reglab/statecodes huggingface dataset:
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.10 - Conversion of license.

663.10 Conversion of license.—
(1) An international banking corporation desiring to convert its existing federal agency or federal branch or Edge Act corporation into an international bank agency or international branch, or an Edge Act corporation which desires to convert to a state-chartered investment company shall submit to the office an application, on a form adopted by the commission and provided by the office, accompanied by a filing fee as prescribed by s. 663.12. An examination and investigation may be conducted to the extent determined necessary by the office. The cost of any such examination shall be paid by the applicant.
(2) Nothing in the laws of this state shall restrict the right of a state-licensed international branch agency, international branch, or international representative office or a state-chartered investment company to convert to a federal license or charter upon compliance with the laws of the United States. Upon completion of any such conversion, the state license shall be surrendered to the office.
(3) An international banking corporation desiring to convert any existing international banking office to an international banking office of a different type shall submit to the office an application on a form adopted by the commission and provided by the office which shall be accompanied by all of the information and documents that are required of applicants for a license of the type being sought together with the filing fee required by s. 663.12.
(4) An international banking corporation desiring to convert any federal agency, federal branch, or Edge Act corporation into an international banking office operating under provisions of this part shall meet the minimum criteria of the state-chartered form into which it is converting.
History.—ss. 91, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 167, ch. 92-303; s. 1827, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.13 - Rules; exemption from statement of estimated regulatory costs requirements.

663.13 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 banking corporations under this part, in the interest of protecting depositors, creditors, borrowers, or the public interest and in the interest of maintaining a sound banking system in this state. Because of the difficulty in obtaining economic data with regard to such banks, no statement of estimated regulatory costs shall be required in connection with these rules.
History.—s. 1, ch. 77-157; s. 257, ch. 79-400; ss. 94, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 170, ch. 92-303; s. 293, ch. 96-410; s. 1830, ch. 2003-261.
Note.—Former s. 659.67(12).
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.14 - Foreign travel expenses.

663.14 Foreign travel expenses.—If domestic or foreign travel is deemed necessary by the office to effectuate the purposes of this part, representatives of the office shall be reimbursed for actual, reasonable, and necessary expenses incurred in such domestic or foreign travel.
History.—ss. 95, 152, ch. 80-260; ss. 2, 3, ch. 81-318; ss. 26, 46, ch. 82-214; s. 1, ch. 91-307; ss. 1, 171, ch. 92-303; s. 17, ch. 2001-64; s. 1831, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.173 - Qualified financial contract; net obligation and net entitlement.

663.173 Qualified financial contract; net obligation and net entitlement.—A party to a qualified financial contract with an international banking corporation, possession of which has been taken by the office pursuant to s. 663.17, which party has a perfected security interest in collateral or other valid lien or security interest in collateral enforceable against third parties pursuant to a security arrangement related to such qualified financial contract, may retain all such collateral and, upon repudiation or termination of such qualified financial contract in accordance with the terms of the contract, may apply such collateral in satisfaction of any claims secured by the collateral provided the total amount so applied to such claims shall in no event exceed the global net payment obligation, if any.
History.—s. 4, ch. 97-109; s. 1836, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.176 - Liquidation; notice of possession.

663.176 Liquidation; notice of possession.—When the office has taken possession of an international banking corporation and has determined to liquidate the corporation’s affairs, the office shall notify all persons who may have claims against the corporation to present such claims to the office and make proper proof of such claims within 4 months after the date of such notice and at a place specified in the notice; provided, if the office finds that a shorter period than 4 months will afford a reasonable time for presenting claims and making proof of such claims, the office may specify such shorter period which shall in no event be less than 30 days. In any event, the office shall specify in such notice the last day for processing claims and for making proof of such claims. The office shall cause such notice to be mailed to all persons whose names appear as creditors upon the books of the corporation. Such notice to persons appearing as depositors shall be mailed to the address appearing upon the deposit records or ledger of the corporation. The office shall also cause such notice to be published biweekly in such newspaper or newspapers as the office may direct in the county where the principal office of the corporation in the state is located and, in the office’s discretion, elsewhere for publication 3 consecutive months, the first to be published more than 90 days before the last day fixed in such notice for presenting proof of claims. However, if the notice requires claims to be presented within less than 4 months, the office shall cause such notice to be published weekly in such newspaper or newspapers as the office may direct for 3 consecutive weeks, the first publication to be published more than 21 days before the last day fixed in such notice for presenting claims. Such notice shall specify that all persons having claims for priority of payment shall make demand in writing for priority in the proof of their claims. The office shall have no power to accept any claim presented after the date specified in such notice as the last date for presenting claims.
History.—s. 4, ch. 97-109; s. 1839, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.18 - Fees.

663.18 Fees.—The office is not required to pay any fee to any clerk, sheriff, register, or other public officer for entering, filing, docketing, registering, recording, executing, or issuing a copy, transcript, extract, or certificate of, or authenticating or exemplifying, any paper, record, or instrument pertaining to the exercise by the office of any powers conferred or duties imposed upon the office by the provisions of this part, whether or not such paper, record, or instrument is executed by the office and whether or not it is connected with an action. The term “action” is construed as including a special proceeding in any action.
History.—s. 4, ch. 97-109; s. 1842, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part I - International Banking Corporations (Ss. 663.001-663.181) › 663.181 - Manner and time within which taking possession may be tested.

663.181 Manner and time within which taking possession may be tested.—At any time within 10 days after the office has taken possession of the property and business of an international banking corporation, such corporation may apply to a court of competent jurisdiction in the county in which its principal office is located in this state for an order requiring the office to show cause why the office should not be enjoined from continuing such possession. The court may, upon good cause shown, direct the office to refrain from such proceedings and to surrender such possession.
History.—s. 4, ch. 97-109; s. 1843, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.301 - Definitions.

663.301 Definitions.—
(1) As used in this part:
(a) “International development bank” means a corporation established for the purpose of promoting development in foreign countries by directly or indirectly making funding available to foreign business enterprises or foreign governments or by providing financing in connection with import-export transactions. Subject to the limitations contained in s. 663.313, an international development bank may be organized under chapter 617 as a corporation not for profit or under part I of chapter 607 as a corporation for profit.
(b) “Foreign business enterprise” means any public or private enterprise engaged in commerce, industry, or agriculture in a foreign country, at least 75 percent of the employees of which are employed outside the United States.
(c) “Regional development bank” means a for-profit banking institution:
1. Which is listed in the International Monetary Fund’s Directory of Regional Economic Organizations and Intergovernmental Commodity and Development Organizations;
2. Which is otherwise afforded special privileges, including favorable tax treatment, under the laws of the jurisdiction in which it is organized;
3. Which has as its principal objective the extending of credit for international development purposes including short-term financial transactions; and
4. Which has at least 50 percent of its shares of voting stock owned by central banks or other government-owned financial institutions from at least five foreign countries and one or more financing affiliates of the International Bank for Reconstruction and Development, or which satisfies such other ownership requirements as the commission may specify by rule. When adopting any such rule, the commission shall take into account the objective of ensuring the multinational control of international development banks.
(2) Terms used but not defined in this chapter, but which are expressly defined in chapters 655, 658, and part I of this chapter shall in this part, unless the context otherwise requires, have the meanings assigned to them in said chapters.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1844, ch. 2003-261; s. 66, ch. 2014-209.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.302 - Applicability of state banking laws.

663.302 Applicability of state banking laws.—
(1)(a) International development banks shall be subject to the following provisions of chapter 655 as though such international development banks were state banks:
1. Section 655.005, relating to definitions.
2. Section 655.012, relating to general supervisory powers of the office.
3. Section 655.016, relating to liability.
4. Section 655.031, relating to administrative enforcement guidelines.
5. Section 655.032, relating to investigations; etc.
6. Section 655.0321, relating to hearings and proceedings.
7. Section 655.033, relating to cease and desist orders.
8. Section 655.034, relating to injunctions.
9. Section 655.037, relating to removal of financial institution-affiliated party.
10. Section 655.041, relating to administrative fines.
11. Section 655.043, relating to articles of incorporation.
12. Section 655.044, relating to accounting practices.
13. Section 655.045, relating to examinations, reports, and internal audits.
14. Section 655.049, relating to deposit of fees and assessments.
15. Section 655.057, relating to records.
16. Section 655.071, relating to international banking facilities.
17. Section 655.50, relating to reports of transactions involving currency.
(b) In addition, except as otherwise specifically provided in this part, international development banks shall be subject to the following provisions of chapter 658 as though such international development banks were state banks:
1. Section 658.32, relating to annual shareholders meetings.
2. Section 658.39, relating to stockholder examination of records.
3. Section 658.79, relating to insolvency.
(2) International development banks shall have no greater rights and powers under, or by virtue of, this section than are specifically granted to such international development banks under this part.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; ss. 1, 172, ch. 92-303; s. 1845, ch. 2003-261; s. 9, ch. 2015-64.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.303 - Creation of an international development bank.

663.303 Creation of an international development bank.—When authorized by the office as provided herein, a corporation may be formed under the laws of this state for the purpose of becoming an international development bank and engaging in activities authorized by this part.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1846, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.304 - Application for authority to organize an international development bank.

663.304 Application for authority to organize an international development bank.—
(1) A written application for authority to organize an international development bank shall be filed with the office by the proposed incorporator and shall include:
(a) The name, residence, and occupation of each incorporator and proposed director.
(b) The total initial capital and the number of shares of capital stock to be authorized.
(c) The location, by street and post office address and county, of the principal office of the proposed international development bank.
(d) If known, the name and residence of the proposed president and the proposed chief executive officer, if other than the proposed president.
(e) Such detailed financial, business, and biographical information as the commission or office may reasonably require for each proposed director and for the proposed president and the proposed chief executive officer, if other than the president.
(2) The application shall be in such form as adopted by the commission and shall contain such additional information as the commission or office may require and shall be accompanied by a nonrefundable filing fee of $2,500.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1847, ch. 2003-261; s. 22, ch. 2004-340; s. 105, ch. 2004-390.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.305 - Investigation by the office.

663.305 Investigation by the office.—Upon the filing of an application, the office shall make an investigation of such matters as it may deem appropriate, including the character, reputation, financial standing, business experience, and business qualifications of the proposed officers and directors.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1848, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.306 - Decision by office.

663.306 Decision by office.—The office may, in its discretion, approve or disapprove the application, but it shall not approve the application unless it finds that:
(1) International business in this state will be promoted by the establishment of the proposed international development bank.
(2) The proposed capital structure is adequate, but in no case may the paid-in capital stock be:
(a) Less than $400,000 in the case of an international development bank organized under chapter 617 as a corporation not for profit; or
(b) The amount required for a state bank in the case of an international development bank organized under part I of chapter 607 as a corporation for profit.
The office may disallow any illegally obtained currency, monetary instruments, funds, or other financial resources from the capitalization requirements of this section.
(3) The proposed officers and directors have sufficient experience, ability, standing, and reputation to indicate reasonable promise of successful operation and none of the proposed officers or directors have been convicted of, or pled guilty or nolo contendere to, a violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial transactions; or similar state or federal law.
(4) Provision has been made for suitable quarters at the location designated in the application.
History.—ss. 1, 5, ch. 86-82; s. 39, ch. 87-99; s. 2, ch. 89-110; s. 9, ch. 90-51; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1849, ch. 2003-261; s. 28, ch. 2014-91; s. 67, ch. 2014-209.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.307 - Name.

663.307 Name.—
(1) The name of every international development bank shall include the words “Development Bank.” The use of the words “National,” “Federal,” “United States,” “Insured,” or “Guaranteed,” separately or in any combination thereof with other words or syllables, is prohibited as part of the corporate name of an international development bank unless authorized by federal law.
(2) Unless it is lawfully authorized to do business in this state under the provisions of this part and actually is engaged in carrying on a development banking business, no person, firm, company, association, fiduciary, partnership, or corporation, either domestic or foreign, shall do business under any name or title which contains the words “Development Bank”; use any name or sign or circulate or use any letterhead, billhead, circular, or paper whatever; or advertise or represent in any manner which indicates or reasonably implies that its business is the character or kind of business carried on or transacted by an international development bank or which is likely to lead any person to believe that its business is that of an international development bank. Any person who violates any provision of this subsection shall be punished by a fine of not more than $5,000, per day, or part thereof, during which such violation continues and shall be subject to such other penalties as may be provided by law.
History.—ss. 1, 5, ch. 86-82; s. 3, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.308 - Place of transacting business; branches.

663.308 Place of transacting business; branches.—
(1) An international development bank operating pursuant to this part shall have one principal place of doing business.
(2) An international development bank may establish branches in foreign countries with the approval of the appropriate governmental authorities in such foreign countries. An international development bank shall give the office written notice of its intention to establish a branch in a foreign country at least 30 days prior to the establishment of such branch.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1850, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.309 - Permissible activities; prohibited activities.

663.309 Permissible activities; prohibited activities.—
(1) An international development bank shall have the authority:
(a) To make loans or otherwise extend credit to foreign business enterprises and foreign governments and to issue and confirm letters of credit, create bankers acceptances, and provide guarantees for the purpose of providing financing to foreign business enterprises and foreign governments;
(b) To provide financing in connection with import-export transactions to the extent permissible for an Edge Act corporation organized under s. 25(a) of the Federal Reserve Act, as amended, 12 U.S.C. ss. 611-632;
(c) To invest funds as provided in s. 663.315;
(d) To borrow funds as provided in s. 663.316;
(e) To take deposits from financial institutions, foreign not-for-profit foundations, foreign business enterprises, and organizations which qualify under s. 501(c) of the Internal Revenue Code and which had at the end of their last fiscal year no less than $10 million in assets;
(f) To maintain for the account of others credit balances necessarily incidental to, or arising out of, the exercise of its lawful powers. Such credit balances may be disbursed by check or draft; however, the commission shall by rule provide appropriate limitations upon such disbursements to ensure that credit balances are not functionally equivalent to demand deposits;
(g) To exercise such other incidental powers as shall be reasonably necessary to carry out the authority granted in this part.
(2) An international development bank shall not:
(a) Take deposits except as provided in this section;
(b) Offer deposit accounts other than those permitted to be offered by an international bank agency;
(c) Exercise trust or fiduciary powers;
(d) Offer credit cards;
(e) Establish or use remote financial service units; or
(f) Serve as a depository of public moneys or be employed as a financial agent of the state.
History.—ss. 1, 5, ch. 86-82; s. 4, ch. 89-110; s. 1, ch. 91-307; ss. 1, 173, ch. 92-303; s. 1851, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.310 - Directors.

663.310 Directors.—The board of directors of an international development bank shall consist of not less than five directors who are elected, unless appointed to fill a vacancy, at the annual meeting of shareholders or at a special meeting. However, if so authorized by the articles of incorporation, a majority of the full board of directors may, at any time of the year following the annual meeting of shareholders in which such action has been authorized, increase the number of directors of such international development bank by not more than two and appoint persons to fill the resulting vacancies. Directors may be citizens of the United States or of foreign countries and need not be residents of this state.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.311 - Shares of stock.

663.311 Shares of stock.—
(1) An international development bank shall issue capital stock with par value of not more than $1 per share.
(2) No international development bank shall issue any shares of capital stock before they are fully paid.
(3) With the approval of the office, an international development bank may issue less than all of the number of shares of capital stock authorized by its articles of incorporation; provided that such authorized but unissued shares may be issued only to increase the capital of the international development bank with the approval of the office.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1852, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.312 - Changes in capital.

663.312 Changes in capital.—
(1) No international development bank shall reduce its outstanding capital stock without first obtaining the approval of the office, and such approval shall be withheld if the reduction would cause the outstanding capital stock to be less than the minimum required pursuant to s. 663.306(2) or if the reduction would cause the international development bank’s capital accounts to be less than the minimum required by s. 663.316(2).
(2) An international development bank may, with the approval of the office, provide for an increase in its capital.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1853, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.313 - Ownership of stock.

663.313 Ownership of stock.—
(1) At least a majority of the shares of stock of an international development bank organized under chapter 617 as a corporation not for profit shall be owned by one or more domestic or foreign not-for-profit entities.
(2) Subject to the limitations contained in subsections (1) and (3), shares of stock of an international development bank organized under chapter 617 as a corporation not for profit may be owned by domestic or foreign international for-profit business entities.
(3) A for-profit business entity shall not own more than 10 percent of the shares of stock of an international development bank organized under chapter 617 as a corporation not for profit.
(4) All of the shares of voting stock of an international development bank organized under part I of chapter 607 as a corporation for profit shall be owned by a regional development bank or by one or more wholly owned subsidiaries of a regional development bank.
History.—ss. 1, 5, ch. 86-82; s. 5, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 68, ch. 2014-209.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.314 - Lending limits.

663.314 Lending limits.—
(1) An international development bank shall be subject to the provisions of s. 658.48, relating to loans, in the same manner and to the same extent as a state bank.
(2) Notwithstanding the provisions of subsection (1), an international development bank organized under chapter 617 as a corporation not for profit may extend credit to a single borrower in any amount up to 20 percent of its capital accounts for loans and lines of credit, or any portions thereof, which are unsecured and in any amount up to 100 percent of its capital account for loans and lines of credit all components of which are amply and entirely secured.
History.—ss. 1, 5, ch. 86-82; s. 6, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.315 - Investment limits.

663.315 Investment limits.—An international development bank shall be subject to the provisions of s. 658.67, relating to investments, in the same manner and to the same extent as a state bank.
History.—ss. 1, 5, ch. 86-82; s. 1, ch. 91-307; s. 1, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.316 - Borrowing; capital accounts.

663.316 Borrowing; capital accounts.—
(1) An international development bank may borrow money and issue evidences of indebtedness in connection therewith.
(2) An international development bank shall have capital accounts in an amount equal to not less than 8 percent of its aggregate deposits. However, the commission by rule may increase the required amount of capital accounts to not more than 10 percent of such aggregate deposits. When adopting any such rule, the commission shall take into account the objective of protecting the interests of depositors and of maintaining a sound banking system in this state.
History.—ss. 1, 5, ch. 86-82; s. 7, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1854, ch. 2003-261.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.317 - Foreign currency lending, borrowing, and deposits.

663.317 Foreign currency lending, borrowing, and deposits.—An international development bank may make loans and other extensions of credit denominated in foreign currencies and may borrow funds and accept deposits denominated in foreign currencies.
History.—ss. 1, 5, ch. 86-82; s. 8, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part II - International Development Banks (Ss. 663.301-663.318) › 663.318 - Reserve requirements.

663.318 Reserve requirements.—
(1) An international development bank shall establish and maintain adequate loan loss reserves.
(2) An international development bank organized under chapter 617 as a corporation not for profit shall not be required to establish or maintain any reserves with respect to its liabilities.
History.—ss. 1, 5, ch. 86-82; s. 9, ch. 89-110; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 131, ch. 2005-2.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416) › 663.4001 - Purpose.

663.4001 Purpose.—The purpose of this part is to establish a legal and regulatory framework for the conduct by international trust entities of financial services business in this state. This part is intended to:
(1) Support the Florida operations of international trust entities 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 trust entities in this state are conducted responsibly and in a safe and sound manner.
History.—s. 21, ch. 2017-83.
2023 Florida Statutes › Title XXXVIII - Banks and Banking › Chapter 663 - International Banking › Part III - International Trust Company Representative Offices (Ss. 663.4001-663.416) › 663.401 - Definitions.

663.401 Definitions.—
(1) “Affiliate” means a person or business or a group of persons or businesses acting in concert which controls, is controlled by, or is under common control of an international trust entity.
(2) “International trust company representative office” means an office of an international trust entity which is established or maintained in this state for the purpose of engaging in nonfiduciary activities described in s. 663.409, or any affiliate, subsidiary, or other person that engages in such activities on behalf of such international trust entity from an office located in this state.
(3) “International trust entity” means an international trust company or organization, or any similar business entity, or an affiliated or subsidiary entity that is licensed, chartered, or similarly permitted to conduct trust business in a foreign country or countries under the laws where such entity is organized and supervised.
History.—s. 22, ch. 2017-83.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.