Florida Senate - 2024                        COMMITTEE AMENDMENT
       Bill No. SB 542
       
       
       
       
       
       
                                Ì191300^Î191300                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/23/2024           .                                
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       The Committee on Commerce and Tourism (Ingoglia) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Section 655.038, is created to read:
    6         655.038 Directors, qualifications; officers.—Any person who
    7  served as an executive officer or director of a financial
    8  institution within the 5-year period before the date such
    9  financial institution became insolvent, for any insolvency that
   10  occurs on or after the effective date of this act, may not serve
   11  as an executive officer or director of any state financial
   12  institution for 5 years after the date of such insolvency. Any
   13  person who is disqualified from serving as an executive officer
   14  or director of any state financial institution under this
   15  subsection may not have direct or indirect control over the
   16  selection or appointment of an executive officer or director to
   17  any state financial institution through contract, trust, or by
   18  operation of law during such disqualification period. This
   19  section does not apply when an executive officer or director
   20  that demonstrates to the office, and the office determines, that
   21  the actions or omissions of such executive officer or director
   22  were not a significant contributing cause to the insolvency. As
   23  used in this subsection, the term “executive officer” has the
   24  same meaning as in s. 655.005(1).
   25         Section 2. The Division of Law Revision is directed to
   26  replace the phrase “the effective date of this act” wherever it
   27  occurs in this act with the date this act becomes a law.
   28         Section 3. This act shall take effect upon becoming a law.
   29  
   30  ================= T I T L E  A M E N D M E N T ================
   31  And the title is amended as follows:
   32         Delete everything before the enacting clause
   33  and insert:
   34                        A bill to be entitled                      
   35         An act relating to executive officers and boards of
   36         directors of financial institutions; creating s.
   37         655.038, F.S.; disqualifying certain persons from
   38         serving as executive officers or directors of a state
   39         financial institution under certain circumstances;
   40         prohibiting disqualified executive officers and
   41         directors from selecting or appointing certain persons
   42         in specified circumstances; providing applicability;
   43         defining the term “executive officer”; providing a
   44         directive to the Division of Law Revision; providing
   45         an effective date.