state. In any administrative
  453  or judicial proceeding arising under this section, a party may
  454  elect to correct the violation asserted by the office and, upon
  455  doing so, any fine ceases to accrue; however, an election to
  456  correct the violation does not render an any administrative or
  457  judicial proceeding moot.
  458         Section 8. Section 655.045, Florida Statutes, is amended to
  459  read:
  460         655.045 Examinations, reports, and internal audits;
  461  penalty.—
  462         (1) The office shall conduct an examination of the
  463  condition of each state financial institution at least every 18
  464  months during each 18-month period. The office may conduct more
  465  frequent examinations based upon the risk profile of the
  466  financial institution, prior examination results, or significant
  467  changes in the institution or its operations. The office may use
  468  continuous, phase, or other flexible scheduling examination
  469  methods for very large or complex state financial institutions
  470  and financial institutions owned or controlled by a multi
  471  financial institution holding company. The office shall consider
  472  examination guidelines from federal regulatory agencies in order
  473  to facilitate, coordinate, and standardize examination
  474  processes.
  475         (a) With respect to, and examination of, the condition of a
  476  state institution, The office may accept an examination of a
  477  state financial institution made by an appropriate federal
  478  regulatory agency, or may conduct make a joint or concurrent
  479  examination of the institution with the federal agency. However,
  480  at least once during each 36-month period beginning July 1,
  481  2014, the office shall conduct an examination of each state
  482  financial institution in a manner that allows the preparation of
  483  a complete examination report not subject to the right of a
  484  federal or other non-Florida entity to limit access to the
  485  information contained therein. The office may furnish a copy of
  486  all examinations or reviews made of financial institutions or
  487  their affiliates to the state or federal agencies participating
  488  in the examination, investigation, or review, or as otherwise
  489  authorized under by s. 655.057.
  490         (b) If, as a part of an examination or investigation of a
  491  state financial institution, subsidiary, or service corporation,
  492  the office has reason to believe that the conduct or business
  493  operations of an affiliate may have a negative impact on the
  494  state financial institution, subsidiary, or service corporation,
  495  the office may conduct such examination or investigation of the
  496  affiliate as the office deems necessary.
  497         (c) The office may recover the costs of examination and
  498  supervision of a state financial institution, subsidiary, or
  499  service corporation that is determined by the office to be
  500  engaged in an unsafe or unsound practice. The office may also
  501  recover the costs of a any review conducted pursuant to
  502  paragraph (b) of an any affiliate of a state financial
  503  institution determined by the office to have contributed to an
  504  unsafe or unsound practice at a state financial institution,
  505  subsidiary, or service corporation.
  506         (d) As used in For the purposes of this section, the term
  507  “costs” means the salary and travel expenses directly
  508  attributable to the field staff examining the state financial
  509  institution, subsidiary, or service corporation, and the travel
  510  expenses of any supervisory staff required as a result of
  511  examination findings. The mailing of any costs incurred under
  512  this subsection must be postmarked within 30 days after the date
  513  of receipt of a notice stating that such costs are due. The
  514  office may levy a late payment of up to $100 per day or part
  515  thereof that a payment is overdue, unless excused for good
  516  cause. However, for intentional late payment of costs, the
  517  office may levy an administrative fine of up to $1,000 per day
  518  for each day the payment is overdue.
  519         (e) The office may require an audit of a state financial
  520  institution, subsidiary, or service corporation by an
  521  independent certified public accountant, or other person
  522  approved by the office, if the office, after conducting an
  523  examination of the state financial institution, subsidiary, or
  524  service corporation, or after accepting an examination of the
  525  such state financial institution by an appropriate state or
  526  federal regulatory agency, determines that an audit is necessary
  527  in order to ascertain the condition of the financial
  528  institution, subsidiary, or service corporation. The cost of
  529  such audit shall be paid by the state financial institution,
  530  subsidiary, or state service corporation audited.
  531         (2)(a) Each state financial institution, subsidiary, or
  532  service corporation shall submit a report, at least four times
  533  each calendar year, as of such dates as the commission or office
  534  determines. The Such report must include such information as the
  535  commission by rule requires for that type of institution.
  536         (a)(b) The office shall levy an administrative fine of up
  537  to $100 per day for each day the report is past due, unless it
  538  is excused for good cause. However,
  539         (b) For an intentional late filing of the report required
  540  under paragraph (a), the office shall levy an administrative
  541  fine of up to $1,000 per day for each day the report is past
  542  due.
  543         (3)(a) The board of directors of each state financial
  544  institution or, in the case of a credit union, the supervisory
  545  committee or audit committee shall perform or cause to be
  546  performed, within each calendar year, an internal audit of each
  547  state financial institution, subsidiary, or service corporation
  548  and to file a copy of the report and findings of such audit with
  549  the office on a timely basis. The Such internal audit must
  550  include such information as the commission by rule requires for
  551  that type of institution.
  552         (a)(b) With the approval of the office, the board of
  553  directors or, in the case of a credit union, the supervisory
  554  committee may elect, in lieu of such periodic audits, to adopt
  555  and implement an adequate continuous audit system and procedure
  556  that includes which must include full, adequate, and continuous
  557  written reports to, and review by, the board of directors or, in
  558  the case of a credit union, the supervisory committee, together
  559  with written statements of the actions taken thereon and reasons
  560  for omissions to take actions, all of which shall be noted in
  561  the minutes and filed among the records of the board of
  562  directors or, in the case of a credit union, the supervisory
  563  committee. If at any time such continuous audit system and
  564  procedure, including the reports and statements, becomes
  565  inadequate, in the judgment of the office, the state financial
  566  institution shall promptly make such changes as may be required
  567  by the office to cause the same to accomplish the purpose of
  568  this section.
  569         (b)(c)A Any de novo state financial institution open less
  570  than 4 months is exempt from the audit requirements of this
  571  section.
  572         (4) A copy of the report of each examination must be
  573  furnished to the entity examined and. Such report shall be
  574  presented to the board of directors at its next regular or
  575  special meeting.
  576         Section 9. Paragraph (a) of subsection (3) and subsections
  577  (4) through (6) of section 655.057, Florida Statutes, are
  578  amended to read:
  579         655.057 Records; limited restrictions upon public access.—
  580         (3) The provisions of this section do not prevent or
  581  restrict:
  582         (a) Publishing reports that are required to be submitted to
  583  the office pursuant to s. 655.045(2)(a) or required by
  584  applicable federal statutes or regulations to be published.
  585  
  586  Any confidential information or records obtained from the office
  587  pursuant to this subsection shall be maintained as confidential
  588  and exempt from the provisions of s. 119.07(1).
  589         (4)(a) Orders of courts or of administrative law judges for
  590  the production of confidential records or information must shall
  591  provide for inspection in camera by the court or the
  592  administrative law judge. and, After the court or administrative
  593  law judge determines has made a determination that the documents
  594  requested are relevant or would likely lead to the discovery of
  595  admissible evidence and that the information sought is not
  596  otherwise reasonably available from other sources, the said
  597  documents shall be subject to further orders by the court or the
  598  administrative law judge to protect the confidentiality thereof.
  599  Any order directing the release of information is shall be
  600  immediately reviewable, and a petition by the office for review
  601  of such order shall automatically stays stay further proceedings
  602  in the trial court or the administrative hearing until the
  603  disposition of such petition by the reviewing court. If any
  604  other party files such a petition for review, it will operate as
  605  a stay of such proceedings only upon order of the reviewing
  606  court.
  607         (b) Confidential records and information furnished pursuant
  608  to a legislative subpoena shall be kept confidential by the
  609  legislative body or committee that which received the records or
  610  information. However, except in a case involving investigation
  611  of charges against a public official subject to impeachment or
  612  removal, and then disclosure of such information shall be only
  613  to the extent necessary as determined by the legislative body or
  614  committee to be necessary.
  615         (c) Documents, statements, books, records, and any other
  616  information provided to the office by any person pursuant to an
  617  investigation, examination, or other supervisory activity by the
  618  office are not considered a waiver of any privilege or other
  619  legal right in an administrative or legal proceeding in which
  620  the office is not a party.
  621         (5) Every credit union and mutual association shall
  622  maintain, in the principal office where its business is
  623  transacted, full and correct records of the names and residences
  624  of all the members of the credit union or mutual association in
  625  the principal office where its business is transacted. Such
  626  records are shall be subject to the inspection by of all the
  627  members of the credit union or mutual association, and the
  628  officers authorized to assess taxes under state authority,
  629  during normal business hours of each business day. No member or
  630  any other person has the right to copy the membership records
  631  for any purpose other than in the course of business of the
  632  credit union or mutual association, as authorized by the office
  633  or the board of directors of the credit union or mutual
  634  association. A current list of members shall be made available
  635  to the office’s examiners for their inspection and, upon the
  636  request of the office, shall be submitted to the office. Except
  637  as otherwise provided in this subsection, the list of the
  638  members of the credit union or mutual association is
  639  confidential and exempt from the provisions of s. 119.07(1).
  640         (6) Every bank, trust company, and stock association shall
  641  maintain, in the principal office where its business is
  642  transacted, full and complete records of the names and
  643  residences of all the shareholders of the bank, trust company,
  644  or stock association and the number of shares held by each. Such
  645  records are shall be subject to the inspection of all the
  646  shareholders of the bank, trust company, or stock association,
  647  and the officers authorized to assess taxes under state
  648  authority, during normal business hours of each banking day. No
  649  shareholder or any other person has the right to copy the
  650  shareholder records for any purpose other than in the course of
  651  business of the bank, the trust company, or the stock
  652  association, as authorized by the office or the board of
  653  directors of the bank, the trust company, or the stock
  654  association. A current list of shareholders shall be made
  655  available to the office’s examiners for their inspection and,
  656  upon the request of the office, shall be submitted to the
  657  office. Except as otherwise provided in this subsection, any
  658  portion of this list which reveals the identities of the
  659  shareholders is confidential and exempt from the provisions of
  660  s. 119.07(1).
  661         Section 10. Section 655.0591, Florida Statutes, is created
  662  to read:
  663         655.0591 Trade secret documents.—
  664         (1) If any person who is required to submit documents or
  665  other information to the office pursuant to the financial
  666  institutions codes, or by rule or order of the office or
  667  commission, claims that such submission contains a trade secret,
  668  such person may file with the office a notice of trade secret
  669  when the information is submitted to the office as provided in
  670  this section. Failure to file such notice constitutes a waiver
  671  of any claim by such person that the document or information is
  672  a trade secret. The notice must provide the contact information
  673  of the person claiming ownership of the trade secret. The person
  674  claiming the trade secret is responsible for updating the
  675  contact information with the office.
  676         (a) Each page of such document or specific portion of a
  677  document claimed to be a trade secret must be clearly marked
  678  with the words “trade secret.”
  679         (b) All material identified as a trade secret shall be
  680  segregated from all other material, such as by being sealed in
  681  an envelope clearly marked with the words “trade secret.”
  682         (c) In submitting a notice of trade secret to the office or
  683  the Department of Financial Services, the submitting party shall
  684  include an affidavit certifying under oath to the truth of the
  685  following statements concerning all documents or information
  686  that are claimed to be trade secrets:
  687         1. [...I consider/my company considers...] this information
  688  a trade secret that has value and provides an advantage or an
  689  opportunity to obtain an advantage over those who do not know or
  690  use it.
  691         2. [...I have/my company has...] taken measures to prevent
  692  the disclosure of the information to anyone other than those who
  693  have been selected to have access for limited purposes, and
  694  [...I intend/my company intends...] to continue to take such
  695  measures.
  696         3. The information is not, and has not been, reasonably
  697  obtainable without [...my/our...] consent by other persons by
  698  use of legitimate means.
  699         4. The information is not publicly available elsewhere.
  700         (2) If the office receives a public records request for a
  701  document or information that is marked and certified as a trade
  702  secret, the office shall promptly notify the person that
  703  certified the document as a trade secret. The notice shall be
  704  sent to the address provided with the most recent contact
  705  information provided to the office and must inform such person
  706  that, in order to avoid disclosure of the trade secret, the
  707  person must file an action in circuit court within 30 days after
  708  the date of the notice seeking a declaratory judgment that the
  709  document in question contains trade secrets and an order barring
  710  public disclosure of the document. The owner shall provide
  711  written notice to the office that the action was filed and the
  712  office may not release the documents pending the outcome of
  713  legal action. Failure to file an action within 30 days
  714  constitutes a waiver of any claim of confidentiality, and the
  715  office shall release the document as requested.
  716         (3) The office may disclose a trade secret, together with
  717  the claim that it is a trade secret, to an officer or employee
  718  of another governmental agency whose use of the trade secret is
  719  within the scope of his or her employment.
  720         Section 11. Section 655.50, Florida Statutes, is reordered
  721  and amended to read:
  722         655.50 Florida Control of Money Laundering and Terrorist
  723  Financing in Financial Institutions Act; reports of transactions
  724  involving currency or monetary instruments; when required;
  725  purpose; definitions; penalties.—
  726         (1) This section may be cited as the “Florida Control of
  727  Money Laundering and Terrorist Financing in Financial
  728  Institutions Act.”
  729         (2) It is The purpose of this section is to require the
  730  submission to the office of certain reports and the maintenance
  731  of certain records of customers, accounts, and transactions
  732  involving currency or monetary instruments or suspicious
  733  activities if when such reports and records deter using the use
  734  of financial institutions to conceal, move, or provide the
  735  proceeds obtained from or intended for of criminal or terrorist
  736  activities and if such reports and records activity and have a
  737  high degree of usefulness in criminal, tax, or regulatory
  738  investigations or proceedings.
  739         (3) As used in this section, the term:
  740         (a) “BSA/AML compliance officer” means the financial
  741  institution’s officer responsible for the development and
  742  implementation of the financial institution’s policies and
  743  procedures for complying with the requirements of this section
  744  relating to anti-money laundering (AML), and the requirements of
  745  the Bank Secrecy Act of 1970 (BSA), Pub. L. No. 91-508, as
  746  amended, the USA Patriot Act of 2001, Pub. L. No. 107-56, as
  747  amended, and federal and state rules and regulations adopted
  748  thereunder, and 31 C.F.R. parts 500-598, relating to the
  749  regulations of the Office of Foreign Assets Control (OFAC) of
  750  the United States Department of the Treasury.
  751         (b)(a) “Currency” means currency and coin of the United
  752  States or of any other country.
  753         (c)(b) “Financial institution” means a financial
  754  institution, as defined in 31 U.S.C. s. 5312, as amended,
  755  including a credit card bank, located in this state.
  756         (d)(c) “Financial transaction” means a transaction
  757  involving the movement of funds by wire, electronic funds
  758  transfer, or any other means, or involving one or more monetary
  759  instruments, which in any way or degree affects commerce, or a
  760  transaction involving the use of a financial institution that
  761  which is engaged in, or the activities of which affect, commerce
  762  in any way or degree.
  763         (e)(d) “Monetary instruments” means coin or currency of the
  764  United States or of any other country, travelers’ checks,
  765  personal checks, bank checks, money orders, stored value cards,
  766  prepaid cards, investment securities or in bearer form or
  767  otherwise in such form that title thereto passes upon delivery,
  768  and negotiable instruments in bearer form or otherwise in such
  769  form that title thereto passes upon delivery, or similar
  770  devices.
  771         (i)(e) “Transaction” means a purchase, sale, loan, pledge,
  772  gift, transfer, delivery, or other disposition, and with respect
  773  to a financial institution includes a deposit, withdrawal,
  774  transfer between accounts, exchange of currency, loan, extension
  775  of credit, purchase or sale of any stock, bond, certificate of
  776  deposit, or other monetary instrument, or any other payment,
  777  transfer, or delivery by, through, or to a financial
  778  institution, by whatever means effected.
  779         (f) “Report” means a report of each deposit, withdrawal,
  780  exchange of currency, or other payments or transfer, by,
  781  through, or to that financial institution, which that involves a
  782  transaction required or authorized to be reported by this
  783  section, and includes the electronic submission of such
  784  information in the manner provided for by rule of the
  785  commission.
  786         (g) “Specified unlawful activity” means any “racketeering
  787  activity” as defined in s. 895.02.
  788         (h) “Suspicious activity” means any transaction reportable
  789  as required and described under 31 C.F.R. s. 1020.320.
  790         (4) A financial institution shall designate and retain a
  791  BSA/AML compliance officer. The board of directors of a
  792  financial institution must ensure that the designated compliance
  793  officer is properly qualified and has sufficient authority and
  794  resources to administer an effective BSA/AML compliance program.
  795  The board is ultimately responsible for establishing the
  796  institution’s BSA/AML policies and overall BSA/AML compliance. A
  797  change in the BSA/AML compliance officer must be reported to the
  798  office.
  799         (5)(4)(a)A Every financial institution shall keep a record
  800  of each financial transaction occurring in this state known to
  801  it which involves to involve currency or other monetary
  802  instrument, as the commission prescribes by rule, has of a value
  803  greater than in excess of $10,000, and involves to involve the
  804  proceeds of specified unlawful activity, or is to be designed to
  805  evade the reporting requirements of this section, chapter 896,
  806  or any similar state or federal law, or which the financial
  807  institution reasonably believes is suspicious activity. Each
  808  financial institution and shall maintain appropriate procedures
  809  to ensure compliance with this section, chapter 896, and any
  810  other similar state or federal law. Any report of suspicious
  811  activity made pursuant to this subsection is entitled to the
  812  same confidentiality provided under 31 C.F.R. s. 1020.320,
  813  whether the report or information pertaining to or identifying
  814  the report is in the possession or control of the office or the
  815  reporting institution.
  816         (a)(b) Multiple financial transactions shall be treated as
  817  a single transaction if the financial institution has knowledge
  818  that they are made by or on behalf of any person and result in
  819  either cash in or cash out totaling more than $10,000 during any
  820  business day, as defined in s. 655.89(1).
  821         (b)(c)A Any financial institution may keep a record of any
  822  financial transaction occurring in this state, regardless of the
  823  value, if it suspects that the transaction involves to involve
  824  the proceeds of specified unlawful activity.
  825         (c)(d) A financial institution, or officer, employee, or
  826  agent thereof, which that files a report in good faith pursuant
  827  to this subsection section is not liable to any person for loss
  828  or damage caused in whole or in part by the making, filing, or
  829  governmental use of the report, or any information contained
  830  therein.
  831         (d)(5)(a) Each financial institution shall file a report
  832  with the office of the records record required under this
  833  subsection with the office paragraphs (4)(a) and (b) and any
  834  record maintained pursuant to paragraph (4)(c). Each report
  835  shall record filed pursuant to subsection (4) must be filed at
  836  such time and must contain such information as the commission
  837  requires by rule.
  838         (e)(b) The timely filing of the reports report required by
  839  31 U.S.C. s. 5313 and 31 C.F.R. part 1020 with the appropriate
  840  federal agency is deemed compliance with the reporting
  841  requirements of this subsection unless the reports are not
  842  regularly and comprehensively transmitted by the federal agency
  843  to the office.
  844         (6) Each financial institution shall maintain a record of
  845  each qualified business customer that is designation of a person
  846  granted an exemption under the authority of 31 U.S.C. s. 5313,
  847  including any name, address, and taxpayer identification number
  848  of the exempt customer person, as well as the name and address
  849  of the financial institution and the signature of the financial
  850  institution official designating the exempt customer person.
  851  Such record of exemptions shall be made available to the office
  852  for inspection and copying and shall be submitted to the office
  853  within 15 days after request.
  854         (7) All reports and records filed with the office pursuant
  855  to this section are confidential and exempt from s. 119.07(1).
  856  However, the office shall provide any report filed pursuant to
  857  this section, or information contained therein, to federal,
  858  state, and local law enforcement and prosecutorial agencies, and
  859  any federal or state agency responsible for the regulation or
  860  supervision of financial institutions.
  861         (8)(a) Each financial institution shall maintain:
  862         (a)For a minimum of 5 calendar years Full and complete
  863  records of all financial transactions, including all records
  864  required by 31 C.F.R. parts 500-598 and 1010 for a minimum of 5
  865  calendar years parts 103.33 and 103.34.
  866         (b) The financial institution shall retain A copy of all
  867  reports filed with the office under subsection (5) (4) for a
  868  minimum of 5 calendar years after submission of the report.
  869         (c) The financial institution shall retain A copy of all
  870  records of exemption for each qualified business customer
  871  designation of exempt person made pursuant to subsection (6) for
  872  a minimum of 5 calendar years after termination of exempt status
  873  of such customer.
  874         (9) The office, in addition to any other power conferred
  875  upon it to enforce and administer this chapter and the financial
  876  institutions codes, the office may:
  877         (a) Bring an action in any court of competent jurisdiction
  878  to enforce or administer this section. In such action, the
  879  office may seek an award of any civil penalty authorized by law
  880  and any other appropriate relief at law or equity.
  881         (b) Pursuant to s. 655.033, issue and serve upon a person
  882  an order requiring such person to cease and desist and take
  883  corrective action if whenever the office finds that such person
  884  is violating, has violated, or is about to violate any provision
  885  of this section, chapter 896, or any similar state or federal
  886  law; any rule or order adopted under this section, chapter 896,
  887  or any similar state or federal law; or any written agreement
  888  related to this section, chapter 896, or any similar state or
  889  federal law and entered into with the office.
  890         (c) Pursuant to s. 655.037, issue and serve upon any person
  891  an order of removal if whenever the office finds that such
  892  person is violating, has violated, or is about to violate any
  893  provision of this section, chapter 896, or any similar state or
  894  federal law; any rule or order adopted under this section,
  895  chapter 896, or any similar state or federal law; or any written
  896  agreement related to this section, chapter 896, or any similar
  897  state or federal law and entered into with the office.
  898         (d) Impose and collect an administrative fine against any
  899  person found to have violated any provision of this section,
  900  chapter 896, or any similar state or federal law; any rule or
  901  order adopted under this section, chapter 896, or any similar
  902  state or federal law; or any written agreement related to this
  903  section, chapter 896, or any similar state or federal law and
  904  entered into with the office, in an amount up to not exceeding
  905  $10,000 per a day for each willful violation or $500 per a day
  906  for each negligent violation.
  907         (10)(a) Except as provided in paragraph (b), a person who
  908  willfully violates any provision of this section commits is
  909  guilty of a misdemeanor of the first degree, punishable as
  910  provided in s. 775.082 or s. 775.083.
  911         (b) A person who willfully violates or knowingly causes
  912  another to violate any provision of this section, when the
  913  violation involves:
  914         1. Financial transactions totaling or exceeding $300 but
  915  less than $20,000 in any 12-month period, commits is guilty of a
  916  felony of the third degree, punishable as provided in s. 775.082
  917  or s. 775.083; or
  918         2. Financial transactions totaling or exceeding $20,000 but
  919  less than $100,000 in any 12-month period, commits is guilty of
  920  a felony of the second degree, punishable as provided in s.
  921  775.082 or s. 775.083; or
  922         3. Financial transactions totaling or exceeding $100,000 in
  923  any 12-month period, commits is guilty of a felony of the first
  924  degree, punishable as provided in s. 775.082 or s. 775.083.
  925         (c) In addition to the penalties otherwise authorized by
  926  ss. 775.082 and 775.083, a person who has been convicted of or
  927  who has pleaded guilty or nolo contendere to having violated
  928  paragraph (b) may be sentenced to pay a fine of up to not
  929  exceeding $250,000 or twice the value of the financial
  930  transaction, whichever is greater, except that on a second or
  931  subsequent conviction for or plea of guilty or nolo contendere
  932  to a violation of paragraph (b), the fine may be up to $500,000
  933  or quintuple the value of the financial transaction, whichever
  934  is greater.
  935         (d) A financial institution as defined in s. 655.005 which
  936  that willfully violates this section is also liable for a civil
  937  penalty of not more than the greater of the value of the
  938  financial transaction involved or $25,000. However, the civil
  939  penalty may not exceed $100,000.
  940         (e) A person other than a financial institution as defined
  941  in s. 655.005 who violates this section is also liable for a
  942  civil penalty of not more than the greater of the value of the
  943  financial transaction involved or $25,000.
  944         (11) In any prosecution brought pursuant to this section,
  945  the common law corpus delicti rule does not apply. The
  946  defendant’s confession or admission is admissible during trial
  947  without the state having to prove the corpus delicti if the
  948  court finds in a hearing conducted outside the presence of the
  949  jury that the defendant’s confession or admission is
  950  trustworthy. Before the court admits the defendant’s confession
  951  or admission, the state must prove by a preponderance of the
  952  evidence that there is sufficient corroborating evidence that
  953  tends to establish the trustworthiness of the statement by the
  954  defendant. Hearsay evidence is admissible during the
  955  presentation of evidence at the hearing. In making its
  956  determination, the court may consider all relevant corroborating
  957  evidence, including the defendant’s statements.
  958         Section 12. Section 655.85, Florida Statutes, is amended to
  959  read:
  960         655.85 Settlement of checks.—If a Whenever any check is
  961  forwarded or presented to a financial an institution for
  962  payment, except when presented by the payee in person, the
  963  paying institution or remitting institution shall settle the
  964  amount of the check at par may pay or remit the same, at its
  965  option, either in money or in exchange drawn on its reserve
  966  agent or agents in the City of New York or in any reserve city
  967  within the Sixth Federal Reserve District; however, an
  968  institution may not settle any check drawn on it otherwise than
  969  at par. The term “at par” applies only to the settlement of
  970  checks between collecting and paying or remitting institutions
  971  and does not apply to, or prohibit an institution from,
  972  deducting from the face amount of the check drawn on it a fee
  973  for paying the check if the check is presented to the
  974  institution by the payee in person. The provisions of This
  975  section does do not apply with respect to the settlement of a
  976  check sent to such institution as a special collection item.
  977         Section 13. The Legislature intends that the amendment to
  978  s. 655.85, Florida Statutes, made by this act, clarify the
  979  relevant portions of the financial institutions codes as defined
  980  in s. 655.005, Florida Statutes, relating to fees imposed by a
  981  financial institution for the payment of checks presented in
  982  person without requiring further amendment.
  983         Section 14. Section 655.921, Florida Statutes, is amended
  984  to read:
  985         655.921 Transaction of business by out-of-state financial
  986  institutions; exempt transactions in the financial institutions
  987  codes.—
  988         (1) Nothing in The financial institutions codes do not
  989  shall be construed to prohibit a financial institution or
  990  business trust that has having its principal place of business
  991  outside this state and that does not operate operating branches
  992  in this state from:
  993         (a) Contracting in this state with any person to acquire
  994  from such person a part, or the entire, interest in a loan that
  995  such person proposes to make, has heretofore made, or hereafter
  996  makes, together with a like interest in any security instrument
  997  covering real or personal property in the state proposed to be
  998  given or hereafter or heretofore given to such person to secure
  999  or evidence such loan.
 1000         (b) Entering into mortgage servicing contracts with persons
 1001  authorized to transact business in this state and enforcing in
 1002  this state the obligations heretofore or hereafter acquired by
 1003  it in the transaction of business outside this state or in the
 1004  transaction of any business authorized by this section.
 1005         (c) Acquiring, holding, leasing, mortgaging, contracting
 1006  with respect to, or otherwise protecting, managing, or conveying
 1007  property in this state which is has heretofore or may hereafter
 1008  be assigned, transferred, mortgaged, or conveyed to it as
 1009  security for, or in whole or in part in satisfaction of, a loan
 1010  or loans made by it or obligations acquired by it in the
 1011  transaction of any business authorized by this section.
 1012         (d) Making loans or committing to make loans to any person
 1013  located in this state and soliciting compensating deposit
 1014  balances in connection therewith.
 1015         (e) Filing suit in any court in this state to collect any
 1016  debt or foreclose on any security interest in collateral
 1017  securing a debt.
 1018         (2) A No such financial institution or business trust may
 1019  not shall be deemed to be transacting business in this state, or
 1020  be required to qualify so to do so, solely by reason of the
 1021  performance of any of the acts or business authorized in this
 1022  section.
 1023         Section 15. Section 655.922, Florida Statutes, is amended
 1024  to read:
 1025         655.922 Banking business by unauthorized persons; use of
 1026  name.—
 1027         (1) Only No person other than a financial institution
 1028  authorized to do business in this state pursuant to the
 1029  financial institutions codes of any state or federal law may
 1030  shall, in this state, engage in the business of soliciting or
 1031  receiving funds for deposit, or of issuing certificates of
 1032  deposit, or of paying checks in this state; and only such
 1033  financial institution may no person shall establish or maintain
 1034  a place of business in this state for any of the functions,
 1035  transactions, or purposes identified mentioned in this
 1036  subsection. A Any person who violates the provisions of this
 1037  subsection commits is guilty of a felony of the third degree,
 1038  punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
 1039  This subsection does not prohibit the issuance or sale by a
 1040  financial institution of traveler’s checks, money orders, or
 1041  other instruments for the transmission or payment of money, by
 1042  or through employees or agents of the financial institution off
 1043  the financial institution’s premises.
 1044         (2) Only No person other than a financial institution
 1045  authorized to do business shall, in this state as provided under
 1046  subsection (1) may:
 1047         (a) Transact or solicit business under any name or title
 1048  that contains the words “bank,” “banc,” “banco,” “banque,”
 1049  “banker,” “banking,” “trust company,” “savings and loan
 1050  association,” “savings bank,” or “credit union,” or words of
 1051  similar import, in any context or in any manner;
 1052         (b) Use any name, word, trademark, service mark, trade
 1053  name, Internet address, logo, sign, symbol, or device in any
 1054  context or in any manner; or
 1055         (c) Circulate or use any letterhead, billhead, circular,
 1056  paper, electronic media, Internet website or posting, or writing
 1057  of any kind or otherwise advertise or represent in any manner,
 1058  
 1059  which indicates or reasonably implies that the business being
 1060  solicited, conducted, or advertised is the kind or character of
 1061  business transacted or conducted by a financial institution or
 1062  which is likely to lead any person to believe that such business
 1063  is that of a financial institution; however, the words “bank,”
 1064  “banc,” “banco,” “banque,” “banker,” “banking,” “trust company,”
 1065  “savings and loan association,” “savings bank,” or “credit
 1066  union,” or the plural of any thereof, may be used by, and in the
 1067  corporate or other name or title of, any company that which is
 1068  or becomes a financial institution holding company of a
 1069  financial institution pursuant to state or federal law; any
 1070  subsidiary of any such financial institution holding company
 1071  which includes as a part of its name or title all or any part,
 1072  or abbreviations, of the name or title of the financial
 1073  institution holding company of which it is a subsidiary; any
 1074  trade organization or association, whether or not incorporated,
 1075  functioning for the purpose of promoting the interests of
 1076  financial institutions or financial institution holding
 1077  companies, the active members of which are financial
 1078  institutions or financial institution holding companies; and any
 1079  international development bank chartered pursuant to part II of
 1080  chapter 663.
 1081         (3) A No person may not use the name, trademark, service
 1082  mark, trade name, Internet address, or logo of a any financial
 1083  institution or an affiliate or subsidiary thereof, or use a name
 1084  similar to that of a financial institution or an affiliate or
 1085  subsidiary thereof, to market or solicit business from a
 1086  customer or prospective customer of such institution if:
 1087         (a) The solicitation is done without the written consent of
 1088  the financial institution or its affiliate or subsidiary; and
 1089         (b) A reasonable person would believe that the materials
 1090  originated from, are endorsed by, or are connected with the
 1091  financial institution or its affiliates or subsidiaries.
 1092         (4) A financial institution, affiliate, subsidiary, or
 1093  service corporation may not do business, solicit, or advertise
 1094  in this state using a name, trademark, service mark, trade name,
 1095  Internet address, or logo that may mislead consumers or cause
 1096  confusion as to the identification of the proper legal business
 1097  entity or the nature of the financial institution’s business.
 1098         (5)(4) Any court, in a proceeding brought by the office, by
 1099  a any financial institution the principal place of business of
 1100  which is in this state, or by any other person residing, or
 1101  whose principal place of business is located, in this state and
 1102  whose interests are substantially affected thereby, may enjoin
 1103  any person from violating any provision of the provisions of
 1104  this section. Except for a financial institution duly chartered
 1105  by the office, the office may also seek an order from the
 1106  circuit court for the annulment or dissolution of a corporation
 1107  or any other business entity found violating any provision of
 1108  this section. For the purposes of this subsection, the interests
 1109  of a trade organization or association are deemed to be
 1110  substantially affected if the interests of any of its members
 1111  are so affected. In addition, The office may also issue and
 1112  serve upon any person who violates any provision of the
 1113  provisions of this section an emergency cease and desist order
 1114  or a complaint seeking a cease and desist order in accordance
 1115  with the procedures and in the manner prescribed by s. 655.033.
 1116  The office is not required to make any finding or determination
 1117  that a violation of this section is likely to result in
 1118  insolvency, substantial dissipation of assets or earnings, or
 1119  substantial prejudice to any person in association with the
 1120  issuance of an emergency cease and desist order.
 1121         (6)(5)Nothing in This section does not shall be construed
 1122  to prohibit the lawful establishment or operation the lawful
 1123  operations of a financial institution, affiliate, subsidiary, or
 1124  service corporation or and nothing in this code shall be
 1125  construed to prohibit any advertisement or other activity in
 1126  this state by any person if such prohibition would contravene
 1127  any applicable federal law that which preempts the law of this
 1128  state.
 1129         Section 16. Subsection (4) of section 655.948, Florida
 1130  Statutes, is amended to read:
 1131         655.948 Significant events; notice required.—
 1132         (4)(a) The office shall must exempt a financial institution
 1133  from any of the provisions of this section if the office
 1134  determines that such financial institution is operating in a
 1135  safe and sound manner pursuant to commission rules relating to
 1136  safe and sound operations. The commission shall adopt rules
 1137  defining the term “safe and sound” and explicitly stating the
 1138  criteria that which shall constitute operating in a safe and
 1139  sound manner. Notwithstanding this subsection:
 1140         (a)(b)Notwithstanding paragraph (a), All newly chartered
 1141  financial institutions are shall be subject to the requirements
 1142  of subsections (1) and (2) for 3 years.
 1143         (b) All financial institutions must notify the office
 1144  within 30 days of any civil investigation or any civil or
 1145  administrative proceeding initiated by a county or municipality
 1146  against the financial institution or its subsidiary or service
 1147  corporation. No liability may be incurred by a financial
 1148  institution, subsidiary, service corporation, or financial
 1149  institution-affiliated party as a result of making a good faith
 1150  effort to fulfill this disclosure requirement.
 1151         Section 17. Section 655.955, Florida Statutes, is created
 1152  to read:
 1153         655.955 Liability of financial institution to third
 1154  parties.—A financial institution is not civilly liable to a
 1155  third party for the actions or operations of a person solely by
 1156  virtue of extending a loan or a line of credit to such person.
 1157         Section 18. Section 657.008, Florida Statutes, is amended
 1158  to read:
 1159         657.008 Place of doing business.—
 1160         (1) A Every credit union authorized to transact business
 1161  pursuant to the laws of this state shall have one principal
 1162  place of doing business as designated in its bylaws and where
 1163  legal process may be served. A credit union may change its place
 1164  of business through an amendment to its bylaws.
 1165         (2)(a)Following With 30 days’ prior written notification
 1166  to the office or within such other time as is approved by the
 1167  office, a credit union operating in a safe and sound manner may
 1168  maintain branches without requiring prior office examination and
 1169  approval at locations other than its main office or relocate
 1170  branches previously established if the maintenance of such
 1171  branches is determined by the board of directors to be
 1172  reasonably necessary to furnish service to its members.
 1173         (a)A credit union that requires office examination and
 1174  approval before establishing or relocating a branch must submit
 1175  a written application in such form and supported by such
 1176  information, data, and records as the commission or office may
 1177  require to make all findings necessary for approval. Upon
 1178  receiving the application and a nonrefundable filing fee for the
 1179  establishment of the branch, the office shall consider the
 1180  following in determining whether to reject or approve the
 1181  application:
 1182         1.The sufficiency of the net worth of the credit union in
 1183  relation to its deposit liabilities, including the proposed
 1184  branch, and the additional fixed assets, if any, which are
 1185  proposed for the branch and its operations without undue risk to
 1186  the credit union or its depositors;
 1187         2.The sufficiency of earnings and earnings prospects of
 1188  the credit union necessary to support the anticipated expenses
 1189  and operating losses of the branch during its formative or
 1190  initial years;
 1191         3.The sufficiency and quality of management available to
 1192  operate the branch;
 1193         4.The name of the proposed branch in order to determine if
 1194  it reasonably identifies the branch as a branch of the main
 1195  office and is not likely to unduly confuse the public; and
 1196         5. The substantial compliance of the applicant with the
 1197  applicable law governing its operations.
 1198         (b) If any branch is located outside this state, the cost
 1199  of examining such branch shall be borne by the credit union.
 1200  Such cost includes shall include, but is shall not be limited
 1201  to, examiner travel expense and per diem.
 1202         (3) A credit union may share office space with one or more
 1203  credit unions and contract with any person or corporation to
 1204  provide facilities or personnel.
 1205         (4) A Any credit union organized under this state or
 1206  federal law, the members of which are presently, or were at the
 1207  time of admission into the credit union, employees of the state
 1208  or a political subdivision or municipality thereof, or members
 1209  of the immediate families of such employees, may apply for space
 1210  in any building owned or leased by the state or respective
 1211  political subdivision or municipality in the community or
 1212  district in which the credit union does business.
 1213         (a) The application shall be addressed to the officer
 1214  charged with the allotment of space in such building. If space
 1215  is available, the officer may allot space to the credit union at
 1216  a reasonable charge for rent or services.
 1217         (b) If the governing body having jurisdiction over the
 1218  building determines that the services rendered by the credit
 1219  union to the employees of the governing body are equivalent to a
 1220  reasonable charge for rent or services, available space may be
 1221  allotted to the credit union without charge for rent or
 1222  services.
 1223         (5)(a) The office may authorize foreign credit unions to
 1224  establish branches in this state Florida if all of the following
 1225  criteria are met:
 1226         1. The state in which the foreign credit union’s home
 1227  office is located permits Florida credit unions to do business
 1228  in the state under restrictions that are no greater than those
 1229  placed upon a domestic credit union doing business in that
 1230  state. For this purpose, such restrictions must shall include,
 1231  but are not limited to, any fees, bonds, or other charges levied
 1232  on domestic credit unions doing business in that state.
 1233         2. The deposits of such foreign credit union and its
 1234  proposed Florida branch must shall have insurance of accounts
 1235  with the National Credit Union Administration.
 1236         3. The credit union’s field of membership is so limited as
 1237  to be within that meaning of that term as defined in s. 657.002.
 1238         (b) Every foreign credit union operating in this state must
 1239  Florida shall keep the office informed of every location at
 1240  which it is operating.
 1241         (c) If the office has reason to believe that a foreign
 1242  credit union is operating a branch in this state in an unsafe
 1243  and unsound manner, it shall have the right to examine such
 1244  branch. If, upon examination, the office finds that such branch
 1245  is operating in an unsafe and unsound manner, it shall require
 1246  the branch office to make appropriate modifications to bring the
 1247  such branch operations into compliance with generally accepted
 1248  credit union operation in this state. The Such foreign credit
 1249  union shall reimburse the office for the full cost of such this
 1250  examination. Costs shall include examiner salaries, per diem,
 1251  and travel expenses.
 1252         (d) Any foreign credit union operating in this state shall,
 1253  in any connection therewith, be subject to suit in the courts of
 1254  this state, by this state and by the residents citizens of this
 1255  state.
 1256         (6) A credit union may provide, directly or through a
 1257  contract with another company, off-premises armored car services
 1258  to its members. Armored car services do not constitute a branch
 1259  for the purposes of this section.
 1260         Section 19. Section 657.028, Florida Statutes, is amended
 1261  to read:
 1262         657.028 Activities of directors, officers, committee
 1263  members, employees, and agents.—
 1264         (1) An individual may not disburse funds of the credit
 1265  union for any extension of credit approved by her or him.
 1266         (2) An elected officer, or director, or any committee
 1267  member, other than the chief executive officer, may not be
 1268  compensated for her or his service as such.
 1269         (3) Except with the prior approval of the office, a person
 1270  may not serve as an officer, director, or committee member of a
 1271  credit union if she or he:
 1272         (a) Has been convicted of a felony or of an offense
 1273  involving dishonesty, a breach of trust, a violation of this
 1274  chapter, or fraud, except with the prior approval of the office;
 1275         (b) Has been adjudicated bankrupt within the previous 7
 1276  years;
 1277         (c) Has been removed by any regulatory agency as a
 1278  director, officer, committee member, or employee of a any
 1279  financial institution, except with the prior approval of the
 1280  office;
 1281         (d) Has performed acts of fraud or dishonesty, or has
 1282  failed to perform duties, resulting in a loss that which was
 1283  subject to a paid claim under a fidelity bond, except with the
 1284  prior approval of the office; or
 1285         (e) Has been found guilty of a violation of s. 655.50,
 1286  relating to the Florida control of money laundering and
 1287  terrorist financing in Financial Institutions Act; chapter 896,
 1288  relating to offenses related to financial transactions; or any
 1289  similar state or federal law; or
 1290         (f) Has defaulted on a debt or obligation to a financial
 1291  institution which resulted in a material loss to the financial
 1292  institution.
 1293         (4) A person may not serve as a director of a credit union
 1294  if she or he is an employee of the credit union, other than the
 1295  chief executive officer of the credit union.
 1296         (5) A director, officer, committee member, officer, agent,
 1297  or employee of the credit union may not in any manner, directly
 1298  or indirectly, participate in the deliberation upon or the
 1299  determination of any question affecting her or his pecuniary
 1300  interest or the pecuniary interest of any corporation,
 1301  partnership, or association, other than the credit union, in
 1302  which she or he or a member of her or his immediate family is
 1303  directly or indirectly interested.
 1304         (6) Within 30 days after election or appointment, a record
 1305  of the names and addresses of the members of the board, members
 1306  of committees, and all officers of the credit union, and the
 1307  credit manager shall be filed with the office on forms
 1308  prescribed by the commission.
 1309         Section 20. Section 657.041, Florida Statutes, is amended
 1310  to read:
 1311         657.041 Insurance; employee benefit plans.—
 1312         (1) A credit union may purchase for or make available to
 1313  its members credit life insurance, credit disability insurance,
 1314  life savings or depositors life insurance, or any other
 1315  insurance coverage which may be directly related to the
 1316  extension of credit or to the receipt of shares or deposits in
 1317  amounts related to the members’ respective ages, shares,
 1318  deposits, or credit balances, or to any combination thereof.
 1319         (2) A credit union may purchase and maintain insurance on
 1320  behalf of any person who is or was a director, officer,
 1321  employee, or agent of the credit union, or who is or was serving
 1322  at the request of the credit union as a director, officer,
 1323  employee, or agent of another corporation, partnership, joint
 1324  venture, trust, or other enterprise, against any liability
 1325  arising out of such person’s capacity or status with the credit
 1326  union, whether or not the credit union would have the power to
 1327  indemnify such person against the asserted liability.
 1328         (3) With the prior approval of members of a credit union
 1329  and the office, the credit union may pay the premiums for
 1330  reasonable health, accident, and related types of insurance
 1331  protection for members of the credit union’s board of directors,
 1332  credit committee, supervisory committee, or other volunteer
 1333  committee established by the board. Any insurance protection
 1334  purchased must cease upon the insured person’s leaving office
 1335  without residual benefits other than from pending claims, if
 1336  any, except that the credit union must comply with federal and
 1337  state laws providing departing officials the right to maintain
 1338  health insurance coverage at their own expense. The office shall
 1339  consider the credit union’s size and financial condition and the
 1340  duties of the board or other officials in its consideration of
 1341  the request for approval for insurance coverage and may withhold
 1342  approval if the request would create an unsafe or unsound
 1343  practice or condition for the credit union.
 1344         (4) With the prior approval of the board of a credit union
 1345  and the office, the credit union may fund employee benefit
 1346  plans. The office shall consider the credit union’s size and
 1347  financial condition and the duties of the employees and may
 1348  withhold approval if the request would create an unsafe or
 1349  unsound practice or condition for the credit union.
 1350         Section 21. Subsection (20) of section 658.12, Florida
 1351  Statutes, is amended to read:
 1352         658.12 Definitions.—Subject to other definitions contained
 1353  in the financial institutions codes and unless the context
 1354  otherwise requires:
 1355         (20) “Trust business” means the business of acting as a
 1356  fiduciary when such business is conducted by a bank, a state or
 1357  federal association, or a trust company, or and also when
 1358  conducted by any other business organization for compensation
 1359  that the office does not consider to be de minimis as its sole
 1360  or principal business.
 1361         Section 22. Subsection (4) of section 658.21, Florida
 1362  Statutes, is amended to read:
 1363         658.21 Approval of application; findings required.—The
 1364  office shall approve the application if it finds that:
 1365         (4) The proposed officers have sufficient financial
 1366  institution experience, ability, standing, and reputation and
 1367  the proposed directors have sufficient business experience,
 1368  ability, standing, and reputation to indicate reasonable promise
 1369  of successful operation, and none of the proposed officers or
 1370  directors has been convicted of, or pled guilty or nolo
 1371  contendere to, any violation of s. 655.50, relating to the
 1372  Florida control of money laundering and terrorist financing in
 1373  Financial Institutions Act; chapter 896, relating to offenses
 1374  related to financial institutions; or any similar state or
 1375  federal law. At least two of the proposed directors who are not
 1376  also proposed officers must shall have had at least 1 year
 1377  direct experience as an executive officer, regulator, or
 1378  director of a financial institution within the 3 years before of
 1379  the date of the application. However, if the applicant
 1380  demonstrates that at least one of the proposed directors has
 1381  very substantial experience as an executive officer, director,
 1382  or regulator of a financial institution more than 3 years before
 1383  the date of the application, the office may modify the
 1384  requirement and allow only one director to have direct financial
 1385  institution experience within the last 3 years. The proposed
 1386  president or chief executive officer must shall have had at
 1387  least 1 year of direct experience as an executive officer,
 1388  director, or regulator of a financial institution within the
 1389  last 3 years.
 1390         Section 23. Subsection (2) of section 658.235, Florida
 1391  Statutes, is amended to read:
 1392         658.235 Subscriptions for stock; approval of major
 1393  shareholders.—
 1394         (2) The directors shall also provide such detailed
 1395  financial, business, and biographical information as the
 1396  commission or office may reasonably require for each person who,
 1397  together with related interests, subscribes to 10 percent or
 1398  more of the voting stock or nonvoting stock that which is
 1399  convertible into voting stock of the proposed bank or trust
 1400  company. The office shall make an investigation of the
 1401  character, financial responsibility, and financial standing of
 1402  each such person in order to determine whether he or she is
 1403  likely to control the bank or trust company in a manner that
 1404  which would jeopardize the interests of the depositors and
 1405  creditors of the bank or trust company, the other stockholders,
 1406  or the general public. The This investigation must shall include
 1407  a determination of whether any such person has been convicted
 1408  of, or pled guilty or nolo contendere to, a violation of s.
 1409  655.50, relating to the Florida control of money laundering and
 1410  terrorist financing in Financial Institutions Act; chapter 896,
 1411  relating to offenses related to financial transactions; or any
 1412  similar state or federal law.
 1413         Section 24. Section 658.49, Florida Statutes, is repealed.
 1414         Section 25. Subsection (1) of section 663.02, Florida
 1415  Statutes, is amended to read:
 1416         663.02 Applicability of state banking laws.—
 1417         (1) International banking corporations having offices in
 1418  this state are shall be subject to all the provisions of the
 1419  financial institutions codes and chapter 655 as though such
 1420  international banking corporations were state banks or trust
 1421  companies, except where it may appear, from the context or
 1422  otherwise, that such provisions are clearly applicable only to
 1423  banks or trust companies organized under the laws of this state
 1424  or the United States. Without limiting the foregoing general
 1425  provisions, it is the intent of the Legislature that the
 1426  following provisions are applicable to such banks or trust
 1427  companies: s. 655.031, relating to administrative enforcement
 1428  guidelines; s. 655.032, relating to investigations, subpoenas,
 1429  hearings, and witnesses; s. 655.0321, relating to hearings,
 1430  proceedings, and related documents and restricted access
 1431  thereto; s. 655.033, relating to cease and desist orders; s.
 1432  655.037, relating to removal by the office of an officer,
 1433  director, committee member, employee, or other person; s.
 1434  655.041, relating to administrative fines and enforcement; s.
 1435  655.50, relating to the control of money laundering and
 1436  terrorist financing; s. 658.49, relating to loans by banks not
 1437  exceeding $50,000; and any provision of law for which the
 1438  penalty is increased under s. 775.31 for facilitating or
 1439  furthering terrorism. International banking corporations do
 1440  shall not have the powers conferred on domestic banks by the
 1441  provisions of s. 658.60, relating to deposits of public funds.
 1442  The provisions of Chapter 687, relating to interest and usury,
 1443  applies shall apply to all bank loans not subject to s. 658.49.
 1444         Section 26. Subsection (1) of section 663.09, Florida
 1445  Statutes, is amended to read:
 1446         663.09 Reports; records.—
 1447         (1) An Every international banking corporation doing
 1448  business in this state shall, at such times and in such form as
 1449  the commission prescribes, make written reports in the English
 1450  language to the office, under the oath of one of its officers,
 1451  managers, or agents transacting business in this state, showing
 1452  the amount of its assets and liabilities and containing such
 1453  other matters as the commission or office requires. An
 1454  international banking corporation that maintains two or more
 1455  offices may consolidate such information in one report unless
 1456  the office otherwise requires for purposes of its supervision of
 1457  the condition and operations of each such office. The late
 1458  filing of such reports is shall be subject to an the imposition
 1459  of the administrative fine as prescribed under by s.
 1460  655.045(2)(b). If any such international banking corporation
 1461  fails shall fail to make any such report, as directed by the
 1462  office, or if any such report contains a shall contain any false
 1463  statement knowingly made, the same shall be grounds for
 1464  revocation of the license of the international banking
 1465  corporation.
 1466         Section 27. Subsection (2) of section 663.12, Florida
 1467  Statutes, is amended to read:
 1468         663.12 Fees; assessments; fines.—
 1469         (2) Each international bank agency, international branch,
 1470  and state-chartered investment company shall pay to the office a
 1471  semiannual assessment, payable on or before January 31 and July
 1472  31 of each year, a semiannual assessment in an amount determined
 1473  by rule by the commission by rule and calculated in a manner so
 1474  as to recover the costs of the office incurred in connection
 1475  with the supervision of international banking activities
 1476  licensed under this part. The These rules must shall provide for
 1477  uniform rates of assessment for all licenses of the same type
 1478  and, shall provide for declining rates of assessment in relation
 1479  to the total assets of the licensee held in the state, but may
 1480  shall not result, in any event, provide for rates of assessment
 1481  which exceed the rate applicable to state banks pursuant to s.
 1482  658.73, unless the rate of assessment would result in a
 1483  semiannual assessment of less than $1,000. For the purposes of
 1484  this subsection, the total assets of an international bank
 1485  agency, international branch, or state-chartered investment
 1486  company must shall include amounts due the agency or branch or
 1487  state investment company from other offices, branches, or
 1488  subsidiaries of the international banking corporations or other
 1489  corporations of which the agency, branch, or state-chartered
 1490  investment company is a part or from entities related to that
 1491  international banking corporation. Each international
 1492  representative office, international administrative office, or
 1493  international trust company representative office shall pay to
 1494  the office an annual assessment in the amount of $2,000, payable
 1495  on or before January 31 of each year.
 1496         Section 28. Subsection (3) of section 663.306, Florida
 1497  Statutes, is amended to read:
 1498         663.306 Decision by office.—The office may, in its
 1499  discretion, approve or disapprove the application, but it shall
 1500  not approve the application unless it finds that:
 1501         (3) The proposed officers and directors have sufficient
 1502  experience, ability, standing, and reputation to indicate
 1503  reasonable promise of successful operation and none of the
 1504  proposed officers or directors have been convicted of, or pled
 1505  guilty or nolo contendere to, a violation of s. 655.50, relating
 1506  to the Florida control of money laundering and terrorist
 1507  financing in Financial Institutions Act; chapter 896, relating
 1508  to offenses related to financial transactions; or any similar
 1509  state or federal law.
 1510         Section 29. Subsection (28) of section 665.013, Florida
 1511  Statutes, is amended to read:
 1512         665.013 Applicability of chapter 658.—The following
 1513  sections of chapter 658, relating to banks and trust companies,
 1514  are applicable to an association to the same extent as if the
 1515  association were a “bank” operating thereunder:
 1516         (28) Section 658.49, relating to loans by banks not
 1517  exceeding $50,000.
 1518         Section 30. Paragraph (c) of subsection (1) of section
 1519  665.033, Florida Statutes, is amended to read:
 1520         665.033 Conversion of state or federal mutual association
 1521  to capital stock association.—
 1522         (1) CONVERSION INTO CAPITAL STOCK ASSOCIATION.—Any state or
 1523  federal mutual association may apply to the office for
 1524  permission to convert itself into an association operated under
 1525  the provisions of this chapter in accordance with the following
 1526  procedures:
 1527         (c) The office may approve or disapprove the plan in its
 1528  discretion, but may it shall not approve the plan unless it
 1529  finds that the association will comply sufficiently with the
 1530  requirements of the financial institutions codes after
 1531  conversion to entitle it to become an association operating
 1532  under the financial institutions codes and the rules of the
 1533  commission. The office may deny an any application from any
 1534  federal association that is subject to a any cease and desist
 1535  order or other supervisory restriction or order imposed by any
 1536  state or the federal supervisory authority, or insurer, or
 1537  guarantor or that has been convicted of, or pled guilty or nolo
 1538  contendere to, a violation of s. 655.50, relating to the Florida
 1539  control of money laundering and terrorist financing in Financial
 1540  Institutions Act; chapter 896, relating to offenses related to
 1541  financial transactions; or any similar state or federal law.
 1542         Section 31. Paragraph (a) of subsection (2) of section
 1543  665.034, Florida Statutes, is amended to read:
 1544         665.034 Acquisition of assets of or control over an
 1545  association.—
 1546         (2) The office shall issue the certificate of approval only
 1547  after it has made an investigation and determined that:
 1548         (a) The proposed new owner or owners of voting capital
 1549  stock are qualified by character, experience, and financial
 1550  responsibility to control the association in a legal and proper
 1551  manner and none of the proposed new owners have been convicted
 1552  of, or pled guilty or nolo contendere to, a violation of s.
 1553  655.50, relating to the Florida control of money laundering and
 1554  terrorist financing in Financial Institutions Act; chapter 896,
 1555  relating to offenses related to financial transactions; or any
 1556  similar state or federal law.
 1557         Section 32. Subsection (29) of section 667.003, Florida
 1558  Statutes, is amended to read:
 1559         667.003 Applicability of chapter 658.—Any state savings
 1560  bank is subject to all the provisions, and entitled to all the
 1561  privileges, of the financial institutions codes except where it
 1562  appears, from the context or otherwise, that such provisions
 1563  clearly apply only to banks or trust companies organized under
 1564  the laws of this state or the United States. Without limiting
 1565  the foregoing general provisions, it is the intent of the
 1566  Legislature that the following provisions apply to a savings
 1567  bank to the same extent as if the savings bank were a “bank”
 1568  operating under such provisions:
 1569         (29) Section 658.49, relating to loans by banks not
 1570  exceeding $50,000.
 1571         Section 33. Paragraph (c) of subsection (1) of section
 1572  667.006, Florida Statutes, is amended to read:
 1573         667.006 Conversion of state or federal mutual savings bank
 1574  or state or federal mutual association to capital stock savings
 1575  bank.—
 1576         (1) CONVERSION INTO CAPITAL STOCK SAVINGS BANK.—Any state
 1577  or federal mutual savings bank or state or federal mutual
 1578  association may apply to the office for permission to convert
 1579  itself into a capital stock savings bank operated under the
 1580  provisions of this chapter in accordance with the following
 1581  procedures:
 1582         (c) The office may approve or disapprove the plan in its
 1583  discretion, but may it shall not approve the plan unless it
 1584  finds that the savings bank will comply sufficiently with the
 1585  requirements of the financial institutions codes after
 1586  conversion to entitle it to become a savings bank operating
 1587  under the financial institutions codes and the rules of the
 1588  commission. The office may deny any application from a any
 1589  federal savings bank that is subject to a any cease and desist
 1590  order or other supervisory restriction or order imposed by any
 1591  state or the federal supervisory authority, or insurer, or
 1592  guarantor or that has been convicted of, or pled guilty or nolo
 1593  contendere to, a violation of s. 655.50, relating to the Florida
 1594  control of money laundering and terrorist financing in Financial
 1595  Institutions Act; chapter 896, relating to offenses related to
 1596  financial transactions; or any similar state or federal law.
 1597         Section 34. Paragraph (a) of subsection (2) of section
 1598  667.008, Florida Statutes, is amended to read:
 1599         667.008 Acquisition of assets of or control over a savings
 1600  bank.—
 1601         (2) The office shall issue the certificate of approval only
 1602  after it has made an investigation and determined that:
 1603         (a) The proposed new owner or owners of voting capital
 1604  stock are qualified by character, experience, and financial
 1605  responsibility to control the savings bank in a legal and proper
 1606  manner and none of the proposed new owners have been convicted
 1607  of, or pled guilty or nolo contendere to, a violation of s.
 1608  655.50, relating to the Florida control of money laundering and
 1609  terrorist financing in Financial Institutions Act; chapter 896,
 1610  relating to offenses related to financial transactions; or any
 1611  similar state or federal law.
 1612         Section 35. This act shall take effect July 1, 2014.
 1613