Florida Senate - 2014                        COMMITTEE AMENDMENT
       Bill No. CS for SB 1012
       
       
       
       
       
       
                                Ì858846WÎ858846                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  04/23/2014           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Appropriations (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 135 and 136
    4  insert:
    5         Section 2. Section 655.017, Florida Statutes, is created to
    6  read:
    7         655.017 Local regulation preempted.—
    8         (1) A county or municipality may not enact or enforce a
    9  resolution, ordinance, or rule that regulates financial or
   10  lending activities, including a resolution, ordinance, or rule
   11  that disqualifies persons from doing business with a county or
   12  municipality based on lending interest rates, or that imposes
   13  reporting requirements or other obligations regarding the
   14  financial services or lending practices of persons or entities,
   15  and subsidiaries or affiliates thereof which:
   16         (a) Are subject to the jurisdiction of the office pursuant
   17  to the financial institutions codes;
   18         (b) Are subject to the jurisdiction of the Board of
   19  Governors of the Federal Reserve System, the Office of the
   20  Comptroller of the Currency, the National Credit Union
   21  Administration, the Federal Deposit Insurance Corporation, the
   22  Federal Trade Commission, or the United States Department of
   23  Housing and Urban Development;
   24         (c) Originate, purchase, sell, assign, secure, or service
   25  property interests or obligations created by financial
   26  transactions or loans made, executed, or originated by persons
   27  referred to in paragraph (a) or paragraph (b) which assist or
   28  facilitate such transactions;
   29         (d) Are chartered by the United States Congress to engage
   30  in secondary market mortgage transactions; or
   31         (e) Are acting on behalf of the Florida Housing Finance
   32  Corporation.
   33         (2) This section does not prevent a county or municipality
   34  from engaging in a civil investigation, initiating an
   35  administrative proceeding, or commencing a civil proceeding to
   36  determine compliance with or to enforce a state law, a rule or
   37  order of a state agency, or an ordinance or rule of a county or
   38  municipality which is not preempted pursuant to this section.
   39         (3) Notwithstanding subsection (2), a financial institution
   40  shall notify the office of any civil investigation or
   41  administrative or civil proceeding initiated by a county or
   42  municipality in accordance with s. 655.948. The office shall
   43  have sole and exclusive jurisdiction to initiate appropriate
   44  administrative or civil proceedings to enforce such laws, rules,
   45  or orders if the office determines that such investigation or
   46  proceeding:
   47         (a) Is based on a local resolution, ordinance, or rule that
   48  is preempted pursuant to subsection (1); or
   49         (b) Directly and specifically regulates the manner,
   50  content, or terms and conditions of a financial transaction or
   51  account related thereto, that a financial institution is
   52  authorized to engage in, or prevents, significantly interferes
   53  with, or alters the exercise of powers granted to a financial
   54  institution under the financial institutions codes or any
   55  applicable federal law or regulation.
   56         (4) This section does not limit or restrict the powers of
   57  the Department of Legal Affairs or the law enforcement agencies
   58  of this state to commence a civil or criminal action, as
   59  applicable.
   60  
   61  ================= T I T L E  A M E N D M E N T ================
   62  And the title is amended as follows:
   63         Delete line 4
   64  and insert:
   65         interest”; creating s. 655.017, F.S.; preempting to
   66         the state the regulation of certain financial or
   67         lending activities of entities subject to the
   68         jurisdiction of the office or other regulatory
   69         agencies; providing that counties and municipalities
   70         may engage in investigations and proceedings against
   71         financial institutions that are not preempted;
   72         requiring a financial institution to notify the office
   73         if such local action is commenced; providing for the
   74         office’s sole and exclusive jurisdiction in certain
   75         cases; providing applicability; amending s. 655.0322,
   76         F.S.; revising