Florida 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 Financial...
• 655.005 - Definitions.
  (1) As used in the financial institutions codes, unless the context otherwise requires, the term:(a) “Affiliate” means a holding company of a financial institution established pursuant to...
• 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 service...
• 655.013 - Effect On Existing Financial Institutions.
  The charters of state financial institutions existing on July 1, 1992, shall continue in full force and effect. However, after that date, all state financial...
• 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 constitute...
• 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...
• 655.017 - Local Regulation Preempted.
  (1) A county or municipality may not enact or enforce a resolution, ordinance, or rule that regulates financial or lending activities, including a resolution, ordinance, or...
• 655.0201 - Service Of Process, Notice, Or Demand On Financial Institutions.
  1(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. 655.005 or other business entity as defined by...
• 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.
  (1) If the office determines that a violation of the financial institutions codes or a violation of a formal enforcement action has occurred or is threatened...
• 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 financial institution, subsidiary, or service corporation involved, a complaint stating charges...
• 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...
• 655.03855 - Provisional Directors And Executive Officers.
  (1) If a state financial institution has an insufficient number of directors to meet the minimum requirements of s. 657.021 or s. 658.33 for 30 days...
• 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 a...
• 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. 1,...
• 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 United States generally accepted accounting principles. The commission may authorize exceptions to such...
• 655.045 - Examinations, Reports, And Internal Audits; Penalty.
  (1) The office shall conduct an examination of the condition of each state financial institution at least every 18 months. The office may conduct more frequent...
• 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 duly...
• 655.0591 - Trade Secret Documents.
  (1) If any person who is required to submit documents or other information to the office pursuant to the financial institutions codes, or by rule or...
• 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 - Definitions.
  As used in ss. 655.41-655.419, the term:(1) “Financial entity” means a financial institution whose principal office is in this state.(2) “Capital stock financial institution” means a financial...
• 655.411 - Conversion Of Charter.
  (1) A financial entity may apply to the office for permission to convert its charter without changing its business form or to do business as another...
• 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, a 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 or entities may conduct business in accordance with...
• 655.418 - Nonconforming Activities; Cessation.
  If, as a result of a merger, consolidation, conversion, or acquisition, the resulting financial entity is to be of a different type or of a...
• 655.4185 - Emergency Action.
  (1) Notwithstanding any other provision of the financial institutions codes or chapter 120, if the office or the appropriate federal regulatory agency, or the appropriate home...
• 655.419 - Effect.
  The provisions of ss. 655.41-655.419 relating to merger, consolidation, conversion, or acquisition of assets of any financial institution are cumulative with all other provisions of...
• 655.50 - Florida Control Of Money Laundering And Terrorist Financing In Financial Institutions Act.
  (1) This section may be cited as the “Florida Control of Money Laundering and Terrorist Financing in Financial Institutions Act.”(2) The purpose of this section is to...
• 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 appraisals to be made of real estate or other property held by a 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.History.—s....
• 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” includes a member...
• 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, savings...
• 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.
  If a check is forwarded or presented to a financial institution for payment, except when presented by the payee in person, the paying institution or...
• 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 substantially...
• 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.(b) “Emergency” means...
• 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.
  (1) The financial institutions codes do not prohibit a financial institution or business trust that has its principal place of business outside this state and that...
• 655.922 - Banking Business By Unauthorized Persons; Use Of Name.
  (1) Only a financial institution authorized to do business in this state pursuant to the financial institutions codes of any state or federal law may engage...
• 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 a financial...
• 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 an order determining the 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 that 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 this section and...
• 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...
• 655.955 - Liability Of Financial Institution To Third Parties.
  A financial institution is not civilly liable to a third party for the actions or operations of a person solely by virtue of extending 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 feet...
• 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. 84,...
• 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 a...
• 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....
• 655.968 - Financial Institutions; Transactions Relating To Iran Or Terrorism.
  (1) As used in this section, the term:(a) “Correspondent account” has the same meaning as defined in 31 U.S.C. s. 5318A.(b) Financial institution” has the same meaning as...

Last modified: September 23, 2016