Florida Senate - 2022                                    SB 1680
       By Senator Gruters
       23-00513C-22                                          20221680__
    1                        A bill to be entitled                      
    2         An act relating to financial institutions; amending s.
    3         120.80, F.S.; providing that the failure of foreign
    4         nationals to appear through video conference at
    5         certain hearings is grounds for denial of certain
    6         applications; amending s. 475.01, F.S.; conforming a
    7         cross-reference; creating s. 501.2076, F.S.; providing
    8         that the imposition of fees or charges upon consumers
    9         for online audit verifications of financial
   10         institution accounts is a violation of the Florida
   11         Deceptive and Unfair Trade Practices Act; amending s.
   12         518.117, F.S.; conforming a cross-reference; amending
   13         s. 655.045, F.S.; revising the circumstances pursuant
   14         to which the Office of Financial Regulation is
   15         required to conduct certain examinations; authorizing
   16         the office to delay examinations of state financial
   17         institutions under certain circumstances; specifying
   18         that examination requirements are deemed met under
   19         certain circumstances; requiring copies of certain
   20         examination reports to be furnished to state financial
   21         institutions; requiring certain directors to review
   22         and acknowledge receipt of such reports; amending s.
   23         655.414, F.S.; revising the entities that may assume
   24         liabilities and assets, and the liabilities and assets
   25         that may be assumed, according to certain procedures,
   26         conditions, and limitations; specifying the basis for
   27         calculating percentages of assets or liabilities;
   28         revising the assets a mutual financial institution may
   29         sell, subject to certain conditions; amending s.
   30         655.50, F.S.; revising the definition of the term
   31         “financial institution”; amending s. 657.021, F.S.;
   32         requiring credit unions to submit specified
   33         information to the office after certain meetings;
   34         repealing s. 657.028(6), F.S., relating to credit
   35         union board member, committee member, and officer
   36         election and appointment record reporting
   37         requirements; amending s. 658.12, F.S.; defining the
   38         term “target market”; amending s. 658.20, F.S.;
   39         requiring the office, upon receiving applications for
   40         authority to organize a bank or trust company, to
   41         investigate the need for new bank facilities in a
   42         primary service area or for a target market and the
   43         ability of such service area or target market to
   44         support new and existing bank facilities; amending s.
   45         658.21, F.S.; revising financial institution
   46         application approval requirements to include
   47         consideration of target market conditions; deleting a
   48         requirement that certain proposed financial
   49         institution presidents or chief executive officers
   50         have certain experience within a specified timeframe;
   51         amending s. 658.28, F.S.; requiring a person or group
   52         to notify the office within a specified timeframe upon
   53         acquiring a controlling interest in a bank or trust
   54         company in this state; amending s. 658.2953, F.S.;
   55         defining the term “de novo branch”; amending s.
   56         662.1225, F.S.; revising the type of institution with
   57         which certain family trust companies are required to
   58         maintain a deposit account; amending s. 662.128, F.S.;
   59         revising the timeframe for filing renewal applications
   60         for certain family trust companies; amending s.
   61         663.07, F.S.; revising the banks with which
   62         international bank agencies or branches shall maintain
   63         certain deposits; amending s. 663.532, F.S.; revising
   64         references to lists of jurisdictions used for
   65         qualifying qualified limited service affiliates;
   66         requiring limited service affiliates to suspend
   67         certain permissible activities under certain
   68         circumstances; specifying that such suspensions remain
   69         in effect until certain conditions are met; amending
   70         s. 736.0802, F.S.; conforming a cross-reference;
   71         reenacting s. 658.165(1), F.S., relating to banker’s
   72         banks, for the purpose of incorporating amendments
   73         made by the act; providing an effective date.
   75  Be It Enacted by the Legislature of the State of Florida:
   77         Section 1. Paragraph (a) of subsection (3) of section
   78  120.80, Florida Statutes, is amended to read:
   79         120.80 Exceptions and special requirements; agencies.—
   81         (a) Notwithstanding s. 120.60(1), in proceedings for the
   82  issuance, denial, renewal, or amendment of a license or approval
   83  of a merger pursuant to title XXXVIII:
   84         1.a. The Office of Financial Regulation of the Financial
   85  Services Commission shall have published in the Florida
   86  Administrative Register notice of the application within 21 days
   87  after receipt.
   88         b. Within 21 days after publication of notice, any person
   89  may request a hearing. Failure to request a hearing within 21
   90  days after notice constitutes a waiver of any right to a
   91  hearing. The Office of Financial Regulation or an applicant may
   92  request a hearing at any time prior to the issuance of a final
   93  order. Hearings shall be conducted pursuant to ss. 120.569 and
   94  120.57, except that the Financial Services Commission shall by
   95  rule provide for participation by the general public.
   96         2. Should a hearing be requested as provided by sub
   97  subparagraph 1.b., the applicant or licensee shall publish at
   98  its own cost a notice of the hearing in a newspaper of general
   99  circulation in the area affected by the application. The
  100  Financial Services Commission may by rule specify the format and
  101  size of the notice.
  102         3. Notwithstanding s. 120.60(1), and except as provided in
  103  subparagraph 4., an application for license for a new bank, new
  104  trust company, new credit union, new savings and loan
  105  association, or new licensed family trust company must be
  106  approved or denied within 180 days after receipt of the original
  107  application or receipt of the timely requested additional
  108  information or correction of errors or omissions. An application
  109  for such a license or for acquisition of such control which is
  110  not approved or denied within the 180-day period or within 30
  111  days after conclusion of a public hearing on the application,
  112  whichever is later, shall be deemed approved subject to the
  113  satisfactory completion of conditions required by statute as a
  114  prerequisite to license and approval of insurance of accounts
  115  for a new bank, a new savings and loan association, a new credit
  116  union, or a new licensed family trust company by the appropriate
  117  insurer.
  118         4. In the case of an application for license to establish a
  119  new bank, trust company, or capital stock savings association in
  120  which a foreign national proposes to own or control 10 percent
  121  or more of any class of voting securities, and in the case of an
  122  application by a foreign national for approval to acquire
  123  control of a bank, trust company, or capital stock savings
  124  association, the Office of Financial Regulation shall request
  125  that a public hearing be conducted pursuant to ss. 120.569 and
  126  120.57. Notice of such hearing shall be published by the
  127  applicant as provided in subparagraph 2. The failure of such
  128  foreign national to appear personally at or to participate
  129  through video conference in the hearing shall be grounds for
  130  denial of the application. Notwithstanding s. 120.60(1) and
  131  subparagraph 3., every application involving a foreign national
  132  shall be approved or denied within 1 year after receipt of the
  133  original application or any timely requested additional
  134  information or the correction of any errors or omissions, or
  135  within 30 days after the conclusion of the public hearing on the
  136  application, whichever is later.
  137         Section 2. Subsection (4) of section 475.01, Florida
  138  Statutes, is amended to read:
  139         475.01 Definitions.—
  140         (4) A broker acting as a trustee of a trust created under
  141  chapter 689 is subject to the provisions of this chapter unless
  142  the trustee is a bank, state or federal association, or trust
  143  company possessing trust powers as defined in s. 658.12(24) s.
  144  658.12(23).
  145         Section 3. Section 501.2076, Florida Statutes, is created
  146  to read:
  147         501.2076 Violations involving consumer financial
  148  institution account fees.—The imposition of a fee or other
  149  charge by a third party agent or entity directly or indirectly
  150  upon a consumer for an online audit verification of an account
  151  maintained by a financial institution as defined in s.
  152  655.005(1)(i) or of the associated balance of such account is a
  153  violation of this part.
  154         Section 4. Section 518.117, Florida Statutes, is amended to
  155  read:
  156         518.117 Permissible investments of fiduciary funds.—A
  157  fiduciary that is authorized by lawful authority to engage in
  158  trust business as defined in s. 658.12(21) s. 658.12(20) may
  159  invest fiduciary funds in accordance with s. 660.417 so long as
  160  the investment otherwise complies with this chapter.
  161         Section 5. Paragraph (a) of subsection (1) and subsection
  162  (4) of section 655.045, Florida Statutes, are amended, and
  163  paragraph (f) is added to subsection (1) of that section, to
  164  read:
  165         655.045 Examinations, reports, and internal audits;
  166  penalty.—
  167         (1) The office shall conduct an examination of the
  168  condition of each state financial institution at least every 18
  169  months. The office may conduct more frequent examinations based
  170  upon the risk profile of the financial institution, prior
  171  examination results, or significant changes in the institution
  172  or its operations. The office may use continuous, phase, or
  173  other flexible scheduling examination methods for very large or
  174  complex state financial institutions and financial institutions
  175  owned or controlled by a multi-financial institution holding
  176  company. The office shall consider examination guidelines from
  177  federal regulatory agencies in order to facilitate, coordinate,
  178  and standardize examination processes.
  179         (a) The office may accept an examination of a state
  180  financial institution made by an appropriate federal regulatory
  181  agency or may conduct a joint or concurrent examination of the
  182  institution with the federal agency. However, if the office
  183  accepts an examination report in accordance with this paragraph,
  184  the office shall conduct at least once during each 36-month
  185  period beginning July 1, 2023 2014, a subsequent the office
  186  shall conduct an examination of each state financial institution
  187  in a manner that allows the preparation of a complete
  188  examination report not subject to the right of a federal or
  189  other non-Florida entity to limit access to the information
  190  contained therein. The office may furnish a copy of all
  191  examinations or reviews made of financial institutions or their
  192  affiliates to the state or federal agencies participating in the
  193  examination, investigation, or review, or as otherwise
  194  authorized under s. 655.057.
  195         (f)In coordinating an examination required under this
  196  section, if a federal agency suspends or cancels a previously
  197  scheduled examination of a state financial institution, the
  198  office has an additional 90 days to meet the examination
  199  requirement of this section. In such case, the requirement is
  200  deemed met by the federal agency conducting the examination or
  201  upon the office conducting the examination instead.
  202         (4) A copy of the report of each examination must be
  203  furnished to the state financial institution entity examined and
  204  presented to the board of directors at its next regular or
  205  special meeting. Each director shall review the report and
  206  acknowledge receipt of the report and such review by signing and
  207  dating the prescribed signature page of the report and returning
  208  a copy of the signed page to the office.
  209         Section 6. Section 655.414, Florida Statutes, is amended to
  210  read:
  211         655.414 Acquisition of assets; assumption of liabilities.
  212  With prior approval of the office, and upon such conditions as
  213  the commission prescribes by rule, a financial institution
  214  entity may acquire 50 percent or more all or substantially all
  215  of the assets of, liabilities of, or a combination of assets and
  216  or assume all or any part of the liabilities of, any other
  217  financial institution in accordance with the procedures and
  218  subject to the following conditions and limitations:
  220  Percentages of assets or liabilities must be calculated based on
  221  the most recent quarterly reporting date.
  222         (2) ADOPTION OF A PLAN.—The board of directors of the
  223  acquiring or assuming financial entity and the board of
  224  directors of the transferring financial institution must adopt,
  225  by a majority vote, a plan for such acquisition, assumption, or
  226  sale on terms that are mutually agreed upon. The plan must
  227  include:
  228         (a) The names and types of financial institutions involved.
  229         (b) A statement setting forth the material terms of the
  230  proposed acquisition, assumption, or sale, including the plan
  231  for disposition of all assets and liabilities not subject to the
  232  plan.
  233         (c) A provision for liquidation, if applicable, of the
  234  transferring financial institution upon execution of the plan,
  235  or a provision setting forth the business plan for the continued
  236  operation of each financial institution after the execution of
  237  the plan.
  238         (d) A statement that the entire transaction is subject to
  239  written approval of the office and approval of the members or
  240  stockholders of the transferring financial institution.
  241         (e) If a stock financial institution is the transferring
  242  financial institution and the proposed sale is not for cash, a
  243  clear and concise statement that dissenting stockholders of the
  244  institution are entitled to the rights set forth in s. 658.44(4)
  245  and (5).
  246         (f) The proposed effective date of the acquisition,
  247  assumption, or sale and such other information and provisions as
  248  necessary to execute the transaction or as required by the
  249  office.
  250         (3)(2) APPROVAL OF OFFICE.—Following approval by the board
  251  of directors of each participating financial institution, the
  252  plan, together with certified copies of the authorizing
  253  resolutions adopted by the boards and a completed application
  254  with a nonrefundable filing fee, must be forwarded to the office
  255  for approval or disapproval. The office shall approve the plan
  256  of acquisition, assumption, or sale if it appears that:
  257         (a) The resulting financial entity or entities would have
  258  an adequate capital structure in relation to their activities
  259  and their deposit liabilities;
  260         (b) The plan is fair to all parties; and
  261         (c) The plan is not contrary to the public interest.
  263  If the office disapproves the plan, it shall state its
  264  objections and give the parties an opportunity to amend the plan
  265  to overcome such objections.
  266         (4)(3) VOTE OF MEMBERS OR STOCKHOLDERS.—If the office
  267  approves the plan, it may be submitted to the members or
  268  stockholders of the transferring financial institution at an
  269  annual meeting or at a special meeting called to consider such
  270  action. Upon a majority vote of the total number of votes
  271  eligible to be cast or, in the case of a credit union, a
  272  majority vote of the members present at the meeting, the plan is
  273  adopted.
  275         (a) If the plan is adopted by the members or stockholders
  276  of the transferring financial institution, the president or vice
  277  president and the cashier, manager, or corporate secretary of
  278  such institution shall submit the adopted plan to the office,
  279  together with a certified copy of the resolution of the members
  280  or stockholders approving it.
  281         (b) Upon receipt of the certified copies and evidence that
  282  the participating financial institutions have complied with all
  283  applicable state and federal law and rules, the office shall
  284  certify, in writing, to the participants that the plan has been
  285  approved.
  286         (c) Notwithstanding approval of the members or stockholders
  287  or certification by the office, the board of directors of the
  288  transferring financial institution may abandon such a
  289  transaction without further action or approval by the members or
  290  stockholders, subject to the rights of third parties under any
  291  contracts relating thereto.
  293  PARTICIPANT.—If one of the participants in a transaction under
  294  this section is a federally chartered financial institution or
  295  an out-of-state financial institution, all participants must
  296  also comply with requirements imposed by federal and other state
  297  law for the acquisition, assumption, or sale and provide
  298  evidence of such compliance to the office as a condition
  299  precedent to the issuance of a certificate authorizing the
  300  transaction; however, if the purchasing or assuming financial
  301  institution is a federal or out-of-state state-chartered
  302  financial institution and the transferring state financial
  303  entity will be liquidated, approval of the office is not
  304  required.
  306  mutual financial institution may not sell 50 percent or more all
  307  or substantially all of its assets to a stock financial
  308  institution until it has first converted into a capital stock
  309  financial institution in accordance with s. 665.033(1) and (2).
  310  For this purpose, references in s. 665.033(1) and (2) to
  311  associations also refer to credit unions but, in the case of a
  312  credit union, the provision concerning proxy statements does not
  313  apply.
  314         Section 7. Paragraph (c) of subsection (3) of section
  315  655.50, Florida Statutes, is amended to read:
  316         655.50 Florida Control of Money Laundering and Terrorist
  317  Financing in Financial Institutions Act.—
  318         (3) As used in this section, the term:
  319         (c) “Financial institution” has the same meaning as in s.
  320  655.005(1)(i), excluding an international representative office,
  321  an international administrative office, or a qualified limited
  322  service affiliate means a financial institution, as defined in
  323  31 U.S.C. s. 5312, as amended, including a credit card bank,
  324  located in this state.
  325         Section 8. Present subsections (2) through (8) of section
  326  657.021, Florida Statutes, are redesignated as subsections (3)
  327  through (9), respectively, and a new subsection (2) is added to
  328  that section, to read:
  329         657.021 Board of directors; executive committee
  330  responsibilities; oaths; reports to the office.—
  331         (2) Within the 30 days following the annual meeting or any
  332  other meeting at which any director, officer, member of the
  333  supervisory or audit committee, member of the credit committee,
  334  or credit manager is elected or appointed, the credit union
  335  shall submit to the office the names and residence addresses of
  336  the elected or appointed person or persons on a form adopted by
  337  the commission and provided by the office.
  338         Section 9. Subsection (6) of section 657.028 is repealed.
  339         Section 10. Present subsections (20) through (24) of
  340  section 658.12, Florida Statutes, are redesignated as
  341  subsections (21) through (25), respectively, and a new
  342  subsection (20) is added to that section, to read:
  343         658.12 Definitions.—Subject to other definitions contained
  344  in the financial institutions codes and unless the context
  345  otherwise requires:
  346         (20) “Target market” means the group of clients or
  347  potential clients from whom:
  348         (a)A bank or proposed bank expects to draw deposits and to
  349  whom the bank or proposed bank focuses or intends to focus its
  350  marketing efforts; or
  351         (b)A trust company, a trust department of a bank or
  352  association, a proposed trust company, or a proposed trust
  353  department of a bank or an association expects to draw its
  354  fiduciary accounts and to whom the trust company, the trust
  355  department of a bank or association, the proposed trust company,
  356  or the proposed trust department of a bank or association
  357  focuses or intends to focus its marketing efforts.
  358         Section 11. Paragraphs (b) and (c) of subsection (1) of
  359  section 658.20, Florida Statutes, are amended to read:
  360         658.20 Investigation by office.—
  361         (1) Upon the filing of an application, the office shall
  362  make an investigation of:
  363         (b) The need for bank or trust facilities or additional
  364  bank or trust facilities, as the case may be, in the primary
  365  service area where the proposed bank or trust company is to be
  366  located or for the target market that the bank or trust company
  367  intends to engage with in business.
  368         (c) The ability of the primary service area or target
  369  market to support the proposed bank or trust company and all
  370  other existing bank or trust facilities that serve the same
  371  primary service area or target market in the primary service
  372  area.
  373         Section 12. Subsections (1) and (4) of section 658.21,
  374  Florida Statutes, are amended to read:
  375         658.21 Approval of application; findings required.—The
  376  office shall approve the application if it finds that:
  377         (1) Local and target market conditions indicate reasonable
  378  promise of successful operation for the proposed state bank or
  379  trust company. In determining whether an applicant meets the
  380  requirements of this subsection, the office shall consider all
  381  materially relevant factors, including:
  382         (a) The purpose, objectives, and business philosophy of the
  383  proposed state bank or trust company.
  384         (b) The projected financial performance of the proposed
  385  bank or trust company.
  386         (c) The feasibility of the proposed bank or trust company,
  387  as stated in the business plan, particularly with respect to
  388  asset and liability growth and management.
  389         (4) The proposed officers have sufficient financial
  390  institution experience, ability, standing, and reputation and
  391  the proposed directors have sufficient business experience,
  392  ability, standing, and reputation to indicate reasonable promise
  393  of successful operation, and none of the proposed officers or
  394  directors has been convicted of, or pled guilty or nolo
  395  contendere to, any violation of s. 655.50, relating to the
  396  control of money laundering and terrorist financing; chapter
  397  896, relating to offenses related to financial institutions; or
  398  similar state or federal law. At least two of the proposed
  399  directors who are not also proposed officers must have had at
  400  least 1 year of direct experience as an executive officer,
  401  regulator, or director of a financial institution within the 5
  402  years before the date of the application. However, if the
  403  applicant demonstrates that at least one of the proposed
  404  directors has very substantial experience as an executive
  405  officer, director, or regulator of a financial institution more
  406  than 5 years before the date of the application, the office may
  407  modify the requirement and allow the applicant to have only one
  408  director who has direct financial institution experience within
  409  the last 5 years. The proposed president or chief executive
  410  officer must have had at least 1 year of direct experience as an
  411  executive officer, director, or regulator of a financial
  412  institution within the last 5 years.
  413         Section 13. Present subsections (2), (3), and (4) of
  414  section 658.28, Florida Statutes, are redesignated as
  415  subsections (3), (4), and (5), respectively, and a new
  416  subsection (2) is added to that section, to read:
  417         658.28 Acquisition of control of a bank or trust company.—
  418         (2) If a person or a group of persons, directly or
  419  indirectly, acquires a controlling interest in a state bank or
  420  state trust company, as contemplated by this section, through
  421  probate or trust, the person or group of persons shall notify
  422  the office within 90 days after acquiring such an interest. Such
  423  an interest does not give rise to a presumption of control until
  424  the person or group of persons votes the shares or the office
  425  has issued a certificate of approval in response to an
  426  application pursuant to subsection (1).
  427         Section 14. Present paragraphs (a), (b), and (c) of
  428  subsection (11) of section 658.2953, Florida Statutes, are
  429  redesignated as paragraphs (b), (c), and (d), respectively, and
  430  a new paragraph (a) is added to that subsection, to read:
  431         658.2953 Interstate branching.—
  433         (a) As used in this subsection, the term “de novo branch”
  434  means a branch of a bank which is originally established by the
  435  bank as a branch and does not become a branch of such bank as a
  436  result of:
  437         1.The bank’s acquisition of another bank or of a branch of
  438  another bank; or
  439         2.The conversion, merger, or consolidation of any bank or
  440  branch.
  441         Section 15. Paragraph (d) of subsection (1) of section
  442  662.1225, Florida Statutes, is amended to read:
  443         662.1225 Requirements for a family trust company, licensed
  444  family trust company, or foreign licensed family trust company.—
  445         (1) A family trust company or a licensed family trust
  446  company shall maintain:
  447         (d) A deposit account with:
  448         1.A bank located in the United States and insured by the
  449  Federal Deposit Insurance Corporation; or
  450         2.A credit union located in the United States and insured
  451  by the National Credit Union Administration with a state
  452  chartered or national financial institution that has a principal
  453  or branch office in this state.
  454         Section 16. Subsection (1) of section 662.128, Florida
  455  Statutes, is amended to read:
  456         662.128 Annual renewal.—
  457         (1) Within 45 days after the end of each calendar year, A
  458  family trust company, licensed family trust company, or foreign
  459  licensed family trust company shall file an its annual renewal
  460  application with the office on an annual basis no later than 45
  461  days after the anniversary of the filing of either the initial
  462  application or the prior year’s renewal application.
  463         Section 17. Subsection (1) of section 663.07, Florida
  464  Statutes, is amended to read:
  465         663.07 Asset maintenance or capital equivalency.—
  466         (1) Each international bank agency and international branch
  467  shall:
  468         (a) Maintain with one or more banks insured by the Federal
  469  Deposit Insurance Corporation and located within the United
  470  States in this state, in such amounts as the office specifies,
  471  evidence of dollar deposits or investment securities of the type
  472  that may be held by a state bank for its own account pursuant to
  473  s. 658.67. The aggregate amount of dollar deposits and
  474  investment securities for an international bank agency or
  475  international branch shall, at a minimum, equal the greater of:
  476         1. Four million dollars; or
  477         2. Seven percent of the total liabilities of the
  478  international bank agency or international branch excluding
  479  accrued expenses and amounts due and other liabilities to
  480  affiliated branches, offices, agencies, or entities; or
  481         (b) Maintain other appropriate reserves, taking into
  482  consideration the nature of the business being conducted by the
  483  international bank agency or international branch.
  485  The commission shall prescribe, by rule, the deposit,
  486  safekeeping, pledge, withdrawal, recordkeeping, and other
  487  arrangements for funds and securities maintained under this
  488  subsection. The deposits and securities used to satisfy the
  489  capital equivalency requirements of this subsection shall be
  490  held, to the extent feasible, in one or more state or national
  491  banks located in this state or in a federal reserve bank.
  492         Section 18. Present subsections (4), (5), and (6) of
  493  section 663.532, Florida Statutes, are redesignated as
  494  subsections (5), (6), and (7), respectively, a new subsection
  495  (4) is added to that section, and paragraphs (i) and (j) of
  496  subsection (1) of that section are amended, to read:
  497         663.532 Qualification.—
  498         (1) To qualify as a qualified limited service affiliate
  499  under this part, a proposed qualified limited service affiliate
  500  must file a written notice with the office, in the manner and on
  501  a form prescribed by the commission. Such written notice must
  502  include:
  503         (i) A declaration under penalty of perjury signed by the
  504  executive officer, manager, or managing member of the proposed
  505  qualified limited service affiliate that, to the best of his or
  506  her knowledge:
  507         1. No employee, representative, or agent provides, or will
  508  provide, banking services; promotes or sells, or will promote or
  509  sell, investments; or accepts, or will accept, custody of
  510  assets.
  511         2. No employee, representative, or agent acts, or will act,
  512  as a fiduciary in this state, which includes, but is not limited
  513  to, accepting the fiduciary appointment, executing the fiduciary
  514  documents that create the fiduciary relationship, or making
  515  discretionary decisions regarding the investment or distribution
  516  of fiduciary accounts.
  517         3. The jurisdiction of the international trust entity or
  518  its offices, subsidiaries, or any affiliates that are directly
  519  involved in or facilitate the financial services functions,
  520  banking, or fiduciary activities of the international trust
  521  entity is not listed on the Financial Action Task Force’s list
  522  of High-Risk Jurisdictions subject to a Call for Action or list
  523  of Jurisdictions under Increased Monitoring Force Public
  524  Statement or on its list of jurisdictions with deficiencies in
  525  anti-money laundering or counterterrorism.
  526         (j) For each international trust entity that the proposed
  527  qualified limited service affiliate will provide services for in
  528  this state, the following:
  529         1. The name of the international trust entity;
  530         2. A list of the current officers and directors of the
  531  international trust entity;
  532         3. Any country where the international trust entity is
  533  organized or authorized to do business;
  534         4. The name of the home-country regulator;
  535         5. Proof that the international trust entity has been
  536  authorized by charter, license, or similar authorization by its
  537  home-country regulator to engage in trust business;
  538         6. Proof that the international trust entity lawfully
  539  exists and is in good standing under the laws of the
  540  jurisdiction where it is chartered, licensed, or organized;
  541         7. A statement that the international trust entity is not
  542  in bankruptcy, conservatorship, receivership, liquidation, or in
  543  a similar status under the laws of any country;
  544         8. Proof that the international trust entity is not
  545  operating under the direct control of the government or the
  546  regulatory or supervisory authority of the jurisdiction of its
  547  incorporation, through government intervention or any other
  548  extraordinary actions, and confirmation that it has not been in
  549  such a status or under such control at any time within the prior
  550  3 years;
  551         9. Proof and confirmation that the proposed qualified
  552  limited service affiliate is affiliated with the international
  553  trust entities provided in the notice; and
  554         10. Proof that the jurisdictions where the international
  555  trust entity or its offices, subsidiaries, or any affiliates
  556  that are directly involved in or that facilitate the financial
  557  services functions, banking, or fiduciary activities of the
  558  international trust entity are not listed on the Financial
  559  Action Task Force’s list of High-Risk Jurisdictions subject to a
  560  Call for Action or list of Jurisdictions under Increased
  561  Monitoring Force Public Statement or on its list of
  562  jurisdictions with deficiencies in anti-money laundering or
  563  counterterrorism.
  565  The proposed qualified limited service affiliate may provide
  566  additional information in the form of exhibits when attempting
  567  to satisfy any of the qualification requirements. All
  568  information that the proposed qualified limited service
  569  affiliate desires to present to support the written notice must
  570  be submitted with the notice.
  571         (4)The qualified limited service affiliate shall suspend
  572  the permissible activities provided in s. 663.531 relating to a
  573  specific jurisdiction if the qualified limited service affiliate
  574  becomes aware that the jurisdiction of an international trust
  575  entity served by the qualified limited service affiliate is
  576  included on the Financial Action Task Force’s list of High-Risk
  577  Jurisdictions subject to a Call for Action or list of
  578  Jurisdictions under Increased Monitoring. Suspensions under this
  579  subsection must remain in effect until the jurisdiction is
  580  removed from the Financial Action Task Force’s list of High Risk
  581  Jurisdictions subject to a Call for Action or list of
  582  Jurisdictions under Increased Monitoring.
  583         Section 19. Paragraph (a) of subsection (5) of section
  584  736.0802, Florida Statutes, is amended to read:
  585         736.0802 Duty of loyalty.—
  586         (5)(a) An investment by a trustee authorized by lawful
  587  authority to engage in trust business, as defined in s.
  588  658.12(21) s. 658.12(20), in investment instruments, as defined
  589  in s. 660.25(6), that are owned or controlled by the trustee or
  590  its affiliate, or from which the trustee or its affiliate
  591  receives compensation for providing services in a capacity other
  592  than as trustee, is not presumed to be affected by a conflict
  593  between personal and fiduciary interests provided the investment
  594  otherwise complies with chapters 518 and 660 and the trustee
  595  complies with the requirements of this subsection.
  596         Section 20. For the purpose of incorporating the amendment
  597  made by this act to section 658.20, Florida Statutes, in a
  598  references thereto, subsection (1) of section 658.165, Florida
  599  Statutes, is reenacted to read:
  600         658.165 Banker’s banks; formation; applicability of
  601  financial institutions codes; exceptions.—
  602         (1) If authorized by the office, a corporation may be
  603  formed under the laws of this state for the purpose of becoming
  604  a banker’s bank. An application for authority to organize a
  605  banker’s bank is subject to ss. 658.19, 658.20, and 658.21,
  606  except that s. 658.20(1)(b) and (c) and the minimum stock
  607  ownership requirements for the organizing directors provided in
  608  s. 658.21(2) do not apply.
  609         Section 21. This act shall take effect July 1, 2022.