Florida Administrative Code

Rulemaking Authority 655.012(3), 655.012(3) FS. Law Implemented 658.68 FS. History-New 11-1-92, Amended 7-9-96, Formerly 3C-120.680, Repealed 4-6-05.

(1) Each state bank shall pay to OFR a semiannual fee of $1,000, plus a semiannual assessment based on total consolidated assets as shown on the state bank's Call Report, as that term is defined in Rule 69U-120.0451, F.A.C., as of the last business day in June and the last busine…

(1) "Aggregate Liabilities" as used in this section excludes accrued expenses and amounts due and other liabilities to branches, offices, agencies, and wholly owned, except for a nominal number of directors' shares, subsidiaries of the international trust entity in question. (2) …

(1) Application to Establish an International Trust Company Representative Office. The application for authority to establish an international trust company representative office shall be filed on Form OFR-U-20D, Application for the Establishment of an International Trust Company…

The applicant must establish to the satisfaction of the OFR that the applicant's home country permits any financial institution licensed or chartered by any state or any federal bank regulatory agency in the United States to establish similar facilities therein or exercise simila…

(1) Section 663.406(8)(c), F.S., states a license shall not be issued to an international trust entity for the purpose of operating an international trust company representative office in this state unless the international trust entity is adequately supervised by the appropriate…

(1) Pursuant to Section 663.407(2), F.S., the proposed capitalization of an international trust entity seeking licensure to operate an international trust company representative office must be in such amount as the OFR deems adequate, but may in no case be less than $1,000,000.00…

(1) An international trust entity proposing to terminate the operation of its international trust company representative office shall surrender its license in the manner prescribed by this rule. (2) An international trust entity shall provide to the OFR written notice of its inte…

(1) Pursuant to Section 663.412, F.S., an international trust entity that is licensed to maintain an international trust company representative office may not continue to conduct its licensed business in this state if the international trust enity is experiencing any of the statu…

(1) Pursuant to Section 663.413(2), F.S., the OFR shall charge each international trust entity which maintains an international trust company representative office in this state and is licensed under the provisions of Chapter 663, F.S., an examination fee equal to the actual cost…

The written notice to qualify as a qualified limited service affiliate shall be filed on Form OFR-U-135, Written Notice to Qualify as a Qualified Limited Service Affiliate in the State of Florida, effective 02/2023, herein incorporated by reference and available at http://www.flr…

A qualification must be renewed every 2 years. Within 30 days prior to the end of each 2 year period, qualification must be renewed by filing a written notice of renewal with the OFR. The written notice of renewal of qualification shall be filed on Form OFR-U-135R, Written Notice…

(1) A qualified limited service affiliate that proposes to terminate operations in this state must surrender its qualification. A qualified limited service affiliate must surrender its qualification by providing the OFR with written notification at least 60 days prior to the prop…

(1) The application for authority to establish an international branch, or international bank agency, shall be filed on Form OFR-U-20, Application for the Establishment of an International Branch or International Bank Agency in the State of Florida, effective 01/2018, herein inco…

(1) Section 663.05(8)(a)3., F.S., states a license shall not be issued to an international banking corporation for the purpose of operating an international bank agency or an international branch in this state unless the international banking corporation is adequately supervised …

Rulemaking Authority 663.06(6), 663.13 FS. Law Implemented 663.04, 663.05(4), 663.06(6) FS. History-New 12-20-82, Formerly 3C-15.081, 3C-15.0081, 3C-140.004, Repealed 1-2-18.

(1) Pursuant to Section 663.11, F.S., an international banking corporation that is licensed to maintain an international branch, international bank agency, international administrative office, or international representative office may not continue to conduct its licensed busines…

(1) An international banking corporation proposing to terminate the operation of its international branch, international administrative office, international representative office, or international bank agency by closure or by nonrenewal of the international branch, international…

(1) Pursuant to Section 663.061(1), F.S., an international bank agency may provide investment management and investment advisory services to non-residents and may also provide such services to residents when such services relate to international or foreign, or domestic investment…

(1) Generally, permissible activities shall include those activities permissible for corporations engaged in international banking or financial operations under the Edge Act, 12 U.S.C. sections 611-631, except such of those activities that are contrary to or inconsistent with any…

(1) Section 663.07(1)(a), F.S., requires each international bank agency or international branch to maintain, with one or more banks insured by the Federal Deposit Insurance Corporation and located within the United States, evidence of dollar deposits or investment securities of t…

(1) To qualify for a license to operate an international branch, international bank agency, international administrative office, or international representative office, an international banking corporation must have an average capital ratio of 5.0 percent or greater. For the purp…

(1) Any Florida-licensed agency of an international banking corporation (hereinafter referred to as an "agency") may make acceptances in financing credit transactions, including types of acceptances not subject to subsection (2) or (3), hereof. (2) Unless otherwise provided by fe…

(1) Each international bank agency shall keep a set of accounts and records in English, reflecting all transactions on a daily basis. The international banking corporation of each bank agency shall perform, or shall cause to be performed, an audit of the agency within each calend…

(1) All state licensed international bank agencies shall submit to OFR a statement of financial condition as of the close of the last business day of each calendar quarter. The report shall be submitted on Form OFR-U-55, Report of Assets and Liabilities of U.S. Branches and Agenc…

(1) Each state licensed international banking agency shall pay to OFR a semiannual assessment fee for the six-month period beginning thirty days before each payment date. Each assessment shall be postmarked on or before January 31 and July 31 of each year. The amount of the semia…

Rulemaking Authority 655.012(3), 663.13 FS. Law Implemented 48.081, 48.181, 48.193, 120.53(1)(c), 120.60(6), 663.06(6), 663.13 FS. History-New 2-24-80, Amended 7-21-81, Formerly 3C-15.07, 3C-15.00, 3C-140.022, Repealed 1-2-18.

The applicant must establish to the satisfaction of the OFR, that the country in which the applicant is organized permits any financial institution licensed or chartered by any state or any federal bank regulatory agency in the United States to establish similar facilities therei…

(1) Pursuant to Section 663.12(3), F.S., OFR shall charge each international banking corporation which maintains an office in this state and is licensed under the provisions of Chapter 663, F.S., an examination fee equal to the actual cost of each examiner's participation during …

Rulemaking Authority 120.53(1)(a), 655.012(3) FS. Law Implemented 655.013(34), 655.047, 658.73 FS. History-New 8-9-93, Formerly 3C-150.730, Repealed 7-1-12.

As used in this rule chapter or in the forms prescribed by this rule chapter, the words defined in Section 662.111, F.S., shall have the same meaning, and the following terms and phrases (whether or not capitalized) shall have the meanings stated below unless the context clearly …

(1) An applicant seeking to operate in this state as a licensed family trust company under Section 662.121, F.S., must file a completed application on Form OFR-162-01, "Application for License as a Licensed Family Trust Company," revised 02/2023, herein incorporated by reference …

(1) A family trust company seeking to register under Section 662.122(1), F.S., must file a completed registration application on Form OFR-162-02, "Application to Register as a Family Trust Company," revised 02/2023, herein incorporated by reference and available at https://www.fl…

(1) An applicant seeking to operate in this state as a foreign licensed family trust company under Section 662.122(2), F.S., must file a completed registration application on Form OFR-162-03, "Application to Register as a Foreign Licensed Family Trust Company," revised 02/2023, h…

(1) Annual renewal applications for family trust companies, licensed family trust companies, and foreign licensed family trust companies must be filed with the Office on Form OFR-162-04, "Annual Renewal Application," revised 02/2023, herein incorporated by reference and available…

(1) Each family trust company and licensed family trust company shall maintain a principal office physically located in this state where original or true copies of all records and accounts of the family trust company or licensed family company may be accessed and made readily ava…

(1) Examinations of family trust companies, licensed family trust companies, and foreign licensed family trust companies will be conducted under Section 662.141, F.S. (2) Subsequent to any examination of a licensed family trust company by the Office, the Office shall provide the …

(1) Application forms for all license, registration, renewal, reports, and notice-filing actions covered by these rules are available on the OFR's website at www.flofr.gov or through the links provided in these rules. Forms may also be obtained at no cost by request to the Office…

(1) A licensed family trust company that is required under Section 662.125(3), F.S., to notify the Office of the proposed appointment of an individual to the board of directors or addition of a member, or appointment or employment of an individual as an officer or manager or memb…

(1) A licensed family trust company that desires to discontinue business must provide the Office with written notification prior to the proposed discontinuance date. The notice must contain or attach the proposed plan for discontinuing business as well as a certified copy of the …

(1) A family trust company and licensed family trust company shall, within 30 days after the end of each quarter, file with the Office a report of capital accounts, fidelity bonds, and errors and omissions insurance on Form OFR-162-11 "Quarterly Report of Capital Account, Fidelit…

For the purposes of the rules in this chapter, "licensee" shall mean and intend any licensee under Chapter 516, FS.; and, with respect to any prohibited activities in said chapter, the term shall also include officers, directors, managers and employees of the licensee. Rulemaking…

Upon request, the licensee shall furnish to the Office of Financial Regulation the name and address of the insurance company writing insurance in connection with loans made by the licensee. Rulemaking Authority 516.22(1), 516.23(3) FS. Law Implemented 516.20(1), 516.35 FS. Histor…

A licensee shall not permit a borrower to execute and deliver to licensee a deed or other unconditional conveyance transferring ownership or borrower's real or personal property as security or collateral for a loan. Any collateral or security shall be evidenced by an appropriate …

For each loan, the licensee shall prepare and keep a disbursement record which shall show deductions and distributions made from the proceeds of the loan. Rulemaking Authority 516.22(1), 516.23(3) FS. Law Implemented 516.12(1) FS. History-New 10-20-73, Formerly 3-2.13, 3D-160.13,…

(1) Explaining loan papers. The licensee shall explain fully to all signers of loan papers: (a) That the loan is made under the Florida Consumer Finance Act; (b) That the terms of the loan provide for interest and charges pursuant to the Florida Consumer Finance Act; and, (c) The…

Any charge that a licensee may impose or collect pursuant to Section 516.031(2), F.S., shall for all purposes be considered interest and shall be subject to the maximum rates provided and authorized by Chapter 516, F.S. Rulemaking Authority 516.22(1), 516.23(3) FS. Law Implemente…

The rate of interest for each day shall not be greater than 1/365th of the maximum annual rate of interest charge permitted under Chapter 516, F.S. Rulemaking Authority 516.22(1), 516.23(3) FS. Law Implemented 516.031(2) FS. History-New 10-20-73, Formerly 3-2.16, 3D-160.16, Amend…

Each payment shall be applied first to the accumulated interest charges and the remainder of the payment applied to the unpaid principal balance; provided that if the amount of the payment is insufficient to pay the accumulated interest charge, the unpaid accrued interest charge …

(1) The following are the only deductions and distributions permitted to be made by the licensee from the principal amount of a loan: (a) Documentary excise taxes. (b) Fees required to be paid for the filing, recording or releasing of any instrument securing the loan including th…