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Glossary of Legislative Terms

CS/HB 611: Public Deposits

GENERAL BILL by State Administration & Technology Appropriations Subcommittee ; Botana ; (CO-INTRODUCERS) Redondo ; Rizo

Public Deposits; Adds credit unions to list of financial institutions eligible to be qualified public depositories; provides applicability of qualified public depository provisions to credit unions; requires CFO to withdraw from collateral agreement with credit union; specifies requirement for & restriction on credit union that is party to withdrawn collateral agreement; provides limits on public deposits held by credit unions; specifies losses against which certain solvent banks, savings banks, savings associations, & credit unions must guarantee public depositors; requires CFO to segregate & separately account for proceeds, assessments, & administrative penalties attributable to credit union from those attributable to other specified financial institutions; revises condition for payment of losses to public depositors; provides that specified limit on securities eligible to be pledged as collateral apply to qualified public depositories, rather than to banks & savings associations.

Effective Date: 7/1/2024
 Last Action: 3/8/2024 Senate - Died in Fiscal Policy, companion bill(s) passed, see CS/CS/CS/HB 989 (Ch. 2024-140)
Bill Text: PDF
Senate Committee References:
  1. Fiscal Policy (FP)

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  • Bill History

    Date Chamber Action
    11/21/2023 House • Filed
    11/30/2023 House • Referred to Insurance & Banking Subcommittee
    • Referred to State Administration & Technology Appropriations Subcommittee
    • Referred to Commerce Committee
    • Now in Insurance & Banking Subcommittee
    1/9/2024 House • Added to Insurance & Banking Subcommittee agenda
    • 1st Reading (Original Filed Version)
    1/11/2024 House • Favorable by Insurance & Banking Subcommittee
    1/12/2024 House • Reported out of Insurance & Banking Subcommittee
    • Now in State Administration & Technology Appropriations Subcommittee
    2/9/2024 House • Added to State Administration & Technology Appropriations Subcommittee agenda
    2/13/2024 House • Favorable with CS by State Administration & Technology Appropriations Subcommittee
    • Reported out of State Administration & Technology Appropriations Subcommittee
    • Laid on Table under Rule 7.18(a)
    • CS Filed
    2/14/2024 House • 1st Reading (Committee Substitute 1)
    • Referred to Commerce Committee
    • Now in Commerce Committee
    2/20/2024 House • Added to Commerce Committee agenda
    2/22/2024 House • Favorable by Commerce Committee
    2/23/2024 House • Reported out of Commerce Committee
    • Bill released to House Calendar
    • Added to Second Reading Calendar
    2/26/2024 House • Bill added to Special Order Calendar (2/29/2024)
    2/29/2024 House • Read 2nd time
    • Added to Third Reading Calendar
    • Read 3rd time
    • CS passed; YEAS 76, NAYS 36
    2/29/2024 Senate • In Messages
    3/1/2024 Senate • Referred to Fiscal Policy
    • Received
    3/8/2024 Senate • Died in Fiscal Policy, companion bill(s) passed, see CS/CS/CS/HB 989 (Ch. 2024-140)

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  • CS/HB 611, Committee Substitute 1 (Current Bill Version) Posted 2/13/2024 at 5:21 PM

    Bill Text:   PDF
    Analyses:   Commerce Committee (Post-Meeting) 2/23/2024 (pdf)

    Related Bills (2)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1018 Public Deposits Ingoglia Similar Last Action: 3/8/2024 S Died in Banking and Insurance, companion bill(s) passed, see CS/CS/CS/HB 989 (Ch. 2024-140) Track This Bill
    H 989 (er) Chief Financial Officer Insurance & Banking Subcommittee Compare Last Action: 5/3/2024 Chapter No. 2024-140; companion bill(s) passed, see CS/CS/HB 939 (Ch. 2024-139) Track This Bill

    Floor Votes (1)

    Date Chamber Result
    2/29/2024 4:34 PM House 76 Yeas - 36 Nays

    Citations - Statutes (36)

    Citation Catchline Location in Bill Location In Bill Help
    17.57 Deposits and investments of state money. Page 23 (pdf)
    17.68 Financial Literacy Program for Individuals with Developmental Disabilities. Page 3 (pdf)
    24.114 Bank deposits and control of lottery transactions. Page 24 (pdf)
    125.901 Children’s services; independent special district; council; powers, duties, and functions; public records exemption. Page 25 (pdf)
    136.01 County depositories. Page 26 (pdf)
    159.608 Powers of housing finance authorities. Page 27 (pdf)
    175.301 Depository for pension funds. Page 27 (pdf)
    175.401 Retiree health insurance subsidy. Page 28 (pdf)
    185.30 Depository for retirement fund. Page 30 (pdf)
    185.50 Retiree health insurance subsidy. Page 30 (pdf)
    190.007 Board of supervisors; general duties. Page 32 (pdf)
    191.006 General powers. Page 32 (pdf)
    215.34 State funds; noncollectible items; procedure. Page 32 (pdf)
    218.415 Local government investment policies. Page 33 (pdf)
    255.502 Definitions; ss. 255.501-255.525. Page 35 (pdf)
    280.02 Definitions. Page 4 (pdf)
    280.025 Attestation required. Page 9 (pdf)
    280.03 Public deposits to be secured; prohibitions; exemptions. Page 9 (pdf)
    280.042 Page 10 (pdf)
    280.05 Powers and duties of the Chief Financial Officer. Page 11 (pdf)
    280.051 Grounds for suspension or disqualification of a qualified public depository. Page 36 (pdf)
    280.052 Order of suspension or disqualification; procedure. Page 12 (pdf)
    280.053 Period of suspension or disqualification; obligations during period; reinstatement. Page 12 (pdf)
    280.055 Cease and desist order; corrective order; administrative penalty. Page 13 (pdf)
    280.07 Mutual responsibility and contingent liability. Page 15 (pdf)
    280.08 Procedure for payment of losses. Page 15 (pdf)
    280.085 Notice to claimants. Page 17 (pdf)
    280.09 Public Deposits Trust Fund. Page 17 (pdf)
    280.10 Effect of merger, acquisition, or consolidation; change of name or address. Page 19 (pdf)
    280.13 Eligible collateral. Page 21 (pdf)
    280.17 Requirements for public depositors; notice to public depositors and governmental units; loss of protection. Page 22 (pdf)
    280.18 Protection of public depositors; liability of the state. Page 37 (pdf)
    331.309 Treasurer; depositories; fiscal agent. Page 37 (pdf)
    373.553 Treasurer of the board; payment of funds; depositories. Page 38 (pdf)
    631.221 Deposit of moneys collected. Page 39 (pdf)
    723.06115 Florida Mobile Home Relocation Trust Fund. Page 39 (pdf)

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  • HB 611, Original Filed Version Posted 11/21/2023 at 9:40 AM

    Bill Text:   PDF
    Analyses:   Insurance & Banking Subcommittee (Post-Meeting) 1/12/2024 (pdf)
    State Administration & Technology Appropriations Subcommittee (Post-Meeting) 2/14/2024 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    S 1018 Public Deposits Ingoglia Identical Last Action: 3/8/2024 S Died in Banking and Insurance, companion bill(s) passed, see CS/CS/CS/HB 989 (Ch. 2024-140) Track This Bill

    Committee Amendments (1)

    Amendment Sponsor Filed Last Committee Action Format
    292455 - Amendment
    Remove lines 267-271 and insert:     		Botana 2/12/2024
    7:36 PM     		Adopted
    2/13/2024     		PDF

    Citations - Statutes (36)

    Citation Catchline Location in Bill Location In Bill Help
    17.57 Deposits and investments of state money. Page 23 (pdf)
    17.68 Financial Literacy Program for Individuals with Developmental Disabilities. Page 3 (pdf)
    24.114 Bank deposits and control of lottery transactions. Page 24 (pdf)
    125.901 Children’s services; independent special district; council; powers, duties, and functions; public records exemption. Page 25 (pdf)
    136.01 County depositories. Page 26 (pdf)
    159.608 Powers of housing finance authorities. Page 27 (pdf)
    175.301 Depository for pension funds. Page 27 (pdf)
    175.401 Retiree health insurance subsidy. Page 28 (pdf)
    185.30 Depository for retirement fund. Page 30 (pdf)
    185.50 Retiree health insurance subsidy. Page 30 (pdf)
    190.007 Board of supervisors; general duties. Page 32 (pdf)
    191.006 General powers. Page 32 (pdf)
    215.34 State funds; noncollectible items; procedure. Page 32 (pdf)
    218.415 Local government investment policies. Page 33 (pdf)
    255.502 Definitions; ss. 255.501-255.525. Page 35 (pdf)
    280.02 Definitions. Page 4 (pdf)
    280.025 Attestation required. Page 9 (pdf)
    280.03 Public deposits to be secured; prohibitions; exemptions. Page 9 (pdf)
    280.042 Page 10 (pdf)
    280.05 Powers and duties of the Chief Financial Officer. Page 11 (pdf)
    280.051 Grounds for suspension or disqualification of a qualified public depository. Page 36 (pdf)
    280.052 Order of suspension or disqualification; procedure. Page 12 (pdf)
    280.053 Period of suspension or disqualification; obligations during period; reinstatement. Page 12 (pdf)
    280.055 Cease and desist order; corrective order; administrative penalty. Page 13 (pdf)
    280.07 Mutual responsibility and contingent liability. Page 15 (pdf)
    280.08 Procedure for payment of losses. Page 15 (pdf)
    280.085 Notice to claimants. Page 17 (pdf)
    280.09 Public Deposits Trust Fund. Page 17 (pdf)
    280.10 Effect of merger, acquisition, or consolidation; change of name or address. Page 19 (pdf)
    280.13 Eligible collateral. Page 21 (pdf)
    280.17 Requirements for public depositors; notice to public depositors and governmental units; loss of protection. Page 22 (pdf)
    280.18 Protection of public depositors; liability of the state. Page 37 (pdf)
    331.309 Treasurer; depositories; fiscal agent. Page 37 (pdf)
    373.553 Treasurer of the board; payment of funds; depositories. Page 38 (pdf)
    631.221 Deposit of moneys collected. Page 39 (pdf)
    723.06115 Florida Mobile Home Relocation Trust Fund. Page 39 (pdf)

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