House Bill 1735

CODING: Words stricken are deletions; words underlined are additions.







    Florida House of Representatives - 2000                HB 1735

        By Representative C. Green






  1                      A bill to be entitled

  2         An act relating to banking; providing

  3         legislative intent; specifying certain deposits

  4         as pay-on-death designated accounts under

  5         certain circumstances; amending s. 658.12,

  6         F.S.; revising a definition of banker's bank;

  7         providing criteria; providing application;

  8         repealing s. 655.81, F.S., relating to deposits

  9         in trust; providing effective dates.

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

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13         Section 1.  (1)  Because deposits in trust are also

14  accounts with a pay-on-death designation as described in s.

15  655.82, Florida Statutes, it is the intent of the Legislature

16  that the provisions of s. 655.82, Florida Statutes, shall

17  apply to and govern deposits in trust. References to s.

18  655.81, Florida Statutes, in any depository agreement shall be

19  interpreted after the effective date of this act as references

20  to s. 655.82, Florida Statutes.

21         (2)  This section shall take effect July 1, 2000, and

22  shall apply to deposits made to a depository account created

23  after December 31, 1994.

24         Section 2.  Subsection (3) of section 658.12, Florida

25  Statutes, is amended to read:

26         658.12  Definitions.--Subject to other definitions

27  contained in the financial institutions codes and unless the

28  context otherwise requires:

29         (3)  "Banker's bank" means a bank insured by the

30  Federal Deposit Insurance Corporation, or a holding company

31  which owns or controls such an insured bank, when the stock of

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    Florida House of Representatives - 2000                HB 1735

    705-119C-00






  1  such bank or holding company is owned exclusively by other

  2  banks and such bank or holding company and all subsidiaries

  3  thereof are engaged exclusively in providing services for, or

  4  at the request of:

  5         (a)  Other financial depository institutions and their

  6  officers, directors, and employees;

  7         (b)  Financial institutions in organizations that have:

  8         1.  Received conditional regulatory approval from the

  9  Department of Banking and Finance in the case of a state bank

10  or preliminary approval from the Office of the Comptroller of

11  the Currency in the case of a national association;

12         2.  Filed articles of incorporation pursuant to s.

13  658.23 in the case of a state bank or acceptable articles of

14  association and an organization certificate in the case of a

15  national association; and

16         3.  Received capital funds in an amount not less than

17  the minimum capitalization required in any notice of or order

18  granting conditional regulatory approval; and

19         (c)  The organizers of a proposed financial institution

20  that has not received conditional regulatory approval;

21  provided such services are limited to the financing of the

22  expenses of organizing such financial institution and expenses

23  relating to the acquisition or construction of the

24  institution's proposed operating facilities and associated

25  fixtures and equipment.

26         Section 3.  Effective July 1, 2000, section 655.81,

27  Florida Statutes, is repealed.

28         Section 4.  Except as otherwise provided herein, this

29  act shall take effect upon becoming a law.

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CODING: Words stricken are deletions; words underlined are additions.






    Florida House of Representatives - 2000                HB 1735

    705-119C-00






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  2                          HOUSE SUMMARY

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      Specifies legislative intent that deposits in trust be
  4    treated as accounts with a pay-on-death designation to
      reflect actual practice and repeals the deposits in trust
  5    provision of law. Clarifies the definition of banker's
      bank.
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