Florida Senate - 2017                          SENATOR AMENDMENT
       Bill No. CS for CS for SB 986
       
       
       
       
       
       
                                Ì9406822Î940682                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                 Floor: WD/2R          .                                
             05/02/2017 02:58 PM       .                                
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       Senator Stargel moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 1271 and 1272
    4  insert:
    5         Section 33. Subsection (4) of section 658.21, Florida
    6  Statutes, is amended to read:
    7         658.21 Approval of application; findings required.—The
    8  office shall approve the application if it finds that:
    9         (4) The proposed officers have sufficient financial
   10  institution experience, ability, standing, and reputation and
   11  the proposed directors have sufficient business experience,
   12  ability, standing, and reputation to indicate reasonable promise
   13  of successful operation, and none of the proposed officers or
   14  directors has been convicted of, or pled guilty or nolo
   15  contendere to, any violation of s. 655.50, relating to the
   16  control of money laundering and terrorist financing; chapter
   17  896, relating to offenses related to financial institutions; or
   18  similar state or federal law. At least two of the proposed
   19  directors who are not also proposed officers must have had at
   20  least 1 year direct experience as an executive officer,
   21  regulator, or director of a financial institution within the 5 3
   22  years before the date of the application. However, if the
   23  applicant demonstrates that at least one of the proposed
   24  directors has very substantial experience as an executive
   25  officer, director, or regulator of a financial institution more
   26  than 5 3 years before the date of the application, the office
   27  may modify the requirement and allow only one director to have
   28  direct financial institution experience within the last 5 3
   29  years. The proposed president or chief executive officer must
   30  have had at least 1 year of direct experience as an executive
   31  officer, director, or regulator of a financial institution
   32  within the last 5 3 years.
   33         Section 34. Subsections (2) and (5) of section 658.33,
   34  Florida Statutes, are amended to read:
   35         658.33 Directors, number, qualifications; officers.—
   36         (2) Not less than a majority of the directors must, during
   37  their whole term of service, be citizens of the United States,
   38  and at least a majority three-fifths of the directors must have
   39  resided in this state for at least 1 year preceding their
   40  election and must be residents therein during their continuance
   41  in office. In the case of a bank or trust company with total
   42  assets of less than $150 million, at least one, and in the case
   43  of a bank or trust company with total assets of $150 million or
   44  more, two of the directors who are not also officers of the bank
   45  or trust company must have had at least 1 year of direct
   46  experience as an executive officer, regulator, or director of a
   47  financial institution within the last 5 3 years.
   48         (5) The president, chief executive officer, or any other
   49  person, regardless of title, who has equivalent rank or leads
   50  the overall operations of a bank or trust company must have had
   51  at least 1 year of direct experience as an executive officer,
   52  director, or regulator of a financial institution within the
   53  last 5 3 years. This requirement may be waived by the office
   54  after considering the overall experience and expertise of the
   55  proposed officer and the condition of the bank or trust company,
   56  as reflected in the most recent regulatory examination report
   57  and other available data.
   58  
   59  ================= T I T L E  A M E N D M E N T ================
   60  And the title is amended as follows:
   61         Between lines 163 and 164
   62  insert:
   63         amending s. 658.21, F.S.; revising requirements
   64         relating to the financial institution experience of
   65         certain proposed directors and officers of a proposed
   66         bank or trust company; amending s. 658.33, F.S.;
   67         revising the residency requirement for certain
   68         directors of a bank or trust company; revising
   69         requirements relating to the financial institution
   70         experience of certain officers of a bank or trust
   71         company;