Senate Bill 2388
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2000 SB 2388
By Senator King
8-1311A-00 See HB
1 A bill to be entitled
2 An act relating to banking; amending s. 658.12,
3 F.S.; clarifying the term "banker's bank";
4 providing legislative intent specifying certain
5 deposits as pay-on-death-designated accounts
6 under certain circumstances; repealing s.
7 655.81, F.S., relating to deposits in trust;
8 providing application; providing an effective
9 date.
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11 Be It Enacted by the Legislature of the State of Florida:
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13 Section 1. Subsection (3) of section 658.12, Florida
14 Statutes, is amended to read:
15 658.12 Definitions.--Subject to other definitions
16 contained in the financial institutions codes and unless the
17 context otherwise requires:
18 (3) "Banker's bank" means a bank insured by the
19 Federal Deposit Insurance Corporation, or a holding company
20 which owns or controls such an insured bank, when the stock of
21 such bank or holding company is owned exclusively by other
22 banks and such bank or holding company and all subsidiaries
23 thereof are engaged exclusively in providing services for, or
24 at the request of:
25 (a) Other financial depository institutions and their
26 officers, directors, and employees;.
27 (b) Financial institutions in organizations that have:
28 1. Received conditional regulatory approval from the
29 Department of Banking and Finance in the case of a state bank
30 or have received preliminary approval from the Office of the
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2000 SB 2388
8-1311A-00 See HB
1 Comptroller of the Currency in the case of a national
2 association;
3 2. Filed articles of incorporation under s. 658.23 in
4 the case of a state bank or have filed acceptable articles of
5 association and organization certificate in the case of a
6 national association; and
7 3. Received capital funds in an amount not less than
8 the minimum capitalization required in any notice of or order
9 granting conditional regulatory approval; and
10 (c) The organizers of a proposed financial institution
11 that has not received conditional regulatory approval,
12 provided that such services are limited to the financing of
13 the expenses of organizing such financial institution and
14 expenses relating to the acquisition or construction of the
15 institution's proposed operating facilities and associated
16 fixtures and equipment.
17 Section 2. (1) Because deposits in trust are also
18 accounts with a pay-on-death designation as described in
19 section 655.82, Florida Statutes, it is the intent of the
20 Legislature that the provisions of section 655.82, Florida
21 Statutes, shall apply to and govern deposits in trust.
22 References to section 655.81, Florida Statutes, in any
23 depository agreement shall be interpreted after the effective
24 date of this act as references to section 655.82, Florida
25 Statutes.
26 (2) This section shall take effect July 1, 2000, and
27 shall apply to deposits made to a depository account after
28 December 31, 1994.
29 Section 3. Effective July 1, 2000, section 655.81,
30 Florida Statutes, is repealed.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2000 SB 2388
8-1311A-00 See HB
1 Section 4. Except as otherwise provided in this act,
2 this act shall take effect upon becoming a law.
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5 SENATE SUMMARY
6 Modifies the definition of the term "banker's bank."
Specifies legislative intent that deposits in trust be
7 treated as accounts with a pay-on-death designation to
reflect actual practice. Repeals the deposits-in-trust
8 provision of law.
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