The Florida Senate

663.05  Application for license; approval or disapproval.--

(1)  Every international banking corporation, before being licensed by the office to maintain any office in this state, shall subscribe and acknowledge, and submit to the office, an application which shall contain:

(a)  The name of the international banking corporation.

(b)  The proposed location by street and post office address and county where its business is to be transacted in this state and the name of the person who shall be in charge of the business and affairs of the office.

(c)  The location where its initial registered office will be located in this state.

(d)  The total amount of the capital accounts of the international banking corporation.

(e)  A complete and detailed statement of its financial condition as of a date within 180 days prior to the date of such application, except that the office in its discretion may, when necessary or expedient, accept such statement of financial condition as of a date within 240 days prior to the date of such application. The office in its discretion may, when necessary or expedient, require an independent opinion audit or the equivalent satisfactory to the office.

(f)  A listing of any occasion within the preceding 10-year period in which either the international banking corporation or any of its directors, executive officers, or principal shareholders has been convicted of, or pled guilty or nolo contendere to, any offense with respect to which the penalties include the possibility of imprisonment for 1 year or more, or to any offense involving money laundering or otherwise related to the operation of a financial institution.

(2)  The office shall disallow any illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section, and the existence of such illegally obtained resources shall be grounds for denial of the application for license.

(3)  At the time an application is submitted to the office, the international banking corporation shall also submit a duly authenticated copy of its articles of incorporation and a copy of its bylaws, or an equivalent thereof satisfactory to the office. Such corporation shall also submit a certificate issued by the banking or supervisory authority of the country in which the international banking corporation is chartered stating that the international banking corporation is duly organized and licensed and lawfully existing in good standing and listing any instance in which the international banking corporation has been convicted of, or pled guilty or nolo contendere to, a violation of any currency transaction reporting or money laundering law which may exist in that country.

(4)  Application shall be made on a form prescribed by the commission and shall contain such information as the commission or office requires.

(5)  The office may, in its discretion, approve or disapprove the application, but it shall not approve the application unless, in its opinion, the applicant meets each and every requirement of this part and any other applicable provision of the financial institutions codes. The office shall approve the application only if it has determined that the directors, executive officers, and principal shareholders of the international banking corporation are qualified by reason of their financial ability, reputation, and integrity and have sufficient banking and other business experience to indicate that they will manage and direct the affairs of the international banking corporation in a safe, sound, and lawful manner. In the processing of applications, the time limitations under the Administrative Procedure Act shall not apply as to approval or disapproval of the application.

(6)  The office shall not issue a license to an international banking corporation unless:

(a)  It is chartered in a jurisdiction in which any bank having its principal place of business in this state may establish similar facilities or exercise similar powers; or

(b)  Federal law permits the appropriate federal regulatory authority to issue a comparable license to the international banking corporation.

(7)  A license shall not be issued to an international banking corporation for the purpose of operating an international bank agency or an international branch in this state unless the international banking corporation:

(a)  Holds an unrestricted license to receive deposits from the general public, as authorized for that international banking corporation, in the foreign country under the laws of which it is organized and chartered.

(b)  Has been authorized by the foreign country's bank regulatory authority to establish the proposed international bank office.

(c)  Is adequately supervised by the central bank or bank regulatory agency in the foreign country in which it is organized and chartered.

(8)  A license shall not be issued to an international banking corporation for the purpose of operating an international representative office or an international administrative office in this state unless the international banking corporation:

(a)  Has been authorized by the foreign country's bank regulatory authority to establish the proposed international bank office; and

(b)  Is adequately supervised by the central bank or bank regulatory agency in the foreign country in which it is organized and chartered.

(9)  The commission shall establish, by rule, the general principles which shall determine the adequacy of supervision of an international banking corporation's foreign establishments. These principles shall be based upon the need for cooperative supervisory efforts and consistent regulatory guidelines and shall address, at a minimum, the capital adequacy, asset quality, management, earnings, liquidity, internal controls, audits, and foreign exchange operations and positions of the international banking corporation. This subsection shall not require examination by the home-country regulatory authorities of any office of an international banking corporation in this state. The commission may also establish, by rule, other standards for approval of an application for a license as considered necessary to ensure the safe and sound operations of the international bank office in this state.

(10)  The requirements of subsection (7) shall not apply to any international banking corporation that held a license to operate an international bank agency in this state before July 1, 1992.

(11)  The requirements of subsection (8) shall not apply to any international banking corporation that held a license to operate an international representative office or international administrative office in this state before July 1, 1992.

History.--s. 1, ch. 77-157; s. 1, ch. 79-145; ss. 86, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; ss. 23, 46, ch. 82-214; ss. 41, 58, ch. 85-82; s. 8, ch. 90-51; s. 1, ch. 91-307; ss. 1, 154, ch. 92-303; s. 1817, ch. 2003-261.

Note.--Former s. 659.67(5).