18194501, 69U-120.0451 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 18194501

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

FSC - Financial Institution Regulation

Chapter:

BANKS, TRUST COMPANIES, SAVINGS BANKS AND ASSOCIATIONS

Overview

RULE:

69U-120.0451	Financial Reports
69U-120.730	Bank and Trust Company Assessments

PURPOSE:

To incorporate by reference the financial reporting form for trust companies; to update and clarify the definition of call reports for banks, associations, and trust companies; to clarify the filing and deadline requirements for call reports; to conform the assessments rule to the 2015 amendments to Section 655.047, F.S., regarding the filing and deadline requirements for submitting semiannual assessments by mail and by electronic means; and to correct certain dollar amounts in the assessments schedule.

SUMMARY:

Rule 69U-120.0451, F.A.C, will be amended to create a definition for “Call Report” for state banks and state associations that cites the specific provisions of federal law governing call reports and filing with the Federal Financial Institutions Examination Council (FFIEC). For state trust companies, the amended rule defines “Call Report” as Form OFR-U-130A, “Consolidated Financial Reports for Non-Deposit Trust Companies,” (rev. __/2017). The amendment updates the footer on the form and incorporates the form by reference with a link. Rule 69U-120.730, F.A.C., is updated to conform to legislative amendments to Section 655.047, F.S., passed in 2015. The statute was amended to authorize electronic payment of semiannual assessments, while still allowing for payment sent by mail. The statute was further amended to provide that payments sent by mail must be “received by the OFR,” rather than postmarked, on or before January 31 and July 31 of each year. Electronic payments must be transmitted on or before January 31 and July 31 of each year. The proposed rules will conform to these changes. For consistency with the good cause language in Rule Subsection 69U-120.0451(4), F.A.C., the proposed rule adds the phrase “such as isolated clerical and other minor errors or omissions” to Rule Subsection 69U-120.730(5), F.A.C. The proposed rule updates the legal citations to rulemaking authority, and replaces the general term “Consolidated Report of Condition” with a reference to the definition in Rule 69U-120.0451, F.A.C. The rule amendment also corrects certain dollar amounts in the assessments schedule.

RULEMAKING AUTHORITY:

655.012(2), 655.045(2), 658.73(5) FS.

LAW:

655.045(2), 655.047, 658.73(1) FS.

PRINT PUBLISH DATE:

10/26/2016 Vol. 42/209

COMMENTS:

From 10/26/2016 To 11/16/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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