summary
Introduced
02/28/2025
02/28/2025
In Committee
04/16/2025
04/16/2025
Crossed Over
05/02/2025
05/02/2025
Passed
06/13/2025
06/13/2025
Dead
Signed/Enacted/Adopted
06/16/2025
06/16/2025
Introduced Session
2025 Regular Session
Bill Summary
An act relating to financial services; amending s. 560.103, F.S.; revising the definition of the term "control person"; 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; revising the provisions of a certain notice 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; amending s. 657.002, F.S.; revising the definition of the term hb1549 -02-e1"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 proposes several technical amendments to Florida's financial services and insurance statutes. The bill modifies the definition of a "control person" in money services businesses by expanding the criteria for determining control to include direct or indirect power to vote or sell 25 percent or more of voting securities. It removes the definition of "diligent effort" in insurance regulations and eliminates requirements for surplus lines agents to seek coverage from multiple authorized insurers before exporting insurance. The bill updates disclosure requirements for surplus lines insurance, allowing insureds to be presumed informed about alternative coverage options. Additionally, the bill makes changes to financial institutions' assessment procedures, requiring semiannual payments by specific dates and through various approved payment methods. It also adjusts regulations for credit unions, banks, and trust companies, including modifications to reimbursement policies for elected officers, reserve requirements, and timeframes for opening and conducting business. The bill includes several technical cross-reference updates and conforming changes across multiple sections of Florida's statutes. Most provisions of the bill are set to take effect on July 1, 2025, with some sections becoming effective immediately upon the act becoming law.
Committee Categories
Business and Industry
Sponsors (3)
Other Sponsors (1)
Insurance & Banking Subcommittee (House)
Last Action
Chapter No. 2025-145 (on 06/16/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Loading...