Florida Senate - 2013 CS for SB 1020
By the Committee on Banking and Insurance; and Senator Hays
597-04475-13 20131020c1
1 A bill to be entitled
2 An act relating to banking; amending s. 655.005, F.S.;
3 revising the definition for “related interest”;
4 amending s. 655.85, F.S.; clarifying that an
5 institution may impose a fee for the settlement of a
6 check under certain circumstances; providing
7 legislative intent; providing an effective date.
8
9 Be It Enacted by the Legislature of the State of Florida:
10
11 Section 1. Paragraph (t) of subsection (1) of section
12 655.005, Florida Statutes, is amended to read:
13 655.005 Definitions.—
14 (1) As used in the financial institutions codes, unless the
15 context otherwise requires, the term:
16 (t) “Related interest” means, with respect to any person,
17 the person’s spouse, partner, sibling, parent, child, or other
18 individual residing in the same household as the person. With
19 respect to any person, the term means a company, partnership,
20 corporation, or other business organization controlled by the
21 person. A person has control if the person:
22 1. Owns, controls, or has the power to vote 25 percent or
23 more of any class of voting securities of the organization;
24 2. Controls in any manner the election of a majority of the
25 directors of the organization; or
26 3. Has the power to exercise a controlling influence over
27 the management or policies of the organization.
28 Section 2. Section 655.85, Florida Statutes, is amended to
29 read:
30 655.85 Settlement of checks.—Whenever a any check is
31 forwarded or presented to a financial an institution for
32 payment, except when presented by the payee in person, the
33 paying institution or remitting institution shall settle the
34 amount of the check at par and may pay or remit the same, at its
35 option, either in money or in exchange drawn on its reserve
36 agent or agents in the City of New York or in any reserve city
37 within the Sixth Federal Reserve District; however, an
38 institution may not settle any check drawn on it otherwise than
39 at par. The term “at par” applies only to the settlement of
40 checks between collecting and paying or remitting institutions
41 and does not apply to, or prohibit an institution from,
42 deducting from the face amount of the check drawn on it a fee
43 for paying the check if the check is presented to the
44 institution by the payee in person. The provisions of this
45 section do not apply with respect to the settlement of a check
46 sent to such institution as a special collection item.
47 Section 3. It is the Legislature’s intent that the
48 amendment to s. 655.85, Florida Statutes, made by this act
49 clarify the relevant portions of the financial institutions
50 codes as defined in s. 655.005, Florida Statutes, relating to
51 fees imposed by a financial institution for the payment of
52 checks presented in person without requiring further amendment.
53 Section 4. This act shall take effect July 1, 2013.