FloridaHB 15492025HouseWALLET

Financial Services

Sponsored By: Randall Scott "Randy" Maggard (Republican)

Signed by Governor

AppropriationInsurance & Banking SubcommitteeCommerce CommitteeFiscal Policy

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Bill Overview

Analyzed Economic Effects

7 provisions identified: 1 benefits, 1 costs, 5 mixed.

Clearer warnings for surplus lines buyers

Surplus lines buyers must receive a disclosure saying Florida regulators do not approve these insurers’ rates or policy forms. When buyers sign the acknowledgment, the law presumes they know other coverage may be available.

Tighter exceptions for surplus lines insurance

The state can no longer declare whole classes of risks generally eligible for surplus lines coverage under the removed exception. Wet marine, transportation, and aviation risks also lose listed exemptions. Some insurance classes lose separate export rules and must follow the general rules instead.

Easier placement of surplus lines coverage

Agents no longer have to search authorized insurers before placing coverage with a surplus lines insurer. This removes a step meant to check whether authorized coverage is available. Other eligibility rules still apply, and the law does not state whether premiums change.

Credit union pay and reserve changes

Beginning July 1, 2025, credit union equity includes undivided earnings and other reserves, but not regular reserves. Credit unions no longer need to keep a regular reserve; special reserves remain required when a rule requires them, the state regulator finds them necessary, or the board authorizes them. Elected officers, directors, and committee members cannot be paid for their service, but they can receive reimbursement for necessary official expenses. The chief executive officer is excluded from that reimbursement rule.

More time, earlier filings for new banks

Beginning July 1, 2025, directors of a proposed bank or trust company must finish its stock offering and file the final subscriber list at least 30 days before opening. After final approval, the institution has 18 months to begin general commercial business. The former opening period was 12 months from the start of corporate existence.

New assessment dates for state financial firms

Beginning July 1, 2025, state financial institutions pay assessments for six-month periods starting January 1 and July 1. The assessments use assets reported for the last business day of December and June. Payment is due by March 31 or September 30, and institutions can use mail, wire transfer, automated clearinghouse, or another approved electronic method.

New control test for money services owners

A money services business shareholder counts as a control person if they can vote, sell, or direct the sale of at least 25 percent of a class of voting shares. The law replaces the former test based on owning at least 25 percent of the company’s equity shares.

Sponsors & Cosponsors

Sponsor

Randall Scott "Randy" Maggard
Republican • House

Cosponsors

Insurance & Banking Subcommittee
Affiliation unavailable

Roll Call Votes

All Roll Calls

Yes: 293 • No: 11

Senate vote • 5/2/2025

Senate Floor Vote

Yes: 36 • No: 1

House vote • 5/2/2025

House Floor Vote

Yes: 114 • No: 0

Senate vote • 4/30/2025