Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-140 - INTERNATIONAL BANKS › Section 69U-140.005 - Surrender of License

Current through Reg. 50, No. 138; July 16, 2024
(1) An international
				banking corporation proposing to terminate the operation of its international
				branch, international administrative office, international representative
				office, or international bank agency by closure or by nonrenewal of the
				international branch, international administrative office, international
				representative office, or international bank agency license shall surrender
				such license in the manner prescribed by this rule.
(2) An international banking corporation
				shall provide to OFR written notice of its intention to terminate the operation
				of its licensed office at least sixty (60) days prior to the proposed date of
				termination. The notice shall state that the proposed termination has been
				approved by the board of directors of the international banking corporation, or
				a committee or executive officer duly authorized by such board of directors,
				and shall include the proposed date of termination and the name of the officer
				in charge of the termination procedures, which officer may be the general
				manager or any other officer of the agency.
(3) The international banking corporation
				shall provide to the depositors and other creditors of its licensed office a
				written notice of termination in a newspaper of general circulation in the
				county in which its agency is located for a period of two months, running on a
				weekly basis, prior to the proposed date of termination and shall provide OFR
				with an affidavit of publication showing that the requirement of publication
				has been satisfied. The international banking corporation shall, in addition,
				send a notice directly to the customers of the international branch,
				international administrative office, international representative office, or
				international bank agency, at least thirty (30) days prior to the proposed date
				of termination, and shall provide a sample copy of the notice to the
				OFR.
(4) Reports to OFR.
(a) At the time of its filing the notice
				required by subsection (2) of this rule, an international banking corporation
				shall file with OFR a report of the licensed office's assets and liabilities
				together with attached schedules fully describing the amount and maturity of
				each of the licensed office's actual and contingent liabilities, including any
				pending litigation.
(b) Within
				thirty (30) days after the date on which the notice required by subsection (2),
				of this rule, is given to OFR, an international banking corporation shall file
				with OFR a report of the licensed office's assets and liabilities, which report
				shall reflect the settlement of the licensed office's aggregate liabilities as
				defined in section 663.07(1), F.S.
				Any such liability shall be deemed settled if it is either discharged by
				payment or assumed by another office of the international banking
				corporation.
(c) Within sixty (60)
				days after the date on which the notice required by subsection (2) of this
				rule, is given to OFR, an international banking corporation shall file with OFR
				a statement certified by an appropriate officer of such corporation that all
				the licensed office's assets, except any assets, including dollar deposits
				maintained with other banks or investment securities, held in satisfaction of
				the agency's asset maintenance or capital equivalency requirements, have been
				transferred to another office of the international banking corporation and that
				all the licensed office's liabilities have been settled.