Florida Senate - 2017                        COMMITTEE AMENDMENT
       Bill No. SB 1078
       
       
       
       
       
       
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                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/27/2017           .                                
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       The Committee on Banking and Insurance (Garcia) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsection (10) of section 663.01, Florida
    6  Statutes, is amended to read:
    7         663.01 Definitions.—As used in this part, the term:
    8         (10) “International trust entity” means an international
    9  trust company, an international business, an international
   10  business organization, or an affiliated or subsidiary entity
   11  that is licensed, chartered, or similarly permitted to conduct
   12  trust business in a foreign country or countries under the laws
   13  of which it is organized and supervised. This subsection expires
   14  July 1, 2018.
   15         Section 2. Subsections (7) and (8) are added to section
   16  663.041, Florida Statutes, to read:
   17         663.041 Moratorium on the office’s enforcement of licensing
   18  requirements for an international trust entity or related
   19  entities.—
   20         (7) Notwithstanding this section, the moratorium in this
   21  section is extended through June 30, 2018, for an organization
   22  or entity that:
   23         (a) Complied with the requirements of subsection (3) and
   24  subsequently qualified for the moratorium under this section;
   25  and
   26         (b) Before July 1, 2017, provides the office a written
   27  notice of its intent to continue operations in this state.
   28         (8) This section expires July 1, 2018.
   29         Section 3. Section 3 of chapter 2016-192, Laws of Florida,
   30  is repealed.
   31         Section 4. This act shall take effect upon becoming a law.
   32  
   33  ================= T I T L E  A M E N D M E N T ================
   34  And the title is amended as follows:
   35         Delete everything before the enacting clause
   36  and insert:
   37                        A bill to be entitled                      
   38         An act relating to international financial
   39         institutions; amending s. 663.01, F.S.; extending the
   40         expiration date of the term “international trust
   41         entity”; amending s. 663.041, F.S.; extending the
   42         expiration date of a moratorium on the Office of
   43         Financial Regulation’s enforcement of licensing
   44         requirements for certain organizations or entities
   45         under certain circumstances; repealing s. 3 of chapter
   46         2016-192, Laws of Florida, relating to the repeal of
   47         the definition of the term “international trust
   48         entity” and to the moratorium on the office’s
   49         enforcement of certain licensing requirements;
   50         providing an effective date.