28509093, 69C-2.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 28509093

Notice of Development of Rulemaking

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Treasury

Chapter:

PROCEDURES FOR ADMINISTERING THE FLORIDA SECURITY FOR PUBLIC DEPOSITS ACT

Overview

RULE:

69C-2.001	Purpose
69C-2.002	Scope
69C-2.004	Definitions
69C-2.005	Qualifications for Participation by Banks and Savings Associations
69C-2.0051	Change to a Qualified Public Depository or Operating Subsidiary
69C-2.006	Administration of Collateral Requirements
69C-2.0061	Maintenance of Pledged Collateral
69C-2.007	Eligible Collateral Criteria and Restrictions
69C-2.009	Forms
69C-2.0095	Electronic Data Transmission of Information, Reports, and Forms
69C-2.010	Additional Reports and Inspections
69C-2.011	Interim Reports by the Chief Financial Officer
69C-2.016	Financial Information Reports by a Qualified Public Depository
69C-2.021	Assessment Calculation
69C-2.022	Requirements of Public Depositors
69C-2.024	Criteria and Guidelines to be Used by the Chief Financial Officer in Administering and Protecting the Integrity of the Public Deposits Program
69C-2.026	Administration of Payment of Losses
69C-2.027	Effective Date of Withdrawal Due to an Acquisition or Merger
69C-2.028	Ownership of Collateral by an Operating Subsidiary of the Qualified Public Depository
69C-2.029	Authorized Agent
69C-2.030	Use of Agents by Custodians of Collateral
69C-2.031	Format for Confirmations from Custodians
69C-2.032	Execution of Forms, Proof of Authorization
69C-2.034	Disqualification, Suspension, and Administrative Penalty

PURPOSE:

This rulemaking modernizes the regulatory criteria and procedures for chapter 280, Florida Statutes, the Florida Security for Public Deposits Act (the Act). Modernization of the Act includes simplifying and clarifying the regulatory criteria and processes, including improving the functionality of the incorporated material. This rulemaking also, in part, implements section 70 of chapter 2024-140, Laws of Florida, which promulgates section 280.042, Florida Statutes, effective July 1, 2024. Section 280.042 sets forth policies whereby credit unions may participate as a qualified public depository in the public deposits program with certain limitations. A new rule, 69C-2.0051, is proposed to clarify when a qualified public depository must execute new Act agreements and resolutions and report a change in name and/or address. A new rule, 69C-2.0061, is proposed to simplify the process for a qualified public depository to deposit or pledge the required collateral, which combines the functionality of three (3) forms into one (1). A new rule, 69C-2.016, clarifies and simplifies the criteria and process for a qualified public depository to submit monthly, preliminary, and annual reports. A new rule, 69C-2.034, is proposed to establish the criteria and process for discipline of a qualified public depository or an applicant seeking designation as a qualified public depository. Rules to be repealed include: 69C-2.001, 2.002, 2.009, 2.0095, 2.011, and 2.021. The rationale for each repeal is due to the rule being unnecessary or duplicative of statute.

SUBJECT:

Regulatory criteria and processes regarding the Act.

RULEMAKING AUTHORITY:

280.04, 280.041, 280.052, 280.054, 280.07, 280.10, 280.13, 280.16, 280.17, 280.19, F.S.

LAW:

17.57, 120.60, 280.01, 280.02, 280.025, 280.03, 280.04, 280.041, 280.042, 280.05, 280.051, 280.052, 280.053, 280.54, 280.055, 280.06, 280.07, 280.08, 280.085. 280.09. 280.10, 280.11, 280.13, 280.16, 280.17, 280.18, F.S.

PRINT PUBLISH DATE:

7/2/2024 Vol. 50/129

RELATED STATUTES
AND LAWS:

280.04, 280.041, 280.052, 280.054, 280.07, 280.10, 280.13, 280.16, 280.17, 280.19, F.S., 17.57, 120.60, 280.01, 280.02, 280.025, 280.03, 280.04, 280.041, 280.042, 280.05, 280.051, 280.052, 280.053, 280.54, 280.055, 280.06, 280.07, 280.08, 280.085. 280.09. 280.10, 280.11, 280.13, 280.16, 280.17, 280.18, F.S.

OVERSIGHT COMMITTEE:

Joint Administrative Procedures Committee
Florida Administrative Law Central Online Network (F.A.L.C.O.N.)

RELATED COURT CASES:

Division of Administrative Hearings

FEDERAL eRULEMAKING
WEB PORTAL:

Regulations.gov

HOW TO LINK TO
THIS NOTICE:

http://flrules.org/gateway/ruleno.asp?id=69C-2.001&PDate=7/2/2024&Section=1

REFERENCE MATERIALS:

No reference(s).

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