Florida Senate - 2015                              CS for SB 806
       
       
        
       By the Committee on Banking and Insurance; and Senator Richter
       
       
       
       
       
       597-02403-15                                           2015806c1
    1                        A bill to be entitled                      
    2         An act relating to the regulation of financial
    3         institutions; amending s. 655.005, F.S.; redefining
    4         the terms “main office” and “principal office”;
    5         amending s. 655.047, F.S.; requiring mailed semiannual
    6         assessments to be received by the Office of Financial
    7         Regulation by a specified date; requiring
    8         electronically transmitted semiannual assessments to
    9         be transmitted to the office by specified dates;
   10         amending s. 655.60, F.S.; deleting the requirement
   11         that the office select a licensed or certified
   12         appraiser to conduct certain appraisals; deleting the
   13         requirement that the office approve the cost of
   14         certain appraisals before payment of that cost by a
   15         state financial institution, subsidiary, or service
   16         corporation; amending s. 658.19, F.S.; revising the
   17         individuals for whom certain information must be
   18         provided to the office on an application for authority
   19         to organize a banking corporation or trust company;
   20         amending s. 660.33, F.S.; conforming a cross
   21         reference; amending s. 663.08, F.S.; requiring an
   22         international banking corporation to provide its
   23         annual certification of capital accounts to the office
   24         by a specified date; reenacting ss. 655.960(8) and
   25         663.302(1)(a), F.S., to incorporate the amendment made
   26         to s. 655.005, F.S., in references thereto; reenacting
   27         ss. 658.165(1), 665.013(3), and 667.003(3), F.S., to
   28         incorporate the amendment made to s. 658.19, F.S., in
   29         references thereto; reenacting s. 658.12(4), F.S., to
   30         incorporate the amendment made to s. 660.33, F.S., in
   31         references thereto; providing an effective date.
   32          
   33  Be It Enacted by the Legislature of the State of Florida:
   34  
   35         Section 1. Paragraph (q) of subsection (1) of section
   36  655.005, Florida Statutes, is amended to read:
   37         655.005 Definitions.—
   38         (1) As used in the financial institutions codes, unless the
   39  context otherwise requires, the term:
   40         (q) “Main office” or “principal office” of a financial
   41  institution means the main business office designated in its
   42  articles of incorporation or bylaws, or redesignated in a
   43  relocation application filed with the office, at an identified
   44  location approved by the office in the case of a state financial
   45  institution, or by the appropriate federal regulatory agency in
   46  the case of a federal financial institution. With respect to the
   47  trust department of a bank or association that has trust powers,
   48  the terms mean the office or place of business of the trust
   49  department at an identified location, which need not be the same
   50  location as the main office of the bank or association, approved
   51  by the office in the case of a state bank or association, or by
   52  the appropriate federal regulatory agency in the case of a
   53  national bank or federal association. The “main office” or
   54  “principal office” of a trust company means the office
   55  designated or provided for in its articles of incorporation, at
   56  an identified location as approved by the relevant chartering
   57  authority.
   58         Section 2. Subsection (2) of section 655.047, Florida
   59  Statutes, is amended to read:
   60         655.047 Assessments; financial institutions.—
   61         (2) If mailed, the mailing of a semiannual assessment must
   62  be received by the office postmarked on or before January 31 and
   63  July 31 of each year. If transmitted through a wire transfer, an
   64  automated clearinghouse, or other electronic means approved by
   65  the office, the semiannual assessment must be transmitted to the
   66  office on or before January 31 and July 31 of each year. The
   67  office may levy a late payment penalty of up to $100 per day or
   68  part thereof that a semiannual assessment payment is overdue,
   69  unless it is excused for good cause. However, for intentional
   70  late payment of a semiannual assessment, the office shall levy
   71  an administrative fine of up to $1,000 a day for each day the
   72  semiannual assessment is overdue.
   73         Section 3. Subsection (1) of section 655.60, Florida
   74  Statutes, is amended to read:
   75         655.60 Appraisals.—
   76         (1) The office is authorized to cause appraisals to be made
   77  appraisals of real estate or other property held by a any state
   78  financial institution, subsidiary, or service corporation or
   79  securing the assets of the state financial institution,
   80  subsidiary, or service corporation if when specific facts or
   81  information with respect to real estate or other property held,
   82  secured loans, or lending, or when in its opinion the state
   83  financial institution’s policies, practices, operating results,
   84  and trends give evidence that the state financial institution’s
   85  appraisals or evaluations of ability to make payments may be
   86  excessive, that lending or investment may be of a marginal
   87  nature, that appraisal policies and loan practices may not
   88  conform with generally accepted and established professional
   89  standards, or that real estate or other property held by the
   90  state financial institution, subsidiary, or service corporation
   91  or assets secured by real estate or other property are
   92  overvalued. In lieu of causing such appraisals to be made, the
   93  office may accept any appraisal caused to be made by an
   94  appropriate state or federal regulatory agency or other insuring
   95  agency or corporation of a state financial institution. Unless
   96  otherwise ordered by the office, an appraisal of real estate or
   97  other property pursuant to this section must be made by a
   98  licensed or certified appraiser or appraisers selected by the
   99  office, and the cost of such appraisal shall be paid promptly by
  100  such state financial institution, subsidiary, or service
  101  corporation directly to such appraiser or appraisers upon
  102  receipt by the state financial institution of a statement of
  103  such cost bearing the written approval of the office. A copy of
  104  the report of each appraisal caused to be made by the office
  105  pursuant to this section shall be furnished to the state
  106  financial institution, subsidiary, or service corporation within
  107  a reasonable time, not exceeding 60 days, following the
  108  completion of the such appraisal and may be furnished to the
  109  insuring agency or corporation or federal or state regulatory
  110  agency.
  111         Section 4. Paragraph (f) of subsection (1) of section
  112  658.19, Florida Statutes, is amended to read:
  113         658.19 Application for authority to organize a bank or
  114  trust company.—
  115         (1) A written application for authority to organize a
  116  banking corporation or a trust company shall be filed with the
  117  office by the proposed directors and shall include:
  118         (f) Such detailed financial, business, and biographical
  119  information as the commission or office may reasonably require
  120  for each proposed director, president, chief executive officer
  121  (if other than the president), and, if applicable, trust officer
  122  (if applicable).
  123         Section 5. Subsection (1) of section 660.33, Florida
  124  Statutes, is amended to read:
  125         660.33 Trust service offices.—
  126         (1) In addition to its principal office and any branch
  127  trust company authorized under s. 658.26 s. 660.32, a trust
  128  company or a trust department with its principal place of doing
  129  business in this state may maintain one or more trust service
  130  offices at the location of any bank, association, or credit
  131  union that which is organized under the laws of this state or
  132  under the laws of the United States with its principal place of
  133  doing business in this state. However, a trust service office
  134  may be established only after the trust company or the trust
  135  department has secured the consent of a majority of the
  136  stockholders or members entitled to vote on such proposal at a
  137  meeting of stockholders or members, and of a majority of the
  138  board of directors, of the bank, association, or credit union at
  139  which a trust service office is proposed to be maintained, and
  140  after a certificate of authorization has been issued to the
  141  trust company or the trust department by the office.
  142         Section 6. Section 663.08, Florida Statutes, is amended to
  143  read:
  144         663.08 Certification of capital accounts.—Before opening an
  145  office in this state, and annually thereafter so long as a bank
  146  office is maintained in this state, an international banking
  147  corporation licensed pursuant to ss. 663.01-663.14 shall certify
  148  to the office the amount of its capital accounts, expressed in
  149  the currency of the jurisdiction of its incorporation. The
  150  dollar equivalent of these amounts, as determined by the office,
  151  shall be deemed to be the amount of its capital accounts. The
  152  annual certification of capital accounts must be received by the
  153  office on or before June 30 of each year.
  154         Section 7. For the purpose of incorporating the amendment
  155  made by this act to section 655.005, Florida Statutes, in a
  156  reference thereto, subsection (8) of section 655.960, Florida
  157  Statutes, is reenacted to read:
  158         655.960 Definitions; ss. 655.960-655.965.—As used in this
  159  section and ss. 655.961-655.965, unless the context otherwise
  160  requires:
  161         (8) “Financial institution office” means a main office or
  162  principal office, as defined in s. 655.005, and a branch or
  163  branch office as defined in s. 658.12(4).
  164         Section 8. For the purpose of incorporating the amendment
  165  made by this act to section 655.005, Florida Statutes, in a
  166  reference thereto, paragraph (a) of subsection (1) of section
  167  663.302, Florida Statutes, is reenacted to read:
  168         663.302 Applicability of state banking laws.—
  169         (1)(a) International development banks shall be subject to
  170  the following provisions of chapter 655 as though such
  171  international development banks were state banks:
  172         1. Section 655.005, relating to definitions.
  173         2. Section 655.012, relating to general supervisory powers
  174  of the office.
  175         3. Section 655.016, relating to liability.
  176         4. Section 655.031, relating to administrative enforcement
  177  guidelines.
  178         5. Section 655.032, relating to investigations; etc.
  179         6. Section 655.0321, relating to hearings and proceedings.
  180         7. Section 655.033, relating to cease and desist orders.
  181         8. Section 655.034, relating to injunctions.
  182         9. Section 655.037, relating to removal of financial
  183  institution-affiliated party.
  184         10. Section 655.041, relating to administrative fines.
  185         11. Section 655.043, relating to articles of incorporation.
  186         12. Section 655.044, relating to accounting practices.
  187         13. Section 655.045, relating to examinations, reports, and
  188  internal audits.
  189         14. Section 655.049, relating to deposit of fees and
  190  assessments.
  191         15. Section 655.057, relating to records.
  192         16. Section 655.071, relating to international banking
  193  facilities.
  194         17. Section 655.50, relating to reports of transactions
  195  involving currency.
  196         Section 9. For the purpose of incorporating the amendment
  197  made by this act to section 658.19, Florida Statutes, in a
  198  reference thereto, subsection (1) of section 658.165, Florida
  199  Statutes, is reenacted to read:
  200         658.165 Banker’s banks; formation; applicability of
  201  financial institutions codes; exceptions.—
  202         (1) If authorized by the office, a corporation may be
  203  formed under the laws of this state for the purpose of becoming
  204  a banker’s bank. An application for authority to organize a
  205  banker’s bank is subject to ss. 658.19, 658.20, and 658.21,
  206  except that s. 658.20(1)(b) and (c) and the minimum stock
  207  ownership requirements for the organizing directors provided in
  208  s. 658.21(2) do not apply.
  209         Section 10. For the purpose of incorporating the amendment
  210  made by this act to section 658.19, Florida Statutes, in a
  211  reference thereto, subsection (3) of section 665.013, Florida
  212  Statutes, is reenacted to read:
  213         665.013 Applicability of chapter 658.—The following
  214  sections of chapter 658, relating to banks and trust companies,
  215  are applicable to an association to the same extent as if the
  216  association were a “bank” operating thereunder:
  217         (3) Section 658.19, relating to application for authority
  218  to organize a bank or trust company.
  219         Section 11. For the purpose of incorporating the amendment
  220  made by this act to section 658.19, Florida Statutes, in a
  221  reference thereto, subsection (3) of section 667.003, Florida
  222  Statutes, is reenacted to read:
  223         667.003 Applicability of chapter 658.—Any state savings
  224  bank is subject to all the provisions, and entitled to all the
  225  privileges, of the financial institutions codes except where it
  226  appears, from the context or otherwise, that such provisions
  227  clearly apply only to banks or trust companies organized under
  228  the laws of this state or the United States. Without limiting
  229  the foregoing general provisions, it is the intent of the
  230  Legislature that the following provisions apply to a savings
  231  bank to the same extent as if the savings bank were a “bank”
  232  operating under such provisions:
  233         (3) Section 658.19, relating to application for authority
  234  to organize a bank or trust company.
  235         Section 12. For the purpose of incorporating the amendment
  236  made by this act to section 660.33, Florida Statutes, in a
  237  reference thereto, subsection (4) of section 658.12, Florida
  238  Statutes, is reenacted to read:
  239         658.12 Definitions.—Subject to other definitions contained
  240  in the financial institutions codes and unless the context
  241  otherwise requires:
  242         (4) “Branch” or “branch office” of a bank means any office
  243  or place of business of a bank, other than its main office and
  244  the facilities and operations authorized by ss. 658.26(4) and
  245  660.33, at which deposits are received, checks are paid, or
  246  money is lent. With respect to a bank that has a trust
  247  department, the terms have the meanings herein ascribed to a
  248  branch or a branch office of a trust company and mean any office
  249  or place of business of a trust company, other than its main
  250  office and its trust service offices established pursuant to s.
  251  660.33, where trust business is transacted with its customers.
  252         Section 13. This act shall take effect October 1, 2015.