The Florida Senate

655.921  Transaction of business by out-of-state financial institutions; exempt transactions in the financial institutions codes.--

(1)  Nothing in the financial institutions codes shall be construed to prohibit a financial institution having its principal place of business outside this state from:

(a)  Contracting in this state with any person to acquire from such person a part, or the entire, interest in a loan that such person proposes to make, has heretofore made, or hereafter makes, together with a like interest in any security instrument covering real or personal property in the state proposed to be given or hereafter or heretofore given to such person to secure or evidence such loan.

(b)  Entering into mortgage servicing contracts with persons authorized to transact business in this state and enforcing in this state the obligations heretofore or hereafter acquired by it in the transaction of business outside this state or in the transaction of any business authorized by this section.

(c)  Acquiring, holding, leasing, mortgaging, contracting with respect to, or otherwise protecting, managing, or conveying property in this state which has heretofore or may hereafter be assigned, transferred, mortgaged, or conveyed to it as security for, or in whole or in part in satisfaction of, a loan or loans made by it or obligations acquired by it in the transaction of any business authorized by this section.

(d)  Making loans or committing to make loans to any person located in this state and soliciting compensating deposit balances in connection therewith.

(2)  No such financial institution shall be deemed to be transacting business in this state, or be required to qualify so to do, solely by reason of the performance of any of the acts or business authorized in this section. This section does not authorize or permit any such financial institution to maintain an office within the state.

History.--s. 58, ch. 92-303.