Florida Statutes Title XIX Chapter 280 - Security For Public Deposits

• 280.01 - Short Title.
  This chapter may be cited as the “Florida Security for Public Deposits Act.”History.—s. 3, ch. 81-285.
• 280.02 - Definitions.
  As used in this chapter, the term:(1) “Affiliate” means an entity that is related through a parent corporation’s controlling interest. The term also includes a financial...
• 280.03 - Public Deposits To Be Secured; Prohibitions; Exemptions.
  (1)(a) All public deposits shall be secured as provided in this chapter when public depositors comply with the requirements of this chapter.(b) Public deposits shall be made...
• 280.04 - Collateral For Public Deposits; General Provisions.
  (1) The Chief Financial Officer shall determine the collateral requirements and collateral-pledging level for each qualified public depository following procedures established by rule. These procedures must...
• 280.041 - Collateral Arrangements; Agreements, Provisions, And Triggering Events.
  (1) Eligible collateral listed in s. 280.13 may be pledged, deposited, or issued using the following collateral arrangements as approved by the Chief Financial Officer for...
• 280.05 - Powers And Duties Of The Chief Financial Officer.
  In fulfilling the requirements of this act, the Chief Financial Officer has the power to take the following actions he or she deems necessary to...
• 280.051 - Grounds For Suspension Or Disqualification Of A Qualified Public Depository.
  A qualified public depository may be suspended or disqualified or both if the Chief Financial Officer determines that the qualified public depository has:(1) Violated any of...
• 280.052 - Order Of Suspension Or Disqualification; Procedure.
  (1) The suspension or disqualification of a bank or savings association as a qualified public depository must be by order of the Chief Financial Officer and...
• 280.053 - Period Of Suspension Or Disqualification; Obligations During Period; Reinstatement.
  (1)(a) The Chief Financial Officer may suspend a qualified public depository for any period that is fixed in the order of suspension, not exceeding 6 months....
• 280.054 - Administrative Penalty In Lieu Of Suspension Or Disqualification.
  (1) If the Chief Financial Officer finds that one or more grounds exist for the suspension or disqualification of a qualified public depository, the Chief Financial...
• 280.055 - Cease And Desist Order; Corrective Order; Administrative Penalty.
  (1) The Chief Financial Officer may issue a cease and desist order and a corrective order upon determining that:(a) A qualified public depository has requested and obtained...
• 280.06 - Penalty For Violation Of Law, Rule, Or Order To Cease And Desist Or Other Lawful Order.
  (1) The violation of any provision of this chapter, or any order or rule of the Chief Financial Officer, or any order to cease and desist...
• 280.07 - Mutual Responsibility And Contingent Liability.
  Any bank or savings association that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused...
• 280.08 - Procedure For Payment Of Losses.
  When the Chief Financial Officer determines that a default or insolvency has occurred, he or she shall provide notice as required in s. 280.085 and...
• 280.085 - Notice To Claimants.
  (1) Upon determining the default or insolvency of a qualified public depository, the Chief Financial Officer shall notify, by first-class mail, all public depositors that have...
• 280.09 - Public Deposits Trust Fund.
  (1) In order to facilitate the administration of this chapter, there is created the Public Deposits Trust Fund, hereafter in this section designated “the fund.” The...
• 280.10 - Effect Of Merger, Acquisition, Or Consolidation; Change Of Name Or Address.
  (1) When a qualified public depository is merged into, acquired by, or consolidated with a bank, savings bank, or savings association that is not a qualified...
• 280.11 - Withdrawal From Public Deposits Program; Return Of Pledged Collateral.
  (1) A qualified public depository may withdraw from the public deposits program by giving written notice to the Chief Financial Officer. The contingent liability, required collateral,...
• 280.13 - Eligible Collateral.
  (1) Securities eligible to be pledged as collateral by banks and savings associations shall be limited to:(a) Direct obligations of the United States Government.(b) Obligations of any federal...
• 280.16 - Requirements Of Qualified Public Depositories; Confidentiality.
  (1) In addition to any other requirements specified in this chapter, qualified public depositories shall:(a) Take the following actions for each public deposit account:1. Identify the account as...
• 280.17 - Requirements For Public Depositors; Notice To Public Depositors And Governmental Units; Loss Of Protection.
  In addition to any other requirement specified in this chapter, public depositors shall comply with the following:(1)(a) Each official custodian of moneys that meet the definition...
• 280.18 - Protection Of Public Depositors; Liability Of The State.
  (1) When public deposits are made in accordance with this chapter, there shall be protection from loss to public depositors, as defined in s. 280.02, in...
• 280.19 - Rules.
  The Chief Financial Officer shall adopt rules pursuant to ss. 120.536(1) and 120.54 to administer the provisions of this chapter.History.—s. 3, ch. 81-285; s. 55,...

Last modified: September 23, 2016