Florida Senate - 2011                                    SB 1976
       
       
       
       By Senator Braynon
       
       
       
       
       33-01226-11                                           20111976__
    1                        A bill to be entitled                      
    2         An act relating to public depositories; amending s.
    3         280.02, F.S.; revising the definition of the term
    4         “qualified public depository”; amending s. 280.07,
    5         F.S.; conforming provisions to changes made by the
    6         act; providing an effective date.
    7  
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (26) of section 280.02, Florida
   11  Statutes, is amended to read:
   12         280.02 Definitions.—As used in this chapter, the term:
   13         (26) “Qualified public depository” means any financial
   14  institution bank, savings bank, or savings association that:
   15         (a) Is organized and exists under the laws of the United
   16  States, the laws of this state, or the laws of any other state
   17  or territory of the United States.
   18         (b) Has its principal place of business in this state or
   19  has a branch office in this state which is authorized under the
   20  laws of this state or of the United States to receive deposits
   21  in this state.
   22         (c) Is insured by the Federal Has Deposit Insurance
   23  Corporation, the Federal Savings and Loan Insurance Corporation,
   24  or the National Credit Union Share Insurance Fund under the
   25  provision of the Federal Deposit Insurance Act, as amended, 12
   26  U.S.C. ss. 1811 et seq.
   27         (d) Has procedures and practices for accurate
   28  identification, classification, reporting, and collateralization
   29  of public deposits.
   30         (e) Meets all the requirements of this chapter.
   31         (f) Has been designated by the Chief Financial Officer as a
   32  qualified public depository.
   33         Section 2. Section 280.07, Florida Statutes, is amended to
   34  read:
   35         280.07 Mutual responsibility and contingent liability.—Any
   36  financial institution bank or savings association that is
   37  designated as a qualified public depository and that is not
   38  insolvent shall guarantee public depositors against loss caused
   39  by the default or insolvency of other qualified public
   40  depositories. Each qualified public depository shall execute a
   41  form prescribed by the Chief Financial Officer for such
   42  guarantee which shall be approved by the board of directors and
   43  shall become an official record of the institution.
   44         Section 3. This act shall take effect July 1, 2011.