23707108, 69U-120.001 - Florida Administrative Rules, Law, Code, Register

Home

Florida Department of State and Division of Library and Information Services

Notice: 23707108

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-120.001	List of Stockholders
69U-120.003	Stock Options; Requirements for OFR Approval; Stock Bonuses Prohibited
69U-120.004	Loans Secured by Secondary Liens on Real Estate
69U-120.005	Lease Financing; Purchase of Leases
69U-120.045	Minimum Internal Audit Procedures
69U-120.330	List of Directors and Officers; Director's Oath
69U-120.670	Investments/Deposits in Foreign Banks

PURPOSE:

To update statutory citations in the text and history of the rules, update materials incorporated by reference, revise, clarify or delete language that is outdated, ambiguous, or duplicative of statutory provisions, and to propose new Rule 69U-120.330 to incorporate by reference two new forms to implement section 658.33, F.S., regarding the list of officers and directors elected during the annual shareholder’s meeting and the form for the director’s oath. The proposed rule amendments include those intended to respond to the findings and comments by the Joint Administrative Procedures Committee pursuant to its authority in Joint Rule 4.6 of the Florida Legislature to review existing rules.

SUMMARY:

The proposed rules amend Rule 69U-120.001 to delete language that duplicates section 658.16, F.S., regarding good faith reliance on a rule or order of the OFR; Rule 69U-120.003 to remove language that is ambiguous or lacking in delegated authority regarding “foreseeably detrimental” stock option plans, director liability for certain losses, and direct stock bonuses; Rule 69U-120.004 to replace a vague and ambiguous term (“appropriate”) with clear, definite language; Rule 69U-120.005 to update a citation in the introductory paragraph; and Rule 69U-120.045 to delete a reference to an outdated guidebook on auditing standards. The proposed rules also amend Rule 69U-120.670 to delete subsection (1), which duplicates statutory language in section 658.67(11), F.S., delete the definition of “exposure” as a result of the deletion of the portion of the rule that references that term, and update material incorporated by reference (the federal rule on the 20 percent risk weight category in 12 C.F.R. § 324.32(d)(2) applicable to investments in foreign bank deposits). The proposed rules also include new Rule 69U-120.330 to implement section 658.33, F.S., by incorporating by reference proposed forms OFR-U-658-List, List of Directors and Officers, and Form OFR-U-658-Oath, Director’s Oath.

RULEMAKING AUTHORITY:

655.012(2), 658.33 FS.

LAW:

655.045, 655.057(8), 658.33, 658.34, 658.35, 658.48, 658.67(8), 658.67(11), 665.013(32) FS.

PRINT PUBLISH DATE:

9/30/2020 Vol. 46/191

COMMENTS:

From 9/30/2020 To 10/21/2020 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

Under Florida law, E-mail addresses are public records. If you do not want your E-mail address released in response to a public records request, do not send electronic mail to this entity. Instead, contact this office by phone or in writing.