Florida Administrative Code

(1) For purposes of Rules 69U-105.701 through 69U-105.708, F.A.C., Sections 655.411(1)(c)1. and 655.414(2)(a), F.S., an adequate capital structure in relation to the resulting state financial entity's activities and deposit liabilities, shall be a capital structure satisfactory t…

(1) If, as a result of a merger, consolidation, conversion, or acquisition (hereinafter transaction) pursuant to Chapter 655, F.S., the resulting state financial entity violates any lending, investment, or other limitations imposed by law or rule or engages in any unauthorized ac…

If a state or federal financial entity acquires all or substantially all of the assets or assumes the liabilities of any state financial entity, the charter certificate of the acquired state financial entity shall be relinquished to OFR for cancellation. Rulemaking Authority 655.…

Rulemaking Authority 120.53(1)(b), 655.012(2) FS. Law Implemented 657.002, 657.008(2), 657.038(12) FS. History-New 7-25-66, Formerly 3-5.02, Amended 10-13-81, Formerly 3C-30.01, 3C-30.001, Amended 10-8-95, Formerly, 3C-110.002, Repealed 3-6-07.

Application for authority to organize and operate a credit union shall be made to OFR per Rule 69U-105.001 and Chapter 69U-105, Part I, F.A.C., and as follows: (1) The organizers of the proposed credit union shall complete and file Form OFR-U-60, Application for Authority to Orga…

(1) New Credit Unions. Newly organized credit unions shall adopt bylaws in such form as provided by OFR, Form OFR-U-61, Model Credit Union Bylaws (revised 10/2006) which is hereby incorporated by reference, as their initial set of bylaws. The Model Credit Union Bylaws may be obta…

(1) "Branch office" means any permanent location or mobile unit other than the principal place of business where membership services are provided by credit union staff. (2) A credit union operating in a safe and sound manner in paragraph 69U-100.948(2)(a), F.A.C., may open a bran…

(1) Within thirty (30) days from the date of election or appointment, each director shall file with OFR a signed copy of an oath of office. (2) Within the 30 days following the annual meeting or any other meeting at which any director, officer, member of the supervisory or audit …

The credit union shall maintain officer and director liability insurance and blanket bond insurance in such amounts and terms as required to maintain insurance of accounts by the National Credit Union Share Insurance Fund, as provided in 12 C.F.R. §§741.3(d) and 741.201(a) (1-1-2…

The board of directors shall establish appropriate written policies and operating strategies to conduct prudent credit union operations based on the size, complexity, and financial condition of the credit union. Policies shall be reviewed and approved/reaffirmed per a schedule ad…

(1) Audit Committee. In lieu of establishing a supervisory committee, a credit union may elect or appoint an audit committee in compliance with the following conditions: (a) The credit union's bylaws must be amended to provide for an audit committee, to set forth the membership o…

(1) Definitions. As used in Chapter 69U-110, F.A.C., and the Financial Institutions Codes, Title 60, F.A.C., as applicable to credit unions, and unless the context otherwise indicates a different meaning was intended, the term: (a) "General Powers" means the same powers as an ind…

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 657.038(12) FS. History-New 7-25-66, Formerly 3-5.01, Amended 10-21-75, Formerly 3D-10.11, Amended 10-13-81, Formerly 3C-30.11, 3C-30.011, Amended 10-8-95, Formerly 3C-110.038, Repealed 3-6-07.

The board of directors shall adopt and maintain written policies that establish appropriate limits and standards for loans that are secured by liens on or interests in real estate. Real estate lending policies must be: consistent with safe and sound industry practices; appropriat…

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 655.954(1), 657.031(27), 657.038 FS. History-New 2-1-78, Amended 10-13-81, Formerly 3C-30.28, 3C-30.028, Amended 10-8-95, Formerly 3C-110.0382, Repealed 3-6-07.

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 657.042(2), (6) FS. History-New 10-13-81, Amended 12-16-85, Formerly 3C-30.34, 3C-30.034, Amended 10-8-95, Formerly 3C-110.042, Repealed 3-6-07.

(1) Allowance for Loan Losses. The board of directors must establish procedures to verify that the allowance for loan losses account methodology is valid and conforms to generally accepted accounting principles and supervisory guidance. At a minimum, the board shall require an an…

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 657.043(3) FS. History-New 2-4-85, Formerly 3C-30.38, 3C-30.038, Amended 10-8-95, Formerly 3C-110.0431, Repealed 3-6-07.

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 657.043(8) FS. History-New 10-8-95, Formerly 3C-110.0432, Repealed 3-6-07.

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 655.044(1) FS. History-New 2-4-85, Formerly 3C-30.40, 3C-30.040, Amended 10-8-95, Formerly 3C-110.044, Repealed 3-6-07.

As used in this rule chapter, "NCUA 5300" means the quarterly Call Report prepared and filed with the National Credit Union Administration (NCUA) as required by 12 C.F.R. §741.6. Each credit union shall electronically file an accurate and complete NCUA 5300 for OFR validation by …

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 655.50, 657.021(7) FS. History-New 2-24-88, Formerly 3C-30.041, Amended 10-8-95, Formerly 3C-110.050, Repealed 3-6-07.

(1) Each state credit union shall pay to OFR a semiannual assessment computed on total assets as shown on the NCUA 5300 of the credit union as of the last business day in June and the last business day in December of each year. In the event that a NCUA 5300 is amended, and such a…

The office may take action to have a credit union placed into a conservatorship or involuntary liquidation upon finding that, among other reasons, the credit union is significantly undercapitalized or undercapitalized, and has no reasonable prospect of becoming adequately capital…

(1) Upon completion of voluntary or involuntary liquidation proceedings of a credit union, the liquidator shall file with OFR a Certificate of Dissolution. The Certificate of Dissolution is Form OFR-U-69, (revised 3/2003), which is incorporated herein by reference and which may b…

In conjunction with the requirements of Section 657.065, F.S., if the proposed surviving credit union is state chartered, it shall submit a nonrefundable application fee of $500 to OFR, along with an Application for Approval of Merger on Form OFR-U-64, (revised 10/2006), which is…

The following process shall be followed for conversion from a federal credit union to a state credit union and vice versa: (1) The directors of a converting federal credit union shall complete and file the following with OFR: (a) Form OFR-U-67, Application To Convert A Federal Cr…

Rulemaking Authority 120.53(1)(b), 655.012(3) FS. Law Implemented 657.068(2)(d), (e) FS. History-New 10-13-81, Formerly 3C-30.36, 3C-30.036, Amended 10-8-95, Formerly 3C-110.068, Repealed 3-6-07.

Within 2 calendar weeks of any demand therefor made by the Office of Financial Regulation (OFR), a state bank or trust company shall file with OFR a list containing the name of each stockholder of the bank or trust company together with the number of shares held by each according…

(1) State banks may provide stock options for its officers and employees, provided that the plan or proposal meets the requirements set forth in Section 658.35, F.S., and as follows: (a) The grantee of the option is an officer, director, or employee of the bank at the time of gra…

For computation of total loans to any one borrower, loans secured by secondary liens will be considered unsecured unless the following criteria are met: (1) The position of the state bank's mortgage shall be documented. Acceptable forms of documentation shall include an attorney'…

State banks may purchase leases (in addition to those leases where the bank is the owner and lessor) covering specified goods as defined in Section 679.1021(1)(rr), F.S., except the unborn young of animals and growing crops, with or without recourse or guarantee by the lessor, su…

(1) Undivided profits, as part of capital for loan and investment purposes, shall be the amount reported as undivided profits on the Report of Condition as submitted to OFR at the close of the previous calendar quarter. (2) Approved changes in the capital stock issued and outstan…

(1) For purposes of Section 658.53, F.S., a state bank's indebtedness or liability does not include obligations to repurchase, at the end of a stated period, securities sold if the securities are of the character and quality herein specified. (2) The securities referred to in thi…

(1) Securities of political subdivisions of the states are not eligible for investment unless current as to all payments of principal and interest and otherwise supported as to investment quality and marketability by a credit rating file compiled and maintained in current status …

(1) Each state commercial bank, association and trust company shall have an internal audit performed every calendar year. The internal audit shall be performed within 15 months of the previous internal audit. However, if an internal audit is performed on a continuous basis, it sh…

(1) Definitions. As used in this rule, the following definitions shall apply: (a) "Annually" means as of December 31 of each calendar year. (b) "Appropriate federal regulatory agency" means the Federal Deposit Insurance Corporation in the case of a state association or a state, n…

(1) Within 30 days following the annual meeting or any other meeting at which directors or officers are elected as provided in Section 658.33(3), F.S., each banks or trust company must file with OFR the names and residence addresses of those persons on Form OFR-U-List, List of Di…

(1) As used in this rule, "foreign bank" means a person organized under the laws of a foreign country, or of a dependency or insular possession of the United States or a foreign country, which is principally engaged in the business of a commercial bank; recognized as a bank by th…

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…