reglab/statecodes huggingface dataset:
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.063 - Credit Unions Liquidation Certificate and Maintenance of Records

Current through Reg. 50, No. 138; July 16, 2024
(1) Upon completion of voluntary or
				involuntary liquidation proceedings of a credit union, the liquidator shall
				file with OFR a Certificate of Dissolution. The Certificate of Dissolution is
				Form OFR-U-69, (revised 3/2003), which is incorporated herein by reference and
				which may be obtained without cost by contacting OFR. OFR may then appoint a
				custodian of the books and records of the dissolved credit union. Books and
				records shall immediately thereafter be delivered to the custodian by the
				liquidator or the board of directors.
(2) OFR shall appoint as custodian the
				National Credit Union Administration to keep and maintain the books and records
				of such dissolved credit union.
(3)
				The custodian shall maintain such books and records in a safe and reasonable
				manner and as prescribed by Section
				655.91, F.S. Such books and
				records shall not be destroyed without the prior written approval of OFR. OFR
				reserves the right to demand delivery of such books and records at any
				time.
Rulemaking Authority 655.012(2) FS. Law Implemented
					 655.057, 657.062, 657.063, 657.064 FS.
New 11-7-84, Formerly 3C-30.39, Amended 1-25-87, Formerly
					 3C-30.039, Amended 10-8-95, Formerly 3C-110.063, Amended 3-6-07,
					 6-28-21.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.065 - Merger

Current through Reg. 50, No. 138; July 16, 2024
In conjunction with the requirements of Section
				  657.065, F.S., if the proposed
				  surviving credit union is state chartered, it shall submit a nonrefundable
				  application fee of $500 to OFR, along with an Application for Approval of
				  Merger on Form OFR-U-64, (revised 10/2006), which is hereby incorporated by
				  reference. Form OFR-U-64 may be obtained from the Office of Financial
				  Regulation's website (
www.flofr.gov
) or by
				  mail by submitting a request to Office of Financial Regulation, Division of
				  Financial Institutions, 200 East Gaines Street, Tallahassee, Florida
				  32399-0371. If the proposed surviving credit union is federally chartered, the
				  credit union shall submit a copy of the federal merger application to OFR. The
				  Credit union shall notify OFR, NCUA and other regulatory agencies, as
				  applicable, upon consummation of the merger.
Rulemaking Authority 655.012(2) FS. Law Implemented 657.065
					 FS.
New 7-25-66, Formerly 3-5.12, Amended 10-21-75, Formerly
					 3D-10.23, Amended 10-13-81, Formerly 3C-30.23, 3C-30.023, Amended 10-8-95,
					 Formerly 3C-110.065, Amended 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.066 - Conversion

Current through Reg. 50, No. 138; July 16, 2024
The following process shall be followed for conversion from a
				  federal credit union to a state credit union and vice versa:
(1) The directors of a converting federal
				credit union shall complete and file the following with OFR:
(a) Form OFR-U-67, Application To Convert A
				Federal Credit Union To A Florida Credit Union, (revised 10/2006), which is
				hereby incorporated by reference, and proposed bylaws on Form OFR-U-61, Model
				Credit Union Bylaws (revised 10/2006), which is hereby incorporated by
				reference, copies of which shall be submitted to the National Credit Union
				Administration and copies of which shall be retained by the
				directors.
(b) A copy of the
				minutes of the meeting of directors approving the conversion and a copy of the
				minutes of the meeting of the membership approving the conversion. These
				minutes shall indicate compliance with Section
				657.066, F.S.
(c) OFR shall be authorized to conduct an
				examination of the applicant federal credit union prior to
				conversion.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.068 - Central Credit Unions (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 657.068(2)(d), (e) FS.
New 10-13-81, Formerly 3C-30.36, 3C-30.036, Amended
					 10-8-95, Formerly 3C-110.068, Repealed
					 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.001 - List of Stockholders

Current through Reg. 50, No. 138; July 16, 2024
Within 2 calendar weeks of any demand therefor made by the
				  Office of Financial Regulation (OFR), a state bank or trust company shall file
				  with OFR a list containing the name of each stockholder of the bank or trust
				  company together with the number of shares held by each according to its
				  records as of the close of business on a date specified by
				  OFR.
Rulemaking Authority 655.012(2) FS. Law Implemented
					 655.057(8) FS.
New 7-31-75, Amended 6-30-81, Formerly 3C-11.15, 3C-11.015,
					 3C-120.001, Amended 1-18-21.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.003 - Stock Options; Requirements for OFR Approval; Stock Bonuses Prohibited

Current through Reg. 50, No. 138; July 16, 2024
(1) State banks may
				provide stock options for its officers and employees, provided that the plan or
				proposal meets the requirements set forth in Section
				658.35, F.S., and as follows:
(a) The grantee of the option is an officer,
				director, or employee of the bank at the time of granting;
(b) The plan has been approved by a majority
				of the board of directors and by a majority of the holders of common stock of
				the bank;
(c) The plan or agreement
				shall contain a provision which states that all rights to the option shall
				cease if the employment of the optionee is terminated by the bank for cause.
				The plan or agreement should define what constitutes cause.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.004 - Loans Secured by Secondary Liens on Real Estate

Current through Reg. 50, No. 138; July 16, 2024
For computation of total loans to any one borrower, loans
				  secured by secondary liens will be considered unsecured unless the following
				  criteria are met:
(1) The position of
				the state bank's mortgage shall be documented. Acceptable forms of
				documentation shall include an attorney's title opinion, or title insurance, or
				a written memorandum of title search prepared by the bank's own employee or
				agent. A written notation made by the person preparing the documentation that
				prior mortgages contain no future advance provisions is required. If prior
				liens do contain future advance provisions, an estoppel letter from prior
				mortgagees must be obtained.
(2)
				The state bank shall maintain records to fully establish the bank's equity in
				the mortgage at the time the loan is made.
(3) Any loan with a maturity in excess of 5
				years from origination will be subject to principal reduction through a regular
				schedule of payments. At least one such payment is required annually.
(4) Any loan due on demand shall not be
				carried on the books of a state bank in excess of 5 years, however, it may be
				converted to an amortized loan with a stated maturity and thereby permissibly
				extended beyond 5 years.
Rulemaking Authority 655.012(2) FS. Law Implemented 658.48
					 FS.
New 6-13-77, Amended 4-23-78, 6-30-81, Formerly 3C-11.17,
					 3C-11.017, 3C-120.004, Amended 10-29-12,
					 1-18-21.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.005 - Lease Financing; Purchase of Leases

Current through Reg. 50, No. 138; July 16, 2024
State banks may purchase leases (in addition to those leases
				  where the bank is the owner and lessor) covering specified goods as defined in
				  Section 679.1021(1)(rr),
				  F.S., except the unborn young of animals and growing crops, with or without
				  recourse or guarantee by the lessor, subject to the following
				  conditions:
(1) All leases or portions
				of leases held as an asset shall be supported by a credit file.
(2) The aggregate total of leases purchased
				directly or by participation from one lessor shall not exceed 25 percent of the
				bank's capital accounts; provided, however, that if the bank's credit files
				pertaining to each lease or portion thereof are adequate to support the
				extension of credit and, upon certification by a duly designated official of
				the bank that the responsibility of each lessee has been evaluated and the bank
				is relying primarily upon each such lessee for payment, this limitation shall
				not apply.
(3) In any event,
				however, the aggregate total of extensions of credit, loans or leases
				receivable, to any one lessee shall not exceed the lending limitations imposed
				by Section 658.48,
				F.S.
Rulemaking Authority 655.012(2) FS. Law Implemented
					 658.67(8) FS.
New 9-26-78, Amended 6-30-81, Formerly 3C-11.19, 3C-11.019,
					 3C-120.005, Amended 1-18-21.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.006 - Undivided Profits; Loan and Investment Limitations

Current through Reg. 50, No. 138; July 16, 2024
(1) Undivided profits, as part of capital for
				loan and investment purposes, shall be the amount reported as undivided profits
				on the Report of Condition as submitted to OFR at the close of the previous
				calendar quarter.
(2) Approved
				changes in the capital stock issued and outstanding shall be applicable at the
				date of entry in the bank's records of account for computation of loan and
				investment limitations.
Rulemaking Authority 655.012(3) FS. Law Implemented 658.48,
					 658.67 FS.
New 6-30-81, Formerly 3C-11.23, 3C-11.023,
					 3C-120.006.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.008 - Borrowing - Obligations to Repurchase Certain Securities Sold

Current through Reg. 50, No. 138; July 16, 2024
(1) For purposes of Section
				658.53, F.S., a state bank's
				indebtedness or liability does not include obligations to repurchase, at the
				end of a stated period, securities sold if the securities are of the character
				and quality herein specified.
(2)
				The securities referred to in this section are direct obligations of the United
				States Government and obligations of Agencies created by act of the United
				States Congress and authorized thereby to issue securities or evidences of
				indebtedness regardless of repayment by the United States
				Government.
Rulemaking Authority 655.012(3), 655.061 FS. Law
					 Implemented 658.53, 658.68 FS. (See also
					 12 U.S.C. Section
					 82)
New 3-12-78, Amended 6-30-81, Formerly 3C-11.18, 3C-11.018,
					 3C-120.008.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.009 - Securities Purchasable by Banks; Investment Characteristics

Current through Reg. 50, No. 138; July 16, 2024
(1) Securities of political subdivisions of
				the states are not eligible for investment unless current as to all payments of
				principal and interest and otherwise supported as to investment quality and
				marketability by a credit rating file compiled and maintained in current status
				by the purchasing bank or trust company. It is understood that the compiled and
				current credit rating file will indicate the presence of protection for both
				principal and interest through satisfactory basic credit factors as follows:
(a) For general obligations - assessed
				valuations; tax rates; tax collections; receipts and disbursements; long-term
				debt record; direct debt-overlapping debt; budget controls; operating results;
				economic status of political subdivision including population trend; and,
				political subdivision management record.
(b) For revenue obligations - assessed
				valuations; tax rates; tax collections; specific pledged revenues, with
				projections if available; operating expenses chargeable to revenues; net
				revenues available for debt service; nature of revenue lien; restrictions
				against excessive additional revenue bonds; necessity of project; competitive
				facilities; legal authority for the revenue issue; economic status of political
				subdivision; and population, including growth trend.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.045 - Minimum Internal Audit Procedures

Current through Reg. 50, No. 138; July 16, 2024
(1)
				Each state commercial bank, association and trust company shall have an
				internal audit performed every calendar year. The internal audit shall be
				performed within 15 months of the previous internal audit. However, if an
				internal audit is performed on a continuous basis, it shall be initiated during
				the calendar year and within 15 months of the previous internal
				audit.
(2) To satisfy the internal
				audit requirement, any party conducting the internal audit must be independent
				of any manager or employee in charge of operating the financial institution.
				The party must be one of the following:
(a)
				The audit department or internal auditor of the financial
				institution;
(b) The audit
				department of a related financial institution holding company or affiliate
				thereof;
(c) The audit department
				of a correspondent bank;
(d) A
				certified public accountant licensed to practice in the State of Florida and
				independent of the financial institution and its affiliates; or
(e) The board of directors as a whole or
				acting through a designated committee of board members; however, if a committee
				is designated, no active executive officers or employees of the financial
				institution may participate on the committee.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.0451 - Financial Reports

Current through Reg. 50, No. 138; July 16, 2024
(1) Definitions. As
				used in this rule, the following definitions shall apply:
(a) "Annually" means as of December 31 of
				each calendar year.
(b)
				"Appropriate federal regulatory agency" means the Federal Deposit Insurance
				Corporation in the case of a state association or a state, non-member bank, and
				the Federal Reserve Bank in the case of a state, member bank.
(c) "Call Report" means, in the case of a
				state bank or state association, the quarterly bank Consolidated Reports of
				Condition and Income filed with the Federal Financial Institutions Examination
				Council (FFIEC) as required by
				12 U.S.C. §§
											324 and
				1817. If in reference to a state
				trust company, "Call Report" means Form OFR-U-130A, "Consolidated Financial
				Reports for Non-Deposit Trust Companies," (rev. 12/2016), and incorporated by
				reference in subsection (3) of this rule.
(d) "Quarterly" means as of March 31, June
				30, September 30, and December 31 of each calendar year.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.330 - List of Directors and Officers; Director's Oath

Current through Reg. 50, No. 138; July 16, 2024
(1) Within 30 days following the annual
				meeting or any other meeting at which directors or officers are elected as
				provided in Section 658.33(3),
				F.S., each banks or trust company must file with OFR the names and residence
				addresses of those persons on Form OFR-U-List, List of Directors and Officers
				(effective 01/2021), incorporated in herein by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-12624
.
(2) The signed copy of the director's oath
				required by Section 658.33(4),
				F.S., shall be completed on Form OFR-U-658-Oath, Director's Oath (effective
				01/2021), incorporated herein by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-12625
,
				and filed with OFR within 30 days after election.
(3) Forms shall be filed with OFR by mail or
				email as follows:
Division of Financial Institutions
Office of Financial Regulation
200 East Gaines Street
Tallahassee, Florida 32399-0371
OFRFinancialInstitutions@flofr.gov
Rulemaking Authority 655.012(2), 658.33(3) FS. Law
					 Implemented 658.33(3), (4) FS.
New 1-18-21.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.670 - Investments/Deposits in Foreign Banks

Current through Reg. 50, No. 138; July 16, 2024
(1) As used
				in this rule, "foreign bank" means a person organized under the laws of a
				foreign country, or of a dependency or insular possession of the United States
				or a foreign country, which is principally engaged in the business of a
				commercial bank; recognized as a bank by the appropriate supervisory or
				monetary authorities of the country of its organization or principal banking
				operations; receives deposits to a substantial extent in the regular course of
				business; and has the power to accept demand deposits.
(2) State-chartered banks, trust companies,
				and associations may invest in foreign bank deposits, both demand and time, of
				the 20 percent risk weight category, as provided in 12 C.R.F.
				§324.32(d)(2) (1-1-2020 Edition), which is adopted and incorporated herein
				by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-12621
,
				up to an aggregate of 25 percent of the capital of the investing bank, trust
				company, or association in all foreign banks within a foreign
				country.
(3) The board of directors
				of each bank, trust company, or association shall adopt standards and policies
				for the investment of funds in foreign bank deposits. Such standards and
				policies shall be reviewed and approved at least annually by the board of
				directors with the approval recorded in the minutes of the meetings of the
				board of directors.
(4) At a
				minimum, the standards and policies shall include:
(a) A list of approved foreign banks whose
				financial condition has been evaluated and which have been determined to be
				operating in a safe and sound manner;
(b) A prescribed investment limitation for
				each foreign bank;
(c) An aggregate
				limitation on the currency of deposit; and,
(d) An aggregate investment amount for each
				country in which an authorized foreign bank is organized, taking into
				consideration both credit and transfer risk
				assessments.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-120 - BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS › Section 69U-120.680 - Daily Liquidity (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 655.012(3), 655.012(3) FS. Law
					 Implemented 658.68 FS.
New 11-1-92, Amended 7-9-96, Formerly 3C-120.680, Repealed
					 4-6-05.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.101 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
(1) "Aggregate Liabilities" as used in this
				section excludes accrued expenses and amounts due and other liabilities to
				branches, offices, agencies, and wholly owned, except for a nominal number of
				directors' shares, subsidiaries of the international trust entity in
				question.
(2) "Home Country" means
				the home jurisdiction of the international trust entity where it has been
				authorized by charter, license, or similarly authorized by operation of law to
				carry on a trust business.
Rulemaking Authority 655.012(2), 663.414 FS. Law
					 Implemented 663.414 FS.
New 1-1-18.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.102 - Applications

Current through Reg. 50, No. 138; July 16, 2024
(1) Application to Establish an International
				Trust Company Representative Office. The application for authority to establish
				an international trust company representative office shall be filed on Form
				OFR-U-20D, Application for the Establishment of an International Trust Company
				Representative Office in the State of Florida, effective 01/2018, herein
				incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08799
.
				The application shall be submitted with a nonrefundable filing fee in the
				amount prescribed by Section
				663.413(1),
				F.S., which is made payable to the Office of Financial Regulation
				(OFR).
(2) Abbreviated Application
				to Establish an International Trust Company Representative Office. Pursuant to
				Section 663.406(4),
				F.S., an international trust entity that has operated an international trust
				company representative office in this state for at least three years in a safe
				and sound manner, as defined by commission rule, and that is otherwise eligible
				to establish an additional office may establish one or more additional
				international trust company representative offices by providing an abbreviated
				application.
(a) For the purposes of
				subsection (2), of this rule, "safe and sound manner" means operating without
				violating any agreement in writing with, or order issued by, a state or federal
				regulatory agency, or engaging in any practice, conduct, or violation found by
				the OFR to be contrary to Title XXXVIII, F.S., or that otherwise creates the
				likelihood of loss, insolvency, or dissipation of assets or otherwise
				prejudices the interest of the international trust entity or its
				customers.
(b) The abbreviated
				application for authority to establish an additional international trust
				company representative office shall be filed on Form OFR-U-20D ABR, Abbreviated
				Application for the Establishment of an Additional International Trust Company
				Representative Office in the State of Florida, effective 01/2018, herein
				incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08800
.
				This abbreviated application shall be submitted with a nonrefundable filing fee
				in the amount prescribed by section
				663.413(1),
				F.S.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.104 - Reciprocity

Current through Reg. 50, No. 138; July 16, 2024
The applicant must establish to the satisfaction of the OFR
				  that the applicant's home country permits any financial institution licensed or
				  chartered by any state or any federal bank regulatory agency in the United
				  States to establish similar facilities therein or exercise similar powers to
				  those for which an application has been made. Similar facilities or the
				  exercise of similar powers shall include the indirect maintenance of such
				  facilities or exercise of such powers through the ownership of a subsidiary
				  company. The information submitted may consist of data as to the existing
				  activities of foreign trust companies in the applicant's home country, an
				  opinion of a licensed member of the legal profession of the country in the
				  applicant's home country, or a certificate of the appropriate supervisory
				  authority thereof. In determining whether the requisite reciprocity exists, the
				  criteria and terms and conditions of admission to the foreign country shall be
				  considered sufficiently similar if, taken as a whole, with due regard to local
				  practices, they are as favorable as the criteria and the terms and conditions
				  existing in Florida.
Rulemaking Authority 655.012(2), 663.414 FS. Law
					 Implemented 663.414, 663.406(7) FS.
New 1-1-18.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.105 - Principles of Adequate Supervision of an International Trust Entity's Foreign Establishments

Current through Reg. 50, No. 138; July 16, 2024
(1) Section
				663.406(8)(c),
				F.S., states a license shall not be issued to an international trust entity for
				the purpose of operating an international trust company representative office
				in this state unless the international trust entity is adequately supervised by
				the appropriate regulatory agency of its home country.
(2) Section
				663.406(9),
				F.S., requires the commission to establish general principles to evaluate the
				adequacy of supervision of an international trust entity's foreign
				establishments. These principles must be based upon the need for cooperative
				supervisory efforts and consistent regulatory guidelines and must address, at a
				minimum, the capital adequacy, asset quality, management, earnings, liquidity,
				internal controls, audits and foreign exchange operations and positions of the
				international trust entity.
(3) An
				international trust entity with foreign establishments is considered adequately
				supervised if it is subject to consolidated supervision. Consolidated
				supervision is supervision which enables the home country supervisor to
				evaluate:
(a) The safety and soundness of the
				international trust entity's operations located within the home country
				supervisor's primary jurisdiction; and,
(b) The safety and soundness of the
				operations performed by the international trust entity's offices, or
				subsidiaries, or any affiliates that are directly involved in or facilitate the
				financial services functions, or fiduciary activities of the international
				trust entity, wherever located.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.106 - Capital Accounts

Current through Reg. 50, No. 138; July 16, 2024
(1) Pursuant to
				Section 663.407(2),
				F.S., the proposed capitalization of an international trust entity seeking
				licensure to operate an international trust company representative office must
				be in such amount as the OFR deems adequate, but may in no case be less than
				$1,000,000.00 million dollars.
(2)
				The OFR may not deem the proposed capitalization of the international trust
				entity to be adequate unless the international trust entity is considered
				well-capitalized in accordance with the capital adequacy standards of its home
				country. An international trust entity seeking licensure to operate an
				international trust company representative office under this part must certify
				that it is considered well-capitalized in accordance with the capital adequacy
				standards of its home country.
(3)
				The OFR may require additional capital for an international trust entity
				seeking licensure to operate an international trust company representative
				office in the State of Florida if the OFR finds that the condition and
				operations of the international trust entity or the proposed scope or type of
				operations of the proposed international trust company representative office
				require additional capital. The factors to be considered by the OFR include:
(a) The nature and type of business
				conducted;
(b) The nature and
				degree of liquidity in assets held in a corporate capacity;
(c) The amount and type of fiduciary assets
				under management or assets under administration;
(d) The complexity of fiduciary duties and
				degree of discretion undertaken;
(e) The competence and experience of
				management;
(f) The extent and
				adequacy of internal controls;
(g)
				The presence or absence of annual unqualified audits by an independent
				certified public accountant;
(h)
				The reasonableness of business plans for retaining or acquiring additional
				capital; and,
(i) The existence and
				adequacy of insurance obtained or held by the international trust entity for
				the purpose of protecting its clients, beneficiaries, and
				grantors.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-130 - INTERNATIONAL TRUST COMPANY REPRESENTATIVE OFFICES › Section 69U-130.110 - Examination Fees

Current through Reg. 50, No. 138; July 16, 2024
(1) Pursuant to
				Section 663.413(2),
				F.S., the OFR shall charge each international trust entity which maintains an
				international trust company representative office in this state and is licensed
				under the provisions of Chapter 663, F.S., an examination fee equal to the
				actual cost of each examiner's participation during each examination of such
				international trust company representative office. The examination fee shall
				equal the actual cost of the examination, but in no event shall such fees
				(inclusive of travel expenses and other incidental expenses) be less than
				$200.00 per day for each examiner participating in the examination.
(2) For purposes of this section, "actual
				cost" means the direct salary (excluding employee benefits), travel expenses
				and other incidental expenses required as a result of the examination staff's
				onsite and offsite examination of the international trust company
				representative office. In addition, "actual cost" shall include the travel
				expenses of any supervisory staff required as a result of examination
				findings.
(3) The actual cost of
				any field staff person and supervisor required for training assignments
				approved by management shall be excluded from the examination fee charged the
				international trust entity.
(4) All
				examination fee payments shall be postmarked within 30 days after receipt of an
				invoice from the OFR.
Rulemaking Authority 655.012(2), 663.413, 663.414 FS. Law
					 Implemented 663.413, 663.414 FS.
New 1-1-18.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-135 - QUALIFIED LIMITED SERVICE AFFILIATES OF INTERNATIONAL TRUST ENTITIES › Section 69U-135.101 - Written Notice for Qualification

Current through Reg. 50, No. 138; July 16, 2024
The written notice to qualify as a qualified limited service
				  affiliate shall be filed on Form OFR-U-135, Written Notice to Qualify as a
				  Qualified Limited Service Affiliate in the State of Florida, effective 02/2023,
				  herein incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-15201
,
				  or at the OFR's website,
http://www.flofr.gov
.
Rulemaking Authority 663.532(1) FS. Law Implemented 663.532
					 FS.
New 1-2-18, Amended
					 2-16-23.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-135 - QUALIFIED LIMITED SERVICE AFFILIATES OF INTERNATIONAL TRUST ENTITIES › Section 69U-135.102 - Renewal of Qualification

Current through Reg. 50, No. 138; July 16, 2024
A qualification must be renewed every 2 years. Within 30 days
				  prior to the end of each 2 year period, qualification must be renewed by filing
				  a written notice of renewal with the OFR. The written notice of renewal of
				  qualification shall be filed on Form OFR-U-135R, Written Notice of Renewal of
				  Qualification, effective 01/2018, herein incorporated by reference and
				  available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08855
.
Rulemaking Authority 663.539 FS. Law Implemented 663.539
					 FS.
New 1-2-18.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-135 - QUALIFIED LIMITED SERVICE AFFILIATES OF INTERNATIONAL TRUST ENTITIES › Section 69U-135.103 - Procedures for Surrender of Qualification

Current through Reg. 50, No. 138; July 16, 2024
(1) A qualified limited service affiliate
				that proposes to terminate operations in this state must surrender its
				qualification. A qualified limited service affiliate must surrender its
				qualification by providing the OFR with written notification at least 60 days
				prior to the proposed date of voluntary termination. The notice must contain
				the proposed date of termination and the name of the officer in charge of the
				termination procedures, and shall include a proposed plan for discontinuing
				business as well as a certified copy of the resolution of the board of
				directors, or members if a limited liability company, authorizing the
				action.
(2) The proposed plan for
				discontinuing business must include:
(a) A
				draft of the proposed notice to each international trust entity to whom
				services are provided;
(b) Any
				outstanding liabilities or claims and the proposed process to settle those
				liabilities or claims;
(c) Any
				other information related to the resolution of outstanding matters and
				discontinuance of business including any related proposed amendments to the
				company's articles of incorporation or organization or articles of
				dissolution.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.003 - Principles of Adequate Supervision of an International Banking Corporation's Foreign Establishments

Current through Reg. 50, No. 138; July 16, 2024
(1) Section
				663.05(8)(a)3., F.S., states a license shall not be issued to an international
				banking corporation for the purpose of operating an international bank agency
				or an international branch in this state unless the international banking
				corporation is adequately supervised by the central bank or bank regulatory
				agency in the foreign country in which it is organized and chartered. Section
				663.05(8)(b)2., F.S., also states that a license shall not be issued to an
				international banking corporation for the purpose of operating an international
				representative office or an international administrative office in this state
				unless the international banking corporation is adequately supervised by the
				central bank or bank regulatory agency in the foreign country in which it is
				organized and chartered.
(2) An
				international banking corporation with foreign establishments is considered
				adequately supervised if it is subject to consolidated supervision.
				Consolidated supervision is supervision which enables the central bank or bank
				regulatory agency of the home country (home country supervisor) to evaluate:
(a) The safety and soundness of the
				international banking corporation's operations located within the home country
				supervisor's primary jurisdiction; and,
(b) The safety and soundness of the
				operations performed by the international banking corporation's offices, or
				subsidiaries, wherever located.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.004 - Application for the Establishment of Separate International Banking Agencies by a Qualified International Banking Corporation (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 663.06(6), 663.13 FS. Law Implemented
					 663.04, 663.05(4), 663.06(6) FS.
New 12-20-82, Formerly 3C-15.081, 3C-15.0081, 3C-140.004,
					 Repealed 1-2-18.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.006 - Investment Services

Current through Reg. 50, No. 138; July 16, 2024
(1) Pursuant to
				section 663.061(1),
				F.S., an international bank agency may provide investment management and
				investment advisory services to non-residents and may also provide such
				services to residents when such services relate to international or foreign, or
				domestic investments. For the purposes of this rule the term "non-residents"
				has the same meaning as that term is defined pursuant to section
				663.01(10),
				F.S.
(2) The services authorized by
				subsection (1), shall include:
(a) Advice
				with respect to the purchase or sale of investment assets of any kind,
				including, without limitation, securities, other financial instruments,
				commodities, and real property interests;
(b) Management of investment assets on either
				a discretionary or nondiscretionary basis, provided that management shall not
				include the operational management of real property, industrial, and commercial
				assets;
(c) Purchase or sale of the
				investments described in paragraph (a), in connection with the activities
				permitted pursuant to paragraphs (a) and (b), hereof;
(d) Safekeeping or custody of investment
				assets; and,
(e) Provision of
				general economic information and advice and general statistical forecasts and
				industrial studies with respect to United States and foreign business and
				economies.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.016 - Capital Accounts and Capital Ratio Standards

Current through Reg. 50, No. 138; July 16, 2024
(1) To qualify for a license to operate an
				international branch, international bank agency, international administrative
				office, or international representative office, an international banking
				corporation must have an average capital ratio of 5.0 percent or greater. For
				the purposes of this section, "average capital ratio" means capital accounts
				divided by the average of the prior 4 quarters of average assets.
(2) In no case may the total capital accounts
				of the international banking corporation be less than the minimum required
				under section 658.21(2),
				F.S., to establish a state bank. An international banking corporation that
				operates an international branch, international bank agency, international
				administrative office, or international representative office under this part
				must annually certify the total capital accounts of the international banking
				corporation. Such certification must be submitted to the OFR on a Form
				OFR-U-57, Certificate of Capital, effective 01/2018, herein incorporated by
				reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08793
.
(3) The OFR may not deem the proposed
				capitalization of the international banking corporation to be adequate unless
				the international banking corporation is considered well-capitalized in
				accordance with the capital adequacy standards of its home country. An
				international banking corporation seeking licensure to operate an international
				branch, international bank agency, international administrative office, or
				international representative office under this part must certify that it is
				considered well-capitalized in accordance with the capital adequacy standards
				of its home country.
Rulemaking Authority 663.055(4) FS. Law Implemented
					 663.04(5), 663.05, 663.055, 663.06, 663.08
					 FS.
New 1-1-18.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.017 - Acceptances

Current through Reg. 50, No. 138; July 16, 2024
(1) Any Florida-licensed agency of an
				international banking corporation (hereinafter referred to as an "agency") may
				make acceptances in financing credit transactions, including types of
				acceptances not subject to subsection (2) or (3), hereof.
(2) Unless otherwise provided by federal law
				governing agencies which are subject to federal reserve requirements, the
				limitations set forth in this rule shall apply when an agency accepts drafts or
				bills of exchange drawn upon it which have not more than six months' sight to
				run, exclusive of days of grace, and which grow out of transactions involving
				the importation or exportation of goods, grow out of transactions involving the
				shipment of goods within the United States, or are secured at the time of
				acceptance by a warehouse receipt or other such document conveying or securing
				title covering readily marketable staples.
(a)
				Except as provided by paragraph (b), hereof, no agency shall accept such bills,
				or be obligated for participation shares in such bills, in an amount equal at
				any time in the aggregate to more than 150 percentum of the dollar equivalent
				of the capital accounts of the international banking corporation.
(b) OFR may authorize an agency, under such
				conditions as OFR may prescribe, to accept such bills, or to be obligated for
				participation shares in such bills, in an amount not exceeding at any time in
				the aggregate 200 percentum of the dollar equivalent of the capital accounts of
				the international banking corporation.
(c) Notwithstanding paragraphs (a) and (b),
				hereof, the aggregate amount of such bills, including obligations for
				participation shares in such bills, growing out of transactions in the United
				States shall not exceed 50 percentum of the aggregate amount of all such bills
				herein authorized for an agency, including obligations for participation shares
				in such bills.
(d) No agency shall
				accept such bills or be obligated for participation shares in such bills,
				whether in foreign or United States transactions, for any one person,
				partnership, corporation, association or other entity in an amount equal at any
				time in the aggregate to more than 10 percentum of the dollar equivalent of the
				capital accounts of the international banking corporation, unless the agency is
				secured either by attached documents or by some other actual security growing
				out of the same transactions as the acceptances.
(e) With respect to an agency which issues an
				acceptance subject to this section, the limitations contained herein shall not
				apply to any portion of the acceptance which is sold by the agency under a
				participation agreement.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.018 - Minimum Audit Procedures - International Bank Agencies

Current through Reg. 50, No. 138; July 16, 2024
(1) Each international bank agency shall keep
				a set of accounts and records in English, reflecting all transactions on a
				daily basis. The international banking corporation of each bank agency shall
				perform, or shall cause to be performed, an audit of the agency within each
				calendar year and within 15 months of the previous audit, in compliance with
				the following minimum audit requirements. If the audit is performed on a
				departmental or continuous basis, it should be initiated during the calendar
				year and within 15 months of the previous audit.
(2) Persons who perform audits for the
				international bank agencies must be independent of any manager or employee in
				charge of operating the international agency and must qualify pursuant to one
				of the following classes:
(a) The audit
				department of the international bank agency or the audit department of an
				affiliated group or related bank holding company, or the audit department of a
				correspondent bank, provided that the audit department and the audit department
				supervisor are under management of the international banking
				corporation.
(b) Certified Public
				Accountants licensed to practice in the State of Florida and independent of the
				international bank agency and of its affiliates.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.019 - Financial Reports

Current through Reg. 50, No. 138; July 16, 2024
(1) All state
				licensed international bank agencies shall submit to OFR a statement of
				financial condition as of the close of the last business day of each calendar
				quarter. The report shall be submitted on Form OFR-U-55, Report of Assets and
				Liabilities of U.S. Branches and Agencies of Foreign Banks, revised
				3/2003.
(2) For the June and
				December quarters, each state licensed international bank agency shall submit,
				to OFR, a statement of earnings. The statement of earnings shall be submitted
				on Form OFR-U-56, Consolidated Report of Income, revised 3/2003.
(3) Each state licensed international bank
				agency shall submit either an asset maintenance report on Form OFR-U-50,
				Quarterly Report of Monthly Asset Maintenance, revised 3/2003, or a capital
				equivalency report on Form OFR-U-52, Quarterly Report of Monthly Capital
				Equivalency Deposits or Investment Securities, revised 3/2003, as of the close
				of each calendar quarter.
(a) The asset
				maintenance ratios reported on Form OFR-U-50 shall be the average monthly
				eligible assets, of not less than $4 million, divided by the average monthly
				liabilities requiring cover. These monthly averages shall be obtained from Form
				OFR-U-51, Monthly Asset Maintenance Report, revised 3/2003, which shall be
				prepared and kept by the agency and be available for examination by
				OFR.
(b) The capital equivalency
				ratios reported on Form OFR-U-52 shall be the average monthly deposits or
				investment securities, of not less than $4 million, divided by the average
				monthly liabilities requiring cover. These monthly averages shall be obtained
				from Form OFR-U-53, Capital Equivalency Monthly Report, revised 3/2003, which
				shall be prepared and kept by the agency and be available for examination by
				OFR.