House Bill 0443

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    Florida House of Representatives - 1999                 HB 443

        By Representative Flanagan






  1                      A bill to be entitled

  2         An act relating to trust powers; amending s.

  3         660.41, F.S.; excluding certain banks or

  4         associations and trust companies from a

  5         prohibition against exercising certain powers

  6         and duties and acting within certain capacities

  7         in this state; providing an effective date.

  8

  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Section 660.41, Florida Statutes, is

12  amended to read:

13         660.41  Corporations; certain fiduciary functions

14  prohibited.--All corporations, except banks or associations

15  and trust companies incorporated under the laws of this state

16  and having trust powers and except national banking

17  associations or federal associations located in this state and

18  having trust powers, are prohibited from exercising any of the

19  powers or duties and from acting in any of the capacities,

20  within this state, as follows:

21         (1)  As personal representative of the estate of any

22  decedent, whether such decedent was a resident of this state

23  or not, and whether the administration of the estate of such

24  decedent is original or ancillary; however, if the personal

25  representative of the estate of a nonresident decedent is a

26  corporation duly authorized, qualified, and acting as such

27  personal representative in the jurisdiction of the domicile of

28  the decedent, it may as a foreign personal representative

29  perform such duties and exercise such powers and privileges as

30  are required, authorized, or permitted by s. 734.101.

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    Florida House of Representatives - 1999                 HB 443

    570-151-99






  1         (2)  As receiver or trustee under appointment of any

  2  court in this state.

  3         (3)  As assignee, receiver, or trustee of any insolvent

  4  person or corporation or under any assignment for the benefit

  5  of creditors.

  6         (4)  As fiscal agent, transfer agent, or registrar of

  7  any municipal or private corporation, except that this

  8  prohibition shall not be so construed as to prevent banks,

  9  associations, and trust companies not located in this state

10  from acting within the state where located as fiscal agent,

11  transfer agent, or registrar of municipal or private

12  corporations of this state.  Nothing herein shall prevent any

13  Florida corporation that is not a bank, association, or trust

14  company and that does not have trust powers from being its own

15  fiscal agent, transfer agent, or registrar concerning its own

16  affairs, stock, or securities.  Nothing herein shall prevent

17  any Florida corporation or corporation having its principal

18  place of business in Florida registered as a transfer agent

19  with the Federal Deposit Insurance Corporation, the

20  Comptroller of the Currency, the Board of Governors of the

21  Federal Reserve System, or the Securities and Exchange

22  Commission from acting as a transfer agent for any other

23  private corporation. Nothing in this section or in any other

24  law of this state shall be construed to prohibit a foreign

25  bank, foreign association, or foreign trust company as trustee

26  of any charitable foundation or endowment, employees' pension,

27  retirement or profit-sharing trust, alone or together with a

28  cotrustee, from:  making loans or committing to make loans to

29  any other person; contracting, in this state or elsewhere,

30  with any person to acquire from such person a part or the

31  entire interest in a loan which such person proposes to make,

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    Florida House of Representatives - 1999                 HB 443

    570-151-99






  1  has heretofore made, or hereafter makes, together with a like

  2  interest in any security instrument covering real or personal

  3  property in the state proposed to be given or hereafter or

  4  heretofore given to such person to secure or evidence such

  5  loan; servicing directly or entering into servicing contracts

  6  with persons, and enforcing in this state the loans made by it

  7  or obligations heretofore or hereafter acquired by it in the

  8  transaction of business outside this state or in the

  9  transaction of any business authorized or permitted hereby; or

10  acquiring, holding, leasing, mortgaging, contracting with

11  respect to, or otherwise protecting, managing, or conveying

12  property in this state which has heretofore or may hereafter

13  be assigned, transferred, mortgaged, or conveyed to it as

14  security for, or in whole or in part in satisfaction of, a

15  loan or loans made by it or obligations acquired by it in the

16  transaction of any business authorized or permitted hereby.

17  However, no such foreign bank, foreign association, or foreign

18  trust company shall be deemed to be transacting business in

19  this state, shall be required to qualify so to do, or shall be

20  deemed to be unlawfully exercising powers or duties, acting in

21  an unlawful or prohibited capacity, or violating any of the

22  provisions of this section or of any other law of this state

23  solely by reason of the performance of any of the acts or

24  business hereinbefore permitted or authorized hereby; further,

25  nothing herein shall be construed as authorizing or permitting

26  any foreign bank, association, or trust company to maintain an

27  office within this state.

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29  This section does not apply to banks or associations and trust

30  companies incorporated under the laws of this state and having

31  trust powers, banks or associations and trust companies

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    Florida House of Representatives - 1999                 HB 443

    570-151-99






  1  resulting from an interstate merger transaction with a Florida

  2  bank pursuant to s. 658.2953 and having trust powers, or

  3  national banking associations or federal associations located

  4  in this state and having trust powers.

  5         Section 2.  This act shall take effect September 1,

  6  1999.

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  9                          HOUSE SUMMARY

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      Excludes banks or associations and trust companies
11    resulting from an interstate merger transaction with a
      Florida bank under Florida law and having trust powers
12    from a prohibition against corporations conducting trust
      business in Florida. See bill for details.
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