The Florida Senate

CS/HB 611: Public Deposits

GENERAL BILL by State Administration & Technology Appropriations Subcommittee ; Botana ; (CO-INTRODUCERS) Redondo ; Rizo

Public Deposits; Adds credit unions to list of financial institutions eligible to be qualified public depositories; provides applicability of qualified public depository provisions to credit unions; requires CFO to withdraw from collateral agreement with credit union; specifies requirement for & restriction on credit union that is party to withdrawn collateral agreement; provides limits on public deposits held by credit unions; specifies losses against which certain solvent banks, savings banks, savings associations, & credit unions must guarantee public depositors; requires CFO to segregate & separately account for proceeds, assessments, & administrative penalties attributable to credit union from those attributable to other specified financial institutions; revises condition for payment of losses to public depositors; provides that specified limit on securities eligible to be pledged as collateral apply to qualified public depositories, rather than to banks & savings associations.

• Bill History
• Related Bills (2)
• Bill Text (2)
• Amendments (1)
• Analyses (3)
• Vote History (1)
• Citations (36)

Bill History

Date	Chamber	Action
11/21/2023	House	• Filed
11/30/2023	House	• Referred to Insurance & Banking Subcommittee • Referred to State Administration & Technology Appropriations Subcommittee • Referred to Commerce Committee • Now in Insurance & Banking Subcommittee
1/9/2024	House	• Added to Insurance & Banking Subcommittee agenda • 1st Reading (Original Filed Version)
1/11/2024	House	• Favorable by Insurance & Banking Subcommittee
1/12/2024	House	• Reported out of Insurance & Banking Subcommittee • Now in State Administration & Technology Appropriations Subcommittee
2/9/2024	House	• Added to State Administration & Technology Appropriations Subcommittee agenda
2/13/2024	House	• Favorable with CS by State Administration & Technology Appropriations Subcommittee • Reported out of State Administration & Technology Appropriations Subcommittee • Laid on Table under Rule 7.18(a) • CS Filed
2/14/2024	House	• 1st Reading (Committee Substitute 1) • Referred to Commerce Committee • Now in Commerce Committee
2/20/2024	House	• Added to Commerce Committee agenda
2/22/2024	House	• Favorable by Commerce Committee
2/23/2024	House	• Reported out of Commerce Committee • Bill released to House Calendar • Added to Second Reading Calendar
2/26/2024	House	• Bill added to Special Order Calendar (2/29/2024)
2/29/2024	House	• Read 2nd time • Added to Third Reading Calendar • Read 3rd time • CS passed; YEAS 76, NAYS 36
2/29/2024	Senate	• In Messages
3/1/2024	Senate	• Referred to Fiscal Policy • Received
3/8/2024	Senate	• Died in Fiscal Policy

Related Bills

Bill Number	Subject	Filed By	Relationship	Last Action and Location	Track Bills
S 1018	Public Deposits	Ingoglia	Similar	Last Action: 3/8/2024 S Died in Banking and Insurance
H 989 (er)	Chief Financial Officer	Insurance & Banking Subcommittee	Compare	Last Action: 5/3/2024 Chapter No. 2024-140

Bill Text

Version	Posted	Format
H 611 Filed	11/21/2023 9:40 AM	PDF
H 611 c1	2/13/2024 5:21 PM	PDF

Committee Amendments

H 611 Filed

Amendment	Sponsor	Filed	Last Committee Action	Format
292455 - Amendment Remove lines 267-271 and insert:	Botana	2/12/2024 7:36 PM	Adopted 2/13/2024	PDF

Floor Amendments

No Floor Amendments Available

Bill Analyses

Type	Analysis	Author	Posted	Format
Bill Analysis	H 611	Insurance & Banking Subcommittee (Post-Meeting)	1/12/2024 8:15 AM	PDF
Bill Analysis	H 611	State Administration & Technology Appropriations Subcommittee (Post-Meeting)	2/14/2024 10:11 AM	PDF
Bill Analysis	H 611	Commerce Committee (Post-Meeting)	2/23/2024 8:19 AM	PDF

Vote History - Committee

No Committee Vote History Available

Vote History - Floor

Vote	Date	Chamber	Result
H 611 c1	2/29/2024 4:34 PM	House	76 Yeas - 36 Nays

Citations - Statutes (36)

Citation	Catchline	Location in Bill Location In Bill Help
17.57	Deposits and investments of state money.	Page 23 (pdf)
17.68	Financial Literacy Program for Individuals with Developmental Disabilities.	Page 3 (pdf)
24.114	Bank deposits and control of lottery transactions.	Page 24 (pdf)
125.901	Children’s services; independent special district; council; powers, duties, and functions; public records exemption.	Page 25 (pdf)
136.01	County depositories.	Page 26 (pdf)
159.608	Powers of housing finance authorities.	Page 27 (pdf)
175.301	Depository for pension funds.	Page 27 (pdf)
175.401	Retiree health insurance subsidy.	Page 28 (pdf)
185.30	Depository for retirement fund.	Page 30 (pdf)
185.50	Retiree health insurance subsidy.	Page 30 (pdf)
190.007	Board of supervisors; general duties.	Page 32 (pdf)
191.006	General powers.	Page 32 (pdf)
215.34	State funds; noncollectible items; procedure.	Page 32 (pdf)
218.415	Local government investment policies.	Page 33 (pdf)
255.502	Definitions; ss. 255.501-255.525.	Page 35 (pdf)
280.02	Definitions.	Page 4 (pdf)
280.025	Attestation required.	Page 9 (pdf)
280.03	Public deposits to be secured; prohibitions; exemptions.	Page 9 (pdf)
280.042		Page 10 (pdf)
280.05	Powers and duties of the Chief Financial Officer.	Page 11 (pdf)
280.051	Grounds for suspension or disqualification of a qualified public depository.	Page 36 (pdf)
280.052	Order of suspension or disqualification; procedure.	Page 12 (pdf)
280.053	Period of suspension or disqualification; obligations during period; reinstatement.	Page 12 (pdf)
280.055	Cease and desist order; corrective order; administrative penalty.	Page 13 (pdf)
280.07	Mutual responsibility and contingent liability.	Page 15 (pdf)
280.08	Procedure for payment of losses.	Page 15 (pdf)
280.085	Notice to claimants.	Page 17 (pdf)
280.09	Public Deposits Trust Fund.	Page 17 (pdf)
280.10	Effect of merger, acquisition, or consolidation; change of name or address.	Page 19 (pdf)
280.13	Eligible collateral.	Page 21 (pdf)
280.17	Requirements for public depositors; notice to public depositors and governmental units; loss of protection.	Page 22 (pdf)
280.18	Protection of public depositors; liability of the state.	Page 37 (pdf)
331.309	Treasurer; depositories; fiscal agent.	Page 37 (pdf)
373.553	Treasurer of the board; payment of funds; depositories.	Page 38 (pdf)
631.221	Deposit of moneys collected.	Page 39 (pdf)
723.06115	Florida Mobile Home Relocation Trust Fund.	Page 39 (pdf)

Citations - Constitution (0)

No Constitutional citations.

Citations - Chapter Law (0)

No Chapter Law citations.