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:

THE FLORIDA SECURITY FOR PUBLIC DEPOSITS ACT

Overview

RULE:

69C-2.001	Purpose (Repealed)
69C-2.002	Scope (Repealed)
69C-2.004	Definitions
69C-2.005	Designation of a Qualified Public Depository
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69C-2.009	Forms (Repealed)
69C-2.0095	Electronic Data Transmission of Information, Reports, and Forms (Repealed)
69C-2.010	Inspection and Verification of Financial Information
69C-2.011	Interim Reports by the Chief Financial Officer (Repealed)
69C-2.016	Financial Information Reports by a Qualified Public Depository
69C-2.021	Assessment Calculation (Repealed)
69C-2.022	Requirements of Public Depositors
69C-2.024	Criteria for Assigning Minimum Pledge Percentages
69C-2.026	Administration of Payment of Losses
69C-2.027	Voluntary Withdrawal
69C-2.028	Ownership of Collateral by an Operating Subsidiary of the Qualified Public Depository
69C-2.029	Use of an Agent by a Qualified Public Depository
69C-2.030	Use of an Agent by a Custodian
69C-2.031	Confirmation Information of Pledged Collateral
69C-2.032	Proof of Authority for the Execution of Forms
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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