Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. SB 660
                        Barcode 603330
                            CHAMBER ACTION
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11  The Committee on Banking and Insurance (Garcia) recommended
12  the following amendment to amendment (780130):
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14         Senate Amendment 
15         On page 2, line 4,
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17  insert:
18         (b)  For purposes of this subsection, the term
19  "hurricane savings account" means a trust created or organized
20  in the United States exclusively for the purpose of paying an
21  insurance deductible or other uninsured portion of the risk of
22  loss on residential property from a hurricane, rising
23  floodwaters, or other catastrophic windstorm event, but only
24  if the written governing instrument creating the trust meets
25  the following requirements:
26         1.  No contribution will be accepted unless such
27  contribution, when added to previous contributions to the
28  trust, does not exceed twice the windstorm deductible amount
29  on residential property.
30         2.  The trustee is a bank as defined by s. 658.12,
31  Florida Statues, that will administer the trust consistent
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    5:30 PM   03/22/05                              s0660.bi40.0mj


    Florida Senate - 2005                      COMMITTEE AMENDMENT
    Bill No. SB 660
                        Barcode 603330
 1  with the requirements of this subsection.
 2         3.  The assets of the trust shall not be commingled
 3  with other property except in a common trust fund or common
 4  investment fund.
 5         (c)  The term "residential property" as used in this
 6  subsection means property that meets the requirements of a
 7  homestead exemption Article X, Section 4 of the Florida
 8  Constitution.
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