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Florida Statutes, Title XXXVIII

Florida/Statutes

← All Florida coverage

Title XXXVIII, Banks and Banking

8 chapters · 348 sections in this title.

All chapters in Title XXXVIII348 Ch 655, Financial Institutions Generally94 Ch 663, International Banking84 Ch 658, Banks and Trust Companies50 Ch 662, Family Trust Companies37 Ch 657, Credit Unions28 Ch 660, Trust Business28 Ch 665, Capital Stock Associations14 Ch 667, Savings Banks13

348 sections·Filtered byTitle XXXVIII✕

Fla. Stat. § 658.43 Approval by office; valuation of assets; emergency action
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(1) After approval by the board of directors of each constituent bank or trust company, the plan of merger and merger agreement shall be submitted to the office for approval, together with a certified copy of the authorizing resolutions of the board of directors of each constitue…
Fla. Stat. § 658.44 Approval by stockholders; rights of dissenters; preemptive rights
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(1) The office shall not issue a certificate of merger to a resulting state bank or trust company unless the plan of merger and merger agreement, as adopted by a majority of the entire board of directors of each constituent bank or trust company, and as approved by each appropria…
Fla. Stat. § 658.45 Certificate of merger and effective date; effect on charters and powers
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(1) Promptly upon compliance with the provisions of s. 658.44(9), the office shall issue to the resulting bank a certificate of merger setting forth the name of each constituent bank and trust company, the name of the resulting bank or trust company, and the effective date of the…
Fla. Stat. § 658.48 Loans
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A state bank may make loans and extensions of credit, with or without security, subject to the following limitations and provisions:(1) LOANS; GENERAL LIMITATIONS.—(a) A bank may extend credit to any person, including any related interest of that person, up to an amount of 15 per…

Showing 151–200 of 348

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Fla. Stat. § 658.491 Commercial loans by financial institutions

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(1) In making collateralized commercial loans secured by accounts, contract rights, or other receivables, any bank may charge and collect audit charges in addition to interest. All such audit charges shall be excluded from interest in determining compliance with chapter 687, rela…

Fla. Stat. § 658.51 Banks authorized to make commodity loans

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(1) Banks may make loans known and described as “commodity loans” on the obligations of any person, firm, copartnership, association, or corporation, in the form of notes or drafts secured by shipping documents, warehouse receipts, or other such documents transferring or securing…

Fla. Stat. § 658.53 Borrowing; limits of indebtedness

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(1) Subject to the limitations imposed by this chapter on the indebtedness of state banks and trust companies, a state bank or trust company may borrow money and issue evidences of indebtedness for a loan for temporary purposes in the usual course of its business.(2) A state bank…

Fla. Stat. § 658.60 Depositories of public moneys and pledge of assets

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(1) Banks shall be depositories of public moneys; they may also be employed as financial agents of the state and its political subdivisions, and they shall perform such reasonable duties as such depositories and financial agents as may be required of them. Banks so designated sha…

Fla. Stat. § 658.67 Investment powers and limitations

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A bank may invest its funds, and a trust company may invest its corporate funds, subject to the following definitions, restrictions, and limitations:(1) INVESTMENTS NOT SUBJECT TO LIMITATION.—A bank or trust company may invest without limitation in the following:(a) Direct obliga…

Fla. Stat. § 658.73 Fees and assessments

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(1) Each state bank and state trust company shall pay to the office examination fees and assessments as follows:(a) A semiannual fee of $2,500; and(b) A semiannual assessment, each in such amount as may be determined by the commission, by rule, but not exceeding 15 cents for each…

Fla. Stat. § 658.79 Taking possession of insolvent state banks or trust companies

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Whenever the office has reason to conclude, based upon the reports furnished to it by a state bank or trust company examiner or upon other satisfactory evidence, that any state bank or trust company:(1) Is insolvent or imminently insolvent; or(2) Is transacting its business in an…

Fla. Stat. § 658.80 Appointment of receiver or liquidator

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(1) Upon taking possession of a state bank or trust company pursuant to s. 658.79, the office shall appoint either a receiver to conserve the assets of the institution or a liquidator to liquidate the assets of the institution and wind up its affairs.(2) The Federal Deposit Insur…

Fla. Stat. § 658.81 Office action; notice and court confirmation

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The office, immediately upon appointing such liquidator or receiver, shall serve notice upon any other person having the charge or management of any such bank or trust company, informing him or her of its action in appointing such liquidator or receiver and notifying him or her t…

Fla. Stat. § 658.82 Receiver; powers and duties

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(1) When the Federal Deposit Insurance Corporation or other appropriate federal agency is appointed receiver of the bank, it may proceed independently with the receivership pursuant to its rules and regulations.(2) Any other receiver appointed pursuant to s. 658.80 shall be subje…

Fla. Stat. § 658.83 Liquidator; powers and duties

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(1) When the Federal Deposit Insurance Corporation or other appropriate federal agency is appointed liquidator or makes a decision to liquidate a bank of which it has been appointed receiver, it may proceed independently with liquidation pursuant to its rules and regulations.(2) …

Fla. Stat. § 658.84 Transfers by banks and other acts in contemplation of insolvency

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(1) Any and all transfers of the notes, bonds, bills of exchange, or other evidences of debt owing to any bank or trust company or of deposits to its credit; all assignments of mortgages, securities, or real estate or of any judgments or decrees in its favor; all deposits of mone…

Fla. Stat. § 658.90 Receivers or liquidators under supervision of office

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The provisions of ss. 658.79-658.96 shall apply to all receivers or liquidators of any bank or trust company heretofore appointed by the order of any circuit court, and all such receivers or liquidators, both those hereunder and those hereafter appointed by the circuit court, sha…

Fla. Stat. § 658.94 Prima facie evidence

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The general ledger, list of claimants, examiner’s final report made at the time of the failure of the bank or trust company, and such other records of the office’s office relating to any closed bank or trust company, or any duly authenticated copy thereof, shall be prima facie ev…

Fla. Stat. § 658.95 Voluntary liquidation

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Any bank or trust company may go into liquidation and be closed by a vote of its stockholders owning two-thirds of its stock. Whenever a vote is taken to go into liquidation, the board of directors shall cause this fact to be certified to the office and publication thereof to be …

Fla. Stat. § 658.96 Procedure in voluntary liquidation

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When a bank or trust company decides to go into voluntary liquidation, the president and cashier, or other appropriate officers, shall, before beginning publication of the notice required by law, furnish the office with a full and complete detailed statement of the affairs of the…

Fla. Stat. § 658.995 Credit Card Bank Act

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(1) This section may be cited as the “Credit Card Bank Act.”(2) As used in this section, the term:(a) “Credit card” means any type of arrangement or loan agreement pursuant to which a domestic lender or credit card bank gives a borrower the privilege of using a credit card or oth…

Fla. Stat. § 658.997 Qualified payment stablecoin issuers

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(1) DEFINITIONS.—As used in this section, the term:(a) “Federally qualified payment stablecoin issuer” means any of the following:1. A nonbank entity, other than a state-qualified payment stablecoin issuer, approved by the Office of the Comptroller of the Currency to issue paymen…

Fla. Stat. § 660.25 Definitions

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Subject to other definitions contained in other sections of this code, and unless the context otherwise requires, in this chapter:(1) “Commercial department” of a bank or association having trust powers means the functional divisions or departments of the bank or association whic…

Fla. Stat. § 660.26 Trust department licensing

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(1) When authorized by the office as provided in this section, a state bank or association may establish a trust department for the purpose of conducting trust business.(2) A written application for trust powers shall be filed with the office in such form as the commission prescr…

Fla. Stat. § 660.265 Examination fees

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Each state trust company and each state bank or association exercising trust powers shall pay to the office, within 30 days after an examination pursuant to s. 655.045, a fee for the costs of the examination by the office pursuant to s. 655.045. For the purposes of this section, …

Fla. Stat. § 660.27 Deposit of securities with Chief Financial Officer

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(1) Before transacting any trust business in this state, every trust company and every state or national bank or state or federal association having trust powers shall give satisfactory security by the deposit or pledge of security of the kind or type provided in this section hav…

Fla. Stat. § 660.28 Exemption from bond and other security as fiduciary

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A trust company or trust department maintaining security with the Chief Financial Officer as required by s. 660.27 shall not be required by the state or any of its political subdivisions or by a court of this state to furnish any bond or other security as a condition of, or in co…

Fla. Stat. § 660.29 Use of personnel and facilities

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To the extent not prohibited by law, the trust department of a bank or association, for or in connection with any of its fiduciary functions or trust business or related activities, may utilize personnel, facilities, and services of the commercial department of that bank or the n…

Fla. Stat. § 660.30 Segregation of books, records, and assets; fiduciary assets not liable

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(1) Each trust company and trust department shall maintain its fiduciary books and records separate and distinct from other records of the trust company or of the bank or association of which the trust department is a part and shall segregate all assets held in any fiduciary capa…

Fla. Stat. § 660.31 General trust business by trust companies and departments

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The granting or issuance of a charter to a trust company and the granting of trust powers to a bank or association, with powers expressly restricted or otherwise limited to the conduct of less than a general trust business, are not authorized under this code.History.—ss. 128, 152…

Fla. Stat. § 660.33 Trust service offices

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(1) In addition to its principal office and any branch trust company authorized under s. 658.26, a trust company or trust department with its principal place of doing business in this state may maintain one or more trust service offices at the location of any bank, association, o…

Fla. Stat. § 660.34 General powers

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Every trust company and every trust department shall have:(1) The right and power to act, alone or jointly with any other person, in any and every fiduciary capacity for or in connection with any and all fiduciary accounts of or pertaining to any business organization or other pe…

Fla. Stat. § 660.35 Oaths, affidavits, and acknowledgments

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In any case in which a trust company or the trust department of a bank or association is required to make an oath, affirmation, affidavit, or acknowledgment in connection with any fiduciary capacity in which it is acting or is preparing to act, the chair of the board of directors…

Fla. Stat. § 660.36 Fiduciary agency contracts

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Any trust company or trust department acting in a fiduciary capacity may employ any other trust company or trust department as an agent to advise or assist in the performance of its administrative duties and to render investment advice. Instead of acting personally, any trust com…

Fla. Stat. § 660.37 Security for deposit of fiduciary funds

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(1) If security, including insurance by the Federal Deposit Insurance Corporation, is furnished as provided in subsection (2), funds held in a fiduciary account by a trust company or a trust department awaiting investment, distribution, or payment of debts, taxes, or expenses may…

Fla. Stat. § 660.38 Loans by and to fiduciary accounts

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(1) A trust company or trust department may make a loan to a fiduciary account from the funds belonging to another fiduciary account if the making of such loans to a designated fiduciary account is authorized by the governing instrument of the fiduciary account from which such lo…

Fla. Stat. § 660.39 Sales between fiduciary accounts

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A trust company or a trust department may sell assets held by it in one fiduciary account to itself as fiduciary of another fiduciary account if the transaction is fair to both fiduciary accounts and if such transaction is not prohibited by the terms of the governing instrument o…

Fla. Stat. § 660.40 Self dealing

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(1) Except as provided in s. 660.37, funds held by a trust company or a trust department shall not be invested in the obligations or securities of the trust company or of the bank or association of which the trust department is a part unless authorized by the governing instrument…

Fla. Stat. § 660.41 Corporations; certain fiduciary functions prohibited

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All corporations are prohibited from exercising any of the powers or duties and from acting in any of the capacities, within this state, as follows:(1) As personal representative of the estate of any decedent, whether such decedent was a resident of this state or not, and whether…

Fla. Stat. § 660.415 Investment by trust companies, trust departments, trustees, and fiduciaries

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In the absence of an express provision to the contrary, when a governing instrument directs, requires, authorizes, or permits investment in United States Government obligations, a trust company, trust department, trustee, or other fiduciary may invest in such obligations, either …

Fla. Stat. § 660.417 Investment of fiduciary funds in investment instruments; permissible activity under certain circumstances; limitations

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(1) In addition to other investments authorized by law for the investment of funds held by a fiduciary, or by the instrument governing the fiduciary relationship, a bank or trust company acting as a fiduciary, agent or otherwise may, in the exercise of its investment discretion o…

Fla. Stat. § 660.418 Investment of fiduciary funds in syndicate securities

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Notwithstanding any other provision of law, any financial institution with fiduciary powers may, in its fiduciary capacity, purchase bonds or other securities underwritten or otherwise distributed by the financial institution or by a syndicate that includes the financial institut…

Fla. Stat. § 660.42 Establishment of common trust funds

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(1) Any trust company or trust department may establish one or more common trust funds for the exclusive purpose of furnishing investments to itself as fiduciary, including estates, guardianships, managing agencies, and all other fiduciary relationships, now in existence or herea…

Fla. Stat. § 660.43 Common trust fund investments

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No bank, association, or trust company shall mingle its own funds with any common trust fund managed by such bank, association, or trust company.History.—s. 3, ch. 28016, 1953; s. 1, ch. 67-336; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 141, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-3…

Fla. Stat. § 660.431 Prudent investor rule

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(1) A bank, association, trust company, or affiliate thereof, in establishing, maintaining, and administering one or more common trust funds for the purposes of furnishing investments to itself as fiduciary as set forth in s. 660.42, shall have a duty to invest and manage such co…

Fla. Stat. § 660.44 Common trust fund to be audited annually

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A trust company or trust department administering a common trust fund shall keep proper records, which in addition to all other necessary and proper matters shall show at all times the proportionate interest of each fiduciary account in the common trust fund, and, at least once d…

Fla. Stat. § 660.45 Common trust fund court accountings

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Unless ordered by a court of competent jurisdiction, the trust company or trust department operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the circuit court, secure approval of such an account…

Fla. Stat. § 660.46 Substitution of fiduciaries

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(1) The provisions of this section shall apply to the transfer of fiduciary accounts by substitution, and for those purposes these provisions shall constitute alternative procedures to those provided or required by any other provisions of law relating to the transfer of fiduciary…

Fla. Stat. § 660.47 Surrender of fiduciary powers

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Any state bank or association which has been granted trust powers and which desires to surrender such rights shall file with the office a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the office shall make an i…

Fla. Stat. § 660.48 Receivership or voluntary liquidation

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(1) If a liquidator or receiver is appointed for a trust company or a state bank or association having a trust department, the liquidator or receiver shall, pursuant to the instructions of the office and the orders of any court and the federal regulatory agency having jurisdictio…