reglab/housing_qa huggingface dataset:
FL Stat § 663.402 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.402 - Applicability of the financial institutions codes.

663.402 Applicability of the financial institutions codes.—(1) An international trust entity that operates an office licensed under this part is subject to all the financial institutions codes as though such international trust entity were a state trust company, except when it appears, from the context or otherwise, that such provisions are clearly applicable only to trust companies organized under the laws of this state or the United States. Without limiting the foregoing general provisions, it is the intent of the Legislature that the following provisions are applicable to such international trust entities having offices in this state: s. 655.031, relating to administrative enforcement guidelines; s. 655.032, relating to investigations, subpoenas, hearings, and witnesses; s. 655.0321, relating to restricted access hearings, proceedings, and related documents; s. 655.033, relating to cease and desist orders; s. 655.037, relating to removal of a financial institution-related party by the office; s. 655.041, relating to administrative fines and enforcement; s. 655.50, the Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act; and any law for which the penalty is increased under s. 775.31 for facilitating or furthering terrorism.(2) An international trust entity does not have any greater right under, or by virtue of, this section than is granted to trust companies organized under the laws of this state. Legal and financial terms used in this chapter are deemed to refer to equivalent terms used by the country in which the international trust entity is organized. This chapter and the financial institutions codes may not be construed to authorize any international trust entity to conduct trust business, as defined in s. 658.12, from an office in this state.History.—s. 23, ch. 2017-83.
FL Stat § 663.403 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.403 - Applicability of the Florida Business Corporation Act.

663.403 Applicability of the Florida Business Corporation Act.—Notwithstanding s. 607.01401(36), the provisions of part I of chapter 607 which are not in conflict with the financial institutions codes and which relate to foreign corporations apply to all international trust entities and their offices doing business in this state.History.—s. 24, ch. 2017-83; s. 292, ch. 2019-90.
FL Stat § 663.404 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.404 - Requirements for conducting financial institution business.

663.404 Requirements for conducting financial institution business.—An international trust entity, or any affiliated, subsidiary, or other person or business entity acting as an agent for, on behalf of, or for the benefit of such international trust entity, who engages in such activities from an office located in this state, may not transact a trust business, or maintain in this state any office for carrying on such business, or any part thereof, unless such international trust entity, affiliate, subsidiary, person, or business entity:(1) Has been authorized by charter, license, or similar authorization by operation of law to carry on trust business and has complied with the laws of each jurisdiction in which it is chartered, licensed, or otherwise authorized and created under operation of law.(2) Has furnished to the office such proof as to the nature and character of its business and as to its financial condition as the commission or office requires.(3) Has filed with the office a certified copy of that information required to be supplied to the Department of State by those provisions of part I of chapter 607 which are applicable to foreign corporations.(4) Has received a license duly issued to it by the office.(5) Has sufficient capital in accordance with the requirements of s. 663.407 and the rules adopted thereunder and is not imminently insolvent or insolvent, as those terms are defined under s. 655.005(1).(6)(a) Is not in bankruptcy, conservatorship, receivership, liquidation, or similar status under the laws of any country.(b) Is not operating under the direct control of the government or the regulatory or supervisory authority of the home jurisdiction in which it has been chartered, licensed, or otherwise authorized and created under operation of law, through government intervention or any other extraordinary actions.(c) Has not been in such status or control at any time within the 3 years preceding the date of application for a license.Notwithstanding paragraphs (a) and (b), the office may permit an international trust company representative office to remain open and in operation pursuant to s. 663.412(1)(b).History.—s. 25, ch. 2017-83.
FL Stat § 663.405 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.405 - Civil action subpoena enforcement.

663.405 Civil action subpoena enforcement.—(1) Notwithstanding s. 655.059, an international trust company representative office established under this chapter is not required to produce a book or record pertaining to a deposit account, investment account, trust account, or loan of a customer of the international trust entity’s offices that are located outside the United States or its territories in response to a subpoena, if the book or record is maintained outside the United States or its territories and is not in the possession, custody, or control of the international trust entity’s representative office established in this state.(2) This section applies only to a subpoena issued pursuant to the Florida Rules of Civil Procedure, the Federal Rules of Civil Procedure, or other similar law or rule of civil procedure in another state. This section does not apply to a subpoena issued by or on behalf of a federal, state, or local government law enforcement agency, administrative or regulatory agency, legislative body, or grand jury and does not limit the power of the office to access all books and records in the exercise of the office’s regulatory and supervisory powers under the financial institutions codes.History.—s. 26, ch. 2017-83.
FL Stat § 663.407 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.407 - Capital requirements.

663.407 Capital requirements.—(1) For an international trust entity to qualify for a license under this part, the proposed capitalization of the international trust entity must be in such amount as the office determines is necessary, taking into consideration the risk profile of the international trust entity and the ability of the international trust entity to operate a licensed office in a safe and sound manner. In making this determination, the office shall consider the financial resources of the international trust entity, including:(a) The international trust entity’s current and projected capital position, profitability, level of indebtedness, business and strategic plans, and off-balance sheet asset management and administration activities;(b) The financial condition of any of the international trust entity’s existing offices located in the United States;(c) The minimum capital requirements of the international trust entity’s home-country jurisdiction; and(d) The capital ratio standards used in the United States and in the international trust entity’s home-country jurisdiction.(2) The proposed capitalization of the international trust entity must be in such amount as the office deems adequate, but in no case may the total capital accounts of the international trust entity be less than $1 million.(3) The office may specify such other conditions as it determines are appropriate, considering the public interest and the need to maintain a safe, sound, and competitive financial marketplace in this state.(4) For purposes of this part, the capital accounts of and capital ratio standards for an international trust entity must be determined in accordance with rules adopted by the commission. In adopting such rules, the commission shall consider similar rules adopted by regulatory agencies in the United States and the need to provide reasonably consistent regulatory requirements for international trust entities doing business in this state, as well as capital adequacy standards of an international trust entity’s home-country jurisdiction.History.—s. 28, ch. 2017-83.
FL Stat § 663.408 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.408 - Licenses; permissible activities of licensees.

663.408 Licenses; permissible activities of licensees.—(1)(a) An international trust entity licensed to operate an office in this state may engage in the business authorized by this part at the office specified in such license for an indefinite period.(b) An international trust entity may operate more than one licensed office, each at a different place of business, provided that each office is separately licensed.(c) A license is not transferable or assignable. However, the location of a licensed office may be changed after notification to the office.(d) A license must at all times be conspicuously displayed in the place of business specified therein.(2) An international trust entity that proposes to terminate the operations of a licensed office in this state must surrender its license to the office and comply with such procedures as the commission may prescribe by rule.(3) The license for an international trust company representative office in this state may be suspended or revoked by the office, with or without examination, upon its determination that the international trust entity or the licensed office does not meet all requirements for original licensing. Additionally, the office shall revoke the license of any licensed office that the office determines has been inactive for 6 months or longer. The commission may by rule prescribe additional conditions or standards under which the license of an international trust company representative office may be suspended or revoked.(4) If any such license is surrendered by the international trust entity or is suspended or revoked by the office, all rights and privileges of the international trust entity to transact the business under the license cease. The commission shall prescribe by rule procedures for the surrender of a license and for the orderly cessation of business by an international trust entity in a manner that is not harmful to the interests of its customers or of the public.History.—s. 29, ch. 2017-83.
FL Stat § 663.4081 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.4081 - After-the-fact licensure process in the event of the acquisition, merger, or consolidation of international trust entities.

663.4081 After-the-fact licensure process in the event of the acquisition, merger, or consolidation of international trust entities.—If an international trust entity proposes to acquire, merge, or consolidate with an international trust entity that presently operates an international trust company representative office licensed in this state, the office may allow the currently licensed international trust company representative office to remain open and in operation after consummation of the proposed acquisition, merger, or consolidation, subject to the filing with the office of an after-the-fact license application in accordance with all of the following conditions:(1) The international trust entity or entities resulting from the acquisition, merger, or consolidation will not directly or indirectly own or control more than 5 percent of any class of the voting securities of, or control, a United States bank.(2) Before consummation of the acquisition, merger, or consolidation, the international trust entity currently licensed to operate an international trust company representative office in this state must provide the office at least 30 days’ advance written notice, as prescribed by rules adopted by the commission, of the proposed acquisition, merger, or consolidation.(3) Before consummation of the acquisition, merger, or consolidation, each international trust entity commits in writing that it will:(a) Comply with the conditions in subsections (1) and (2) and file an after-the-fact application for a license under s. 663.406(1) within 60 days after consummation of the proposed acquisition, merger, or consolidation; and refrain from engaging in new lines of business and from otherwise expanding the activities of such establishment in this state until the disposition of the after-the-fact license application, in accordance with chapter 120; or(b) Promptly wind down and close any international trust company representative office in this state if the international trust entities that are party to the acquisition, merger, or consolidation elect not to file an application for a license in accordance with paragraph (a); and, before such wind-down and closure, refrain from engaging in new lines of business or otherwise expanding the activities of such establishment in this state.History.—s. 30, ch. 2017-83.
FL Stat § 663.409 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.409 - International trust company representative offices; permissible activities; requirements.

663.409 International trust company representative offices; permissible activities; requirements.—(1) An international trust company representative office may conduct any nonfiduciary activities that are ancillary to the fiduciary business of its international trust entity, but may not act as a fiduciary. Permissible activities include advertising, marketing, and soliciting for fiduciary business on behalf of an international trust entity; contacting existing or potential customers, answering questions, and providing information about matters related to their accounts; serving as a liaison in this state between the international trust entity and its existing or potential customers; and engaging in any other activities approved by the office or under rules of the commission.(2) Representatives and employees at such office may not act as a fiduciary, including, but not limited to, accepting the fiduciary appointment, executing the fiduciary documents that create the fiduciary relationship, making discretionary decisions regarding the investment or distribution of fiduciary accounts, or accepting custody of any trust property or any other good, asset, or thing of value on behalf of the affiliated international trust entity, its subsidiaries or affiliates, or subsidiaries and affiliates of the international trust company representative office.(3) An international trust company representative office licensed by the office may engage in any activities permissible for a qualified limited service affiliate under part IV of this chapter.History.—s. 10, ch. 2010-9; s. 31, ch. 2017-83.
FL Stat § 663.410 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.410 - Certification of capital accounts.

663.410 Certification of capital accounts.—Before opening an office in this state, and annually thereafter so long as an international trust company representative office is maintained in this state, an international trust entity licensed pursuant to this part must certify to the office the amount of its capital accounts, expressed in the currency of the home jurisdiction where it has been authorized by charter, license, or similar authorization by operation of law to carry on trust business. The dollar equivalent of these amounts, as determined by the office, is deemed to be the amount of its capital accounts. The annual certification of capital accounts must be received by the office on or before June 30 of each year.History.—s. 32, ch. 2017-83.
FL Stat § 663.411 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.411 - Reports; records.

663.411 Reports; records.—(1) An international trust entity that operates an office licensed under this part shall, at such times and in such form as the commission prescribes, make written reports in the English language to the office, under the oath of one of its officers, managers, or agents transacting business in this state, showing the amount of its assets and liabilities and containing such other matters as the commission or office requires. An international trust entity that maintains two or more representative offices may consolidate such information in one report unless the office requires otherwise for purposes of its supervision of the condition and operations of each such office. The late filing of such reports is subject to an administrative fine as prescribed under s. 655.045(2). If the international trust entity fails to make such report as directed by the office or if such report contains a false statement knowingly made, the same is grounds for revocation of the license of the international trust entity.(2) An international trust entity that operates an office licensed under this part shall cause to be kept, at a location accepted by the office:(a) Correct and complete books and records of account of the business operations transacted by such office. All policies and procedures relating specifically to the operations of such office, as well as any existing general ledger or subsidiary accounts, must be maintained in the English language; however, any policies and procedures of the international trust entity which are not specific to the operations of such office may be maintained in a language other than English.(b) Current copies of the charter or statement of operation and bylaws of the international trust entity, relative to the operations of the international trust company representative office, and minutes of the proceedings of its directors, officers, or committees relative to the business of the international trust company representative office. Such records may be maintained in a language other than English and must be kept pursuant to s. 655.91 and be made available to the office, upon request, at any time during regular business hours of the international trust company representative office.(3) Any failure to keep such records as required in subsection (2) or any refusal to produce such records upon request by the office is grounds for suspension or revocation of any license issued under this part.(4) The office may require at any time that any document not written in the English language which the office deems necessary for the purposes of its regulatory and supervisory functions be translated into English at the expense of the international trust entity.History.—s. 33, ch. 2017-83.
FL Stat § 663.413 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.413 - Application and examination fees.

663.413 Application and examination fees.—(1) An application for a license to establish an international trust company representative office under this part must be accompanied by a nonrefundable $5,000 filing fee, payable to the office.(2) An international trust entity that maintains an office licensed under this part must pay to the office examination fees that are determined by the commission by rule and that are calculated in a manner so as to be equal to the actual cost of each examiner’s participation in the examination, as measured by the examiner’s pay scale, plus any other expenses directly incurred in the examination. However, the examination fees may not be less than $200 per day for each examiner participating in the examination.History.—s. 35, ch. 2017-83.
FL Stat § 663.414 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.414 - Rules; exemption from statement of estimated regulatory costs requirements.

663.414 Rules; exemption from statement of estimated regulatory costs requirements.—In addition to any other rulemaking authority it has under the financial institutions codes, the commission may adopt reasonable rules that it deems advisable for the administration of international trust entities under this part in the interest of protecting depositors, creditors, borrowers, or the public interest and in the interest of maintaining a sound banking and trust system in this state. Because of the difficulty in obtaining economic data with regard to such trusts, ss. 120.54(3)(b) and 120.541 do not apply to the adoption of rules pursuant to this section.History.—s. 36, ch. 2017-83.
FL Stat § 663.415 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 663 - International Banking|Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416)|663.415 - Travel expenses.

663.415 Travel expenses.—If domestic or foreign travel is deemed necessary by the office to effectuate the purposes of this part, the office must be reimbursed for actual, reasonable, and necessary expenses incurred in such domestic or foreign travel by the international trust company representative office under examination.History.—s. 37, ch. 2017-83.