CS/CS/HB 431: Financial Institutions
GENERAL BILL by Commerce Committee ; Insurance and Banking Subcommittee ; Barnaby ; Snyder ; (CO-INTRODUCERS) Benjamin
Financial Institutions; Provides that failure of foreign nationals to participate through video conference in certain hearings is grounds for denial of certain applications; revises quantity of assets mutual financial institutions may not sell to stock financial institutions, subject to certain conditions; requires OFR, upon receiving applications for authority to organize bank or trust company, to investigate need for target market & ability of primary service area or target market to support proposed & existing banks or trust facilities; authorizes office to waive requirement that certain proposed financial institution presidents or chief executive officers have certain experience within specified timeframe; requires person or group to notify office within specified timeframe upon acquiring controlling interest in state bank or state trust company; revises type of institution with which certain family trust companies are required to maintain deposit account; revises banks with which international bank agencies and international branches are required to maintain certain deposits or investment securities; requires qualified limited service affiliates to suspend certain permissible activities under certain circumstances.
Effective Date: 7/1/2022
Last Action: 3/3/2022 House - Laid on Table; companion bill(s) passed, see CS/SB 1680 (Ch. 2022-178)
Bill Text: PDF
Last Action: 3/3/2022 House - Laid on Table; companion bill(s) passed, see CS/SB 1680 (Ch. 2022-178)
Bill Text: PDF
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Bill History
Date Chamber Action 10/28/2021 House • Filed
11/10/2021 House • Referred to Insurance & Banking Subcommittee
• Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in Insurance & Banking Subcommittee
1/11/2022 House • 1st Reading (Original Filed Version)
1/14/2022 House • PCS added to Insurance & Banking Subcommittee agenda
1/19/2022 House • Favorable with CS by Insurance & Banking Subcommittee
1/21/2022 House • Reported out of Insurance & Banking Subcommittee
• Laid on Table under Rule 7.18(a)
• CS Filed
1/24/2022 House • 1st Reading (Committee Substitute 1)
1/25/2022 House • Referred to State Administration & Technology Appropriations Subcommittee
• Referred to Commerce Committee
• Now in State Administration & Technology Appropriations Subcommittee
2/1/2022 House • Added to State Administration & Technology Appropriations Subcommittee agenda
2/3/2022 House • Favorable by State Administration & Technology Appropriations Subcommittee
• Reported out of State Administration & Technology Appropriations Subcommittee
• Now in Commerce Committee
2/15/2022 House • Added to Commerce Committee agenda
2/17/2022 House • Favorable with CS by Commerce Committee
• Reported out of Commerce Committee
• Laid on Table under Rule 7.18(a)
• CS Filed
• 1st Reading (Committee Substitute 2)
2/18/2022 House • Bill referred to House Calendar
• Added to Second Reading Calendar
2/28/2022 House • Bill added to Special Order Calendar (3/3/2022)
3/3/2022 House • Substituted CS/SB 1680
• Laid on Table; companion bill(s) passed, see CS/SB 1680 (Ch. 2022-178)
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CS/CS/HB 431, Committee Substitute 2 (Current Bill Version) Posted 2/17/2022 at 4:24 PM
Bill Text: PDF Analyses: None Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 1680 (er) Financial Institutions Gruters Identical Last Action: 6/9/2022 Chapter No. 2022-178 
Citations - Statutes (19)
Citation Catchline Location in Bill Location In Bill Help 120.80 Exceptions and special requirements; agencies. Page 4 (pdf) 475.01 Definitions. Page 6 (pdf) 518.117 Permissible investments of fiduciary funds. Page 6 (pdf) 655.045 Examinations, reports, and internal audits; penalty. Page 7 (pdf) 655.414 Acquisition of assets; assumption of liabilities. Page 9 (pdf) 655.50 Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act. Page 13 (pdf) 657.021 Board of directors; executive committee. Page 13 (pdf) 657.028 Activities of directors, officers, committee members, employees, and agents. Page 14 (pdf) 658.12 Definitions. Page 14 (pdf) 658.165 Banker’s banks; formation; applicability of financial institutions codes; exceptions. Page 25 (pdf) 658.20 Investigation by office. Page 15 (pdf) 658.21 Approval of application; findings required. Page 15 (pdf) 658.28 Acquisition of control of a bank or trust company. Page 18 (pdf) 658.2953 Interstate branching. Page 18 (pdf) 662.1225 Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company. Page 19 (pdf) 662.128 Annual renewal. Page 20 (pdf) 663.07 Asset maintenance or capital equivalency. Page 20 (pdf) 663.532 Qualification. Page 21 (pdf) 736.0802 Duty of loyalty. Page 25 (pdf) -
CS/HB 431, Committee Substitute 1 Posted 1/21/2022 at 5:47 PM
Bill Text: PDF Analyses: State Administration and Technology Appropriations Subcommittee (Post-Meeting) 2/3/2022 (pdf)
Commerce Committee (Post-Meeting) 2/17/2022 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 1680 (c1) Financial Institutions Gruters Similar Last Action: 6/9/2022 Chapter No. 2022-178
Committee Amendments (1)
Amendment Sponsor Filed Last Committee Action Format 089401 - Amendment
Between lines 465 and 466, insert:Barnaby 2/16/2022
4:09 PMAdopted without Objection
2/17/2022PDF Citations - Statutes (19)
Citation Catchline Location in Bill Location In Bill Help 120.80 Exceptions and special requirements; agencies. Page 4 (pdf) 475.01 Definitions. Page 6 (pdf) 518.117 Permissible investments of fiduciary funds. Page 6 (pdf) 655.045 Examinations, reports, and internal audits; penalty. Page 7 (pdf) 655.414 Acquisition of assets; assumption of liabilities. Page 9 (pdf) 655.50 Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act. Page 13 (pdf) 657.021 Board of directors; executive committee. Page 13 (pdf) 657.028 Activities of directors, officers, committee members, employees, and agents. Page 14 (pdf) 658.12 Definitions. Page 14 (pdf) 658.165 Banker’s banks; formation; applicability of financial institutions codes; exceptions. Page 25 (pdf) 658.20 Investigation by office. Page 15 (pdf) 658.21 Approval of application; findings required. Page 15 (pdf) 658.28 Acquisition of control of a bank or trust company. Page 18 (pdf) 658.2953 Interstate branching. Page 18 (pdf) 662.1225 Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company. Page 19 (pdf) 662.128 Annual renewal. Page 19 (pdf) 663.07 Asset maintenance or capital equivalency. Page 20 (pdf) 663.532 Qualification. Page 21 (pdf) 736.0802 Duty of loyalty. Page 24 (pdf) -
HB 431, Original Filed Version Posted 10/28/2021 at 11:02 AM
Bill Text: PDF Analyses: Insurance and Banking Subcommittee (Post-Meeting) 6/13/2022 (pdf)
Related Bills (1)
Bill Number Subject Filed By Relationship Last Action and Location Track Bills S 1680 Financial Institutions Gruters Compare Last Action: 6/9/2022 Chapter No. 2022-178
Citations - Statutes (56)
Citation Catchline Location in Bill Location In Bill Help 20.121 Department of Financial Services. Page 8 (pdf) 120.80 Exceptions and special requirements; agencies. Page 10 (pdf) 475.01 Definitions. Page 13 (pdf) 494.00312 Loan originator license. Page 13 (pdf) 494.00313 Loan originator license renewal. Page 17 (pdf) 494.00321 Mortgage broker license. Page 18 (pdf) 494.00322 Mortgage broker license renewal. Page 22 (pdf) 494.00611 Mortgage lender license. Page 23 (pdf) 494.00612 Mortgage lender license renewal. Page 27 (pdf) 501.2076 Page 28 (pdf) 518.117 Permissible investments of fiduciary funds. Page 28 (pdf) 559.541 Short title. Page 29 (pdf) 559.542 Legislative intent. Page 29 (pdf) 559.543 Definitions. Page 29 (pdf) 559.544 Registration required; exemptions. Page 29 (pdf) 559.545 Registration of commercial collection agencies; procedure. Page 29 (pdf) 559.546 Bond; evidence of current and valid bond. Page 29 (pdf) 559.547 Void registration. Page 29 (pdf) 559.548 Penalties. Page 29 (pdf) 559.952 Financial Technology Sandbox. Page 29 (pdf) 560.103 Definitions. Page 31 (pdf) 560.104 Exemptions. Page 34 (pdf) 560.105 Supervisory powers; rulemaking. Page 36 (pdf) 560.107 Liability. Page 37 (pdf) 560.109 Examinations and investigations. Page 37 (pdf) 560.1091 Contracted examinations. Page 39 (pdf) 560.1092 Examination expenses. Page 39 (pdf) 560.111 Prohibited acts. Page 39 (pdf) 560.114 Disciplinary actions; penalties. Page 39 (pdf) 560.118 Reports. Page 46 (pdf) 560.126 Required notice by licensee. Page 46 (pdf) 560.128 Customer contacts; license display. Page 47 (pdf) 560.129 Confidentiality. Page 47 (pdf) 560.141 License application. Page 47 (pdf) 560.203 Exemptions from licensure. Page 51 (pdf) 560.205 Additional license application requirements. Page 52 (pdf) 560.2051 Page 52 (pdf) 560.208 Conduct of business. Page 53 (pdf) 560.309 Conduct of business. Page 53 (pdf) 560.310 Records of check cashers and foreign currency exchangers. Page 55 (pdf) 560.312 Database of payment instrument transactions; confidentiality. Page 57 (pdf) 655.045 Examinations, reports, and internal audits; penalty. Page 58 (pdf) 655.414 Acquisition of assets; assumption of liabilities. Page 60 (pdf) 655.50 Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act. Page 64 (pdf) 657.021 Board of directors; executive committee. Page 64 (pdf) 657.028 Activities of directors, officers, committee members, employees, and agents. Page 65 (pdf) 658.12 Definitions. Page 65 (pdf) 658.20 Investigation by office. Page 66 (pdf) 658.21 Approval of application; findings required. Page 66 (pdf) 658.28 Acquisition of control of a bank or trust company. Page 68 (pdf) 658.2953 Interstate branching. Page 69 (pdf) 662.1225 Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company. Page 69 (pdf) 662.128 Annual renewal. Page 70 (pdf) 663.07 Asset maintenance or capital equivalency. Page 70 (pdf) 663.532 Qualification. Page 71 (pdf) 736.0802 Duty of loyalty. Page 75 (pdf)