Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. SB 1620
       
       
       
       
       
       
                                Barcode 929464                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  02/02/2012           .                                
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       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 245 and 246
    4  insert:
    5         Section 6. Present subsection (4) of section 626.753,
    6  Florida Statutes, is renumbered as subsection (6), and new
    7  subsections (4) and (5) are added to that section to read:
    8         626.753 Sharing commissions; penalty.—
    9         (4) Any patronage dividend or other payment, discount, or
   10  credit provided to a member of a production credit association
   11  or federal land bank association which is directly or indirectly
   12  calculated on the basis of the premium charged to that member
   13  for crop hail or multiple-peril crop insurance is an unlawful
   14  rebate in violation of ss. 626.572 and 626.9541(1)(h).
   15         (5) An agent who engages in commission sharing with a
   16  production credit association or federal land bank association,
   17  and who has knowledge that the association provides patronage
   18  dividends or other payments, discounts, or credits that
   19  constitute unlawful rebates as described in subsection (4), is
   20  participating in a violation of this section.
   21  
   22  ================= T I T L E  A M E N D M E N T ================
   23         And the title is amended as follows:
   24         Delete line 18
   25  and insert:
   26         circumstances; amending s. 626.753, F.S., relating to
   27         the sharing of commissions; prohibiting certain
   28         rebates; creating s. 626.8675, F.S.; providing