Florida Senate - 2025 SENATOR AMENDMENT
Bill No. CS for HB 1549
Ì102254|Î102254
LEGISLATIVE ACTION
Senate . House
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Floor: 1/AD/2R .
04/30/2025 07:26 PM .
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Senator Grall moved the following:
1 Senate Amendment (with title amendment)
2
3 Delete everything after the enacting clause
4 and insert:
5 Section 1. Paragraph (d) of subsection (10) of section
6 560.103, Florida Statutes, is amended to read:
7 560.103 Definitions.—As used in this chapter, the term:
8 (10) “Control person” means, with respect to a money
9 services business, any of the following:
10 (d) A shareholder in whose name shares are registered in
11 the records of a corporation for profit, whether incorporated
12 under the laws of this state or organized under the laws of any
13 other jurisdiction and existing in that legal form, who directly
14 or indirectly has the power to vote 25 percent or more of a
15 class of voting securities, or to sell or direct the sale of 25
16 percent or more of a class of voting securities owns 25 percent
17 or more of a class of the company’s equity securities.
18 Section 2. Subsection (4) of section 626.914, Florida
19 Statutes, is amended to read:
20 626.914 Definitions.—As used in this Surplus Lines Law, the
21 term:
22 (4) “Diligent effort” means seeking coverage from and
23 having been rejected by at least three authorized insurers
24 currently writing this type of coverage and documenting these
25 rejections. However, if the residential structure has a dwelling
26 replacement cost of $700,000 or more, the term means seeking
27 coverage from and having been rejected by at least one
28 authorized insurer currently writing this type of coverage and
29 documenting this rejection.
30 Section 3. Paragraph (a) and present paragraph (e) of
31 subsection (1) and subsections (2) and (3) of section 626.916,
32 Florida Statutes, are amended to read:
33 626.916 Eligibility for export.—
34 (1) No insurance coverage shall be eligible for export
35 unless it meets all of the following conditions:
36 (a) The full amount of insurance required must not be
37 procurable, after a diligent effort has been made by the
38 producing agent to do so, from among the insurers authorized to
39 transact and actually writing that kind and class of insurance
40 in this state, and the amount of insurance exported shall be
41 only the excess over the amount so procurable from authorized
42 insurers. Surplus lines agents must verify that a diligent
43 effort has been made by requiring a properly documented
44 statement of diligent effort from the retail or producing agent.
45 However, to be in compliance with the diligent effort
46 requirement, the surplus lines agent’s reliance must be
47 reasonable under the particular circumstances surrounding the
48 export of that particular risk. Reasonableness shall be assessed
49 by taking into account factors which include, but are not
50 limited to, a regularly conducted program of verification of the
51 information provided by the retail or producing agent.
52 Declinations must be documented on a risk-by-risk basis. If it
53 is not possible to obtain the full amount of insurance required
54 by layering the risk, it is permissible to export the full
55 amount.
56 (d)(e) The insured has signed or otherwise provided
57 documented acknowledgment of a disclosure in substantially the
58 following form: “You are agreeing to place coverage in the
59 surplus lines market. Coverage may be available in the admitted
60 market. Persons insured by surplus lines carriers are not
61 protected under the Florida Insurance Guaranty Act with respect
62 to any right of recovery for the obligation of an insolvent
63 unlicensed insurer. Additionally, surplus lines insurers’ policy
64 rates and forms are not approved by any Florida regulatory
65 agency.” If the acknowledgment of the disclosure is signed by
66 the insured, the insured is presumed to have been informed and
67 to know that other coverage may be available.
68 (2) The commission may by rule declare eligible for export
69 generally, and notwithstanding the provisions of paragraphs (a),
70 (b), (c), and (d) of subsection (1), any class or classes of
71 insurance coverage or risk for which it finds, after a hearing,
72 that there is no reasonable or adequate market among authorized
73 insurers. Any such rules shall continue in effect during the
74 existence of the conditions upon which predicated, but subject
75 to termination by the commission.
76 (3)(a) Subsection (1) does not apply to wet marine and
77 transportation or aviation risks that are subject to s. 626.917.
78 (b) Subsection (1) does not apply to classes of insurance
79 which are related to indemnity of deductibles for property
80 insurance or are subject to s. 627.062(3)(d)1. These classes may
81 be exportable under the following conditions:
82 1. The insurance must be placed only by or through a
83 surplus lines agent licensed in this state;
84 2. The insurer must be made eligible under s. 626.918; and
85 3. The insured has complied with paragraph (1)(e). If the
86 disclosure is signed by the insured, the insured is presumed to
87 have been informed and to know that other coverage may be
88 available, and, with respect to the diligent-effort requirement
89 under subsection (1), there is no liability on the part of, and
90 no cause of action arises against, the retail agent presenting
91 the form.
92 Section 4. Subsection (5) of section 626.918, Florida
93 Statutes, is amended to read:
94 626.918 Eligible surplus lines insurers.—
95 (5) When it appears that any particular insurance risk
96 which is eligible for export, but on which insurance coverage,
97 in whole or in part, is not procurable from the eligible surplus
98 lines insurers, after a search of eligible surplus lines
99 insurers, then the surplus lines agent may file a supplemental
100 signed statement setting forth such facts and advising the
101 office that such part of the risk as shall be unprocurable, as
102 aforesaid, is being placed with named unauthorized insurers, in
103 the amounts and percentages set forth in the statement. Such
104 named unauthorized insurer shall, however, before accepting any
105 risk in this state, deposit with the department cash or
106 securities acceptable to the office and department of the market
107 value of $50,000 for each individual risk, contract, or
108 certificate, which deposit shall be held by the department for
109 the benefit of Florida policyholders only; and the surplus lines
110 agent shall procure from such unauthorized insurer and file with
111 the office a certified copy of its statement of condition as of
112 the close of the last calendar year. If such statement reveals,
113 including both capital and surplus, net assets of at least that
114 amount required for licensure of a domestic insurer, then the
115 surplus lines agent may proceed to consummate such contract of
116 insurance. Whenever any insurance risk, or any part thereof, is
117 placed with an unauthorized insurer, as provided herein, the
118 policy, binder, or cover note shall contain a statement signed
119 by the insured and the agent with the following notation: “The
120 insured is aware that certain insurers participating in this
121 risk have not been approved to transact business in Florida nor
122 have they been declared eligible as surplus lines insurers by
123 the Office of Insurance Regulation of Florida. The placing of
124 such insurance by a duly licensed surplus lines agent in Florida
125 shall not be construed as approval of such insurer by the Office
126 of Insurance Regulation of Florida. Consequently, the insured is
127 aware that the insured has severely limited the assistance
128 available under the insurance laws of Florida. The insured is
129 further aware that he or she may be charged a reasonable per
130 policy fee, as provided in s. 626.916(2) s. 626.916(4), Florida
131 Statutes, for each policy certified for export.” All other
132 provisions of this code shall apply to such placement the same
133 as if such risks were placed with an eligible surplus lines
134 insurer.
135 Section 5. Subsection (6) of section 626.932, Florida
136 Statutes, is amended to read:
137 626.932 Surplus lines tax.—
138 (6) For the purposes of this section, the term “premium”
139 means the consideration for insurance by whatever name called
140 and includes any assessment, or any membership, policy, survey,
141 inspection, service, or similar fee or charge in consideration
142 for an insurance contract, which items are deemed to be a part
143 of the premium. The per-policy fee authorized by s. 626.916(2)
144 s. 626.916(4) is specifically included within the meaning of the
145 term “premium.” However, the service fee imposed pursuant to s.
146 626.9325 is excluded from the meaning of the term “premium.”
147 Section 6. Subsection (6) of section 626.9325, Florida
148 Statutes, is amended to read:
149 626.9325 Service fee.—
150 (6) For the purposes of this section, the term “premium”
151 means the consideration for insurance by whatever name called
152 and includes any assessment, or any membership, policy, survey,
153 inspection, service, or similar fee or charge in consideration
154 for an insurance contract, which items are deemed to be a part
155 of the premium. The per-policy fee authorized by s. 626.916(2)
156 s. 626.916(4) is specifically included within the meaning of the
157 term “premium.”
158 Section 7. Paragraph (o) of subsection (1) of section
159 626.9541, Florida Statutes, is amended to read:
160 626.9541 Unfair methods of competition and unfair or
161 deceptive acts or practices defined.—
162 (1) UNFAIR METHODS OF COMPETITION AND UNFAIR OR DECEPTIVE
163 ACTS.—The following are defined as unfair methods of competition
164 and unfair or deceptive acts or practices:
165 (o) Illegal dealings in premiums; excess or reduced charges
166 for insurance.—
167 1. Knowingly collecting any sum as a premium or charge for
168 insurance, which is not then provided, or is not in due course
169 to be provided, subject to acceptance of the risk by the
170 insurer, by an insurance policy issued by an insurer as
171 permitted by this code.
172 2. Knowingly collecting as a premium or charge for
173 insurance any sum in excess of or less than the premium or
174 charge applicable to such insurance, in accordance with the
175 applicable classifications and rates as filed with and approved
176 by the office, and as specified in the policy; or, in cases when
177 classifications, premiums, or rates are not required by this
178 code to be so filed and approved, premiums and charges collected
179 from a Florida resident in excess of or less than those
180 specified in the policy and as fixed by the insurer.
181 Notwithstanding any other provision of law, this provision shall
182 not be deemed to prohibit the charging and collection, by
183 surplus lines agents licensed under part VIII of this chapter,
184 of the amount of applicable state and federal taxes, or fees as
185 authorized by s. 626.916(2) s. 626.916(4), in addition to the
186 premium required by the insurer or the charging and collection,
187 by licensed agents, of the exact amount of any discount or other
188 such fee charged by a credit card facility in connection with
189 the use of a credit card, as authorized by subparagraph (q)3.,
190 in addition to the premium required by the insurer. This
191 subparagraph shall not be construed to prohibit collection of a
192 premium for a universal life or a variable or indeterminate
193 value insurance policy made in accordance with the terms of the
194 contract.
195 3.a. Imposing or requesting an additional premium for a
196 policy of motor vehicle liability, personal injury protection,
197 medical payment, or collision insurance or any combination
198 thereof or refusing to renew the policy solely because the
199 insured was involved in a motor vehicle accident unless the
200 insurer’s file contains information from which the insurer in
201 good faith determines that the insured was substantially at
202 fault in the accident.
203 b. An insurer which imposes and collects such a surcharge
204 or which refuses to renew such policy shall, in conjunction with
205 the notice of premium due or notice of nonrenewal, notify the
206 named insured that he or she is entitled to reimbursement of
207 such amount or renewal of the policy under the conditions listed
208 below and will subsequently reimburse him or her or renew the
209 policy, if the named insured demonstrates that the operator
210 involved in the accident was:
211 (I) Lawfully parked;
212 (II) Reimbursed by, or on behalf of, a person responsible
213 for the accident or has a judgment against such person;
214 (III) Struck in the rear by another vehicle headed in the
215 same direction and was not convicted of a moving traffic
216 violation in connection with the accident;
217 (IV) Hit by a “hit-and-run” driver, if the accident was
218 reported to the proper authorities within 24 hours after
219 discovering the accident;
220 (V) Not convicted of a moving traffic violation in
221 connection with the accident, but the operator of the other
222 automobile involved in such accident was convicted of a moving
223 traffic violation;
224 (VI) Finally adjudicated not to be liable by a court of
225 competent jurisdiction;
226 (VII) In receipt of a traffic citation which was dismissed
227 or nolle prossed; or
228 (VIII) Not at fault as evidenced by a written statement
229 from the insured establishing facts demonstrating lack of fault
230 which are not rebutted by information in the insurer’s file from
231 which the insurer in good faith determines that the insured was
232 substantially at fault.
233 c. In addition to the other provisions of this
234 subparagraph, an insurer may not fail to renew a policy if the
235 insured has had only one accident in which he or she was at
236 fault within the current 3-year period. However, an insurer may
237 nonrenew a policy for reasons other than accidents in accordance
238 with s. 627.728. This subparagraph does not prohibit nonrenewal
239 of a policy under which the insured has had three or more
240 accidents, regardless of fault, during the most recent 3-year
241 period.
242 4. Imposing or requesting an additional premium for, or
243 refusing to renew, a policy for motor vehicle insurance solely
244 because the insured committed a noncriminal traffic infraction
245 as described in s. 318.14 unless the infraction is:
246 a. A second infraction committed within an 18-month period,
247 or a third or subsequent infraction committed within a 36-month
248 period.
249 b. A violation of s. 316.183, when such violation is a
250 result of exceeding the lawful speed limit by more than 15 miles
251 per hour.
252 5. Upon the request of the insured, the insurer and
253 licensed agent shall supply to the insured the complete proof of
254 fault or other criteria which justifies the additional charge or
255 cancellation.
256 6. No insurer shall impose or request an additional premium
257 for motor vehicle insurance, cancel or refuse to issue a policy,
258 or refuse to renew a policy because the insured or the applicant
259 is a handicapped or physically disabled person, so long as such
260 handicap or physical disability does not substantially impair
261 such person’s mechanically assisted driving ability.
262 7. No insurer may cancel or otherwise terminate any
263 insurance contract or coverage, or require execution of a
264 consent to rate endorsement, during the stated policy term for
265 the purpose of offering to issue, or issuing, a similar or
266 identical contract or coverage to the same insured with the same
267 exposure at a higher premium rate or continuing an existing
268 contract or coverage with the same exposure at an increased
269 premium.
270 8. No insurer may issue a nonrenewal notice on any
271 insurance contract or coverage, or require execution of a
272 consent to rate endorsement, for the purpose of offering to
273 issue, or issuing, a similar or identical contract or coverage
274 to the same insured at a higher premium rate or continuing an
275 existing contract or coverage at an increased premium without
276 meeting any applicable notice requirements.
277 9. No insurer shall, with respect to premiums charged for
278 motor vehicle insurance, unfairly discriminate solely on the
279 basis of age, sex, marital status, or scholastic achievement.
280 10. Imposing or requesting an additional premium for motor
281 vehicle comprehensive or uninsured motorist coverage solely
282 because the insured was involved in a motor vehicle accident or
283 was convicted of a moving traffic violation.
284 11. No insurer shall cancel or issue a nonrenewal notice on
285 any insurance policy or contract without complying with any
286 applicable cancellation or nonrenewal provision required under
287 the Florida Insurance Code.
288 12. No insurer shall impose or request an additional
289 premium, cancel a policy, or issue a nonrenewal notice on any
290 insurance policy or contract because of any traffic infraction
291 when adjudication has been withheld and no points have been
292 assessed pursuant to s. 318.14(9) and (10). However, this
293 subparagraph does not apply to traffic infractions involving
294 accidents in which the insurer has incurred a loss due to the
295 fault of the insured.
296 Section 8. Subsection (4) of section 627.715, Florida
297 Statutes, is amended to read:
298 627.715 Flood insurance.—An authorized insurer may issue an
299 insurance policy, contract, or endorsement providing personal
300 lines residential coverage for the peril of flood or excess
301 coverage for the peril of flood on any structure or the contents
302 of personal property contained therein, subject to this section.
303 This section does not apply to commercial lines residential or
304 commercial lines nonresidential coverage for the peril of flood.
305 An insurer may issue flood insurance policies, contracts,
306 endorsements, or excess coverage on a standard, preferred,
307 customized, flexible, or supplemental basis.
308 (4) An agent may export a contract or an endorsement
309 providing flood coverage to an eligible surplus lines insurer
310 without making a diligent effort to seek such coverage from
311 three or more authorized insurers under s. 626.916 s.
312 626.916(1)(a).
313 Section 9. Section 655.047, Florida Statutes, is amended to
314 read:
315 655.047 Assessments; financial institutions.—
316 (1) Each state financial institution shall pay to the
317 office a semiannual assessment for the 6-month periods beginning
318 January 1 and July 1. Assessments must be based on the total
319 assets as shown on the statement of condition of the financial
320 institution on the last business day in December and the last
321 business day in June of each year.
322 (2) If mailed, The semiannual assessment must be received
323 by the office by mail, wire transfer, automated clearinghouse,
324 or other electronic means approved by the office on or before
325 March January 31 and September 30 July 31 of each year following
326 the semiannual assessment period. If transmitted through a wire
327 transfer, an automated clearinghouse, or other electronic means
328 approved by the office, the semiannual assessment must be
329 transmitted to the office on or before January 31 and July 31 of
330 each year. The office may levy a late payment penalty of up to
331 $100 per day or part thereof that a semiannual assessment
332 payment is overdue, unless it is excused for good cause.
333 However, for intentional late payment of a semiannual
334 assessment, the office shall levy an administrative fine of up
335 to $1,000 a day for each day the semiannual assessment is
336 overdue.
337 (3) The assessments required by this section cover the 6
338 month period following the first day of the month in which they
339 are due. The office may prorate the amount of the semiannual
340 assessment; however, no portion of a semiannual assessment is
341 refundable.
342 Section 10. Subsection (5) of section 655.414, Florida
343 Statutes, is amended to read:
344 655.414 Acquisition of assets; assumption of liabilities.
345 With prior approval of the office, and upon such conditions as
346 the commission prescribes by rule, a financial institution may
347 acquire 50 percent or more of the assets of, liabilities of, or
348 a combination of assets and liabilities of any other financial
349 institution in accordance with the procedures and subject to the
350 following conditions and limitations:
351 (5) ADOPTED PLAN; APPROVAL CERTIFICATION CERTIFICATE;
352 ABANDONMENT; CERTIFICATE OF ACQUISITION, ASSUMPTION, OR SALE.—
353 (a) If the plan is adopted by the members or stockholders
354 of the transferring financial institution, the president or vice
355 president and the cashier, manager, or corporate secretary of
356 such institution shall submit the adopted plan to the office,
357 together with a certified copy of the resolution of the members
358 or stockholders approving it.
359 (b) Upon receipt of the certified copies and evidence that
360 the participating financial institutions have complied with all
361 applicable state and federal law and rules, the office shall
362 certify, in writing, to the participants that the plan has been
363 approved.
364 (c) Notwithstanding approval of the members or stockholders
365 or certification by the office, the board of directors of the
366 transferring financial institution may abandon the such a
367 transaction without further action or approval by the members or
368 stockholders, subject to the rights of third parties under any
369 contracts relating thereto.
370 (d) After the acquiring financial institution completes the
371 plan and submits a request with any evidence required by the
372 office to confirm the transaction’s completion, the office may
373 issue a certificate to the acquiring financial institution
374 confirming that the acquisition, assumption, or sale transaction
375 has been completed.
376 Section 11. Effective upon becoming a law, section 655.97,
377 Florida Statutes, is created to read:
378 655.97 Lawyer or law firm trust account interest rates.—
379 (1) A financial institution may hold funds in an interest
380 bearing trust account of a lawyer or law firm in which the
381 institution remits interest or dividends on the balance of the
382 deposited funds to an entity established by the Supreme Court
383 for the purpose of providing or facilitating the provision of
384 free legal services to low-income individuals or for other
385 purposes authorized by the Supreme Court. If the institution
386 holds such an account, it must pay the highest interest rate or
387 dividend generally available from the institution to its
388 comparable business or consumer accounts or nonmaturing deposit
389 accounts, provided that the trust account meets or exceeds the
390 same minimum balance or other account requirements. The trust
391 account interest rate must be at least 0.25 percent if the
392 Federal Funds Effective Rate is less than 4 percent. The trust
393 account interest rate must be at least 0.5 percent if the
394 Federal Funds Effective Rate is 4 percent or greater.
395 (a) The financial institution must submit a rate validation
396 sheet and affidavit to the Chief Financial Officer by the 10th
397 day of each quarter attesting that it will pay the same interest
398 rate or dividend on the lawyer or law firm trust accounts that
399 it is paying on its comparable business or consumer accounts or
400 nonmaturing deposit accounts and that the rate will be at least
401 0.25 percent if the Federal Funds Effective Rate is less than 4
402 percent or at least 0.5 percent if the Federal Funds Effective
403 Rate is 4 percent or greater.
404 (b) The affidavit must attest that the rate information
405 submitted on the rate validation sheet is true and factual.
406 (c) The Chief Financial Officer shall verify that the rate
407 validation sheet and affidavit have been received by the
408 Department of Financial Services.
409 (2) This section does not apply to interest rates
410 established by written contract or obligations unrelated to the
411 trust accounts described by this section.
412 Section 12. Subsection (6) of section 657.002, Florida
413 Statutes, is amended to read:
414 657.002 Definitions.—As used in this chapter:
415 (6) “Equity” means undivided earnings, regular reserves,
416 and other reserves.
417 Section 13. Subsection (2) of section 657.028, Florida
418 Statutes, is amended to read:
419 657.028 Activities of directors, officers, committee
420 members, employees, and agents.—
421 (2) An elected officer, director, or committee member,
422 other than the chief executive officer, may not be compensated
423 for her or his service to the credit union, but an elected
424 officer, director, or committee member may be reimbursed for
425 necessary expenses incidental to performing official business
426 for the credit union as such.
427 Section 14. Subsections (2) and (4) of section 657.043,
428 Florida Statutes, are amended to read:
429 657.043 Reserves.—
430 (2) REGULAR RESERVE.—The regular reserve shall belong to
431 the credit union and shall be used to meet losses. The regular
432 reserve may not be decreased without the prior written approval
433 of the office or as provided by rule of the commission.
434 (3)(4) SPECIAL RESERVES.—In addition to such regular
435 reserve, Special reserves shall be established:
436 (a) To protect members against losses resulting from credit
437 extended or from risk assets when required by rule, or when
438 found by the office, in any special case, to be necessary for
439 that purpose; or
440 (b) As authorized by the board of directors.
441 Section 15. Subsection (1) of section 658.235, Florida
442 Statutes, is amended to read:
443 658.235 Subscriptions for stock; approval of major
444 shareholders.—
445 (1) Within 6 months after commencement of corporate
446 existence, and At least 30 days before prior to opening, the
447 directors shall have completed the stock offering and shall file
448 with the office a final list of subscribers to all of the
449 capital stock of the proposed bank or trust company showing the
450 name and residence of each subscriber and the amount of stock of
451 every class subscribed for by each.
452 Section 16. Subsection (1) of section 658.25, Florida
453 Statutes, is amended to read:
454 658.25 Opening for business.—
455 (1) A bank or trust company corporation shall open and
456 conduct a general commercial bank or trust business within 18
457 months after the issuance of a final order of approval by the
458 office no later than 12 months after the commencement of its
459 corporate existence.
460 Section 17. Except as otherwise expressly provided in this
461 act and except for this section, which shall take effect upon
462 this act becoming a law, this act shall take effect July 1,
463 2025.
464
465 ================= T I T L E A M E N D M E N T ================
466 And the title is amended as follows:
467 Delete everything before the enacting clause
468 and insert:
469 A bill to be entitled
470 An act relating to financial services; amending s.
471 560.103, F.S.; revising the definition of the term
472 “control person”; amending s. 626.914, F.S.; deleting
473 the definition of the term “diligent effort”; amending
474 s. 626.916, F.S.; revising the conditions for
475 insurance coverage to be eligible for export; revising
476 the provisions of a certain notice providing that an
477 insured is presumed to have been informed of the
478 availability of other coverage under certain
479 circumstances; deleting the Financial Services
480 Commission’s authority to adopt rules relating to
481 insurance coverage or risk eligibility for export;
482 deleting applicability; amending ss. 626.918, 626.932,
483 626.9325, 626.9541, and 627.715, F.S.; conforming
484 cross-references and provisions to changes made by the
485 act; amending s. 655.047, F.S.; requiring state
486 financial institutions to pay a semiannual assessment
487 for specified time periods; requiring that the
488 semiannual assessment be received by the Office of
489 Financial Regulation in a specified manner and by
490 specified dates; amending s. 655.414, F.S.;
491 authorizing the office to issue a specified
492 certificate under certain circumstances; creating s.
493 655.97, F.S.; authorizing financial institutions to
494 hold funds in specified trust accounts to be used for
495 specified purposes; requiring such financial
496 institutions to pay a certain minimum interest rate or
497 dividend; requiring that the interest rate be a
498 specified percentage; requiring a financial
499 institution to submit a quarterly rate validation
500 sheet and affidavit to the Chief Financial Officer
501 attesting that it will pay a certain minimum interest
502 rate or dividend; requiring that the affidavit attest
503 that certain information is true and factual;
504 requiring the Chief Financial Officer to verify
505 certain information; providing applicability; amending
506 s. 657.002, F.S.; revising the definition of the term
507 “equity”; amending s. 657.028, F.S.; authorizing
508 certain elected officers, directors, or committee
509 members of a credit union to be reimbursed for certain
510 expenses; amending s. 657.043, F.S.; conforming
511 provisions to changes made by the act; amending s.
512 658.235, F.S.; revising the timeframe for certain
513 requirements by the directors of a proposed bank or
514 trust company; amending s. 658.25, F.S.; revising the
515 timeframe within which a bank or trust company
516 corporation is required to open and conduct specified
517 business; providing effective dates.