House Bill 4007
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Florida House of Representatives - 2000 HB 4007
By the Committee on Rules & Calendar and Representative
Bitner
1 A bill to be entitled
2 An act relating to the Florida Statutes;
3 repealing or deleting various statutory
4 provisions that have become obsolete, have had
5 their effect, have served their purpose, or
6 have been impliedly repealed or superseded;
7 amending s. 288.99, F.S.; deleting obsolete
8 provisions relating to applying for
9 certification as a certified capital company
10 and for an allocation of premium tax credits
11 for potential investors; repealing s.
12 494.00171, F.S., relating to special
13 assessments required of mortgage brokers and
14 lenders and applicants for such licensure over
15 a specified period; amending s. 494.0017, F.S.;
16 revising a reference, to conform; amending s.
17 494.008, F.S.; updating an obsolete cross
18 reference relating to administrative penalties
19 and fines; repealing s. 495.171, F.S., relating
20 to the effective date of the 1967 revision of
21 ch. 495, F.S., relating to registration of
22 trademarks and service marks, and the repeal of
23 former provisions; amending s. 497.002, F.S.;
24 deleting findings relating to the need to
25 regulate funeral and cemetery services;
26 repealing s. 606.01(1), F.S., relating to
27 findings on the need for the Florida Business
28 Coordination Act; repealing s. 620.9901(1) and
29 (3), F.S., relating to applicability of the
30 Revised Uniform Partnership Act of 1995 over a
31 specified period; repealing s. 621.01, F.S.,
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1 relating to intent with respect to the
2 Professional Service Corporation and Limited
3 Liability Company Act; repealing ch. 622, F.S.,
4 relating to foreign unincorporated
5 associations; amending s. 220.03, F.S.;
6 correcting a cross reference, to conform;
7 amending s. 655.50, F.S.; deleting a provision
8 relating to the purpose of the Florida Control
9 of Money Laundering in Financial Institutions
10 Act; correcting cross references, to conform;
11 amending s. 655.949, F.S.; deleting an obsolete
12 deadline for the Department of Banking and
13 Finance to provide qualifications for personnel
14 in the department and the Office of the
15 Comptroller who are involved in regulation of
16 financial institutions; repealing s.
17 655.961(1), F.S., relating to obsolete
18 requirements for automatic teller machines;
19 amending s. 655.962, F.S.; deleting obsolete
20 provisions relating to requirements for access
21 and parking areas for automatic teller
22 machines; repealing s. 657.003, F.S., relating
23 to the purpose of the Florida Credit Union Act;
24 repealing s. 657.067, F.S., relating to
25 requirements for approval for conversion of
26 credit unions from federal to state charter;
27 repealing pt. II, ch. 657, F.S., the Florida
28 Credit Union Guaranty Corporation Act; amending
29 ss. 655.057, 657.001, 657.002, 657.005,
30 657.008, 657.021, 657.026, 657.031, 657.0315,
31 657.038, 657.039, 657.043, 657.062, 657.063,
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1 657.064, 657.065, 657.066, and 657.068, F.S.;
2 revising or deleting references, to conform;
3 repealing s. 658.2954, F.S., relating to
4 authorization for a state bank to relocate its
5 principal place of business into a contiguous
6 state; amending s. 716.02, F.S.; deleting
7 obsolete provisions relating to escheat of
8 funds in the possession of any federal court in
9 and for any district within this state;
10 repealing s. 717.137, F.S., relating to the
11 effect and application of the 1987 revision of
12 ch. 717, F.S., relating to disposition of
13 unclaimed property; providing an effective
14 date.
15
16 Be It Enacted by the Legislature of the State of Florida:
17
18 Section 1. Subsections (4) and (7) and paragraph (c)
19 of subsection (10) of section 288.99, Florida Statutes, are
20 amended to read:
21 288.99 Certified Capital Company Act.--
22 (4) CERTIFICATION; GROUNDS FOR DENIAL OR
23 DECERTIFICATION.--
24 (a) To operate as a certified capital company, a
25 corporation, partnership, or limited liability company must be
26 certified by the department pursuant to this act and must be
27 registered and maintain an active status with the Department
28 of State as required by law.
29 (b) An applicant for certification as a certified
30 capital company must file a verified application with the
31 department on or before December 1, 1998, in a form which the
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1 department may prescribe by rule. The applicant shall submit
2 a nonrefundable application fee of $7,500 to the department.
3 The applicant shall provide:
4 1. The name of the applicant and the address of its
5 principal office and each office in this state.
6 2. The applicant's form and place of organization and
7 the relevant organizational documents, bylaws, and amendments
8 or restatements of such documents, bylaws, or amendments.
9 3. Evidence from the Department of State that the
10 applicant is registered with the Department of State as
11 required by law, maintains an active status with the
12 Department of State, and has not been dissolved or had its
13 registration revoked, canceled, or withdrawn.
14 4. The applicant's proposed method of doing business.
15 5. The applicant's financial condition and history,
16 including an audit report on the financial statements prepared
17 in accordance with generally accepted accounting principles
18 showing net capital of not less than $500,000 within 90 days
19 after the date the application is submitted to the department.
20 If the date of the application is more than 90 days after
21 preparation of the applicant's fiscal year-end financial
22 statements, the applicant may file financial statements
23 reviewed by an independent certified public accountant for the
24 period subsequent to the audit report, together with the
25 audited financial statement for the most recent fiscal year.
26 If the applicant has been in business less than 12 months, and
27 has not prepared an audited financial statement, the applicant
28 may file a financial statement reviewed by an independent
29 certified public accountant.
30 (c) On December 31, 1998, the department shall grant
31 or deny certification as a certified capital company. If the
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1 department denies certification within the time period
2 specified, the department shall inform the applicant of the
3 grounds for the denial. If the department has not granted or
4 denied certification within the time specified, the
5 application shall be deemed approved. The department shall
6 approve the application if the department finds that:
7 1. The applicant satisfies the requirements of
8 paragraph (b).
9 2. No evidence exists that the applicant has committed
10 any act specified in paragraph (d).
11 3. At least two of the principals have a minimum of 5
12 years of experience making venture capital investments out of
13 private equity funds, with not less than $20 million being
14 provided by third-party investors for investment in the early
15 stage of operating businesses. At least one full-time manager
16 or principal of the certified capital company who has such
17 experience must be primarily located in an office of the
18 certified capital company which is based in this state.
19 (b)(d) The department may deny certification or
20 decertify a certified capital company if the grounds for
21 decertification are not removed or corrected within 90 days
22 after the notice of such grounds is received by the certified
23 capital company. The department may deny certification or
24 decertify a certified capital company if the certified capital
25 company fails to maintain a net worth of at least $500,000, or
26 if the department determines that the applicant, or any
27 principal or director of the certified capital company, has:
28 1. Violated any provision of this section;
29 2. Made a material misrepresentation or false
30 statement or concealed any essential or material fact from any
31 person during the application process or with respect to
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1 information and reports required of certified capital
2 companies under this section;
3 3. Been convicted of, or entered a plea of guilty or
4 nolo contendere to, a crime against the laws of this state or
5 any other state or of the United States or any other country
6 or government, including a fraudulent act in connection with
7 the operation of a certified capital company, or in connection
8 with the performance of fiduciary duties in another capacity;
9 4. Been adjudicated liable in a civil action on
10 grounds of fraud, embezzlement, misrepresentation, or deceit;
11 or
12 5.a. Been the subject of any decision, finding,
13 injunction, suspension, prohibition, revocation, denial,
14 judgment, or administrative order by any court of competent
15 jurisdiction, administrative law judge, or any state or
16 federal agency, national securities, commodities, or option
17 exchange, or national securities, commodities, or option
18 association, involving a material violation of any federal or
19 state securities or commodities law or any rule or regulation
20 adopted under such law, or any rule or regulation of any
21 national securities, commodities, or options exchange, or
22 national securities, commodities, or options association; or
23 b. Been the subject of any injunction or adverse
24 administrative order by a state or federal agency regulating
25 banking, insurance, finance or small loan companies, real
26 estate, mortgage brokers, or other related or similar
27 industries.
28 (e) The certified capital company shall file a copy of
29 its certification with the office by January 31, 1999.
30 (c)(f) Any offering material involving the sale of
31 securities of the certified capital company shall include the
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1 following statement: "By authorizing the formation of a
2 certified capital company, the State of Florida does not
3 endorse the quality of management or the potential for
4 earnings of such company and is not liable for damages or
5 losses to a certified investor in the company. Use of the
6 word 'certified' in an offering does not constitute a
7 recommendation or endorsement of the investment by the State
8 of Florida. Investments in a certified capital company prior
9 to the time such company is certified are not eligible for
10 premium tax credits. If applicable provisions of law are
11 violated, the state may require forfeiture of unused premium
12 tax credits and repayment of used premium tax credits by the
13 certified investor."
14 (d)(g) No insurance company or any affiliate of an
15 insurance company shall, directly or indirectly, manage or
16 control the direction of investments of a certified capital
17 company. This prohibition does not preclude a certified
18 investor, insurance company, or any other party from
19 exercising its legal rights and remedies, which may include
20 interim management of a certified capital company, if a
21 certified capital company is in default of its obligations
22 under law or its contractual obligations to such certified
23 investor, insurance company, or other party.
24 (e)(h) On or before December 31 of each year, each
25 certified capital company shall pay to the department an
26 annual, nonrefundable renewal certification fee of $5,000. No
27 renewal fees shall be required within 6 months after the date
28 of initial certification.
29 (f)(i) The department shall administer and provide for
30 the enforcement of certification requirements for certified
31 capital companies as provided in this act. The department may
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1 adopt any rules necessary to carry out its duties,
2 obligations, and powers related to certification, renewal of
3 certification, or decertification of certified capital
4 companies and may perform any other acts necessary for the
5 proper administration and enforcement of such duties,
6 obligations, and powers.
7 (g)(j) Decertification of a certified capital company
8 under this subsection does not affect the ability of certified
9 investors in such certified capital company from claiming
10 future premium tax credits earned as a result of an investment
11 in the certified capital company during the period in which it
12 was duly certified.
13 (7) ANNUAL TAX CREDIT; MAXIMUM AMOUNT; ALLOCATION
14 PROCESS.--
15 (a) The total amount of tax credits which may be
16 allocated by the office shall not exceed $150 million. The
17 total amount of tax credits which may be used by certified
18 investors under this act shall not exceed $15 million
19 annually.
20 (b) The office shall be responsible for allocating
21 premium tax credits as provided for in this act to certified
22 capital companies.
23 (c) Each certified capital company must apply to the
24 office for an allocation of premium tax credits for potential
25 certified investors by March 15, 1999, on a form developed by
26 the office with the cooperation of the Department of Revenue.
27 The form shall be accompanied by an affidavit from each
28 potential certified investor confirming that the potential
29 certified investor has agreed to make an investment of
30 certified capital in a certified capital company up to a
31 specified amount, subject only to the receipt of a premium tax
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1 credit allocation pursuant to this subsection. No allocation
2 shall be made to the potential investors of a certified
3 capital company unless such certified capital company has
4 filed premium tax allocation claims that would result in an
5 allocation to the potential investors in such certified
6 capital company of not less than $15 million in the aggregate.
7 (d) On or before April 1, 1999, the office shall
8 inform each certified capital company of its share of total
9 premium tax credits available for allocation to each of its
10 potential investors.
11 (c)(e) If a certified capital company does not receive
12 certified capital equaling the amount of premium tax credits
13 allocated to a potential certified investor for which the
14 investor filed a premium tax allocation claim within 10
15 business days after the investor received a notice of
16 allocation, the certified capital company shall notify the
17 office by overnight common carrier delivery service of the
18 company's failure to receive the capital. That portion of the
19 premium tax credits allocated to the certified capital company
20 shall be forfeited. If the office must make a pro rata
21 allocation under paragraph (d) (f), the office shall
22 reallocate such available credits among the other certified
23 capital companies on the same pro rata basis as the initial
24 allocation.
25 (d)(f) If the total amount of capital committed by all
26 certified investors to certified capital companies in premium
27 tax allocation claims exceeds the aggregate cap on the amount
28 of credits that may be awarded, the premium tax credits that
29 may be allowed to any one certified investor shall be
30 allocated using the following ratio:
31
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1 A/B = X/$150,000,000
2
3 where the letter "A" represents the total amount of certified
4 capital certified investors have agreed to invest in any one
5 certified capital company, the letter "B" represents the
6 aggregate amount of certified capital that all certified
7 investors have agreed to invest in all certified capital
8 companies, the letter "X" is the numerator and represents the
9 total amount of premium tax credits and certified capital that
10 may be allocated to a certified capital company in calendar
11 year 1999, and $150 million is the denominator and represents
12 the total amount of premium tax credits and certified capital
13 that may be allocated to all certified investors in calendar
14 year 1999. Any such premium tax credits are not first
15 available for utilization until annual filings are made in
16 2001 for calendar year 2000, and the tax credits may be used
17 at a rate not to exceed 10 percent annually.
18 (e)(g) The maximum amount of certified capital for
19 which premium tax allocation claims may be filed on behalf of
20 any certified investor and its affiliates by one or more
21 certified companies may not exceed $15 million.
22 (f)(h) To the extent that less than $150 million in
23 certified capital is raised in connection with the procedure
24 set forth in paragraphs (c)-(e) (c)-(g), the department may
25 adopt rules to allow a subsequent allocation of the remaining
26 premium tax credits authorized under this section.
27 (10) DECERTIFICATION.--
28 (c) Any material violation of this section, or a
29 finding that the certified capital company or any principal or
30 director thereof has committed any act specified in paragraph
31 (4)(b)(d), shall be grounds for decertification of the
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1 certified capital company. If the department determines that a
2 certified capital company is no longer in compliance with the
3 certification requirements of this act, the department shall,
4 by written notice, inform the officers of such company that
5 the company may be subject to decertification 90 days after
6 the date of mailing of the notice, unless the deficiencies are
7 corrected and such company is again found to be in compliance
8 with all certification requirements.
9 Section 2. Section 494.00171, Florida Statutes, is
10 repealed.
11 Section 3. Subsection (1) of section 494.0017, Florida
12 Statutes, is amended to read:
13 494.0017 Mortgage Brokerage Guaranty Fund.--
14 (1) The department shall make transfers from the
15 Regulatory Trust Fund to the Mortgage Brokerage Guaranty Fund
16 to pay valid claims arising under former ss. 494.042, 494.043,
17 and 494.044, as provided in former s. 494.00171.
18 Section 4. Subsection (7) of section 494.008, Florida
19 Statutes, is amended to read:
20 494.008 Mortgages offered by land developers licensed
21 pursuant to the Florida Uniform Land Sales Practices Law;
22 requirements; prohibitions.--No mortgage loan which has a face
23 amount of $35,000 or less and is secured by vacant land
24 registered under the Florida Uniform Land Sales Practices Law,
25 chapter 498, shall be sold to a mortgagee, except a financial
26 institution, by any person unless all of the following
27 requirements are met:
28 (7) Willful failure to comply with any of the above
29 provisions shall subject the person to the penalties of s.
30 494.0041 494.05.
31
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1 Section 5. Section 495.171, Florida Statutes, is
2 repealed.
3 Section 6. Subsection (1) of section 497.002, Florida
4 Statutes, is amended to read:
5 497.002 Purpose and intent.--
6 (1) The Legislature recognizes that purchasers of
7 preneed burial rights, funeral or burial merchandise, or
8 funeral or burial services may suffer serious economic harm if
9 purchase money is not set aside for future use as intended by
10 the purchaser and that the failure to maintain cemetery
11 grounds properly may cause significant emotional stress.
12 Therefore, It is necessary in the interest of the public
13 welfare to regulate certificateholders, licensees,
14 registrants, and cemetery companies in this state. However,
15 restrictions shall be imposed only to the extent necessary to
16 protect the public from significant or discernible harm or
17 damage and not in a manner which will unreasonably affect the
18 competitive market.
19 Section 7. Subsection (1) of section 606.01, Florida
20 Statutes, is repealed.
21 Section 8. Subsections (1) and (3) of section
22 620.9901, Florida Statutes, are repealed.
23 Section 9. Section 621.01, Florida Statutes, is
24 repealed.
25 Section 10. Sections 622.01, 622.02, 622.03, 622.04,
26 622.05, 622.06, and 622.07, Florida Statutes, are repealed.
27 Section 11. Paragraph (e) of subsection (1) of section
28 220.03, Florida Statutes, is amended to read:
29 220.03 Definitions.--
30 (1) SPECIFIC TERMS.--When used in this code, and when
31 not otherwise distinctly expressed or manifestly incompatible
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1 with the intent thereof, the following terms shall have the
2 following meanings:
3 (e) "Corporation" includes all domestic corporations;
4 foreign corporations qualified to do business in this state or
5 actually doing business in this state; joint-stock companies;
6 limited liability companies, under chapter 608; common-law
7 declarations of trust, under chapter 609; corporations not for
8 profit, under chapter 617; agricultural cooperative marketing
9 associations, under chapter 618; professional service
10 corporations, under chapter 621; foreign unincorporated
11 associations, under chapter 622; private school corporations,
12 under chapter 623; foreign corporations not for profit which
13 are carrying on their activities in this state; and all other
14 organizations, associations, legal entities, and artificial
15 persons which are created by or pursuant to the statutes of
16 this state, the United States, or any other state, territory,
17 possession, or jurisdiction. The term "corporation" does not
18 include proprietorships, even if using a fictitious name;
19 partnerships of any type, as such; limited liability companies
20 that are taxable as partnerships for federal income tax
21 purposes; state or public fairs or expositions, under chapter
22 616; estates of decedents or incompetents; testamentary
23 trusts; or private trusts.
24 Section 12. Section 655.50, Florida Statutes, is
25 amended to read:
26 655.50 Florida Control of Money Laundering in
27 Financial Institutions Act; reports of transactions involving
28 currency or monetary instruments; when required; purpose;
29 definitions; penalties.--
30 (1) This section may be cited as the "Florida Control
31 of Money Laundering in Financial Institutions Act."
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1 (2) It is the purpose of this section to require
2 submission to the department of certain reports and
3 maintenance of certain records of transactions involving
4 currency or monetary instruments when such reports and records
5 deter the use of financial institutions to conceal the
6 proceeds of criminal activity and have a high degree of
7 usefulness in criminal, tax, or regulatory investigations or
8 proceedings.
9 (2)(3) As used in this section, the term:
10 (a) "Currency" means currency and coin of the United
11 States or of any other country.
12 (b) "Financial institution" means a financial
13 institution, as defined in 31 U.S.C. s. 5312, including a
14 credit card bank, located in this state.
15 (c) "Financial transaction" means a transaction
16 involving the movement of funds by wire or other means or
17 involving one or more monetary instruments, which in any way
18 or degree affects commerce, or a transaction involving the use
19 of a financial institution which is engaged in, or the
20 activities of which affect, commerce in any way or degree.
21 (d) "Monetary instruments" means coin or currency of
22 the United States or of any other country, travelers' checks,
23 personal checks, bank checks, money orders, investment
24 securities in bearer form or otherwise in such form that title
25 thereto passes upon delivery, and negotiable instruments in
26 bearer form or otherwise in such form that title thereto
27 passes upon delivery.
28 (e) "Transaction" means a purchase, sale, loan,
29 pledge, gift, transfer, delivery, or other disposition, and
30 with respect to a financial institution includes a deposit,
31 withdrawal, transfer between accounts, exchange of currency,
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1 loan, extension of credit, purchase or sale of any stock,
2 bond, certificate of deposit, or other monetary instrument, or
3 any other payment, transfer, or delivery by, through, or to a
4 financial institution, by whatever means effected.
5 (f) "Report" means a report of each deposit,
6 withdrawal, exchange of currency, or other payments or
7 transfer, by, through, or to that financial institution, that
8 involves a transaction required or authorized to be reported
9 by this section, and includes the electronic submission of
10 such information in the manner provided for by rule of the
11 department.
12 (g) "Specified unlawful activity" means any
13 "racketeering activity" as defined in s. 895.02.
14 (3)(4)(a) Every financial institution shall keep a
15 record of each financial transaction occurring in this state
16 known to it to involve currency or other monetary instrument,
17 as the department prescribes by rule, of a value in excess of
18 $10,000, to involve the proceeds of specified unlawful
19 activity, or to be designed to evade the reporting
20 requirements of this section, chapter 896, or any similar
21 state or federal law and shall maintain appropriate procedures
22 to ensure compliance with this section, chapter 896, and any
23 other similar state or federal law.
24 (b) Multiple financial transactions shall be treated
25 as a single transaction if the financial institution has
26 knowledge that they are made by or on behalf of any person and
27 result in either cash in or cash out totaling more than
28 $10,000 during any business day, as defined in s. 655.89.
29 (c) Any financial institution may keep a record of any
30 financial transaction occurring in this state, regardless of
31
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1 the value, if it suspects the transaction to involve the
2 proceeds of specified unlawful activity.
3 (d) A financial institution, or officer, employee, or
4 agent thereof, that files a report in good faith pursuant to
5 this section is not liable to any person for loss or damage
6 caused in whole or in part by the making, filing, or
7 governmental use of the report, or any information contained
8 therein.
9 (4)(5)(a) Each financial institution shall file a
10 report with the department of the record required under
11 paragraphs (3)(4)(a) and (b) and any record maintained
12 pursuant to paragraph (3)(4)(c). Each record filed pursuant
13 to subsection (3) (4) must be filed at such time and contain
14 such information as the department requires by rule.
15 (b) The timely filing of the report required by 31
16 U.S.C. s. 5313 with the appropriate federal agency is deemed
17 compliance with the reporting requirements of this subsection
18 unless the reports are not regularly and comprehensively
19 transmitted by the federal agency to the department.
20 (5)(6) Unless otherwise provided by rule, a financial
21 institution may exempt from the reporting requirements of this
22 section deposits, withdrawals, exchanges, or payments exempted
23 from the reporting requirements of 31 U.S.C. s. 5313. Each
24 financial institution shall maintain a record of each
25 exemption granted, including the name, address, type of
26 business, taxpayer identification number, account number, and
27 signature of the customer granted the exemption; a written
28 statement describing in detail the customary conduct of the
29 lawful business of that customer and the reasons why such
30 customer qualified for such an exemption; the type of
31 transactions exempted; and the dollar limit of each exempt
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1 transaction. Such record of exemptions shall be made
2 available to the department for inspection and copying and
3 shall be submitted to the department within 15 days after
4 request.
5 (6)(7) All reports and records filed with the
6 department pursuant to this section are confidential and
7 exempt from s. 119.07(1). However, the department shall
8 provide any report filed pursuant to this section, or
9 information contained therein, to federal, state, and local
10 law enforcement and prosecutorial agencies, and any federal or
11 state agency responsible for the regulation or supervision of
12 financial institutions.
13 (7)(8)(a) The department shall retain a copy of all
14 reports received under subsection (3) (4) for a minimum of 5
15 calendar years after receipt of the report. However, if a
16 report or information contained in a report is known by the
17 department to be the subject of an existing criminal
18 proceeding, the report shall be retained for a minimum of 10
19 calendar years after receipt of the report.
20 (b) Each financial institution shall maintain for a
21 minimum of 5 calendar years full and complete records of all
22 financial transactions, including all records required by 31
23 C.F.R. parts 103.33 and 103.34.
24 (c) The financial institution shall retain a copy of
25 all reports filed with the department under subsection (3) (4)
26 for a minimum of 5 calendar years after submission of the
27 report. However, if a report or information contained in a
28 report is known by the financial institution to be the subject
29 of an existing criminal proceeding, the report shall be
30 retained for a minimum of 10 calendar years after submission
31 of the report.
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1 (d) The financial institution shall retain a copy of
2 all records of exemption for each customer granted pursuant to
3 subsection (5) (6) for a minimum of 5 calendar years after
4 termination of exempt status of such customer. However, if it
5 is known by the financial institution that the customer or the
6 transactions of the customer are the subject of an existing
7 criminal proceeding, the records shall be retained for a
8 minimum of 10 calendar years after termination of exempt
9 status of such customer.
10 (8)(9) In addition to any other power conferred upon
11 it to enforce and administer this chapter and the financial
12 institutions codes, the department may:
13 (a) Bring an action in any court of competent
14 jurisdiction to enforce or administer this section. In such
15 action, the department may seek award of any civil penalty
16 authorized by law and any other appropriate relief at law or
17 equity.
18 (b) Pursuant to s. 655.033, issue and serve upon a
19 person an order requiring such person to cease and desist and
20 take corrective action whenever the department finds that such
21 person is violating, has violated, or is about to violate any
22 provision of this section, chapter 896, or any similar state
23 or federal law; any rule or order adopted under this section,
24 chapter 896, or any similar state or federal law; or any
25 written agreement related to this section, chapter 896, or any
26 similar state or federal law and entered into with the
27 department.
28 (c) Pursuant to s. 655.037, issue and serve upon any
29 person an order of removal whenever the department finds that
30 such person is violating, has violated, or is about to violate
31 any provision of this section, chapter 896, or any similar
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1 state or federal law; any rule or order adopted under this
2 section, chapter 896, or any similar state or federal law; or
3 any written agreement related to this section, chapter 896, or
4 any similar state or federal law and entered into with the
5 department.
6 (d) Impose and collect an administrative fine against
7 any person found to have violated any provision of this
8 section, chapter 896, or any similar state or federal law; any
9 rule or order adopted under this section, chapter 896, or any
10 similar state or federal law; or any written agreement related
11 to this section, chapter 896, or any similar state or federal
12 law and entered into with the department, in an amount not
13 exceeding $10,000 a day for each willful violation or $500 a
14 day for each negligent violation.
15 (9)(10)(a) Except as provided in paragraph (b), a
16 person who willfully violates any provision of this section,
17 chapter 896, or any similar state or federal law is guilty of
18 a misdemeanor of the first degree, punishable as provided in
19 s. 775.082 or s. 775.083.
20 (b) A person who willfully violates any provision of
21 this section, chapter 896, or any similar state or federal
22 law, when the violation is:
23 1. Committed in furtherance of the commission of any
24 other violation of Florida law; or
25 2. Committed as part of a pattern of illegal activity
26 involving financial transactions exceeding $300 but less than
27 $20,000 in any 12-month period, is guilty of a felony of the
28 third degree; or
29 3. Committed as part of a pattern of illegal activity
30 involving financial transactions exceeding $20,000 but less
31
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1 than $100,000 in any 12-month period is guilty of a felony of
2 the second degree; or
3 4. Committed as part of a pattern of illegal activity
4 involving financial transactions exceeding $100,000 in any
5 12-month period is guilty of a felony of the first degree.
6 (c) In addition to the penalties otherwise authorized
7 by ss. 775.082 and 775.083, a person who has been convicted of
8 or who has pleaded guilty or nolo contendere to having
9 violated paragraph (b) may be sentenced to pay a fine not
10 exceeding $250,000 or twice the value of the financial
11 transaction, whichever is greater, except that on a second or
12 subsequent conviction for or plea of guilty or nolo contendere
13 to a violation of paragraph (b), the fine may be up to
14 $500,000 or quintuple the value of the financial transaction,
15 whichever is greater.
16 (d) A person who willfully violates this section,
17 chapter 896, or any similar state or federal law is also
18 liable for a civil penalty of not more than the greater of the
19 value of the financial transaction involved or $25,000.
20 However, the civil penalty may not exceed $100,000.
21 Section 13. Section 655.949, Florida Statutes, is
22 amended to read:
23 655.949 Department personnel; qualifications.--Before
24 January 1, 1993, The department shall establish and publish
25 educational, professional, and other appropriate
26 qualifications for each position in the department and the
27 Office of the Comptroller authorized to participate in the
28 regulation of financial institutions, including positions with
29 the authority to overrule the actions or decisions of
30 professional examiners or legal staff in their exercise of
31 their duties under the financial institutions codes excepting
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1 the position of assistant comptroller. Such qualifications
2 shall contain at a minimum sufficient experience and expertise
3 in the regulation of financial institutions as to clearly
4 justify the exercise of authority to overrule the actions or
5 decisions of professional examiners or legal staff.
6 Section 14. Subsection (1) of section 655.961, Florida
7 Statutes, is repealed.
8 Section 15. Section 655.962, Florida Statutes, is
9 amended to read:
10 655.962 Lighting; mirrors; landscaping.--
11 (1) Each operator of an automated teller machine that
12 controls the access area or defined parking area to be lighted
13 shall comply with subsections (2), (3), and (4) no later than
14 1 year after October 1, 1994. If the access area or defined
15 parking area to be lighted is controlled by a person other
16 than the operator, such other person shall comply with
17 subsections (2), (3), and (4) no later than 1 year after
18 October 1, 1994.
19 (1)(2) Each operator, or other person responsible for
20 an automated teller machine pursuant to ss. 655.960-655.965,
21 shall provide lighting during the hours of darkness with
22 respect to an open and operating automated teller machine and
23 any defined parking area, access area, and the exterior of an
24 enclosed automated teller machine installation, as follows:
25 (a) There shall be a minimum of 10 candlefoot power at
26 the face of the automated teller machine and extending in an
27 unobstructed direction outward 5 feet.
28 (b) There shall be a minimum of 2 candlefoot power
29 within 50 feet in all unobstructed directions from the face of
30 the automated teller machine. If the automated teller machine
31 is located within 10 feet of the corner of the building and
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1 the automated teller machine is generally accessible from the
2 adjacent side, there shall be a minimum of 2 candlefoot power
3 along the first 40 unobstructed feet of the adjacent side of
4 the building.
5 (c) There shall be a minimum of 2 candlefoot power in
6 that portion of the defined parking area within 60 feet of the
7 automated teller machine.
8 (2)(3) The operator shall provide reflective mirrors
9 or surfaces at each automated teller machine which provide the
10 customer with a rear view while the customer is engaged in
11 using the automated teller machine.
12 (3)(4) The operator, or other person responsible
13 pursuant to ss. 655.960-655.965 for an automated teller
14 machine, shall ensure that the height of any landscaping,
15 vegetation, or other physical obstructions in the area
16 required to be lighted pursuant to subsection (1) (2) for any
17 open and operating automated teller machine shall not exceed 3
18 feet, except that trees trimmed to a height of 10 feet and
19 whose diameters are less than 2 feet and manmade physical
20 obstructions required by statute, law, code, ordinance, or
21 other governmental regulation shall not be affected by this
22 subsection.
23 Section 16. Section 657.003, Florida Statutes, is
24 repealed.
25 Section 17. Section 657.067, Florida Statutes, is
26 repealed.
27 Section 18. Sections 657.25, 657.251, 657.252,
28 657.253, 657.254, 657.256, 657.257, 657.258, 657.259, 657.260,
29 657.261, 657.262, 657.263, 657.264, 657.265, 657.266, 657.267,
30 657.268, and 657.269, Florida Statutes, are repealed.
31
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1 Section 19. Subsections (3) and (7) of section
2 655.057, Florida Statutes, are amended to read:
3 655.057 Records; limited restrictions upon public
4 access.--
5 (3) The provisions of this section do not prevent or
6 restrict:
7 (a) Publishing reports required to be submitted to the
8 department pursuant to s. 655.045(2)(a) or required by
9 applicable federal statutes or regulations to be published.
10 (b) Furnishing records or information to any other
11 state, federal, or foreign agency responsible for the
12 regulation or supervision of financial institutions, including
13 Federal Home Loan Banks.
14 (c) Furnishing records or information, in the case of
15 a credit union, to the Florida Credit Union Guaranty
16 Corporation, Inc.
17 (c)(d) Disclosing or publishing summaries of the
18 condition of financial institutions and general economic and
19 similar statistics and data, provided that the identity of a
20 particular financial institution is not disclosed.
21 (d)(e) Reporting any suspected criminal activity, with
22 supporting documents and information, to appropriate law
23 enforcement and prosecutorial agencies.
24 (e)(f) Furnishing information upon request to the
25 State Treasurer regarding the financial condition of any
26 financial institution that is, or has applied to be,
27 designated as a qualified public depository pursuant to
28 chapter 280.
29
30
31
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1 Any confidential information or records obtained from the
2 department pursuant to this subsection shall be maintained as
3 confidential and exempt from the provisions of s. 119.07(1).
4 (7) Materials supplied to the department or to
5 employees of any financial institution by other governmental
6 agencies, federal or state, or the Florida Credit Union
7 Guaranty Corporation, Inc., shall remain the property of the
8 submitting agency or the corporation, and any document request
9 must be made to the appropriate agency. Any confidential
10 documents supplied to the department or to employees of any
11 financial institution by other governmental agencies, federal
12 or state, or by the Florida Credit Union Guaranty Corporation,
13 Inc., shall be confidential and exempt from the provisions of
14 s. 119.07(1). Such information shall be made public only with
15 the consent of such agency or the corporation.
16 Section 20. Section 657.001, Florida Statutes, is
17 amended to read:
18 657.001 Short title.--This chapter part may be cited
19 as the "Florida Credit Union Act."
20 Section 21. Section 657.002, Florida Statutes, is
21 amended to read:
22 657.002 Definitions.--As used in this chapter part:
23 (1) "Capital" means shares, deposits, and equity.
24 (2) "Central credit union" means a credit union the
25 membership of which includes, but is not limited to, other
26 credit unions, members of credit unions, credit union
27 employees, employees of organizations serving credit unions,
28 and the families of such members.
29 (3) "Corporate credit union" means any central credit
30 union organized pursuant to any state or federal act for the
31 purpose of serving other credit unions.
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1 (4) "The corporation" means the Florida Credit Union
2 Guaranty Corporation, Inc.
3 (4)(5) "Correspondent" means that person designated on
4 an application to organize a credit union as the person to
5 whom all correspondence regarding the application should be
6 sent.
7 (5)(6) "Credit union" means any cooperative society
8 organized pursuant to this chapter part.
9 (6)(7) "Department" means the Department of Banking
10 and Finance.
11 (7)(8) "Deposits" means that portion of the capital
12 paid into the credit union by members on which a contractual
13 rate of interest will be paid.
14 (8)(9) "Equity" means undivided earnings, reserves,
15 and allowance for loan losses.
16 (9)(10) "Foreign credit union" means a credit union
17 organized and operating under the laws of another state.
18 (10)(11) "Immediate family" means parents, children,
19 spouse, or surviving spouse of the member, or any other
20 relative by blood, marriage, or adoption.
21 (11)(12) "Limited field of membership" means the
22 defined group of persons designated as eligible for membership
23 in the credit union who:
24 (a) Have a similar profession, occupation, or formal
25 association with an identifiable purpose; or
26 (b) Reside within an identifiable neighborhood,
27 community, rural district, or county; or
28 (c) Are employed by a common employer; or
29 (d) Are employed by the credit union; and
30
31 members of the immediate family of persons within such group.
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1 (12)(13) "Shares" means that portion of the capital
2 paid into the credit union by members on which dividends may
3 be paid.
4 (13)(14) "Unimpaired capital" means capital which is
5 not impaired by losses that exceed applicable reserves.
6 Section 22. Paragraph (d) of subsection (3) of section
7 657.005, Florida Statutes, is amended to read:
8 657.005 Notice of intent to organize; investigation by
9 department; application for authority to organize a credit
10 union.--
11 (3) The application shall be submitted to the
12 department on forms and in the manner prescribed by rules
13 adopted by the department and shall be accompanied by a
14 nonrefundable filing fee of $250. Such application shall
15 include:
16 (d) Any information required by the department to be
17 submitted to the corporation or insuring agency.
18 Section 23. Paragraph (a) of subsection (6) of section
19 657.008, Florida Statutes, is amended to read:
20 657.008 Place of doing business.--
21 (6)(a) The department may authorize foreign credit
22 unions to establish branches in Florida if all of the
23 following criteria are met:
24 1. The state in which the foreign credit union's home
25 office is located permits Florida credit unions to do business
26 in the state under restrictions that are no greater than those
27 placed upon a domestic credit union doing business in that
28 state. For this purpose, such restrictions shall include, but
29 are not limited to, any fees, bonds, or other charges levied
30 on domestic credit unions doing business in that state.
31
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1 2. The deposits of such foreign credit union and its
2 proposed Florida branch will be insured or guaranteed by an
3 insurer or guarantor acceptable to the department. Insurance
4 or guarantee of accounts comparable to that provided by the
5 Florida Credit Union Guaranty Corporation is deemed to be
6 acceptable; however, acceptance of insurance or guarantee of
7 accounts by any insuring or guaranteeing agencies or companies
8 shall be subject to a determination by the department that the
9 insuring or guaranteeing agency or company is in sound
10 financial condition and that its reserves with respect to its
11 insured or guaranteed accounts are no less than those of the
12 Florida Credit Union Guaranty Corporation.
13 3. The credit union's field of membership is so
14 limited as to be within that meaning of that term as defined
15 in s. 657.002.
16 Section 24. Paragraph (e) of subsection (7) of section
17 657.021, Florida Statutes, is amended to read:
18 657.021 Board of directors; executive committee.--
19 (7) The board of directors must exercise the following
20 duties which are nondelegable:
21 (e) Adequately provide for reserves as required by
22 this chapter part or by rules or order of the department or as
23 otherwise determined necessary by the board.
24 Section 25. Section 657.026, Florida Statutes, is
25 amended to read:
26 657.026 Supervisory or audit committee.--
27 (1) There shall be a supervisory or audit committee of
28 at least three members, which may be elected by the membership
29 or appointed by the board, or the board may appoint an audit
30 committee of directors in the manner prescribed in the bylaws.
31
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1 An officer or employee may not serve on the supervisory or
2 audit committee.
3 (2) The supervisory or audit committee may audit, or
4 cause to be audited, the financial statements of the credit
5 union to determine compliance with policy, to ensure that
6 generally accepted accounting principles are consistently
7 applied, and to ensure an adequate system of internal
8 controls.
9 (3) The supervisory or audit committee shall:
10 (a) Make or cause to be made a comprehensive annual
11 audit of the credit union, in accordance with the rules of the
12 department.
13 (b) Make or cause to be made such supplementary audits
14 or examinations as it deems necessary or as are requested by
15 the board of directors or the department.
16 (c) Submit a report of every required audit or
17 examination within a reasonable time to the board of directors
18 with a copy to the department and, depending upon which
19 organization is applicable, a copy to the corporation or the
20 National Credit Union Administration.
21 (d) Make a summary report, to the membership at the
22 annual meeting, of any audits or examinations conducted during
23 the preceding year.
24 (4) The supervisory or audit committee shall notify
25 the board of directors, the department, and, as applicable,
26 either the corporation or the National Credit Union
27 Administration of any violation of this chapter part, any
28 violation of the certificate of authorization or bylaws of the
29 credit union, or any practice of the credit union deemed by
30 the supervisory or audit committee to be unsafe, unsound, or
31 unauthorized.
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1 (5) For the purposes of this section subsection,
2 two-thirds of the members of the supervisory or audit
3 committee constitutes a quorum.
4 Section 26. Subsections (10), (13), (16), and (28) of
5 section 657.031, Florida Statutes, are amended to read:
6 657.031 Powers.--A credit union shall have the power
7 to:
8 (10) Borrow money and issue evidences of indebtedness
9 for a loan or loans in the usual course of its business and
10 secure such obligations by mortgage or pledge of any of its
11 assets. Aggregate borrowings shall not exceed 50 percent of
12 the unimpaired capital of the credit union. However, this
13 percentage limitation shall not apply to loans from the
14 corporation or from the National Credit Union Administration.
15 (13) Invest funds, as provided in this chapter part.
16 (16) Hold membership in central credit unions or
17 corporate credit unions organized under this chapter part or
18 under any other state or federal acts and membership in
19 associations and organizations of credit unions.
20 (28) Perform any act necessary to obtain and maintain
21 membership in the corporation or obtain and maintain insurance
22 of accounts through the National Credit Union Administration.
23 Section 27. Subsection (2) of section 657.0315,
24 Florida Statutes, is amended to read:
25 657.0315 Contracts for providing goods, products, or
26 services.--
27 (2) Enforcement of this section may be made only by
28 the board of directors of the credit union, unless the
29 contract had been authorized by specific action of the board;
30 by the corporation or National Credit Union Administration if
31 it is directed to assume control of the assets and business of
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1 the credit union pursuant to s. 657.062; or by the liquidator
2 appointed pursuant to s. 657.063 or s. 657.064.
3 Section 28. Subsections (9) and (15) of section
4 657.038, Florida Statutes, are amended to read:
5 657.038 Loan powers.--
6 (9) A loan may not be made to any corporation, except
7 to the Florida Credit Union Guaranty Corporation, Inc., or a
8 corporation in which the credit union holds an equity
9 interest.
10 (15) If approved by the board of directors, a credit
11 union may extend credit to other credit unions, or to the
12 corporation, in an amount not greater than 25 percent of the
13 unimpaired capital of the lending credit union.
14 Section 29. Paragraph (a) of subsection (1) of section
15 657.039, Florida Statutes, is amended to read:
16 657.039 Loan powers; extension of credit to directors,
17 officers, committee members, and certain employees.--
18 (1) A credit union may extend credit to its officers,
19 directors, credit manager, members of its supervisory, audit,
20 and credit committees, and any other person authorized to
21 approve extensions of credit, provided:
22 (a) The extension of credit complies with all
23 requirements under this chapter part with respect to credit
24 extended to other borrowers and is not on terms more favorable
25 than those extended to other borrowers.
26 Section 30. Paragraph (a) of subsection (4) and
27 subsection (9) of section 657.043, Florida Statutes, are
28 amended to read:
29 657.043 Reserves.--
30 (4) RISK ASSETS DEFINED.--The following assets shall
31 be considered risk assets:
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1 (a) All loans, except:
2 1. Loans fully secured by a pledge of shares or
3 deposits in the lending credit union, equal to and maintained
4 to at least the amount of the loan outstanding.
5 2. Loans which are purchased from liquidating credit
6 unions and guaranteed by the corporation or insured by the
7 National Credit Union Administration or other insuring
8 agencies.
9 3. Investments in or loans to the corporation.
10 (9) GUARANTY ASSISTANCE AGREEMENT.--The amount of any
11 liability arising out of a guaranty assistance agreement with
12 the corporation or National Credit Union Administration must
13 be maintained as a reserve and be included in the
14 determination of undivided earnings of the credit union.
15 Section 31. Subsection (1) of section 657.062, Florida
16 Statutes, is amended to read:
17 657.062 Assumption of control by guarantor or
18 insurer.--
19 (1) The department may direct the corporation or the
20 National Credit Union Administration, whichever is applicable,
21 to assume control of the property, assets, and business of its
22 member credit union and to operate it subject to the
23 directions of the department:
24 (a) Whenever the department finds that the credit
25 union:
26 1. Is engaging or has engaged in an unsafe or unsound
27 practice;
28 2. Is violating or has violated any provision of this
29 chapter; or
30
31
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1 3. Is violating or has violated any department rule,
2 department order, or written agreement entered into with the
3 department,
4
5 in such a manner that the credit union is threatened with
6 imminent insolvency.
7 (b) Whenever a majority of the members of the board of
8 directors of the credit union have been removed by the
9 department or shall have resigned.
10 Section 32. Subsection (2) of section 657.063, Florida
11 Statutes, is amended to read:
12 657.063 Involuntary liquidation.--
13 (2) The liquidator must be appointed by the
14 department. The corporation or The National Credit Union
15 Administration, whichever is applicable, must be given the
16 right of first refusal. The department may appoint another
17 entity if refused by the primary guarantor or insurer.
18 Section 33. Subsections (1), (4), (5), and (7) of
19 section 657.064, Florida Statutes, are amended to read:
20 657.064 Voluntary liquidation.--A credit union may
21 elect to dissolve voluntarily and liquidate its affairs in the
22 following manner:
23 (1) Before considering any resolution pertaining to
24 voluntary liquidation by the board of directors, the credit
25 union must inform the department and the corporation or the
26 National Credit Union Administration, whichever is applicable,
27 of the time and place of the meeting of the board of
28 directors. The notification must be transmitted at least 5
29 days before the board of directors meets.
30 (4) Upon adoption by the board of directors of a
31 resolution recommending that the credit union be voluntarily
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1 liquidated, the corporation or the National Credit Union
2 Administration, whichever is applicable, may restrict control
3 or give directions with respect to the continued business of
4 the credit union pending consideration of the voluntary
5 liquidation by the members. During such period, no member
6 shall withdraw an aggregate amount in excess of the insurance
7 or guaranty covered by the credit union. No new extensions of
8 credit shall be funded during the period between the board of
9 directors' adoption of the resolution recommending the
10 voluntary liquidation and the membership meeting called to
11 consider the voluntary liquidation, except for loans fully
12 secured by a pledge of shares and for the funding of
13 outstanding loan commitments approved before the board of
14 directors adopts the resolution.
15 (5) The notice required by subsection (3) shall also
16 be mailed to the department within 5 days after the action of
17 the board of directors. Within 10 days after the meeting of
18 the membership, the board of directors shall notify the
19 department and the corporation or the National Credit Union
20 Administration, whichever is applicable, in writing of the
21 action taken by the members.
22 (7) The corporation or The National Credit Union
23 Administration, whichever is applicable, shall have the right
24 of first refusal to be appointed as liquidator of any
25 liquidating credit union which it guarantees or insures. The
26 liquidator shall have all of the powers provided in s. 657.063
27 regarding involuntary liquidation. If the corporation or the
28 National Credit Union Administration shall decline to serve as
29 liquidator, the board of directors shall appoint a reasonable
30 person as liquidator and specify the extent of
31 responsibilities and authority delegated to the liquidator.
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1 Section 34. Paragraph (b) of subsection (1) of section
2 657.065, Florida Statutes, is amended to read:
3 657.065 Merger.--
4 (1) Any state or federal credit union may merge with
5 another state or federal credit union under the existing
6 certificate of authorization of the other credit union,
7 pursuant to any plan agreed upon by the majority of the board
8 of directors of each credit union joining in the merger, if:
9 (b) The merger is consented to by the corporation or
10 the National Credit Union Administration, whichever is
11 applicable; and
12 Section 35. Section 657.066, Florida Statutes, is
13 amended to read:
14 657.066 Conversion from state credit union to federal
15 credit union and conversely.--Any credit union organized under
16 this chapter part may convert into a federal credit union and
17 any federal credit union may convert into a credit union
18 organized pursuant to this chapter part upon approval of the
19 authority under the supervision of which the converted credit
20 union will operate and upon compliance with applicable laws.
21 (1) Any action by the board of directors proposing
22 conversion shall be by resolution and shall require the
23 affirmative vote of an absolute majority of the board of
24 directors. Upon adoption of a resolution relating to
25 conversion, a copy of the resolution shall be mailed to each
26 member, together with a notice setting forth the time,
27 location, and purpose of a meeting of the membership which
28 shall be held not less than 10 nor more than 30 days following
29 the mailing of the notice.
30 (2) A ballot allowing an affirmative or negative vote
31 on the proposed conversion shall also be mailed to each
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1 member. Any ballot received by the credit union prior to the
2 meeting called to consider the conversion shall be counted
3 along with the votes cast at the meeting. Each member shall
4 have but one vote. A majority of the votes cast by the
5 members shall be required to approve the conversion.
6 (3) Within 10 days after the approval of the
7 membership, the board of directors shall cause to be
8 transmitted to the authority under the supervision of which
9 the converted credit union will operate a copy of the
10 resolution adopted by the board of directors and approved by
11 the membership.
12 (4) Upon the written approval of the authority under
13 the supervision of which the converting credit union is to
14 operate, the converting credit union shall become a credit
15 union under this chapter or under the laws of the United
16 States, as the case may be, and thereupon all assets shall
17 become the property of the converted credit union, subject to
18 all existing liabilities against the credit union. All shares
19 and deposits shall remain intact. Any federal credit union
20 seeking to convert to a state-chartered credit union shall pay
21 a nonrefundable filing fee of $500. The department may
22 conduct an examination of any converting federal credit union
23 before approving the conversion and the converting credit
24 union shall pay a nonrefundable examination fee as provided in
25 s. 655.411(1)(b).
26 (5) Every conversion must be completed within 90 days
27 after the approval of the authority under the supervision of
28 which the converted credit union will operate. Upon receiving
29 its certificate of authorization or charter from the authority
30 under the supervision of which the converted credit union will
31
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1 operate, the old certificate of authorization or charter shall
2 be returned to the proper authority and shall be canceled.
3 (6) In consummation of the conversion, the old credit
4 union may execute, acknowledge, and deliver to the newly
5 chartered credit union the instruments of transfer necessary
6 to accomplish the transfer of any property and all right,
7 title, and interest therein.
8 Section 36. Paragraph (a) of subsection (2) and
9 subsection (4) of section 657.068, Florida Statutes, are
10 amended to read:
11 657.068 Central credit unions.--
12 (2) Membership in a central credit union shall be
13 limited to:
14 (a) Credit unions organized and operating under this
15 chapter part or any other credit union act;
16 (4) A central credit union shall have all the powers
17 of any credit union organized under this chapter part and
18 shall have the following powers, notwithstanding any
19 limitations or restrictions herein:
20 (a) A central credit union may make loans to other
21 credit unions, purchase shares of and make deposits in other
22 credit unions, and obtain or acquire the assets and
23 liabilities of any credit union operating in this state which
24 liquidates, provided such assets are otherwise eligible for
25 investment by the acquiring credit union.
26 (b) A central credit union may invest in and grant
27 loans to associations of credit unions, central funds of
28 credit unions, or organizations chartered to provide services
29 to credit unions.
30 Section 37. Section 658.2954, Florida Statutes, is
31 repealed.
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1 Section 38. Section 716.02, Florida Statutes, is
2 amended to read:
3 716.02 Escheat of funds in the possession of federal
4 agencies.--All property within the provisions of subsections
5 (1), (2), (3), and (4) and (5), are declared to have
6 escheated, or to escheat, including all principal and interest
7 accruing thereon, and to have become the property of the
8 state.
9 (1) All money or other property which has remained in,
10 or has been deposited in the custody of, or under the control
11 of, any court of the United States, in and for any district
12 within this state, or which has been deposited with and is in
13 the custody of any depository, registry, clerk or other
14 officer of such court, or the United States treasury, which
15 money or other property the rightful owner or owners thereof,
16 either:
17 (a) Has been unknown for a period of 5 or more
18 consecutive years; or,
19 (b) Has died, without having disposed thereof, and
20 without having left heirs, next of kin or distributees, or
21 (c) Has made no demand for such money or other
22 property for 5 years;
23
24 are declared to have escheated, or to escheat, together with
25 all interest accrued thereon, and to have become the property
26 of the state.
27 (2) After June 16, 1947, all money or other property
28 which has remained in, or has been deposited in the custody
29 of, or under the control of, any court of the United States,
30 in and for any district within this state, for a period of 4
31 years, the rightful owner or owners of which, either:
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1 (a) Shall have been unknown for a period of 4 years;
2 or,
3 (b) Shall have died without having disposed thereof,
4 and without having left or without leaving heirs, next of kin
5 or distributees; or,
6 (c) Shall have failed within 4 years to demand the
7 payment or delivery of such funds or other property;
8
9 is hereby declared to have escheated, or to escheat, together
10 with all interest accrued thereon, and to have become the
11 property of the state.
12 (2)(3) All money or other property which has remained
13 in, or has been deposited in the custody of, or under the
14 control of any officer, department or agency of the United
15 States for 5 or more consecutive years, which money or other
16 property had its situs or source in this state, except as
17 hereinafter provided in subsection (3) (4), the sender of
18 which is unknown, or who sent the money or other property for
19 an unknown purpose, or money which is credited as "unknown,"
20 and which said governmental agency is unable to credit to any
21 particular account, or the sender of which has been unknown
22 for a period of 5 or more consecutive years; or when known,
23 has died without having disposed thereof, and without leaving
24 heirs, next of kin or distributees, or for any reason is
25 unclaimed from such governmental agency.
26 (3)(4) In the event any money is due to any resident
27 of this state as a refund, rebate or tax rebate from the
28 United States Commissioner of Internal Revenue, the United
29 States Treasurer, or other governmental agency or department,
30 which said resident will, or is likely to have her or his
31 rights to apply for and secure such refund or rebate barred by
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1 any statute of limitations or, in any event, has failed for a
2 period of 1 year after said resident could have filed a claim
3 for said refund or rebate, the Department of Banking and
4 Finance is hereby appointed agent of such resident to demand,
5 file and apply for said refund or rebate, and is hereby
6 appointed to do any act which a natural person could do to
7 recover said money, and it is hereby declared that when the
8 department files said application or any other proceeding to
9 secure said refund or rebate, its agency is coupled with an
10 interest in the money sought and money recovered.
11 (4)(5) It is the purpose of this chapter to include
12 all funds or other property in the possession of the
13 government of the United States, and of its departments,
14 officers, and agencies, which property has its situs in this
15 state or belonged to a resident thereof, and not to limit the
16 application of this chapter by the naming of any particular
17 agency. This chapter shall include all funds held in the
18 United States Department of Veterans Affairs, Comptroller of
19 Currency, United States Treasury, Department of Internal
20 Revenue, federal courts, registry of federal courts, and such
21 evidences of indebtedness as adjusted service bonds, old
22 matured debts issued prior to 1917, unclaimed and interest
23 thereon, postal savings bonds, liberty bonds, victory notes,
24 treasury bonds, treasury notes, certificates of indebtedness,
25 treasury bills, treasurer's savings certificates, bonuses and
26 adjusted compensation, allotments, and all unclaimed refunds
27 or rebates of whatever kind or nature, which are subjects of
28 escheat, under the terms of this chapter. Provided, however,
29 that nothing in this chapter shall be construed to mean that
30 any refunds due ratepayers under order of any court of the
31 United States shall become the property of the state.
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1 Section 39. Section 717.137, Florida Statutes, is
2 repealed.
3 Section 40. This act shall take effect upon becoming a
4 law.
5
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7 HOUSE SUMMARY
8
Repeals or deletes various statutory provisions that have
9 become obsolete, have had their effect, have served their
purpose, or have been impliedly repealed or superseded.
10 Repeals or deletes provisions relating to obsolete
provisions relating to applying for certification as a
11 certified capital company and for an allocation of
premium tax credits for potential investors; special
12 assessments required of mortgage brokers and lenders and
applicants for such licensure over a specified period;
13 the effective date of the 1967 revision of ch. 495, F.S.,
relating to registration of trademarks and service marks,
14 and the repeal of former provisions; findings relating to
the need to regulate funeral and cemetery services;
15 findings on the need for the Florida Business
Coordination Act; applicability of the Revised Uniform
16 Partnership Act of 1995 over a specified period; intent
with respect to the Professional Service Corporation and
17 Limited Liability Company Act; foreign unincorporated
associations; a provision relating to the purpose of the
18 Florida Control of Money Laundering in Financial
Institutions Act; an obsolete deadline for the Department
19 of Banking and Finance to provide qualifications for
personnel in the department and the Office of the
20 Comptroller who are involved in regulation of financial
institutions; obsolete requirements for automatic teller
21 machines; obsolete provisions relating to requirements
for access and parking areas for automatic teller
22 machines; the purpose of the Florida Credit Union Act;
requirements for approval for conversion of credit unions
23 from federal to state charter; the Florida Credit Union
Guaranty Corporation Act; authorization for a state bank
24 to relocate its principal place of business into a
contiguous state; obsolete provisions relating to escheat
25 of funds in the possession of any federal court in and
for any district within this state; and the effect and
26 application of the 1987 revision of ch. 717, F.S.,
relating to disposition of unclaimed property.
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