Florida Senate - 2022                        COMMITTEE AMENDMENT
       Bill No. SB 1680
                              LEGISLATIVE ACTION                        
                    Senate             .             House              

       The Committee on Rules (Gruters) recommended the following:
    1         Senate Amendment (with title amendment)
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (a) of subsection (3) of section
    6  120.80, Florida Statutes, is amended to read:
    7         120.80 Exceptions and special requirements; agencies.—
    9         (a) Notwithstanding s. 120.60(1), in proceedings for the
   10  issuance, denial, renewal, or amendment of a license or approval
   11  of a merger pursuant to title XXXVIII:
   12         1.a. The Office of Financial Regulation of the Financial
   13  Services Commission shall have published in the Florida
   14  Administrative Register notice of the application within 21 days
   15  after receipt.
   16         b. Within 21 days after publication of notice, any person
   17  may request a hearing. Failure to request a hearing within 21
   18  days after notice constitutes a waiver of any right to a
   19  hearing. The Office of Financial Regulation or an applicant may
   20  request a hearing at any time prior to the issuance of a final
   21  order. Hearings shall be conducted pursuant to ss. 120.569 and
   22  120.57, except that the Financial Services Commission shall by
   23  rule provide for participation by the general public.
   24         2. Should a hearing be requested as provided by sub
   25  subparagraph 1.b., the applicant or licensee shall publish at
   26  its own cost a notice of the hearing in a newspaper of general
   27  circulation in the area affected by the application. The
   28  Financial Services Commission may by rule specify the format and
   29  size of the notice.
   30         3. Notwithstanding s. 120.60(1), and except as provided in
   31  subparagraph 4., an application for license for a new bank, new
   32  trust company, new credit union, new savings and loan
   33  association, or new licensed family trust company must be
   34  approved or denied within 180 days after receipt of the original
   35  application or receipt of the timely requested additional
   36  information or correction of errors or omissions. An application
   37  for such a license or for acquisition of such control which is
   38  not approved or denied within the 180-day period or within 30
   39  days after conclusion of a public hearing on the application,
   40  whichever is later, shall be deemed approved subject to the
   41  satisfactory completion of conditions required by statute as a
   42  prerequisite to license and approval of insurance of accounts
   43  for a new bank, a new savings and loan association, a new credit
   44  union, or a new licensed family trust company by the appropriate
   45  insurer.
   46         4. In the case of an application for license to establish a
   47  new bank, trust company, or capital stock savings association in
   48  which a foreign national proposes to own or control 10 percent
   49  or more of any class of voting securities, and in the case of an
   50  application by a foreign national for approval to acquire
   51  control of a bank, trust company, or capital stock savings
   52  association, the Office of Financial Regulation shall request
   53  that a public hearing be conducted pursuant to ss. 120.569 and
   54  120.57. Notice of such hearing shall be published by the
   55  applicant as provided in subparagraph 2. The failure of such
   56  foreign national to appear personally at or to participate
   57  through video conference in the hearing shall be grounds for
   58  denial of the application. Notwithstanding s. 120.60(1) and
   59  subparagraph 3., every application involving a foreign national
   60  shall be approved or denied within 1 year after receipt of the
   61  original application or any timely requested additional
   62  information or the correction of any errors or omissions, or
   63  within 30 days after the conclusion of the public hearing on the
   64  application, whichever is later.
   65         Section 2. Subsection (4) of section 475.01, Florida
   66  Statutes, is amended to read:
   67         475.01 Definitions.—
   68         (4) A broker acting as a trustee of a trust created under
   69  chapter 689 is subject to the provisions of this chapter unless
   70  the trustee is a bank, state or federal association, or trust
   71  company possessing trust powers as defined in s. 658.12 s.
   72  658.12(23).
   73         Section 3. Section 518.117, Florida Statutes, is amended to
   74  read:
   75         518.117 Permissible investments of fiduciary funds.—A
   76  fiduciary that is authorized by lawful authority to engage in
   77  trust business as defined in s. 658.12 s. 658.12(20) may invest
   78  fiduciary funds in accordance with s. 660.417 so long as the
   79  investment otherwise complies with this chapter.
   80         Section 4. Paragraph (a) of subsection (1) and subsection
   81  (4) of section 655.045, Florida Statutes, are amended, and
   82  paragraph (f) is added to subsection (1) of that section, to
   83  read:
   84         655.045 Examinations, reports, and internal audits;
   85  penalty.—
   86         (1) The office shall conduct an examination of the
   87  condition of each state financial institution at least every 18
   88  months. The office may conduct more frequent examinations based
   89  upon the risk profile of the financial institution, prior
   90  examination results, or significant changes in the institution
   91  or its operations. The office may use continuous, phase, or
   92  other flexible scheduling examination methods for very large or
   93  complex state financial institutions and financial institutions
   94  owned or controlled by a multi-financial institution holding
   95  company. The office shall consider examination guidelines from
   96  federal regulatory agencies in order to facilitate, coordinate,
   97  and standardize examination processes.
   98         (a) The office may accept an examination of a state
   99  financial institution made by an appropriate federal regulatory
  100  agency or may conduct a joint or concurrent examination of the
  101  institution with the federal agency. However, if the office
  102  accepts an examination in accordance with this paragraph, the
  103  office shall conduct at least once during each 36-month period
  104  beginning July 1, 2023 2014, a subsequent the office shall
  105  conduct an examination of each state financial institution in a
  106  manner that allows the preparation of a complete examination
  107  report not subject to the right of a federal or other non
  108  Florida entity to limit access to the information contained
  109  therein. The office may furnish a copy of all examinations or
  110  reviews made of financial institutions or their affiliates to
  111  the state or federal agencies participating in the examination,
  112  investigation, or review, or as otherwise authorized under s.
  113  655.057.
  114         (f)In coordinating an examination required under this
  115  section, if a federal agency suspends or cancels a previously
  116  scheduled examination of a state financial institution, the
  117  office has an additional 90 days to meet the examination
  118  requirement of this section. In such case, the requirement is
  119  deemed met by the federal agency conducting the examination or
  120  upon the office conducting the examination instead.
  121         (4) A copy of the report of each examination must be
  122  furnished to the state financial institution entity examined and
  123  presented to the board of directors at its next regular or
  124  special meeting. Each director shall review the report and
  125  acknowledge receipt of the report and such review by signing and
  126  dating the prescribed signature page of the report and returning
  127  a copy of the signed page to the office.
  128         Section 5. Section 655.414, Florida Statutes, is amended to
  129  read:
  130         655.414 Acquisition of assets; assumption of liabilities.
  131  With prior approval of the office, and upon such conditions as
  132  the commission prescribes by rule, a financial institution
  133  entity may acquire 50 percent or more all or substantially all
  134  of the assets of, liabilities of, or a combination of assets and
  135  or assume all or any part of the liabilities of, any other
  136  financial institution in accordance with the procedures and
  137  subject to the following conditions and limitations:
  139  Percentages of assets or liabilities must be calculated based on
  140  the most recent quarterly reporting date.
  141         (2) ADOPTION OF A PLAN.—The board of directors of the
  142  acquiring or assuming financial entity and the board of
  143  directors of the transferring financial institution must adopt,
  144  by a majority vote, a plan for such acquisition, assumption, or
  145  sale on terms that are mutually agreed upon. The plan must
  146  include:
  147         (a) The names and types of financial institutions involved.
  148         (b) A statement setting forth the material terms of the
  149  proposed acquisition, assumption, or sale, including the plan
  150  for disposition of all assets and liabilities not subject to the
  151  plan.
  152         (c) A provision for liquidation, if applicable, of the
  153  transferring financial institution upon execution of the plan,
  154  or a provision setting forth the business plan for the continued
  155  operation of each financial institution after the execution of
  156  the plan.
  157         (d) A statement that the entire transaction is subject to
  158  written approval of the office and approval of the members or
  159  stockholders of the transferring financial institution.
  160         (e) If a stock financial institution is the transferring
  161  financial institution and the proposed sale is not for cash, a
  162  clear and concise statement that dissenting stockholders of the
  163  institution are entitled to the rights set forth in s. 658.44(4)
  164  and (5).
  165         (f) The proposed effective date of the acquisition,
  166  assumption, or sale and such other information and provisions as
  167  necessary to execute the transaction or as required by the
  168  office.
  169         (3)(2) APPROVAL OF OFFICE.—Following approval by the board
  170  of directors of each participating financial institution, the
  171  plan, together with certified copies of the authorizing
  172  resolutions adopted by the boards and a completed application
  173  with a nonrefundable filing fee, must be forwarded to the office
  174  for approval or disapproval. The office shall approve the plan
  175  of acquisition, assumption, or sale if it appears that:
  176         (a) The resulting financial entity or entities would have
  177  an adequate capital structure in relation to their activities
  178  and their deposit liabilities;
  179         (b) The plan is fair to all parties; and
  180         (c) The plan is not contrary to the public interest.
  182  If the office disapproves the plan, it shall state its
  183  objections and give the parties an opportunity to amend the plan
  184  to overcome such objections.
  185         (4)(3) VOTE OF MEMBERS OR STOCKHOLDERS.—If the office
  186  approves the plan, it may be submitted to the members or
  187  stockholders of the transferring financial institution at an
  188  annual meeting or at a special meeting called to consider such
  189  action. Upon a majority vote of the total number of votes
  190  eligible to be cast or, in the case of a credit union, a
  191  majority vote of the members present at the meeting, the plan is
  192  adopted.
  194         (a) If the plan is adopted by the members or stockholders
  195  of the transferring financial institution, the president or vice
  196  president and the cashier, manager, or corporate secretary of
  197  such institution shall submit the adopted plan to the office,
  198  together with a certified copy of the resolution of the members
  199  or stockholders approving it.
  200         (b) Upon receipt of the certified copies and evidence that
  201  the participating financial institutions have complied with all
  202  applicable state and federal law and rules, the office shall
  203  certify, in writing, to the participants that the plan has been
  204  approved.
  205         (c) Notwithstanding approval of the members or stockholders
  206  or certification by the office, the board of directors of the
  207  transferring financial institution may abandon such a
  208  transaction without further action or approval by the members or
  209  stockholders, subject to the rights of third parties under any
  210  contracts relating thereto.
  212  PARTICIPANT.—If one of the participants in a transaction under
  213  this section is a federally chartered financial institution or
  214  an out-of-state financial institution, all participants must
  215  also comply with requirements imposed by federal and other state
  216  law for the acquisition, assumption, or sale and provide
  217  evidence of such compliance to the office as a condition
  218  precedent to the issuance of a certificate authorizing the
  219  transaction; however, if the purchasing or assuming financial
  220  institution is a federal or out-of-state state-chartered
  221  financial institution and the transferring state financial
  222  entity will be liquidated, approval of the office is not
  223  required.
  225  mutual financial institution may not sell 50 percent or more all
  226  or substantially all of its assets to a stock financial
  227  institution until it has first converted into a capital stock
  228  financial institution in accordance with s. 665.033(1) and (2).
  229  For this purpose, references in s. 665.033(1) and (2) to
  230  associations also refer to credit unions but, in the case of a
  231  credit union, the provision concerning proxy statements does not
  232  apply.
  233         Section 6. Paragraph (c) of subsection (3) of section
  234  655.50, Florida Statutes, is amended to read:
  235         655.50 Florida Control of Money Laundering and Terrorist
  236  Financing in Financial Institutions Act.—
  237         (3) As used in this section, the term:
  238         (c) “Financial institution” has the same meaning as in s.
  239  655.005(1)(i), excluding an international representative office,
  240  an international administrative office, or a qualified limited
  241  service affiliate means a financial institution, as defined in
  242  31 U.S.C. s. 5312, as amended, including a credit card bank,
  243  located in this state.
  244         Section 7. Present subsections (2) through (8) of section
  245  657.021, Florida Statutes, are redesignated as subsections (3)
  246  through (9), respectively, and a new subsection (2) is added to
  247  that section, to read:
  248         657.021 Board of directors; executive committee
  249  responsibilities; oaths; reports to the office.—
  250         (2)Within the 30 days following the annual meeting or any
  251  other meeting at which any director, officer, member of the
  252  supervisory or audit committee, member of the credit committee,
  253  or credit manager is elected or appointed, the credit union
  254  shall submit to the office the names and residence addresses of
  255  the elected or appointed persons on a form adopted by the
  256  commission and provided by the office.
  257         Section 8. Subsection (6) of section 657.028, Florida
  258  Statutes, is amended to read:
  259         657.028 Activities of directors, officers, committee
  260  members, employees, and agents.—
  261         (6)Within 30 days after election or appointment, a record
  262  of the names and addresses of the members of the board, members
  263  of committees, all officers of the credit union, and the credit
  264  manager shall be filed with the office on forms prescribed by
  265  the commission.
  266         Section 9. Present subsections (20) through (24) of section
  267  658.12, Florida Statutes, are redesignated as subsections (21)
  268  through (25), respectively, and a new subsection (20) is added
  269  to that section, to read:
  270         658.12 Definitions.—Subject to other definitions contained
  271  in the financial institutions codes and unless the context
  272  otherwise requires:
  273         (20)“Target market” means the group of clients or
  274  potential clients from whom:
  275         (a)A bank or proposed bank expects to draw deposits and to
  276  whom the bank or proposed bank focuses or intends to focus its
  277  marketing efforts; or
  278         (b)A trust company, a trust department of a bank or
  279  association, a proposed trust company, or a proposed trust
  280  department of a bank or association expects to draw its
  281  fiduciary accounts and to whom the trust company, the trust
  282  department of a bank or association, the proposed trust company,
  283  or the proposed trust department of a bank or association
  284  focuses or intends to focus its marketing efforts.
  285         Section 10. Paragraphs (b) and (c) of subsection (1) of
  286  section 658.20, Florida Statutes, are amended to read:
  287         658.20 Investigation by office.—
  288         (1) Upon the filing of an application, the office shall
  289  make an investigation of:
  290         (b) The need for bank or trust facilities or additional
  291  bank or trust facilities, as the case may be, in the primary
  292  service area where the proposed bank or trust company is to be
  293  located or the need for the target market that the bank or trust
  294  company intends to engage with in business.
  295         (c) The ability of the primary service area or target
  296  market to support the proposed bank or trust company and all
  297  other existing bank or trust facilities that serve the same
  298  primary service area or target market in the primary service
  299  area.
  300         Section 11. Subsections (1) and (4) of section 658.21,
  301  Florida Statutes, are amended to read:
  302         658.21 Approval of application; findings required.—The
  303  office shall approve the application if it finds that:
  304         (1) Local and target market conditions indicate reasonable
  305  promise of successful operation for the proposed state bank or
  306  trust company. In determining whether an applicant meets the
  307  requirements of this subsection, the office shall consider all
  308  materially relevant factors, including:
  309         (a) The purpose, objectives, and business philosophy of the
  310  proposed state bank or trust company.
  311         (b) The projected financial performance of the proposed
  312  bank or trust company.
  313         (c) The feasibility of the proposed bank or trust company,
  314  as stated in the business plan, particularly with respect to
  315  asset and liability growth and management.
  316         (4)(a) The proposed officers have sufficient financial
  317  institution experience, ability, standing, and reputation and
  318  the proposed directors have sufficient business experience,
  319  ability, standing, and reputation to indicate reasonable promise
  320  of successful operation, and none of the proposed officers or
  321  directors has been convicted of, or pled guilty or nolo
  322  contendere to, any violation of s. 655.50, relating to the
  323  control of money laundering and terrorist financing; chapter
  324  896, relating to offenses related to financial institutions; or
  325  similar state or federal law.
  326         (b) At least two of the proposed directors who are not also
  327  proposed officers must have had at least 1 year of direct
  328  experience as an executive officer, regulator, or director of a
  329  financial institution within the 5 years before the date of the
  330  application. However, if the applicant demonstrates that at
  331  least one of the proposed directors has very substantial
  332  experience as an executive officer, director, or regulator of a
  333  financial institution more than 5 years before the date of the
  334  application, the office may modify the requirement and allow the
  335  applicant to have only one director who has direct financial
  336  institution experience within the last 5 years.
  337         (c) The proposed president or chief executive officer must
  338  have had at least 1 year of direct experience as an executive
  339  officer, director, or regulator of a financial institution
  340  within the last 5 years. The office may waive this requirement
  341  after considering:
  342         1.The adequacy of the overall experience and expertise of
  343  the proposed president or chief executive officer;
  344         2.The likelihood of successful operation of the proposed
  345  state bank or trust company pursuant to subsection (1);
  346         3.The adequacy of the proposed capitalization under
  347  subsection (2);
  348         4.The proposed capital structure under subsection (3);
  349         5.The experience of the other proposed officers and
  350  directors; and
  351         6.Any other relevant data or information.
  352         Section 12. Present subsections (2), (3), and (4) of
  353  section 658.28, Florida Statutes, are redesignated as
  354  subsections (3), (4), and (5), respectively, and a new
  355  subsection (2) is added to that section, to read:
  356         658.28 Acquisition of control of a bank or trust company.—
  357         (2)If a person or a group of persons, directly or
  358  indirectly, acquires a controlling interest in a state bank or
  359  state trust company, as contemplated by this section, through
  360  probate or trust, the person or group of persons shall notify
  361  the office within 90 days after acquiring such an interest. Such
  362  an interest does not give rise to a presumption of control until
  363  the person or group of persons votes the shares or the office
  364  has issued a certificate of approval in response to an
  365  application pursuant to subsection (1).
  366         Section 13. Present paragraphs (a), (b), and (c) of
  367  subsection (11) of section 658.2953, Florida Statutes, are
  368  redesignated as paragraphs (b), (c), and (d), respectively, and
  369  a new paragraph (a) is added to that subsection, to read:
  370         658.2953 Interstate branching.—
  372         (a)As used in this subsection, the term “de novo branch”
  373  means a branch of a bank which is originally established by the
  374  bank as a branch and does not become a branch of such bank as a
  375  result of:
  376         1.The bank’s acquisition of another bank or of a branch of
  377  another bank; or
  378         2.The conversion, merger, or consolidation of any bank or
  379  branch.
  380         Section 14. Paragraph (d) of subsection (1) and paragraph
  381  (d) of subsection (2) of section 662.1225, Florida Statutes, are
  382  amended to read:
  383         662.1225 Requirements for a family trust company, licensed
  384  family trust company, or foreign licensed family trust company.—
  385         (1) A family trust company or a licensed family trust
  386  company shall maintain:
  387         (d) A deposit account with:
  388         1.A bank located in the United States and insured by the
  389  Federal Deposit Insurance Corporation; or
  390         2.A credit union located in the United States and insured
  391  by the National Credit Union Administration a state-chartered or
  392  national financial institution that has a principal or branch
  393  office in this state.
  394         (2) In order to operate in this state, a foreign licensed
  395  family trust company must be in good standing in its principal
  396  jurisdiction, must be in compliance with the family trust
  397  company laws and regulations of its principal jurisdiction, and
  398  must maintain:
  399         (d) A deposit account with:
  400         1.A bank located in the United States and insured by the
  401  Federal Deposit Insurance Corporation; or
  402         2.A credit union located in the United States and insured
  403  by the National Credit Union Administration a state-chartered or
  404  national financial institution that has a principal or branch
  405  office in this state.
  406         Section 15. Subsection (1) of section 662.128, Florida
  407  Statutes, is amended to read:
  408         662.128 Annual renewal.—
  409         (1) Within 45 days after the end of each calendar year, A
  410  family trust company, licensed family trust company, or foreign
  411  licensed family trust company shall file an its annual renewal
  412  application with the office on an annual basis no later than 45
  413  days after the anniversary of the filing of either the initial
  414  application or the prior year’s renewal application.
  415         Section 16. Subsection (1) of section 663.07, Florida
  416  Statutes, is amended to read:
  417         663.07 Asset maintenance or capital equivalency.—
  418         (1) Each international bank agency and international branch
  419  shall:
  420         (a) Maintain with one or more banks insured by the Federal
  421  Deposit Insurance Corporation and located within the United
  422  States in this state, in such amounts as the office specifies,
  423  evidence of dollar deposits or investment securities of the type
  424  that may be held by a state bank for its own account pursuant to
  425  s. 658.67. The aggregate amount of dollar deposits and
  426  investment securities for an international bank agency or
  427  international branch shall, at a minimum, equal the greater of:
  428         1. Four million dollars; or
  429         2. Seven percent of the total liabilities of the
  430  international bank agency or international branch excluding
  431  accrued expenses and amounts due and other liabilities to
  432  affiliated branches, offices, agencies, or entities; or
  433         (b) Maintain other appropriate reserves, taking into
  434  consideration the nature of the business being conducted by the
  435  international bank agency or international branch.
  437  The commission shall prescribe, by rule, the deposit,
  438  safekeeping, pledge, withdrawal, recordkeeping, and other
  439  arrangements for funds and securities maintained under this
  440  subsection. The deposits and securities used to satisfy the
  441  capital equivalency requirements of this subsection shall be
  442  held, to the extent feasible, in one or more state or national
  443  banks located in this state or in a federal reserve bank.
  444         Section 17. Present subsections (4), (5), and (6) of
  445  section 663.532, Florida Statutes, are redesignated as
  446  subsections (5), (6), and (7), respectively, a new subsection
  447  (4) is added to that section, and paragraphs (i) and (j) of
  448  subsection (1) of that section are amended, to read:
  449         663.532 Qualification.—
  450         (1) To qualify as a qualified limited service affiliate
  451  under this part, a proposed qualified limited service affiliate
  452  must file a written notice with the office, in the manner and on
  453  a form prescribed by the commission. Such written notice must
  454  include:
  455         (i) A declaration under penalty of perjury signed by the
  456  executive officer, manager, or managing member of the proposed
  457  qualified limited service affiliate that, to the best of his or
  458  her knowledge:
  459         1. No employee, representative, or agent provides, or will
  460  provide, banking services; promotes or sells, or will promote or
  461  sell, investments; or accepts, or will accept, custody of
  462  assets.
  463         2. No employee, representative, or agent acts, or will act,
  464  as a fiduciary in this state, which includes, but is not limited
  465  to, accepting the fiduciary appointment, executing the fiduciary
  466  documents that create the fiduciary relationship, or making
  467  discretionary decisions regarding the investment or distribution
  468  of fiduciary accounts.
  469         3. The jurisdiction of the international trust entity or
  470  its offices, subsidiaries, or any affiliates that are directly
  471  involved in or facilitate the financial services functions,
  472  banking, or fiduciary activities of the international trust
  473  entity is not listed on the Financial Action Task Force’s list
  474  of High-Risk Jurisdictions subject to a Call for Action or list
  475  of Jurisdictions under Increased Monitoring Force Public
  476  Statement or on its list of jurisdictions with deficiencies in
  477  anti-money laundering or counterterrorism.
  478         (j) For each international trust entity that the proposed
  479  qualified limited service affiliate will provide services for in
  480  this state, the following:
  481         1. The name of the international trust entity;
  482         2. A list of the current officers and directors of the
  483  international trust entity;
  484         3. Any country where the international trust entity is
  485  organized or authorized to do business;
  486         4. The name of the home-country regulator;
  487         5. Proof that the international trust entity has been
  488  authorized by charter, license, or similar authorization by its
  489  home-country regulator to engage in trust business;
  490         6. Proof that the international trust entity lawfully
  491  exists and is in good standing under the laws of the
  492  jurisdiction where it is chartered, licensed, or organized;
  493         7. A statement that the international trust entity is not
  494  in bankruptcy, conservatorship, receivership, liquidation, or in
  495  a similar status under the laws of any country;
  496         8. Proof that the international trust entity is not
  497  operating under the direct control of the government or the
  498  regulatory or supervisory authority of the jurisdiction of its
  499  incorporation, through government intervention or any other
  500  extraordinary actions, and confirmation that it has not been in
  501  such a status or under such control at any time within the prior
  502  3 years;
  503         9. Proof and confirmation that the proposed qualified
  504  limited service affiliate is affiliated with the international
  505  trust entities provided in the notice; and
  506         10. Proof that the jurisdictions where the international
  507  trust entity or its offices, subsidiaries, or any affiliates
  508  that are directly involved in or that facilitate the financial
  509  services functions, banking, or fiduciary activities of the
  510  international trust entity are not listed on the Financial
  511  Action Task Force’s list of High-Risk Jurisdictions subject to a
  512  Call for Action or list of Jurisdictions under Increased
  513  Monitoring Force Public Statement or on its list of
  514  jurisdictions with deficiencies in anti-money laundering or
  515  counterterrorism.
  517  The proposed qualified limited service affiliate may provide
  518  additional information in the form of exhibits when attempting
  519  to satisfy any of the qualification requirements. All
  520  information that the proposed qualified limited service
  521  affiliate desires to present to support the written notice must
  522  be submitted with the notice.
  523         (4)The qualified limited service affiliate shall suspend
  524  the permissible activities provided in s. 663.531 relating to a
  525  specific jurisdiction if the qualified limited service affiliate
  526  becomes aware that the jurisdiction of an international trust
  527  entity served by the qualified limited service affiliate is
  528  included on the Financial Action Task Force’s list of High-Risk
  529  Jurisdictions subject to a Call for Action or list of
  530  Jurisdictions under Increased Monitoring. Suspensions under this
  531  subsection must remain in effect until the jurisdiction is
  532  removed from the Financial Action Task Force’s list of High-Risk
  533  Jurisdictions subject to a Call for Action or list of
  534  Jurisdictions under Increased Monitoring.
  535         Section 18. Paragraph (a) of subsection (5) of section
  536  736.0802, Florida Statutes, is amended to read:
  537         736.0802 Duty of loyalty.—
  538         (5)(a) An investment by a trustee authorized by lawful
  539  authority to engage in trust business, as defined in s. 658.12
  540  s. 658.12(20), in investment instruments, as defined in s.
  541  660.25(6), that are owned or controlled by the trustee or its
  542  affiliate, or from which the trustee or its affiliate receives
  543  compensation for providing services in a capacity other than as
  544  trustee, is not presumed to be affected by a conflict between
  545  personal and fiduciary interests provided the investment
  546  otherwise complies with chapters 518 and 660 and the trustee
  547  complies with the requirements of this subsection.
  548         Section 19. For the purpose of incorporating the amendment
  549  made by this act to section 658.20, Florida Statutes, in
  550  references thereto, subsection (1) of section 658.165, Florida
  551  Statutes, is reenacted to read:
  552         658.165 Banker’s banks; formation; applicability of
  553  financial institutions codes; exceptions.—
  554         (1) If authorized by the office, a corporation may be
  555  formed under the laws of this state for the purpose of becoming
  556  a banker’s bank. An application for authority to organize a
  557  banker’s bank is subject to ss. 658.19, 658.20, and 658.21,
  558  except that s. 658.20(1)(b) and (c) and the minimum stock
  559  ownership requirements for the organizing directors provided in
  560  s. 658.21(2) do not apply.
  561         Section 20. This act shall take effect July 1, 2022.
  563  ================= T I T L E  A M E N D M E N T ================
  564  And the title is amended as follows:
  565         Delete everything before the enacting clause
  566  and insert:
  567                        A bill to be entitled                      
  568         An act relating to financial institutions; amending s.
  569         120.80, F.S.; providing that the failure of foreign
  570         nationals to participate through video conference in
  571         certain hearings is grounds for denial of certain
  572         applications; amending s. 475.01, F.S.; conforming a
  573         cross-reference; amending s. 518.117, F.S.; conforming
  574         a cross-reference; amending s. 655.045, F.S.; revising
  575         the circumstances under which the Office of Financial
  576         Regulation is required to conduct certain
  577         examinations; authorizing the office to delay
  578         examinations of state financial institutions under
  579         certain circumstances; specifying that examination
  580         requirements are deemed met under certain
  581         circumstances; requiring copies of certain examination
  582         reports to be furnished to state financial
  583         institutions; requiring certain directors to review
  584         such reports and acknowledge receipt of such reports
  585         and reviews; amending s. 655.414, F.S.; revising the
  586         entities that may acquire liabilities and assets, and
  587         the liabilities and assets that may be acquired,
  588         according to certain procedures, conditions, and
  589         limitations; specifying the basis for calculating
  590         percentages of assets or liabilities; specifying the
  591         basis for calculating percentages of assets or
  592         liabilities; revising the quantity of assets a mutual
  593         financial institution may not sell to a stock
  594         financial institution, subject to certain conditions;
  595         amending s. 655.50, F.S.; revising the definition of
  596         the term “financial institution”; amending s. 657.021,
  597         F.S.; requiring credit unions to submit specified
  598         information to the office within a specified timeframe
  599         after certain meetings; amending s. 657.028, F.S.;
  600         deleting a provision relating to filing specified
  601         credit union information with the office; amending s.
  602         658.12, F.S.; defining the term “target market”;
  603         amending s. 658.20, F.S.; requiring the office, upon
  604         receiving applications for authority to organize a
  605         bank or trust company, to investigate the need for a
  606         target market and the ability of the primary service
  607         area or target market to support proposed and existing
  608         bank or trust facilities; amending s. 658.21, F.S.;
  609         revising financial institution application approval
  610         requirements to include consideration of target market
  611         conditions; authorizing the office to waive a
  612         requirement that certain proposed financial
  613         institution presidents or chief executive officers
  614         have certain experience within a specified timeframe
  615         under certain circumstances; amending s. 658.28, F.S.;
  616         requiring a person or group to notify the office
  617         within a specified timeframe upon acquiring a
  618         controlling interest in a state bank or state trust
  619         company; amending s. 658.2953, F.S.; defining the term
  620         “de novo branch”; amending s. 662.1225, F.S.; revising
  621         the type of institution with which certain family
  622         trust companies are required to maintain a deposit
  623         account; amending s. 662.128, F.S.; revising the
  624         timeframe for filing renewal applications for certain
  625         family trust companies; amending s. 663.07, F.S.;
  626         revising the banks with which international bank
  627         agencies and international branches are required to
  628         maintain certain deposits or investment securities;
  629         amending s. 663.532, F.S.; revising references to
  630         lists of jurisdictions used for qualifying qualified
  631         limited service affiliates; requiring qualified
  632         limited service affiliates to suspend certain
  633         permissible activities under certain circumstances;
  634         specifying that such suspensions remain in effect
  635         until certain conditions are met; amending s.
  636         736.0802, F.S.; conforming a cross-reference;
  637         reenacting s. 658.165(1), F.S., relating to banker’s
  638         banks, for the purpose of incorporating amendments
  639         made by the act in references thereto; providing an
  640         effective date.