reglab/statecodes huggingface dataset:
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.503 - Application

Current through Reg. 50, No. 138; July 16, 2024
A state bank, savings bank, or association shall apply for
				  authority to exercise trust powers through filing Form OFR-U-15. When the
				  applicant is a proposed state bank, savings bank or association, filing should
				  be submitted as supplemental information to the application for authority to
				  organize.
Rulemaking Authority 655.012(3) FS. Law Implemented
					 660.26(2) FS.
New 7-5-83, Formerly 3C-2.03, 3C-2.003, Amended 8-14-94,
					 4-15-98, Formerly 3C-105.503.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.506 - Final Order

Current through Reg. 50, No. 138; July 16, 2024
Issuance of a final order shall be made subject to
				  appropriate federal regulatory agency approval where applicable. Final
				  certification authorizing the applicant to engage in a trust business shall not
				  be issued until all conditions of OFR's final order have been met. With an
				  application for authority to organize a state bank or an association, requests
				  to exercise trust powers shall be addressed in the final order for authority to
				  organize.
Rulemaking Authority 655.012(3) FS. Law Implemented 660.26
					 FS.
New 7-5-83, Formerly 3C-2.06, 3C-2.006, Amended 8-14-94,
					 Formerly 3C-105.506.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.507 - Deposit of Securities with Chief Financial Officer

Current through Reg. 50, No. 138; July 16, 2024
State financial institutions shall deposit or pledge security
				  to the Chief Financial Officer as provided in section
				  660.27, F.S.
Rulemaking Authority 655.012(3) FS. Law Implemented
					 660.27(1) FS.
New 7-5-83, Formerly 3C-2.07, 3C-2.007, Amended 8-14-94,
					 4-15-98, Formerly 3C-105.507.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.601 - Scope

Current through Reg. 50, No. 138; July 16, 2024
These rules contain procedures by which OFR may reach
				  informed decisions with respect to applications filed to effect a merger of any
				  financial institution into a resulting state financial institution as provided
				  in sections 658.41 through
				  658.45, F.S., and any other
				  applicable provisions of the Florida Statutes. Applications filed pursuant to
				  rules 69U-105.601 through
				  69U-105.610, F.A.C., shall be
				  processed in all respects pursuant to rules
				  69U-105.101 through 69U-105.115,
				  F.A.C.
Rulemaking Authority 655.012(3), 658.26(2)(a) FS. Law
					 Implemented 658.40, 658.41, 658.42, 658.43, 658.44, 658.45, 665.013, 667.03
					 FS.
New 8-20-76, Amended 2-13-77, 5-19-80, 6-30-81, Formerly
					 3C-14.01, 3C-14.001, Amended 8-14-94, 4-15-98, Formerly
					 3C-105.601.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.602 - Compliance with Applicable Federal Laws

Current through Reg. 50, No. 138; July 16, 2024
In order to effect a merger, written approval must be
				  obtained from the "responsible federal regulatory agency" as defined by
				  12 U.S.C. s.
				  1828(c). It shall be the
				  responsibility of each constituent financial institution to comply with any
				  applicable federal law and to publish any notices required thereunder. If any
				  of the constituents is a national bank or federal association, action shall be
				  taken in the manner prescribed by, and shall be subject to any limitations or
				  requirements imposed by any law of the United States as provided in section
				  658.41, F.S.
Rulemaking Authority 655.012(3) FS. Law Implemented 658.41,
					 658.43(5), 665.013 FS. (See also
					 12 U.S.C.
					 1828(c),
					 12 U.S.C. Section
					 214a., c., Sec. 12(g),(i) of Securities and
					 Exchange Act of 1934, part 335 of F.D.I.C. Regulations, 12 C.F.R. 11.51,
					 12 U.S.C. Section
					 1811-1832.)
New 8-20-76, Amended 5-19-80, 6-30-81, Formerly 3C-14.02,
					 3C-14.002, Amended 8-14-94, Formerly
					 3C-105.602.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.603 - Merger Applications

Current through Reg. 50, No. 138; July 16, 2024
The application for merger shall be submitted on Form
				  OFR-U-19. The application for authority to organize a Successor Institution
				  shall be submitted on Form OFR-U-19A.
Rulemaking Authority 655.012(3) FS. Law Implemented 658.41,
					 658.42, 658.43, 658.44, 658.45, 658.16, 658.165, 658.19, 658.20, 658.21,
					 658.23, 658.26, 665.013, 667.003 FS., see also
					 12 U.S.C.
					 1828(c),
					 12 U.S.C.
					 214a.,
					 b.
New 8-20-76, Amended 2-13-77, 5-19-80, 6-30-81, 5-12-82,
					 Formerly 3C-14.03, 3C-14.003, Amended 8-14-94, 4-15-98, Formerly
					 3C-105.603.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.605 - Examination of Federal Financial Institutions

Current through Reg. 50, No. 138; July 16, 2024
Where any constituent is a federally-chartered financial
				  institution, OFR may accept an examination prepared by any appropriate federal
				  regulatory agency, review the bank or association's records, or conduct an
				  examination of the financial institution's condition prior to giving its
				  approval to the merger agreement or the merger transaction. Each constituent
				  financial institution shall furnish to OFR, at the time the application for
				  merger is filed, a resolution of a majority of the entire board of directors of
				  such bank or association which authorizes OFR to review said records and to
				  conduct an examination of that financial institution's condition. Additionally,
				  OFR is authorized to assess any federal financial institution, applying to
				  merge pursuant to rules
				  69U-105.601 through
				  69U-105.610, F.A.C., a
				  nonrefundable examination fee to cover the actual costs of any examination
				  required as a part of the application process. OFR shall coordinate all such
				  activity with the regional office of the Comptroller of the Currency or the
				  Office of Thrift Supervision.
Rulemaking Authority 655.012(3), 658.26(2)(a) FS. Law
					 Implemented 655.045, 658.20, 658.41, 658.42, 658.43, 665.013, 667.003
					 FS.
New 8-20-76, Amended 5-19-80, 6-30-81, Formerly 3C-14.08,
					 3C-14.008, Amended 8-14-94, 4-15-98, Formerly
					 3C-105.605.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.606 - Main Offices, Branch Offices, and Trust Departments of Constituent Financial Institutions

Current through Reg. 50, No. 138; July 16, 2024
(1) The applicant
				shall file, along with the application, a statement regarding the desire to
				carry over, consolidate, or eliminate any offices including approved but
				unopened branch offices of all constituent financial institutions or trust
				departments of the constituent financial institutions.
(2) The resulting state financial institution
				shall specify which offices it desires to continue and those which it desires
				to close.
(3) Absent the existing
				authority to exercise trust powers by the resulting state bank, savings bank or
				association, the articles of incorporation of the resulting state bank, savings
				bank or association must be amended to reflect the continuation of trust powers
				from the other constituent banks, savings banks or associations previously so
				authorized. OFR shall approve such application for trust powers on a routine
				basis, as part of the approval of the merger, unless evidence exists to suggest
				that such approval should not be granted.
(4) In the event that the resulting state
				financial institution wishes to change the location of its main office, as so
				situated prior to the merger application, it shall so indicate in the
				application to merge. OFR shall approve the relocation to the site of any
				authorized office of the constituent financial institutions on a routine basis
				unless evidence exists to suggest that such approval should not be granted.
				Where the applicant has filed pursuant to section
				658.26, F.S., relocation of the
				main office of the resulting state financial institution shall be limited to
				the county or counties in which an authorized office is presently located and
				those counties in which the constituent financial institution's offices are
				located.
Rulemaking Authority 655.012(3) FS. Law Implemented 658.26,
					 658.41, 658.43, 658.45, 660.46, 665.013, 667.003
					 FS.
New 8-20-76, Amended 2-13-76, 2-13-77, 5-19-80, 6-30-81,
					 Formerly 3C-14.10, 3C-14.010, Amended 8-14-94, 4-15-98, Formerly
					 3C-105.606.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.607 - Approval by OFR

Current through Reg. 50, No. 138; July 16, 2024
(1) After approval
				by the board of directors of each constituent financial institution, the plan
				of merger and merger agreement containing those items set forth in section
				658.42, F.S., shall be submitted
				to OFR for approval, together with certified copies of the authorizing
				resolutions of the boards of directors of each constituent financial
				institution, state or national, showing approval by a majority of the entire
				board.
(2) An order approving or
				denying the application will be entered with regard to the merits of the
				application within the time limits set forth in rules
				69U-105.101 through 69U-105.115,
				F.A.C. The order will contain findings of fact accompanied by a concise
				statement of the underlying facts which support the findings. Said order may
				impose upon applicants such conditions as necessary under applicable law. A
				copy of the order and statement will be served on the applicants.
(3) Subsequent to approval by OFR of the
				merger agreement, to be effective, a merger must be approved by the
				stockholders of each constituent financial institution by a majority vote of
				the outstanding voting stock at a meeting called to consider such action, which
				vote shall constitute the adoption of the articles of incorporation of the
				resulting state financial institution, including the amendments set forth in
				the merger agreement.
Rulemaking Authority 655.012(3) FS. Law Implemented 658.20,
					 658.26, 658.43, 658.44, 665.013, 667.003
					 FS.
New 5-19-80, Amended 6-30-81, Formerly 3C-14.111,
					 3C-14.0111, Amended 8-14-94, 4-15-98, Formerly
					 3C-105.607.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.608 - Successor Institution

Current through Reg. 50, No. 138; July 16, 2024
(1) The plan of
				merger and merger agreement may designate a successor institution which is
				located or is to be located in the county or counties in which one of the
				constituent financial institutions' offices is located. The organization of
				such a successor institution shall be pursuant to the approved plan of merger
				and merger agreement and shall not require application for authority to
				organize a state financial institution under section
				658.19, F.S.
(2) OFR shall approve the successor
				institution upon a finding that the plan of merger and merger agreement
				provides:
(a) That the capital structure of
				the resulting state financial institution is adequate in relation to the
				activities which are to continue or are to be undertaken, and also in relation
				to the deposit liabilities of the resulting state bank or association; and the
				resulting state financial institution will otherwise be in a sound financial
				condition.
(b) The valuation is
				fair; and,
(c) The merger is not
				contrary to the public interest.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.609 - Coordination with Federal Regulatory Agencies

Current through Reg. 50, No. 138; July 16, 2024
If the application for a merger is approved by OFR, the final
				  order will be forwarded to and will be subject to approval by the Federal
				  Deposit Insurance Corporation, by the Board of Governors, Federal Reserve
				  System, or by the Office of Thrift Supervision, as applicable. Denial of
				  applications pending or revocation of existing approval orders before any
				  federal regulatory agency(ies) will constitute grounds for denial of approval
				  by OFR.
Rulemaking Authority 655.012(3) FS. Law Implemented 658.22,
					 658.26, 658.38, 658.41, 658.43, 665.013 FS. (See also
					 12 U.S.C. Section
					 1828(c) and
					 12 U.S.C. Section
					 1811-1832.)
New 8-20-76, Amended 2-13-77, 5-19-80, 6-30-81, Formerly
					 3C-14.12, 3C-14.012, Amended 8-14-94, Formerly
					 3C-105.609.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.610 - Certificate of Merger

Current through Reg. 50, No. 138; July 16, 2024
OFR's Certificate of Merger will be prepared and issued, as
				  requested by applicant, after:
(1) All
				requirements of the applicable Florida Statutes are met;
(2) All requirements of federal law are met,
				including written approval by the responsible federal regulatory agency(ies);
				and,
(3) All requirements of
				chapter 120, F.S., have been complied with; or after any requisite waiting
				periods set forth therein have expired.
Rulemaking Authority 655.012(3), 658.26 FS. Law Implemented
					 658.22, 658.23, 658.41, 658.43, 658.45, 665.013 FS. (See also
					 12 U.S.C. Section
					 1828(c),
					 12 U.S.C. Section
					 214a., b., Sec. 12(g),(i) of Securities and
					 Exchange Act of 1934, and 12
					 U.S.C. Section 1811-1832.)
New 8-20-76, Amended 5-19-80, 6-30-81, Formerly 3C-14.13,
					 3C-14.013, Amended 8-14-94, Formerly
					 3C-105.610.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.611 - Purchase and Assumption Applications

Current through Reg. 50, No. 138; July 16, 2024
The application to acquire 50 percent or more of the assets
				  of, liabilities of, or combination of assets and liabilities of, any financial
				  institution shall be submitted on Form OFR-U-17, Application and Plan for the
				  Purchase of Assets and Assumption of Liabilities, incorporated by reference in
				  paragraph 69U-105.102(1)(h),
				  F.A.C.
Rulemaking Authority 655.012(3), 655.414 FS. Law
					 Implemented 655.414 FS.
New 4-15-98, Formerly 3C-105.611, Amended
					 2-16-23.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.701 - Scope

Current through Reg. 50, No. 138; July 16, 2024
These rules contain the procedures for filing applications to
				  convert a financial entity's charter without a change in business form or
				  convert its charter to do business as another type of financial entity, merge
				  or consolidate with another type of financial entity, and acquire all or
				  substantially all of the assets and/or assume the liabilities of another type
				  of financial entity.
Rulemaking Authority 655.012(3) FS. Law Implemented
					 655.411(1), 655.412(1), 655.414 FS.
New 11-23-83, Formerly 3C-18.01, 3C-18.001, Amended
					 8-14-94, 4-15-98, Formerly 3C-105.701.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.702 - Procedural Rules for Processing Applications

Current through Reg. 50, No. 138; July 16, 2024
Applications filed pursuant to this chapter shall be
				  processed in all respects pursuant to rules
				  69U-105.101 through 69U-105.115,
				  F.A.C.
Rulemaking Authority 655.012(3), 655.411(2) FS. Law
					 Implemented 655.411(1), 655.412(1), 655.414
					 FS.
New 11-23-83, Formerly 3C-18.02, 3C-18.002, Amended
					 8-14-94, 4-15-98, Formerly 3C-105.702.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.703 - Application

Current through Reg. 50, No. 138; July 16, 2024
(1) Applications for approval to convert a
				federal or state financial entity into a state charter to do business as
				another type of financial entity or without a change in business form shall be
				filed on an Application and Plan of Conversion, Form OFR-U-4, effective 1/2018,
				herein incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08788
.
				Applications for approval to merge or consolidate one or more financial
				entities shall be filed on an Application for Approval to Merge or Consolidate
				a Bank, Trust Company, or Association, Form OFR-U-19, effective 1/2018, herein
				incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08790
.
				Applicants may modify the form to the extent necessary to accommodate different
				types of financial entities. Applications to acquire all or substantially all
				of the assets and/or liabilities of any financial entity shall be submitted on
				an Application and Plan for the Purchase of Assets and Assumption of
				Liabilities, Form OFR-U-17, effective 1/2018, herein incorporated by reference
				and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-08789
.
(2) Applications shall include the following
				material relevant to the particular type of application filed:
(a) A certified copy of a conversion, merger
				or consolidation resolution adopted by the board of directors;
(b) A resolution adopted by the board of
				directors of a federal financial entity authorizing OFR to examine the federal
				financial entity's records in connection with the conversion, merger, or
				consolidation application. Additionally, OFR is authorized to assess any state
				or federal financial entity, applying pursuant to this chapter, a
				non-refundable examination fee to cover the actual costs of any examination
				required as a part of the application process;
(c) A certified copy of a conversion, merger
				or consolidation resolution adopted by the members or stockholders may be
				submitted to OFR upon receipt of a conditional approval order;
(d) The plan merger or consolidation, and
				conversion.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.706 - Resulting Financial Entity's Capital Structure and Management

Current through Reg. 50, No. 138; July 16, 2024
(1) For purposes of rules
				69U-105.701 through
				69U-105.708, F.A.C., sections
				655.411(1)(c)1. and 655.414(2)(a),
				F.S., an adequate capital structure in relation to the resulting state
				financial entity's activities and deposit liabilities, shall be a capital
				structure satisfactory to provide necessary services, including loans of
				sufficient size to meet the needs of prospective customers.
(2) The qualifications of management for the
				resulting state financial entity shall constitute reasonable promise for
				successful operation if they equal or exceed the management qualifications of
				OFR for financial entities of the same type. See paragraph
				69U-105.206(3)(d),
				F.A.C.
Rulemaking Authority 655.012(3) FS. Law Implemented
					 655.411(1)(c)2., (4), 655.414(2)(a)
					 FS.
New 11-23-83, Formerly 3C-18.06, 3C-18.006, Amended
					 8-14-94, 4-15-98, Formerly 3C-105.706.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.707 - Termination of Nonconformance

Current through Reg. 50, No. 138; July 16, 2024
(1) If, as a
				result of a merger, consolidation, conversion, or acquisition (hereinafter
				transaction) pursuant to chapter 655, F.S., the resulting state financial
				entity violates any lending, investment, or other limitations imposed by law or
				rule or engages in any unauthorized activity, it shall immediately refrain from
				beginning any new acts which are unauthorized and prior acts shall be brought
				into conformance with all applicable laws, rules, or other limitations within
				the specific time stated in this rule; when no time is specified, then such
				conformance shall be achieved within the time OFR deems prudent and reasonable
				under the circumstances.
(2) Assets
				which do not conform to the type permitted for the resulting state financial
				entity by law or rule shall be brought into conformance or divested within 5
				years after the effective date of the transaction. Upon request and with a
				showing of good cause by the resulting state financial entity, OFR shall extend
				the time for conformance or divestiture of nonconforming assets to a period of
				time that OFR deems prudent and reasonable under the circumstances.
(3) Where OFR determines that a nonconforming
				activity, asset, or liability will have an adverse impact upon the safety and
				soundness of the resulting financial entity, OFR shall require that such
				nonconforming activity, asset, or liability be corrected prior to the
				conversion, merger or consolidation, or acquisition of
				assets.
Rulemaking Authority 655.012(3) FS. Law Implemented
					 655.414(1)(b), 655.418(3), (4) FS.
New 11-23-83, Formerly 3C-18.07, 3C-18.007, Amended
					 8-14-94, 4-15-98, Formerly 3C-105.707.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-105 - LICENSING AND CHARTERING OF FINANCIAL INSTITUTIONS › Section 69U-105.708 - Cancellation of Charter Certificates

Current through Reg. 50, No. 138; July 16, 2024
If a state or federal financial entity acquires all or
				  substantially all of the assets or assumes the liabilities of any state
				  financial entity, the charter certificate of the acquired state financial
				  entity shall be relinquished to OFR for cancellation.
Rulemaking Authority 655.012(3) FS. Law Implemented
					 655.414(1)(c) FS.
New 11-23-83, Formerly 3C-18.08, 3C-18.008, Amended
					 8-14-94, 4-15-98, Formerly 3C-105.708.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.002 - Definitions (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(2) FS. Law
					 Implemented 657.002, 657.008(2), 657.038(12)
					 FS.
New 7-25-66, Formerly 3-5.02, Amended 10-13-81, Formerly
					 3C-30.01, 3C-30.001, Amended 10-8-95, Formerly, 3C-110.002, Repealed
					 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.005 - Application and Filing Fee

Current through Reg. 50, No. 138; July 16, 2024
Application for authority to organize and operate a credit
				  union shall be made to OFR per rule
				  69U-105.001 and chapter 69U-105,
				  part I, F.A.C., and as follows:
(1)
				The organizers of the proposed credit union shall complete and file Form
				OFR-U-60, Application for Authority to Organize and Operate a 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. The original shall be submitted to OFR with a
				nonrefundable filing fee of $250. A copy of such documents shall be submitted
				to the National Credit Union Administration and a copy shall be retained by the
				organizers.
(2) Each proposed
				director, member of the supervisory committee, member of the credit committee,
				and executive officer shall complete the biographical report section only of
				Form OFR-U-10, Interagency Biographical and Financial Report (revised 6/2006)
				and Form OFR-U-10-A, Addendum to Form OFR-U-10 (revised 6/2006), which are
				hereby incorporated by reference. The original shall be submitted to OFR, a
				copy of such documents shall be submitted to the National Credit Union
				Administration, and a copy shall be retained by the organizers.
(3) Filing; Pre-filing meeting. OFR
				encourages that the applicant, including a member of the proposed board of
				directors, meet with staff of OFR to discuss the procedures and requirements
				for opening a new state financial institution prior to filing an
				application.
(4) All forms
				referenced in this rule 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.
Rulemaking Authority 655.012(2) FS. Law Implemented 657.005
					 FS.
New 10-21-75, Amended 3-21-77, 10-13-81, Formerly 3C-30.02,
					 3C-30.002, Amended 10-8-95, Formerly 3C-110.005, Amended 3-6-07,
					 11-5-12.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.0061 - Bylaws

Current through Reg. 50, No. 138; July 16, 2024
(1) New Credit Unions. Newly organized credit
				unions shall adopt bylaws in such form as provided by OFR, Form OFR-U-61, Model
				Credit Union Bylaws (revised 10/2006) which is hereby incorporated by
				reference, as their initial set of bylaws. The Model Credit Union Bylaws may be
				obtained from the OFR website (
www.flofr.gov
) or upon request.
(2) Amendments. All proposed bylaw amendments
				shall be submitted to OFR by filing Form OFR-U-61-A, Bylaw Amendment (revised
				10/2006), which is hereby incorporated by reference. OFR shall approve or
				disapprove proposed bylaw amendments within 60 days after receipt of a complete
				application.
(3) To ensure
				compliance with section
				657.0061(1),
				F.S., a credit union that is proposing to expand its field of membership
				through a bylaw amendment must:
(a) Be
				operating in a safe and sound manner per paragraph
				69U-100.948(2)(a),
				F.A.C., unless evidence is provided to show that a field of membership
				expansion will improve the financial condition of the credit union;
				and,
(b) Complete Form OFR-U-70,
				Field of Membership Expansion Questionnaire (effective 10/95, revised 10/2006),
				which is hereby incorporated by reference, when the expansion is geographic or
				increases the credit union's potential field of membership by more than five
				percent; or
(c) Provide to the OFR
				written notice of the number of potential new members if the field of
				membership expansion is non-geographic, and the resulting increase is five
				percent or less than the potential membership.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.008 - Branches

Current through Reg. 50, No. 138; July 16, 2024
(1) "Branch office" means any permanent
				location or mobile unit other than the principal place of business where
				membership services are provided by credit union staff.
(2) A credit union operating in a safe and
				sound manner in paragraph
				69U-100.948(2)(a),
				F.A.C., may open a branch office or relocate branch offices previously
				established by providing prior written notification to OFR. The notification
				must specify the name and location of the branch office and effective date of
				the change. The branch office location and operations must comport with the
				credit union's bylaws and authorized field of membership.
(3) Any additional investment in fixed assets
				related to a change in location or opening of a branch office may not exceed
				the statutory limits of investments in real estate and equipment without prior
				written approval of OFR.
(4) OFR
				shall be notified in writing within ten business days of the closing of an
				established branch office.
Rulemaking Authority 655.012(2) FS. Law Implemented
					 657.008, 657.042 FS.
New 6-16-78, Amended 10-13-81, Formerly 3C-30.29, Amended
					 7-2-87, Formerly 3C-30.029, Amended 10-8-95, Formerly 3C-110.008, Amended
					 3-6-07, 9-11-18.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.021 - Notification to OFR after Elections or Appointments

Current through Reg. 50, No. 138; July 16, 2024
(1) Within thirty (30) days from the date of
				election or appointment, each director shall file with OFR a signed copy of an
				oath of office.
(2) Within the 30
				days following the annual meeting or any other meeting at which any director,
				officer, member of the supervisory or audit committee, member of the credit
				committee, or credit manager is elected or appointed, the credit union shall
				submit to the Office the names and residence addresses of the elected or
				appointed persons on Form OFR-U-21, Report of Officials, effective 02/2023,
				which is herein incorporated by reference and available at:
http://www.flrules.org/Gateway/reference.asp?No=Ref-15196
,
				and the OFR's website,
www.flofr.gov
.
(3) Filings required by this rule shall be
				submitted to 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), 657.021 FS. Law
					 Implemented 657.021 FS.
New 7-24-66. Formerly 3-5.07, Amended 10-21-75, Formerly
					 3D-10.08, Amended 10-13-81, Formerly 3C-30.08, 3C-30.008, Amended 10-8-95,
					 Formerly 3C-110.021, Amended 3-6-07, 7-27-15, 6-28-21,
					 2-16-23.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.0211 - Liability and Bond Insurance

Current through Reg. 50, No. 138; July 16, 2024
The credit union shall maintain officer and director
				  liability insurance and blanket bond insurance in such amounts and terms as
				  required to maintain insurance of accounts by the National Credit Union Share
				  Insurance Fund, as provided in
				  12 C.F.R. §§
										741.3(d) and
				  741.201(a)
				  (1-1-2020 Edition), which are hereby incorporated by reference and available at
http://www.flrules.org/Gateway/reference.asp?No=Ref-13203
and the OFR's website,
www.flofr.gov
. The
				  liability and bond insurance shall provide, at a minimum, coverage for errors,
				  omissions, negligence, fraud, and dishonesty by all employees, directors,
				  officers, supervisory or audit committee members, and credit committee members.
				  The credit union shall also maintain applicable insurance coverage with respect
				  to all operations and activities.
Rulemaking Authority 655.012(2) FS. Law Implemented 657.021
					 FS.
New 10-13-81, Formerly 3C-30.33, 3C-30.033, Amended
					 10-8-95, Formerly 3C-110.0211, Amended 3-6-07, 9-11-18,
					 6-28-21.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.0212 - Policies

Current through Reg. 50, No. 138; July 16, 2024
The board of directors shall establish appropriate written
				  policies and operating strategies to conduct prudent credit union operations
				  based on the size, complexity, and financial condition of the credit union.
				  Policies shall be reviewed and approved/reaffirmed per a schedule adopted by
				  the Board, but no less than once every two years from the previous adoption or
				  reaffirmation of each policy. The board is encouraged to consider published
				  industry guidance provided by regulatory agencies in the development of
				  policies, if available. The policies shall ensure that the credit union
				  complies with all applicable state and federal requirements with respect to all
				  operations and activities.
Rulemaking Authority 655.012 FS. Law Implemented 657.021
					 FS.
New 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.026 - Supervisory/Audit Committee; Audit

Current through Reg. 50, No. 138; July 16, 2024
(1) Audit
				Committee. In lieu of establishing a supervisory committee, a credit union may
				elect or appoint an audit committee in compliance with the following
				conditions:
(a) The credit union's bylaws must
				be amended to provide for an audit committee, to set forth the membership of
				the audit committee, and to establish whether the members of the audit
				committee are appointed or elected to such position;
(b) Directors shall not perform or
				participate in any audits; and,
(c)
				If the membership of the audit committee consists entirely of directors of the
				credit union, then the annual audit to comply with Section
				655.045, F.S., must be performed
				by a certified public accountant licensed to practice in the State of Florida.
				This does not prevent the credit union from hiring an internal auditor to
				perform periodic audits, however, these audits will not be accepted as
				compliance with the annual audit requirements of Section
				655.045,
				F.S.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.031 - Powers

Current through Reg. 50, No. 138; July 16, 2024
(1) Definitions. As used in Chapter 69U-110,
				F.A.C., and the Financial Institutions Codes, Title 60, F.A.C., as applicable
				to credit unions, and unless the context otherwise indicates a different
				meaning was intended, the term:
(a) "General
				Powers" means the same powers as an individual to do all things necessary,
				convenient, or useful to carry out its business and affairs as a financial
				institution, consistent with the Financial Institutions Codes, in providing
				financial services and benefits to its members.
(b) "Incidental Powers" means those powers
				necessary to conduct business activities that may only indirectly or
				coincidentally benefit or serve the credit union's members, mission, or
				business, or are the functional equivalent or logical outgrowth of activities
				that are part of the mission or business of credit unions and involves risks
				similar in nature to those already assumed as part of the business of credit
				unions.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.038 - Applications for Credit (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 657.038(12) FS.
New 7-25-66, Formerly 3-5.01, Amended 10-21-75, Formerly
					 3D-10.11, Amended 10-13-81, Formerly 3C-30.11, 3C-30.011, Amended 10-8-95,
					 Formerly 3C-110.038, Repealed 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.0381 - Loans Secured by Real Estate

Current through Reg. 50, No. 138; July 16, 2024
The board of directors shall adopt and maintain written
				  policies that establish appropriate limits and standards for loans that are
				  secured by liens on or interests in real estate. Real estate lending policies
				  must be: consistent with safe and sound industry practices; appropriate for the
				  size of the credit union and scope of its operations; and reviewed and approved
				  by the board of directors in accordance with rule
				  69U-110.0212, F.A.C. The lending
				  policies must establish: loan portfolio diversification standards; prudent
				  underwriting standards; loan administration procedures for the credit union's
				  real estate portfolio; and documentation, approval, and reporting requirements
				  to monitor compliance with the credit union's real estate lending
				  policies.
Rulemaking Authority 655.012(2), 657.038(5), (11) FS. Law
					 Implemented 655.60, 657.038(5), (11)
					 FS.
New 7-25-66, Amended 10-26-67, 3-9-70, Formerly 3-5.01,
					 Amended 10-21-75, Formerly 3D-10.13, Amended 10-13-81, Formerly 3C-30.13,
					 3C-30.013, Amended 10-8-95, Formerly 3C-110.0381, 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-110.0382 - Credit Cards (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 655.954(1), 657.031(27), 657.038
					 FS.
New 2-1-78, Amended 10-13-81, Formerly 3C-30.28, 3C-30.028,
					 Amended 10-8-95, Formerly 3C-110.0382, Repealed
					 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.042 - Investments (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 657.042(2), (6) FS.
New 10-13-81, Amended 12-16-85, Formerly 3C-30.34,
					 3C-30.034, Amended 10-8-95, Formerly 3C-110.042, Repealed
					 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.043 - Reserves

Current through Reg. 50, No. 138; July 16, 2024
(1) Allowance for Loan Losses. The board of
				directors must establish procedures to verify that the allowance for loan
				losses account methodology is valid and conforms to generally accepted
				accounting principles and supervisory guidance. At a minimum, the board shall
				require an annual review through the annual audit or otherwise, by an
				independent party, as to the validity of, conformance to, and effectiveness of
				the established methodology and allowances.
(2) All loan and negative balance share or
				deposit balances charged-off shall be reported to the board of directors in
				accordance with a policy adopted by the board wherein parameters are set when
				to report individual amounts or aggregate amounts by classification, or both.
				The report shall be approved by the board.
Rulemaking Authority 655.012(2) FS. Law Implemented
					 655.044, 657.043 FS.
New 10-13-81, Formerly 3C-30.32, 3C-30.032, Amended
					 10-8-95, Formerly 3C-110.043, 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-110.0431 - Depletion of Regular Reserves (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 657.043(3) FS.
New 2-4-85, Formerly 3C-30.38, 3C-30.038, Amended 10-8-95,
					 Formerly 3C-110.0431, Repealed 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.0432 - Equity Plan Requirements (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 657.043(8) FS.
New 10-8-95, Formerly 3C-110.0432, Repealed
					 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.044 - Accounting Practices (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 655.044(1) FS.
New 2-4-85, Formerly 3C-30.40, 3C-30.040, Amended 10-8-95,
					 Formerly 3C-110.044, Repealed 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.045 - Reports to OFR

Current through Reg. 50, No. 138; July 16, 2024
As used in this rule chapter, "NCUA 5300" means the quarterly
				  Call Report prepared and filed with the National Credit Union Administration
				  (NCUA) as required by 12
				  C.F.R. §
										741.6. Each credit union shall
				  electronically file an accurate and complete NCUA 5300 for OFR validation by
				  submitting the report through the NCUA system on a quarterly basis. The NCUA
				  5300 shall reflect the credit union's condition as of the close of business on
				  March 31, June 30, September 30, and December 31. Each credit union shall file
				  its quarterly NCUA 5300 in accordance with the deadline established pursuant to
				  12 C.F.R. §
										741.6 and the OFR shall not levy an
				  administrative fine under paragraph
				  655.045(2)(a) or
				  (b), F.S., unless the NCUA 5300 is filed
				  after such deadline. Each credit union shall also electronically file the
				  credit union profile report ("Credit Union Profile") as required by
				  12 C.F.R. §
										741.6 in order to maintain insurance of
				  accounts by the National Credit Union Share Insurance Fund.
Rulemaking Authority 655.012(2) FS. Law Implemented 655.045
					 FS.
New 10-31-81, Formerly 3C-30.31, 3C-30.031, Amended
					 10-8-95, 3-20-02, Formerly 3C-110.045, Amended 3-6-07,
					 1-9-17.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.050 - Currency Reporting Compliance Requirements (Repealed)

Current through Reg. 50, No. 138; July 16, 2024
Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law
					 Implemented 655.50, 657.021(7) FS.
New 2-24-88, Formerly 3C-30.041, Amended 10-8-95, Formerly
					 3C-110.050, Repealed 3-6-07.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.053 - Credit Union Assessments

Current through Reg. 50, No. 138; July 16, 2024
(1) Each
				state credit union shall pay to OFR a semiannual assessment computed on total
				assets as shown on the NCUA 5300 of the credit union as of the last business
				day in June and the last business day in December of each year. In the event
				that a NCUA 5300 is amended, and such amendment results in a change in
				consolidated total assets, the semiannual assessment shall be computed on the
				adjusted total assets reported in the amended NCUA 5300 only if such amended
				report is filed no later than July 31 and January 31 of the current assessment
				period. No adjustment will be made for amended reports filed after this
				date.
(2) The semiannual assessment
				shall be computed on the following schedule:
Total Assets
Base
Plus
of Assets Over
Over
But Not Over
$0
$500,000
$50.00
0
$0
$500,000
$150,000,000
$50.00
0.000135
$500,000
$150,000,000
$300,000,000
$20,232.50
0.000105
$150,000,000
$300,000,000
$750,000,000
$35,982.50
0.000080
$300,000,000
$750,000,000
$1,000,000,000
$71,982.50
0.000050
$750,000,000
$1,000,000,000
$1,500,000,000
$84,482.50
0.000045
$1,000,000,000
$1,500,000,000
$2,000,000,000
$106,982.50
0.000040
$1,500,000,000
$2,000,000,000
$126,982.50
0.000035
$2,000,000,000
(3)
				Payment of the semiannual assessment, if mailed, must be received by the OFR no
				later than January 31 and July 31 of each year. The timeliness of the payment
				is determined by the date the OFR receives the payment rather than the date of
				the mailing postmark. Payment of the semiannual assessment, if made via wire
				transfer or an automated clearinghouse (ACH), must be transmittted (and reflect
				a transmittal date of) no later than January 31 and July 31 of each year in
				order to be timely.
(4) The OFR may
				levy a late payment penalty of up to $100.00 per day or part thereof for each
				day that a semiannual assessment payment is past due, unless it is excused for
				good cause, including isolated clerical and other minor errors. For intentional
				late payment of a semiannual assessment, the OFR shall levy an administrative
				fine of up to $1,000.00 per day for each day that a semiannual assessment
				payment is past due.
Rulemaking Authority 655.012(2), 657.053 FS. Law
					 Implemented 655.047(2), 657.053 FS.
New 8-18-96, Amended 3-11-02, Formerly 3C-110.053, Amended
					 1-9-17.
Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-110 - STATE CREDIT UNIONS › Section 69U-110.062 - Capitalization Criteria for Conservatorship or Involuntary Liquidation Actions

Current through Reg. 50, No. 138; July 16, 2024
The office may take action to have a credit union placed into
				  a conservatorship or involuntary liquidation upon finding that, among other
				  reasons, the credit union is significantly undercapitalized or
				  undercapitalized, and has no reasonable prospect of becoming adequately
				  capitalized. The criteria for such determination of capitalization shall be as
				  defined in the net worth categories contained in
				  12 U.S.C. §
										1790d(c) (2018),
http://www.flrules.org/Gateway/reference.asp?No=Ref-13206
,
				  and 12 C.F.R. Part 702 (1-1-2020 Edition),
http://www.flrules.org/Gateway/reference.asp?No=Ref-13207
,
				  which are incorporated by reference. This material is also available on the
				  OFR's website,
www.flofr.gov
.
Rulemaking Authority 655.012(2),
					 657.062 (1)(c), 657.063(1) FS.
					 Law Implemented 657.062,
					 657.063
					 FS.
New 3-6-07, Amended
					 6-28-21.