reglab/statecodes huggingface dataset:
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.124 - Minimum Capital Account Required.

662.124 Minimum capital account required.—
(1) A licensed family trust company that has one designated relative may not be organized or operated with an owners’ capital account of less than $250,000. The minimum capital account shall be increased to $350,000 if two designated relatives of the licensed family trust company are named in the application for a license or in the annual license renewal. A family trust company may not be organized or operated with a capital account of less than $250,000.
(2) The full amount of the initial capital account of a family trust company or licensed family trust company must be composed of one or more of the asset groups described in s. 662.132(1)(a), exclusive of all organization expenses.
History.—s. 15, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.125 - Directors or Managers.

662.125 Directors or managers.—
(1) Exclusive authority to manage a family trust company or licensed family trust company is vested in a board of directors, if a corporation, or a board of directors or managers, if a limited liability company.
(2) A family trust company or licensed family trust company shall have at least three directors, if a corporation, or three directors or managers, if a limited liability company. At least one director or manager of the company must be a resident of this state.
(3) The licensed family trust company shall notify the office of the proposed appointment of an individual to the board of directors or addition as a member, or the appointment or employment of an individual as an officer or manager or member acting in a managerial capacity or equivalent position, at least 60 days before such appointment or employment becomes effective, if the company:
(a) Has been licensed for less than 2 years.
(b) Has undergone a change in control within the preceding 2 years.
(c) Is operating under a cease and desist order.
The notification must include the name and such biographical information as the office may reasonably require.
(4) A licensed family trust company may not appoint an individual to the board of directors, add a member, or appoint or employ an officer or manager or member acting in a managerial capacity or equivalent, if the office issues a notice of disapproval with respect to that person.
(5) The office shall issue a notice of disapproval if the office finds that the proposed appointment or employment of a person would otherwise cause the licensed family trust company to violate any of the requirements set forth in s. 662.121(10)(b)-(d) or s. 662.1215(2)(a).
History.—s. 16, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.126 - Fidelity Bonds; Insurance.

662.126 Fidelity bonds; insurance.—
(1) The directors or managers of a licensed family trust company shall procure and maintain fidelity bonds on all active officers, directors, managers, members acting in a managerial capacity, and employees of the company, regardless of whether they receive a salary or other compensation from the company, in order to indemnify the company against loss because of a dishonest, fraudulent, or criminal act or omission on their part, whether acting alone or in combination with other persons.
(2) Each fidelity bond shall be issued in an amount of at least $1 million.
(3) In lieu of the fidelity bonds required under subsection (1), a licensed family trust company may increase its capital account required under s. 662.124 by $1 million so that if it has one designated relative, it is organized or operated with a capital account of at least $1.25 million, or if it has two designated relatives, it is organized or operated with a capital account of at least $1.35 million.
(4) The licensed family trust company shall also procure and maintain an errors and omissions insurance policy of at least $1 million in which it is listed as the insured to cover the acts and omissions of officers, directors, managers, and members acting in a managerial capacity, regardless of whether the person receives a salary or other compensation from the company.
(5) A family trust company or licensed family trust company may also procure and maintain other insurance policies necessary or desirable in connection with the business of the company, including, but not limited to, one or more casualty insurance policies.
(6) A family trust company that is not a licensed family trust company may procure and maintain fidelity bonds as described in this section.
(7) A family trust company that is not a licensed family trust company may procure and maintain errors and omissions insurance coverage as described in this section.
History.—s. 17, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.127 - Segregation of Books, Records, and Assets; Fiduciary Assets Not Liable.

662.127 Segregation of books, records, and assets; fiduciary assets not liable.—
(1) Each family trust company and licensed family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company and shall segregate all assets held in any fiduciary capacity from other assets of the company.
(2) Assets received or held in a fiduciary capacity by a family trust company or licensed family trust company are not subject to the debts or obligations of the company.
History.—s. 18, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.129 - Discontinuing Business.

662.129 Discontinuing business.—If a licensed family trust company desires to discontinue business as a licensed family trust company, it must file with the office a certified copy of the resolution of the board of directors, or members if a limited liability company, authorizing that action. Upon discharge from all fiduciary duties which it has undertaken, the licensed family trust company shall provide certification of such discharge and voluntarily relinquish its license to operate as a licensed family trust company to the office, whereupon it shall be released from any fidelity bonds that it maintained pursuant to s. 662.126(1).
History.—s. 20, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.130 - Powers of Family Trust Companies, Licensed Family Trust Companies, and Foreign Licensed Family Trust Companies.

662.130 Powers of family trust companies, licensed family trust companies, and foreign licensed family trust companies.—
(1) A family trust company or a licensed family trust company may, for its eligible members and individuals:
(a) Act as a sole or copersonal representative, executor, or curator for probate estates being administered in a state or jurisdiction other than this state.
(b) Act as an attorney in fact or agent under a power of attorney, other than a power of attorney governed by chapter 709.
(c) Except as provided in s. 662.131, act within or outside this state as a sole fiduciary or cofiduciary, including acting as a trustee, advisory agent, assignee, assignee for the benefit of creditors, authenticating agent, bailee, bond or indenture trustee, conservator, conversion agent, custodian, escrow agent, fiscal or paying agent, financial advisor, guardian, investment advisor or manager, managing agent, purchase agent, receiver, registrar, safekeeping or subscription agent, transfer agent, except for public companies, warrant agent, or similar capacities generally performed by corporate trustees, and in so acting possess, purchase, sell, invest, reinvest, safekeep, or otherwise manage or administer the real or personal property of eligible members and individuals.
(d) Exercise the powers of a corporation or limited liability company incorporated or organized under the laws of this state, or qualified to transact business as a foreign corporation or limited liability company under the laws of this state, which are reasonably necessary to enable it to fully exercise, in accordance with commonly accepted customs and usages, a power conferred under this chapter.
(e) Delegate duties and powers, including investment functions under s. 518.112, in accordance with the powers granted to a trustee under chapter 736 or other applicable law, and retain agents, attorneys, accountants, investment advisers, or other individuals or entities to advise or assist the family trust company, licensed family trust company, or foreign licensed family trust company in the exercise of its powers and duties under this chapter and chapter 736. Such exercise of power may include, but is not limited to, retaining a bank trust department, or a public trust company, other than another family trust company, licensed family trust company, or foreign licensed family trust company.
(f) Perform all acts necessary for exercising the powers enumerated in this section or authorized by this chapter and other applicable laws of this state.
(2) Except as otherwise provided in s. 662.131, a foreign licensed family trust company that is in good standing in its principal jurisdiction may exercise all the trust powers in this state that a Florida family trust company may exercise.
History.—s. 21, ch. 2014-97; s. 84, ch. 2015-2.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.131 - Prohibitions.

662.131 Prohibitions.—Notwithstanding any provision of this chapter, a family trust company, licensed family trust company, or foreign licensed family trust company may not:
(1) Engage in commercial banking; however, it may establish accounts at financial institutions for its own purposes or on behalf of family members to whom it provides services pursuant to this chapter.
(2) Engage in fiduciary services with the public unless licensed pursuant to chapter 658.
(3) Serve as a personal representative or a copersonal representative of a probate estate administered in this state.
(4) Serve as an attorney in fact or agent, including as a co-attorney in fact or co-agent, under a power of attorney pursuant to chapter 709.
History.—s. 22, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.133 - Oaths, Affidavits, and Acknowledgments.

662.133 Oaths, affidavits, and acknowledgments.—If a family trust company or licensed family trust company is required to make an oath, affirmation, affidavit, or acknowledgment regarding a fiduciary capacity in which it is acting or is preparing to act, a director or officer or, if the company is a limited liability company, a manager or officer expressly authorized by the family trust company or licensed family trust company, shall make and, if required, subscribe to such oath, affirmation, affidavit, or acknowledgment on behalf of the company.
History.—s. 24, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.134 - Unlawful to Advertise Services.

662.134 Unlawful to advertise services.—A family trust company, licensed family trust company, or foreign licensed family trust company may not advertise its services to the public.
History.—s. 25, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.135 - Service as Court-Appointed Fiduciary; Bond Requirement.

662.135 Service as court-appointed fiduciary; bond requirement.—A licensed family trust company is not required to provide or otherwise post a bond or other surety to serve as a court-appointed fiduciary in a proceeding brought or conducted in this state.
History.—s. 26, ch. 2014-97.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.142 - Revocation of License.

662.142 Revocation of license.—
(1) Any of the following acts constitute grounds for the revocation by the office of the license of a licensed family trust company:
(a) The company is not a family trust company as defined in this chapter.
(b) A violation of s. 662.1225, s. 662.123(1)(a), s. 662.125(2), s. 662.126, s. 662.127, s. 662.128, s. 662.130, s. 662.131, s. 662.134, or s. 662.144.
(c) A violation of chapter 896, relating to financial transactions offenses, or a similar state or federal law or related rule or regulation.
(d) A violation of any rule of the commission.
(e) A violation of any order of the office.
(f) A breach of any written agreement with the office.
(g) A prohibited act or practice under s. 662.131.
(h) A failure to provide information or documents to the office upon written request.
(i) An act of commission or omission that is judicially determined to be a breach of trust or fiduciary duty.
(2) If the office finds that a licensed family trust company has committed any of the acts specified in subsection (1), the office may enter an order suspending the company’s license and provide notice of its intention to revoke the license and of the opportunity for a hearing pursuant to ss. 120.569 and 120.57.
(3) If a hearing is not timely requested pursuant to ss. 120.569 and 120.57 or if a hearing is held and it has been determined that the licensed family trust company has committed any of the acts specified in subsection (1), the office may enter an order revoking the company’s license. A licensed family trust company has 90 days to wind up its affairs after license revocation. If after 90 days the company is still in operation, the office may seek an order from the circuit court for the annulment or dissolution of the company.
History.—s. 29, ch. 2014-97; s. 12, ch. 2016-35.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.144 - Failure to Submit Required Report; Fines.

662.144 Failure to submit required report; fines.—If a family trust company, licensed family trust company, or foreign licensed family trust company fails to submit within the prescribed period its annual renewal or any other report required by this chapter or any rule, the office may impose a fine of up to $100 for each day that the annual renewal or report is overdue. Failure to provide the annual renewal within 60 days after the end of the calendar year shall automatically result in termination of the registration of a family trust company or foreign licensed family trust company or revocation of the license of a licensed family trust company. A family trust company may have its registration or license automatically reinstated by submitting to the office, on or before August 31 of the calendar year in which the renewal application is due, the company’s annual renewal application and fee required under s. 662.128, a $500 late fee, and the amount of any fine imposed by the office under this section. A family trust company that fails to renew or reinstate its registration or license must wind up its affairs on or before November 30 of the calendar year in which such failure occurs. Fees and fines collected under this section shall be deposited into the Financial Institutions’ Regulatory Trust Fund pursuant to s. 655.049 for the purpose of administering this chapter.
History.—s. 31, ch. 2014-97; s. 14, ch. 2016-35.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.1465 - Family Trust Company Proceedings; Public Records Exemption.

662.1465 Family trust company proceedings; public records exemption.—
(1) In proceedings under chapter 736 or chapter 738 in which a family trust company, licensed family trust company, or foreign licensed family trust company is a party, upon written notice from any party to the clerk that this section is applicable, the clerk shall keep all court records of that case separate from other records of the court and not open to inspection by the public. Upon receipt of such written notice, court records of that case are confidential and exempt from s. 119.07 and s. 24(a), Art. I of the State Constitution and must be protected. For the purposes of this section, the term “court records” means the docket and all filings and other records of a case.
(2) Notwithstanding subsection (1), court records may be inspected upon order of the court by persons deemed by the court to have a specific interest in the trust, a transaction relating to the trust, or an asset held or previously held by the trust and where the court determines there is a compelling need for releasing the information requested. In granting a right to any person to inspect court records, the court may limit access to such information as the court deems necessary and may place any reasonable restriction on further distribution of such information by such person.
(3) Notwithstanding subsection (1), the clerk shall make court records available to the following individuals:
(a) The settlor.
(b) Any fiduciary for the trust, including a trustee or trust director.
(c) Any beneficiary of the trust.
(d) An attorney for the settlor, a fiduciary, or a beneficiary of the trust.
History.—s. 1, ch. 2022-211.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.147 - Records Relating to the Office Examination; Limited Restrictions on Public Access.

662.147 Records relating to the office examination; limited restrictions on public access.—
(1) A family trust company, licensed family trust company, or foreign licensed family trust company shall keep at the office it is required to maintain pursuant to s. 662.1225 full and complete records of the names and residences of all the shareholders or members of the trust company and the number of shares or membership units held by each, as applicable, as well as the ownership percentage of each shareholder or member, as the case may be. The records are subject to the inspection of all the shareholders or members of the trust company, and the officers authorized to assess taxes under state authority, during the normal business hours of the trust company. A current list of shareholders or members shall be made available to the office’s examiners for their inspection and, upon the request of the office, shall be submitted to the office.
(2) The office shall retain for at least 10 years:
(a) Examination reports.
(b) Investigatory records.
(c) The application for a license, any documents connected with the application, and the office’s corresponding investigation in granting or denying the issuance of the license.
(d) The initial registration documents of a family trust company or foreign licensed family trust company.
(e) The annual renewal made by a family trust company, licensed family trust company, or foreign licensed family trust company.
(f) The documentation submitted to the office in connection with a licensed family trust company discontinuing its business and any related information compiled by the office, or photographic copies thereof.
(3) A copy of any document on file with the office which is certified by the office as being a true copy may be introduced in evidence as if it were the original. The office shall establish a schedule of fees for preparing true copies of documents.
(4) Orders issued by courts or administrative law judges for the production of confidential records or information must provide for inspection in camera by the court or the administrative law judge. If the court or administrative law judge determines that the documents requested are relevant or would likely lead to the discovery of admissible evidence, the documents shall be subject to further orders by the court or the administrative law judge to protect the confidentiality thereof. An order directing the release of information shall be immediately reviewable, and a petition by the office for review of the order shall automatically stay any further proceedings in the trial court or the administrative hearing until the disposition of the petition by the reviewing court. If any other party files a petition for review, it will operate as a stay of the proceedings only upon order of the reviewing court.
History.—s. 34, ch. 2014-97; s. 87, ch. 2015-2.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.150 - Domestication of a Foreign Family Trust Company.

662.150 Domestication of a foreign family trust company.—
(1) A foreign family trust company lawfully organized and currently in good standing with the state regulatory agency in the jurisdiction where it is organized may become domesticated in this state by:
(a) Filing with the Department of State articles of domestication and articles of incorporation in accordance with and subject to s. 607.11922 or by filing articles of conversion in accordance with s. 605.1045 or s. 607.11933; and
(b) Filing an application for a license to begin operations as a licensed family trust company in accordance with s. 662.121, which must first be approved by the office, or by filing the prescribed form with the office to register as a family trust company to begin operations in accordance with s. 662.122.
(2) A foreign family trust company may apply pursuant to paragraph (1)(b) before satisfying the requirements of paragraph (1)(a); however, upon receipt of a certificate of authority, the company must satisfy the requirements of paragraph (1)(a) before beginning operations.
History.—s. 35, ch. 2014-97; s. 16, ch. 2016-35; s. 285, ch. 2019-90.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 662 - Family Trust Companies › 662.151 - Registration of a Foreign Licensed Family Trust Company to Operate in This State.

662.151 Registration of a foreign licensed family trust company to operate in this state.—A foreign licensed family trust company lawfully organized and currently in good standing with the state regulatory agency in the jurisdiction under the law of which it is organized may qualify to begin operations in this state by:
(1) Filing an application with the Department of State to apply for a certificate of authority in accordance with and subject to s. 605.0902 or s. 607.1503.
(2) Filing an initial registration to begin operations as a foreign licensed family trust company in accordance with and subject to s. 662.122 and subject to the sections of this chapter which specifically state that they apply to a foreign licensed family trust company.
History.—s. 36, ch. 2014-97; s. 17, ch. 2016-35.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.001 - Purpose.

663.001 Purpose.—The purpose of this part is to establish a legal and regulatory framework for the conduct by international banking corporations of financial services business in this state. This part is intended to:
(1) Support the Florida operations of international banking corporations and promote the growth of international financial services to benefit the economy and consumers in this state.
(2) Provide for appropriate supervision and regulatory oversight to ensure that financial services activities of international banking corporations in this state are conducted responsibly and in a safe and sound manner.
History.—s. 3, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.02 - Applicability of the financial institutions codes.

663.02 Applicability of the financial institutions codes.—
(1) International banking corporations having offices in this state are subject to all the provisions of the financial institutions codes as though such corporations were state banks, except where it may appear, from the context or otherwise, that such provisions are clearly applicable only to banks 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 banks or trust companies: s. 655.031, relating to administrative enforcement guidelines; s. 655.032, relating to investigations, subpoenas, hearings, and witnesses; s. 655.0321, relating to hearings, proceedings, and related documents and restricted access thereto; s. 655.033, relating to cease and desist orders; s. 655.037, relating to removal by the office of an officer, director, committee member, employee, or other person; s. 655.041, relating to administrative fines and enforcement; s. 655.50, relating to the control of money laundering and terrorist financing; and any law for which the penalty is increased under s. 775.31 for facilitating or furthering terrorism. International banking corporations do not have the powers conferred on domestic banks by s. 658.60, relating to deposits of public funds. Chapter 687, relating to interest and usury, applies to all bank loans.
(2) Neither an international bank agency nor an international branch shall have any greater right under, or by virtue of, this section than is granted to banks organized under the laws of this state. Legal and financial terms used herein shall be deemed to refer to equivalent terms used by the country in which the international banking corporation is organized. This chapter and the financial institutions codes may not be construed to authorize any international banking corporation to conduct trust business, as defined in s. 658.12, from an office in this state except for those activities specifically authorized by s. 663.061(5).
History.—s. 1, ch. 77-157; ss. 83, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 4, ch. 83-129; s. 21, ch. 89-229; s. 1, ch. 91-307; ss. 1, 3, 151, ch. 92-303; s. 414, ch. 96-406; s. 5, ch. 97-109; s. 15, ch. 2001-64; s. 1815, ch. 2003-261; s. 130, ch. 2005-2; s. 3, ch. 2010-9; s. 25, ch. 2014-91; s. 5, ch. 2017-83.
Note.—Former s. 659.67(2).
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.021 - Civil action subpoena enforcement.

663.021 Civil action subpoena enforcement.—
(1) Notwithstanding s. 655.059, an international representative office, international bank agency, international branch, or international administrative office established under this chapter is not required to produce a book or record pertaining to a deposit account, investment account, or loan of a customer of the international banking corporation’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 banking corporation’s office, agency, or branch 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. 7, ch. 2015-64; s. 6, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.03 - Applicability of the Florida Business Corporation Act.

663.03 Applicability of the Florida Business Corporation Act.—Notwithstanding s. 607.01401(36), the provisions of part I of chapter 607 not in conflict with the financial institutions codes which relate to foreign corporations apply to all international banking corporations and their offices doing business in this state.
History.—s. 1, ch. 77-157; ss. 84, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 59, ch. 87-226; s. 184, ch. 90-179; s. 1, ch. 91-307; ss. 1, 152, ch. 92-303; s. 64, ch. 2014-209; s. 291, ch. 2019-90.
Note.—Former s. 659.67(3).
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.04 - Requirements for carrying on financial institution business.

663.04 Requirements for carrying on financial institution business.—An international banking corporation or any affiliate, subsidiary, or other person or business entity acting as an agent for, on behalf of, or for the benefit of such international banking corporation who engages in such activities from an office located in this state, may not transact a banking or trust business, or maintain in this state any office for carrying on such business, or any part thereof, unless such corporation, affiliate, subsidiary, person, or business entity:
(1) Has been authorized by its charter to carry on a banking or trust business and has complied with the laws of the jurisdiction in which it is chartered.
(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. 663.055 and the rules adopted thereunder and is not imminently insolvent or insolvent, as those terms are defined in 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, regulatory, or supervisory authority of the jurisdiction of its incorporation 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 branch, international bank agency, international administrative office, or international representative office to remain open and in operation pursuant to s. 663.11(1)(b).
History.—s. 1, ch. 77-157; ss. 85, 151, 152, ch. 80-260; ss. 2, 4, ch. 81-156; ss. 2, 3, ch. 81-318; s. 5, ch. 83-129; s. 3, ch. 83-265; s. 1, ch. 91-307; ss. 1, 153, ch. 92-303; s. 1816, ch. 2003-261; s. 4, ch. 2010-9; s. 65, ch. 2014-209; s. 7, ch. 2017-83.
Note.—Former s. 659.67(4).
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.055 - Capital requirements.

663.055 Capital requirements.—
(1) To qualify for a license under this part, the proposed capitalization of the international banking corporation must be in such amount as the office determines is necessary, taking into consideration the risk profile of the international banking corporation and the ability of the international banking corporation to operate a licensed office in a safe and sound manner. In making this determination, the office must consider the financial resources of the international banking corporation, including:
(a) The international banking corporation’s current and projected capital position, profitability, level of indebtedness, and business and strategic plans;
(b) The financial condition of any of the international banking corporation’s existing offices located in the United States;
(c) The minimum capital requirements of the international banking corporation’s home-country jurisdiction; and
(d) The capital ratio standards used in the United States and in the international banking corporation’s home-country jurisdiction.
(2) The proposed capitalization of the international banking corporation must be in such amount as the office deems adequate, but in no case may the total capital accounts of the international banking corporation be less than the minimum required under s. 658.21(2) to establish a state bank.
(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 banking system in this state.
(4) For the purpose of this part, the capital accounts of and capital ratio standards for an international banking corporation must be determined in accordance with rules adopted by the commission. In adopting such rules, the commission shall consider similar rules adopted by bank regulatory agencies in the United States and the need to provide reasonably consistent regulatory requirements for international banking corporations doing business in this state, as well as capital adequacy standards of an international banking corporation’s home-country jurisdiction.
History.—s. 155, ch. 92-303; s. 1818, ch. 2003-261; s. 6, ch. 2010-9; s. 9, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.06 - Licenses; permissible activities.

663.06 Licenses; permissible activities.—
(1)(a) An international banking corporation 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 banking corporation 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 of the office.
(d) Every such license must be, at all times, conspicuously displayed in the place of business specified therein.
(2) An international banking corporation which proposes to terminate the operations of a licensed office in this state shall surrender the license to the office and comply with such procedures as the commission may prescribe by rule.
(3) The license for any international banking corporation office in this state may be suspended or revoked by the office, with or without examination, upon its determination that the international banking corporation 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 bank agency, international branch, international representative office, or international administrative office may be suspended or revoked.
(4) In the event any such license is surrendered by the international banking corporation or is suspended or revoked by the office, all rights and privileges of the international banking corporation to transact the business thus licensed shall cease. The commission shall, by rule, prescribe procedures for the surrender of a license and for the orderly cessation of business by an international banking corporation in a manner which is not harmful to the interests of its customers or of the public.
(5) In addition to the activities in which it is expressly permitted to engage:
(a) An international branch may engage in any activities permissible for an international bank agency.
(b) An international bank agency may engage in any activities permissible for an international administrative office.
(c) An international administrative office may engage in any activities permissible for an international representative office.
History.—s. 1, ch. 77-157; s. 1, ch. 79-145; ss. 87, 151, 152, ch. 80-260; ss. 3, 4, ch. 81-156; s. 466, ch. 81-259; ss. 2, 3, ch. 81-318; ss. 24, 46, ch. 82-214; s. 6, ch. 83-129; s. 3, ch. 83-265; ss. 42, 58, ch. 85-82; s. 35, ch. 88-201; s. 16, ch. 91-110; s. 1, ch. 91-307; ss. 1, 156, ch. 92-303; s. 13, ch. 97-30; s. 1819, ch. 2003-261; s. 7, ch. 2010-9; s. 10, ch. 2017-83.
Note.—Former s. 659.67(6).
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.0601 - After-the-fact licensure process in the event of the acquisition, merger, or consolidation of international banking corporations.

663.0601 After-the-fact licensure process in the event of the acquisition, merger, or consolidation of international banking corporations.—If an international banking corporation proposes to acquire, merge, or consolidate with an international banking corporation that presently operates an international branch, international bank agency, international administrative office, or international representative office licensed in this state, the office may authorize the currently licensed international branch, international bank agency, international administrative office, or international representative office to remain open and in operation after consummation of the proposed acquisition, merger, or consolidation, if the acquiring international banking corporation files an after-the-fact application and all of the following conditions are met:
(1) The international banking corporation or corporations 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 banking corporation currently licensed to operate an international branch, international bank agency, international administrative office, or international 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 banking corporation commits in writing that it will either:
(a) Comply with the conditions in subsections (1) and (2) and file an after-the-fact application for a license under s. 663.05(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 branch, international bank agency, international administrative office, or international representative office in this state if the international banking corporations 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. 11, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.062 - International representative offices; permissible activities.

663.062 International representative offices; permissible activities.—An international representative office may promote or assist the deposit-taking, lending, or other financial or banking activities of an international banking corporation. An international representative office may serve as a liaison in Florida between an international banking corporation and its existing and potential customers. Representatives and employees based at such office may solicit business for the international banking corporation and its subsidiaries and affiliates, provide information to customers concerning their accounts, answer questions, receive applications for extensions of credit and other banking services, transmit documents on behalf of customers, and make arrangements for customers to transact business on their accounts, but a representative office may not conduct any banking or trust business in this state. An international representative office of an international banking corporation that has fiduciary powers may engage in the international trust representative office activities enumerated in s. 663.409.
History.—s. 158, ch. 92-303; s. 9, ch. 2010-9; s. 13, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.063 - International administrative offices.

663.063 International administrative offices.—
(1) Subject to the provisions of this part, any international banking corporation may establish offices in this state for the purposes of:
(a) Administering personnel and operations;
(b) Engaging in data processing or recordkeeping activities; and
(c) Negotiating, approving, or servicing loans or extensions of credit and investments.
(2) An office established pursuant to this section may engage only in those activities set forth in subsection (1) and the activities permissible for an international representative office pursuant to s. 663.062.
History.—s. 10, ch. 83-129; s. 1, ch. 91-307; ss. 1, 159, ch. 92-303; s. 14, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.064 - International branches; permissible activities; requirements.

663.064 International branches; permissible activities; requirements.—
(1) An international banking corporation that meets the requirements of ss. 658.26, 663.04, and 663.05 may, with the approval of the office, establish one or more branches in this state. The operations of an international branch shall be conducted pursuant to requirements determined by the office as necessary to ensure compliance with the provisions of the financial institutions codes, including requirements for the maintenance of accounts and records separate from those of the international banking corporation of which it is a branch.
(2) An international branch has the same rights and privileges as a federally licensed international branch. The permissible deposits of an international branch must be determined in accordance with rules adopted by the commission. In adopting such rules, the commission shall consider the similar deposit-taking authority of a federally licensed international branch and the need to provide reasonably consistent regulatory requirements for international banking corporations doing business in this state.
(3) An international branch licensed by the office may engage in any activity permissible for an international bank agency, international administrative office, or international representative office.
History.—s. 160, ch. 92-303; s. 1821, ch. 2003-261; s. 11, ch. 2010-9; s. 15, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.065 - State-chartered investment companies; formation; permissible activities; restrictions.

663.065 State-chartered investment companies; formation; permissible activities; restrictions.—
(1) With the approval of the office, a Florida corporation may be formed for the purpose of engaging in international banking, lending, and other financial activities. A state-chartered investment company established pursuant to this section shall engage directly in only those activities permissible for an Edge Act corporation organized under s. 25(a) of the Federal Reserve Act, as amended.
(2) Subject to the prior approval of the office and to such limitations as the commission prescribes by rule, a state-chartered investment company may invest in the shares of and may own or control an Edge Act corporation or an international banking corporation and may establish and operate branches, representative offices, and similar banking facilities in foreign countries.
(3) An application for approval to organize a state-chartered investment company shall be subject to the provisions of chapter 658 relating to the organization of de novo financial institutions and to rules adopted by the commission as necessary to ensure that the proposed state-chartered investment company will be operated in a safe and lawful manner, except that the applicant is not required to become a member of the Federal Reserve System or the Federal Deposit Insurance Corporation. State-chartered investment companies shall be subject to the examination and supervision of the office and are subject to the financial institutions codes to the same extent as international banking corporations pursuant to s. 663.02.
History.—s. 161, ch. 92-303; s. 1822, ch. 2003-261; s. 12, ch. 2010-9.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.08 - Certification of capital accounts.

663.08 Certification of capital accounts.—Before opening an office in this state, and annually thereafter so long as a bank office is maintained in this state, an international banking corporation licensed pursuant to ss. 663.01-663.14 shall certify to the office the amount of its capital accounts, expressed in the currency of the jurisdiction of its incorporation. The dollar equivalent of these amounts, as determined by the office, shall be 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. 1, ch. 77-157; ss. 89, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 8, ch. 83-129; s. 1, ch. 91-307; ss. 1, 164, ch. 92-303; s. 1824, ch. 2003-261; s. 6, ch. 2015-64.
Note.—Former s. 659.67(8).
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.083 - Lending limits.

663.083 Lending limits.—
(1) The commission shall by rule prescribe the limits of drafts or bills of exchange which an international bank agency or branch may accept relative to the capital accounts of the international banking corporation. These limits shall take into account all transactions which are included and excluded in computing the lending limit for acceptances of a federal agency in the case of an international bank agency, or a federal branch in the case of an international branch, licensed under federal banking law.
(2) The provisions of ss. 658.48 and 658.67, except to the extent they are inconsistent with s. 663.06 or this section, shall apply to the loans and investments made by any international bank agencies or international branches of the international banking corporation; as used in those sections with respect to an international banking corporation and its international bank agencies or international branches, the term “capital accounts” shall refer to the capital accounts of the international banking corporation, and, except when used with reference to “capital accounts,” the term “bank” shall refer to the international bank agencies and international branches of the international banking corporation which are licensed in this state.
(3) Any limitation in this section based on the capital accounts of an international banking corporation shall refer, with respect to an international bank agency or international branch in this state, to the dollar equivalent of the capital accounts of the international banking corporation, as determined by the office. If the international banking corporation has more than one international bank agency or international branch in this state, the business transacted by all such agencies or branches shall be aggregated in determining compliance with a limitation or restriction in this section.
History.—s. 9, ch. 83-129; s. 1, ch. 91-307; ss. 1, 165, ch. 92-303; s. 1825, ch. 2003-261.