summary
Introduced
02/27/2025
02/27/2025
In Committee
03/06/2025
03/06/2025
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
An act relating to financial services; amending s. 626.914, F.S.; deleting the definition of the term “diligent effort”; amending s. 626.916, F.S.; revising the conditions for insurance coverage to be eligible for export; providing that an insured is presumed to have been informed of the availability of other coverage under certain circumstances; deleting the Financial Services Commission’s authority to adopt rules relating to insurance coverage or risk eligibility for export; deleting applicability; amending ss. 626.918, 626.932, 626.9325, 626.9541, and 627.715, F.S.; conforming cross-references and provisions to changes made by the act; amending s. 655.047, F.S.; requiring state financial institutions to pay a semiannual assessment for specified time periods; requiring that the semiannual assessment be received by the Office of Financial Regulation in a specified manner and by specified dates; amending s. 655.414, F.S.; authorizing the office to issue a specified certificate under certain circumstances; creating s. 655.97, F.S.; authorizing financial institutions to hold funds in specified trust accounts to be used for specified purposes; requiring such financial institutions to pay a certain minimum interest rate or dividend; requiring that the interest rate be a specified percentage; requiring a financial institution to submit a quarterly rate validation sheet and affidavit to the Chief Financial Officer attesting that it will pay a certain minimum interest rate or dividend; requiring that the affidavit attest that certain information is true and factual; requiring the Chief Financial Officer to verify certain information; providing applicability; amending s. 657.002, F.S.; revising the definition of the term “equity”; amending s. 657.028, F.S.; authorizing certain elected officers, directors, or committee members of a credit union to be reimbursed for certain expenses; amending s. 657.043, F.S.; conforming provisions to changes made by the act; amending s. 658.235, F.S.; revising the timeframe for certain requirements by the directors of a proposed bank or trust company; amending s. 658.25, F.S.; revising the timeframe within which a bank or trust company corporation is required to open and conduct specified business; providing effective dates.
AI Summary
This bill makes several modifications to Florida's financial services laws, primarily focusing on surplus lines insurance, financial institutions, and various regulatory provisions. It eliminates the definition of "diligent effort" in insurance contexts, removes requirements for agents to seek coverage from multiple authorized insurers before exporting insurance to surplus lines, and changes disclosure requirements for surplus lines insurance. The bill allows financial institutions to hold lawyer trust accounts with specific interest rate requirements, mandating they pay at least 0.25-0.5% interest depending on the Federal Funds Effective Rate, and requires financial institutions to submit quarterly validation sheets to the Chief Financial Officer. Additional changes include revising definitions related to credit unions, adjusting time frames for bank and trust company operations, and updating various cross-references and technical provisions across multiple sections of Florida statutes. The bill also extends the timeframe for banks to open and conduct business from 12 to 18 months after receiving final approval, and generally modifies how certain financial and insurance regulations are implemented. Most provisions of the bill are set to take effect on July 1, 2025, with some sections becoming effective immediately upon becoming law.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (2)
Banking and Insurance (S), Fiscal Policy (S)
Last Action
Laid on Table, refer to CS/HB 1549 (on 04/30/2025)
Official Document
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