Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1012
       
       
       
       
       
       
                                Ì166230rÎ166230                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/23/2014           .                                
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       The Committee on Appropriations (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 1055 and 1056
    4  insert:
    5         Section 15. Subsection (4) of section 655.948, Florida
    6  Statutes, is amended to read:
    7         655.948 Significant events; notice required.—
    8         (4)(a) The office shall must exempt a financial institution
    9  from any of the provisions of this section if the office
   10  determines that such financial institution is operating in a
   11  safe and sound manner pursuant to commission rules relating to
   12  safe and sound operations. The commission shall adopt rules
   13  defining the term “safe and sound” and explicitly stating the
   14  criteria that which shall constitute operating in a safe and
   15  sound manner. Notwithstanding this subsection:
   16         (a)(b) Notwithstanding paragraph (a), All newly chartered
   17  financial institutions are shall be subject to the requirements
   18  of subsections (1) and (2) for 3 years.
   19         (b) All financial institutions must notify the office
   20  within 30 days of any civil investigation or any civil or
   21  administrative proceeding initiated by a county or municipality
   22  against the financial institution or its subsidiary or service
   23  corporation. No liability may be incurred by a financial
   24  institution, subsidiary, service corporation, or financial
   25  institution-affiliated party as a result of making a good faith
   26  effort to fulfill this disclosure requirement.
   27  
   28  ================= T I T L E  A M E N D M E N T ================
   29  And the title is amended as follows:
   30         Delete line 57
   31  and insert:
   32         and desist orders; amending s. 655.948, F.S.;
   33         requiring a financial institution to notify the office
   34         of any investigations or proceedings initiated by a
   35         county or municipality against the institution within
   36         a specified timeframe; amending s. 657.008, F.S.;