Florida Administrative Code

Florida state-chartered financial institutions shall comply with the federal standards set out by the U.S. Treasury Department, Office of Foreign Assets Control, in 31 C.F.R. Part 561, Subparts B, C, and D (7-1-2019 Edition), as amended at 84 Fed. Reg. 38545 (Aug. 7, 2019), http:…

For the purposes of this rule chapter, the following definitions shall apply: (1) "Applicant" means the proposed state financial institution, acting by order of the proposed Board of Directors through its correspondent; or, if opened, the state financial institution on behalf of …

These rules contain procedures which shall govern all actions taken by and proceedings held before OFR in connection with its responsibility to process applications for the issuance, denial, renewal, or amendment of licenses and mergers pursuant to titles XXXVI and XXXVIII, Flori…

(1) The following application forms are hereby incorporated by reference. (a) Form OFR-U-1, Application for Authority to Organize a Bank, Savings Bank or Association, Revised 3/2003. (b) Form OFR-U-28, Application for Authority to Organize a Trust Company, Revised 3/2003. (c) For…

(1) When required, OFR shall publish notice of receipt of each application in the Florida Administrative Register within 21 days of its receipt. The notice shall identify the applicant, the subject of the application, the proposed location of the requested license action (if appr…

(1) A petition for public hearing may be combined with a notice of intention to appear (which is a requirement for a person to become a party) as provided in subsection 69U-105.106(3), F.A.C. Any person may request a public hearing by filing a petition with OFR within 21 days of …

(1) The applicant shall, no more than 21 nor less than 14 days prior to the scheduled hearing, publish one time in a newspaper of general circulation in the community in which the applicant proposes to engage in business, a notice containing the name or names of the applicant, th…

(1) Applicant. The applicant for any license processed under this chapter shall be a party to any hearing and to any further proceedings on the application. The applicant may withdraw the application at any time by filing a notice of withdrawal on the record. Withdrawal shall ter…

The time period within which any pleading, paper, motion, notice, instrument, or brief may be filed, or the time period within which any act is required to or may be performed, as provided by any rule of the Financial Services Commission or order of OFR, shall be so computed as t…

In cases where Director's designee sits as a presiding officer, the presiding officer may grant an extension of time for the filing of any pleading required or permitted by these rules. Applications for such extensions must be served on all other parties and filed with OFR at lea…

(1) Notice. When required, service or notice shall be deemed effected when accomplished in the following manner: (a) Service and notice of initial pleadings, orders, and other papers shall be effected upon a party by hand delivery or by U.S. mail, directed to a party's last known…

The presiding officer's or administrative law judge's report shall contain findings of fact which shall be based exclusively upon competent substantial evidence in the record and rulings on evidentiary matters. OFR shall allow each party 10 days from the date of the presiding off…

(1) Final orders on applications for cross-industry conversions, cross-industry mergers, cross-industry acquisitions of all or substantially all of the assets of another financial institution, new banks, new trust companies, new associations, new savings banks, new credit unions,…

OFR shall see that an appropriate record of the proceedings is maintained. The record shall consist only of: (1) All notices, pleadings, motions, and interlocutory rulings; (2) Evidence received or considered; (3) A statement of matters officially recognized; (4) Questions and pr…

Immediately following the approval of any application pursuant to this chapter OFR shall forward a copy of the final order to the appropriate federal regulatory agencies. (See 12 USC section 1828c, and 12 U.S.C. sections 1811-1832.) Rulemaking Authority 120.53(1)(a), 655.012(3) F…

Requests for reconsideration of applications on which a final order has been rendered shall not be accepted. A new application may be filed at any time by submitting substantive new or additional information to OFR. To the extent relevant, OFR shall consider and incorporate the p…

These rules contain the specific procedures and policies for filing and evaluating applications to organize or relocate state-chartered banks, savings banks, associations, and trust companies ("state financial institutions"). Rulemaking Authority 655.012(3) FS. Law Implemented 12…

(1) Forms. The application for a new state-chartered bank, savings bank ("bank") or state-chartered association ("association") shall be made on Form OFR-U-1. The application for a new state-chartered trust company ("trust company") shall be made on Form OFR-U-28. (a) Each propos…

(1) The organization expenses shall be borne by the applicant. After approval of the shareholders, these expenses may be reimbursed as provided in Section 658.24, F.S. An accounting of the organization expenses must be provided to each subscriber and to OFR no later than the date…

(1) When an application for authority to organize and operate a new state financial institution is filed, it is the applicant's responsibility to prove that the statutory criteria warranting the grant of authority are met. OFR shall conduct an investigation pursuant to Section 65…

(1) Approval by Federal Regulatory Agencies. Upon approval by OFR, a copy of the final order shall be forwarded to the Federal Deposit Insurance Corporation for insurance of accounts, to the Federal Reserve System for approval of membership in the Federal Reserve System and/or fo…

(1) The site of a state financial institution office which has been in operation for at least 18 months may be relocated to a new site in any county of this state where the state financial institution currently has an authorized branch office with at least 30 days prior written n…

(1) Temporary Quarters. Requests for authority to open for business in temporary quarters shall be submitted in writing as soon as such contingency becomes evident. The request shall include the minimum information required in the appropriate pages of Exhibit D of Form OFR-U-1 or…

(1) The initial Offering Circular or Memorandum (hereinafter "Offering Circular") of securities issued by an applicant for approval shall be deemed to be adequate and shall include, but not be limited to, the following information: (a) The caption "Offering Circular;" (b) The pro…

These rules contain the procedures for filing and evaluating applications to establish or relocate branch offices of state financial institutions pursuant to Sections 658.26(2) and (3), F.S. Rulemaking Authority 655.012(3) FS. Law Implemented 658.26(2), (3), 665.013 FS. History-N…

Forms and Filing. A state financial institution operating in a safe and sound manner may submit a notice to OFR to establish a branch office at least 30 days before opening such branch. For the purpose of this section, a safe and sound financial institution is an institution that…

(1) Standards. In making its determination to approve or disapprove branch office applications, OFR shall consider the following criteria: (a) The applicant has or agrees to provide sufficient capital accounts to support the state financial institution's deposit base, or in relat…

All applications for approval to relocate a main office or a branch office of a state financial institution shall be made on Form OFR-U-12. Rulemaking Authority 655.012(3), 655.061 FS. Law Implemented 120.60(5), 655.012(3), 655.061, 658.26(3)(a), (b), 665.013, 667.003 FS. History…

OFR shall be notified in writing at least 30 days prior to the closing of an established branch office. Such notification shall include evidence of a board resolution approving the closing and a copy of the notice that was sent to the customers of the branch office notifying them…

Applicable time limits for processing branch office applications filed with a proposed new state financial institution application shall be the same as the time limits placed on the proposed new state financial institution application (180 days). Rulemaking Authority 655.012(3) F…

(1) With the prior approval of OFR, state financial institutions may provide banking services through mobile banking units, provided such units stop at predetermined locations within counties where the institution is otherwise authorized by OFR to operate. These mobile banking un…

These rules contain the procedures for filing and evaluating applications for authority to establish a trust department by a state-chartered bank, or savings bank ("bank") or a state-chartered association ("association") pursuant to Section 660.26, F.S. Rulemaking Authority 655.0…

Applications filed pursuant to Rules 69U-105.501 through 69U-105.507, F.A.C., shall be processed in all respects pursuant to Rules 69U-105.101 through 69U-105.115, F.A.C. Rulemaking Authority 655.012(3) FS. Law Implemented 660.26 FS. History-New 7-5-83, Formerly 3C-2.02, 3C-2.002…

A state bank, savings bank, or association shall apply for authority to exercise trust powers through filing Form OFR-U-15. When the applicant is a proposed state bank, savings bank or association, filing should be submitted as supplemental information to the application for auth…

(1) OFR shall approve or disapprove applications for authority to exercise trust powers. In considering such applications, the applicant's capacity to support such an undertaking is of major importance. The closing of a trust department does not present the same risk of loss to t…

Issuance of a final order shall be made subject to appropriate federal regulatory agency approval where applicable. Final certification authorizing the applicant to engage in a trust business shall not be issued until all conditions of OFR's final order have been met. With an app…

State financial institutions shall deposit or pledge security to the Chief Financial Officer as provided in Section 660.27, F.S. Rulemaking Authority 655.012(3) FS. Law Implemented 660.27(1) FS. History-New 7-5-83, Formerly 3C-2.07, 3C-2.007, Amended 8-14-94, 4-15-98, Formerly 3C…

These rules contain procedures by which OFR may reach informed decisions with respect to applications filed to effect a merger of any financial institution into a resulting state financial institution as provided in Sections 658.41 through 658.45, F.S., and any other applicable p…

In order to effect a merger, written approval must be obtained from the "responsible federal regulatory agency" as defined by 12 U.S.C. s. 1828(c). It shall be the responsibility of each constituent financial institution to comply with any applicable federal law and to publish an…

The application for merger shall be submitted on Form OFR-U-19. The application for authority to organize a Successor Institution shall be submitted on Form OFR-U-19A. Rulemaking Authority 655.012(3) FS. Law Implemented 658.41, 658.42, 658.43, 658.44, 658.45, 658.16, 658.165, 658…

Where any constituent is a federally-chartered financial institution, OFR may accept an examination prepared by any appropriate federal regulatory agency, review the bank or association's records, or conduct an examination of the financial institution's condition prior to giving …

(1) The applicant shall file, along with the application, a statement regarding the desire to carry over, consolidate, or eliminate any offices including approved but unopened branch offices of all constituent financial institutions or trust departments of the constituent financi…

(1) After approval by the board of directors of each constituent financial institution, the plan of merger and merger agreement containing those items set forth in Section 658.42, F.S., shall be submitted to OFR for approval, together with certified copies of the authorizing reso…

(1) The plan of merger and merger agreement may designate a successor institution which is located or is to be located in the county or counties in which one of the constituent financial institutions' offices is located. The organization of such a successor institution shall be p…

If the application for a merger is approved by OFR, the final order will be forwarded to and will be subject to approval by the Federal Deposit Insurance Corporation, by the Board of Governors, Federal Reserve System, or by the Office of Thrift Supervision, as applicable. Denial …

OFR's Certificate of Merger will be prepared and issued, as requested by applicant, after: (1) All requirements of the applicable Florida Statutes are met; (2) All requirements of federal law are met, including written approval by the responsible federal regulatory agency(ies); a…

The application to acquire 50 percent or more of the assets of, liabilities of, or combination of assets and liabilities of, any financial institution shall be submitted on Form OFR-U-17, Application and Plan for the Purchase of Assets and Assumption of Liabilities, incorporated …