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Florida Laws: FL Statutes - Title XXXVIII Chapter 655 Financial Institutions Generally
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Florida Laws > Banks and Banking > Florida Laws: FL Statutes - Title XXXVIII Chapter 655 Financial Institutions Generally
- 655.001 Purpose; application.
The purposes of the financial institutions codes are to: (1) Provide general regulatory powers to be exercised by the Financial Services Commission and the Office of...
- 655.005 Definitions.
(1) As used in the financial institutions codes, unless the context otherwise requires, the term: (a) "Affiliate" means any financial institution holding company pursuant to federal law...
- 655.012 General supervisory powers; rulemaking; seal.
(1) In addition to other powers conferred by the financial institutions codes, the office shall have: (a) General supervision over all state financial institutions, their subsidiaries, and...
- 655.013 Effect on existing financial institutions.
The charters of state financial institutions existing at the time of the adoption of this act shall continue in full force and effect. However, all...
- 655.015 Construction; standards to be observed by commission and office.
(1) The financial institutions codes shall be liberally construed and applied to promote their purposes and policies. (2) The purposes and policies as stated in s. 655.001...
- 655.016 Liability when acting upon rule, order, or declaratory statement.
No person acting, or who has acted, in good faith reliance upon a rule, order, or declaratory statement issued by the commission or office shall...
- 655.0201 Service of process, notice, or demand on financial institutions.
(1) Process against any financial institution authorized by federal or state law to transact business in this state may be served in accordance with chapter 48,...
- 655.031 Administrative enforcement guidelines.
(1) In imposing any administrative remedy or penalty provided for in the financial institutions codes, the office shall take into account the appropriateness of the penalty...
- 655.032 Investigations, subpoenas, hearings, and witnesses.
(1) The office may make investigations, within or outside this state, which it deems necessary to determine whether a person has violated or is about to...
- 655.0321 Restricted access to certain hearings, proceedings, and related documents.
The office shall consider the public purposes specified in 1s. 119.14(4)(b) in determining whether the hearings and proceedings conducted pursuant to s. 655.033 for the...
- 655.0322 Prohibited acts and practices; criminal penalties.
(1) As used in this section, the term "financial institution" means a financial institution as defined in s. 655.50 which includes a state trust company, state...
- 655.033 Cease and desist orders.
(1) The office may issue and serve upon any state financial institution, subsidiary, or service corporation, or upon any financial institution-affiliated party, a complaint stating charges...
- 655.034 Injunctions.
Whenever a violation of the financial institutions codes is threatened or impending and such violation will cause substantial injury to a state financial institution or...
- 655.037 Removal of a financial institution-affiliated party by the office.
(1) The office may issue and serve upon any financial institution-affiliated party and upon the state financial institution, subsidiary, or service corporation involved, a complaint stating...
- 655.0385 Disapproval of directors and executive officers.
(1) Each state financial institution shall notify the office of the proposed appointment of any individual to the board of directors or the appointment or employment...
- 655.0386 Transactions with financial institution-affiliated parties.
(1) CONFLICT OF INTEREST.--A financial institution-affiliated party may not engage or participate, directly or indirectly, in any business or transaction conducted on behalf of or involving...
- 655.0391 Retention of supervision by office.
A state financial institution may not cause to be performed, by contract or otherwise, any financial-institution services for itself, whether at or away from its...
- 655.0392 Place of transacting business.
Any financial institution, except a credit union, organized under the laws of this state or federal law may apply for space in any building owned...
- 655.041 Administrative fines; enforcement.
(1) The office may, by complaint, initiate a proceeding pursuant to chapter 120 to impose an administrative fine against any person found to have violated any...
- 655.043 Articles of incorporation; amendments; approval.
A bank, trust company, or association may not amend its articles of incorporation without the written approval of the office. History.--s. 7, ch. 84-216; s....
- 655.044 Accounting practices; bad debts ineligible to be carried as assets.
(1) Except as otherwise provided by law, a state financial institution shall observe generally accepted accounting principles and practices. The commission may authorize by rule exceptions...
- 655.045 Examinations, reports, and internal audits; penalty.
(1)(a) The office shall conduct an examination of the condition of each state financial institution during each 18-month period, beginning July 1, 1981. The office may...
- 655.047 Assessments; financial institutions.
(1) Each state financial institution shall pay to the office a semiannual assessment based on the total assets as shown on the statement of condition of...
- 655.049 Deposit of fees and assessments.
The assessments, application fees, late payment penalties, civil penalties, administrative fines, and other fees or penalties provided for in the financial institutions codes shall, in...
- 655.057 Records; limited restrictions upon public access.
(1) Except as otherwise provided in this section and except for such portions thereof which are otherwise public record, all records and information relating to an...
- 655.059 Access to books and records; confidentiality; penalty for disclosure.
(1) The books and records of a financial institution are confidential and shall be made available for inspection and examination only: (a) To the office or its...
- 655.061 Competitive equality with federally organized or chartered financial institutions.
Subject to the prior approval of the office pursuant to commission rule or office order of general application, state financial institutions subject to the financial...
- 655.071 International banking facilities; definitions; notice before establishment.
(1) "International banking facility" means a set of asset and liability accounts segregated on the books and records of a banking organization, as that term is...
- 655.41 Cross-industry conversions, mergers, consolidations, and acquisitions; definitions used in ss. 655.41-655.419.
As used in ss. 655.41-655.419, the term: (1) "Financial entity" means an association, bank, credit union, savings bank, Edge Act or agreement corporation, or trust company...
- 655.411 Conversion of charter.
(1) Any financial entity may apply to the office for permission to convert its charter without a change of business form or convert its charter in...
- 655.412 Merger and consolidation.
(1) With the approval of the office, any capital stock financial institution may be merged into or consolidated with another capital stock financial institution or a...
- 655.414 Acquisition of assets; assumption of liabilities.
With prior approval of the office and upon such conditions as the commission prescribes by rule, any financial entity may acquire all or substantially all...
- 655.416 Book value of assets.
Upon the effective date of a merger, consolidation, conversion, or acquisition pursuant to ss. 655.41-655.419, an asset may not be carried on the books of...
- 655.417 Effect of merger, consolidation, conversion, or acquisition.
From and after the effective date of a merger, consolidation, conversion, or acquisition, the resulting financial entity may conduct business in accordance with the terms...
- 655.418 Nonconforming activities; cessation.
If, as a result of a merger, consolidation, conversion, or acquisition pursuant to ss. 655.41-655.419, the resulting financial entity is to be of a different...
- 655.4185 Emergency action.
(1) Notwithstanding any other provision of the financial institutions codes or of chapter 120, if the office or the appropriate federal regulatory agency finds that immediate...
- 655.419 Effect.
The provisions of ss. 655.41-655.419 relating to merger, consolidation, conversion, or acquisition of assets of any financial entity are cumulative with all other provisions of...
- 655.50 Florida Control of Money Laundering in Financial Institutions Act; reports of transactions involving currency or monetary instruments; when required; purpose; definitions; penalties.
(1) This section may be cited as the "Florida Control of Money Laundering in Financial Institutions Act." (2) It is the purpose of this section to require...
- 655.51 Employment information.
(1) It is not unlawful for any person to provide employment information to a financial institution or a financial institution regulatory agency, or to any person...
- 655.55 Law applicable to deposits in and contracts relating to extensions of credit by a deposit or lending institution located in this state.
(1) The law of this state, excluding its law regarding comity and conflict of laws, governs all aspects, including without limitation the validity and effect, of...
- 655.56 Collection of fines, interest, or premiums on loans made by financial institutions.
No fines, interest, or premiums paid on the following loans made by any financial institution shall be deemed usurious, and the same may be collected...
- 655.60 Appraisals.
(1) The office is authorized to cause to be made appraisals of real estate or other property held by any state financial institution, subsidiary, or service...
- 655.762 Sale of assets.
A state financial institution may sell any asset in the ordinary course of business or with the approval of the office in any other circumstances....
- 655.769 Definitions of terms used in ss. 655.77-655.91.
As used in ss. 655.77-655.91, the term: (1) "Check" includes a share draft of a credit union. (2) "Deposit" includes a share of a credit union. (3) "Depositor"...
- 655.77 Deposits by minors.
Deposits made by a minor, or made in the minor's name by other than a court-appointed guardian, may be withdrawn by the minor in the...
- 655.78 Deposit accounts in two or more names.
(1) Unless otherwise expressly provided in a contract, agreement, or signature card executed in connection with the opening or maintenance of an account, including a certificate...
- 655.79 Deposits and accounts in two or more names; presumption as to vesting on death.
(1) Unless otherwise expressly provided in a contract, agreement, or signature card executed in connection with the opening or maintenance of an account, including a certificate...
- 655.80 Convenience accounts.
(1) A convenience account is a deposit account, other than a certificate of deposit, in the name of one individual (principal), in which one or more...
- 655.82 Pay-on-death accounts.
(1) As used in this section: (a) "Account" means a contract of deposit between a depositor and an institution, including, but not limited to, a checking account,...
- 655.825 Deposits in trust; applicability of s. 655.82 in place of former s. 655.81.
(1) Because deposits in trust are also accounts with a pay-on-death designation as described in s. 655.82, it is the intent of the Legislature that the...
- 655.83 Adverse claim to a deposit or fiduciary account.
Notice to any institution of an adverse claim to a deposit or fiduciary account standing on its books to the credit of any person does...
- 655.84 Limitations; statements as correct.
(1) Unless written objection thereto has been theretofore delivered by the depositor to the institution, a statement of account rendered by any institution in this state...
- 655.85 Settlement of checks.
Whenever any check is forwarded or presented to an institution for payment, except when presented by the payee in person, the paying institution or remitting...
- 655.851 Unclaimed credit balances.
Credit balances held by a financial institution, credit union, or participant as defined in 12 U.S.C. s. 4001(19) which result from the performance of or...
- 655.86 Issuance of postdated checks.
It is the duty of the person drawing a postdated check to notify, in writing, the separate office or branch of the institution upon which...
- 655.89 Legal holidays; business days; business and transactions.
(1) In this section, the term: (a) "Business day" means that part of any day on which an institution is open to the public for carrying on...
- 655.90 Closing during emergencies and other special days.
(1) DEFINITIONS.--As used in this section, the term: (a) "Commissioner" means the director of the Office of Financial Regulation and any other person lawfully exercising such powers....
- 655.91 Records of institutions and copies thereof; retention and destruction.
(1) In this section, "records" of an institution means and includes all books of account and other books of every kind, journals, ledgers, statements, instruments, documents,...
- 655.921 Transaction of business by out-of-state financial institutions; exempt transactions in the financial institutions codes.
(1) Nothing in the financial institutions codes shall be construed to prohibit a financial institution having its principal place of business outside this state and not...
- 655.922 Banking business by unauthorized persons; use of name.
(1) No person other than a financial institution authorized to do business in this state pursuant to the financial institutions codes of any state or federal...
- 655.93 Definitions for ss. 655.93-655.94.
As used in ss. 655.93-655.94, the term: (1) "Lessee" means a person who contracts with a lessor for the use of a safe-deposit box. (2) "Lessor" means...
- 655.931 Authority to engage in safe-deposit business.
A financial institution may maintain and lease safe-deposit boxes and may accept property or documents for safekeeping if, except in the case of property or...
- 655.932 Lease to minor.
A lessor may lease a safe-deposit box to, and in connection therewith deal with, a minor with the same effect as if leasing to and...
- 655.933 Access by fiduciaries.
If a safe-deposit box is made available by a lessor to one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly...
- 655.934 Effect of lessee's death or incapacity.
If a lessor without knowledge of the death or of an order determining incapacity of the lessee deals with the lessee's agent in accordance with...
- 655.935 Search procedure on death of lessee.
If satisfactory proof of the death of the lessee is presented, a lessor shall permit the person named in a court order for the purpose,...
- 655.936 Delivery of safe-deposit box contents or property held in safekeeping to personal representative.
(1) Subject to the provisions of subsection (3), the lessor shall immediately deliver to a personal representative appointed by a court in this state, upon presentation...
- 655.937 Access to safe-deposit boxes leased in two or more names.
(1) Unless specifically provided in the lease or rental agreement to the contrary, 1if a safe-deposit box is rented or leased in the names of two...
- 655.938 Adverse claims to contents of safe-deposit box.
(1) An adverse claim to the contents of a safe-deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny...
- 655.939 Limiting right of access for failure to comply with security procedures.
If any individual who has a right of access to a safe-deposit box is unwilling or unable for any reason or cause to comply with...
- 655.94 Special remedies for nonpayment of rent.
(1) If the rental due on a safe-deposit box has not been paid for 3 months, the lessor may send a notice by certified mail to...
- 655.942 Standards of conduct; institutions.
(1) A financial institution that is licensed or authorized to do business pursuant to the financial institutions codes, or its officers, directors, or employees may not...
- 655.943 Applications; verification.
All information required by the financial institutions codes or rule of the commission to be furnished in conjunction with applications to form, acquire or acquire...
- 655.946 Single interest insurance placed by financial institutions.
(1) If a financial institution purchases, or causes to be issued, insurance coverage to protect its security interest in a loan or indebtedness, and pursuant to...
- 655.947 Debt cancellation products.
(1) Debt cancellation products may be offered, and a fee may be charged, by financial institutions and subsidiaries of financial institutions subject to the provisions of...
- 655.948 Significant events; notice required.
(1) Unless exempted by the office pursuant to subsection (4), every financial institution shall notify the office of the occurrence of any of the events listed...
- 655.949 Personnel; qualifications.
The office shall establish and publish educational, professional, and other appropriate qualifications for each position in the office authorized to participate in the regulation of...
- 655.954 Financial institution loans; credit cards.
(1) Notwithstanding any other provision of law, a financial institution shall have the power to make loans or extensions of credit to any person on a...
- 655.960 Definitions; ss. 655.960-655.965.
As used in this section and ss. 655.961-655.965, unless the context otherwise requires: (1) "Access area" means any paved walkway or sidewalk which is within 50...
- 655.961 Violation of specified provisions not negligence per se.
A violation of the provisions of ss. 655.960-655.965 or any regulation made pursuant thereto does not constitute negligence per se. History.--s. 1, ch. 94-343; s....
- 655.962 Lighting; mirrors; landscaping.
(1) Each operator, or other person responsible for an automated teller machine pursuant to ss. 655.960-655.965, shall provide lighting during the hours of darkness with respect...
- 655.963 Access devices.
Customers receiving access devices shall be furnished by the respective issuers thereof with such information regarding safety precautions as the commission may require by rule....
- 655.964 Application.
(1) The provisions of ss. 655.961 and 655.962 do not apply to any automated teller machine which is: (a) Located inside of a building, unless it is...
- 655.965 Preemption; prohibition.
Except as expressly provided, the provisions of this section and ss. 655.960-655.964 supersede and preempt all rules, regulations, codes, or ordinances of any city, county,...
- 655.966 Automated teller machine; surcharge disclosure.
(1) The operator or owner of an automated teller machine in this state may charge an access fee or surcharge to a customer for the use...
- 655.967 State-funded endowments.
A state-mandated endowment funded through a general appropriations act prior to 1990 may be maintained in trust accounts in financial institutions as defined in s....
Last modified: March 26, 2010
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