The Office of Financial Regulation (OFR) proposes to repeal Rule 69U-140.004, F.A.C., as it sets forth information that is already included in statute without further implementation. The OFR proposes to repeal Rule 69U-140.022, F.A.C., as the ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-140.004Application for the Establishment of Separate International Banking Agencies by a Qualified International Banking Corporation

69U-140.022Service of Process

PURPOSE AND EFFECT: The Office of Financial Regulation (OFR) proposes to repeal Rule 69U-140.004, F.A.C., as it sets forth information that is already included in statute without further implementation. The OFR proposes to repeal Rule 69U-140.022, F.A.C., as the location for service of process for financial institutions is already established in Section 655.0201, Florida Statutes.

SUMMARY: The Office of Financial Regulation intends to repeal Rules 69U-140.004 and .022, F.A.C.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential economic impact conducted by persons with subject matter knowledge of this rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 655.012(3), 663.06(6), 663.13 FS.

LAW IMPLEMENTED: 48.081, 48.181, 48.193, 120.53(1)(c), 120.60(6), 663.06(6), 663.13, 663.04, 663.05(4) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Jodi-Ann V. Livingstone, Chief Counsel, Division of Financial Institutions, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-140.004 Application for the Establishment of Separate International Banking Agencies by a Qualified International Banking Corporation.

Rulemaking Authority 663.06(6), 663.13 FS. Law Implemented 663.04, 663.05(4), 663.06(6) FS. History–New 12-20-82, Formerly 3C-15.081, 3C-15.0081, 3C-140.004, Repealed ____.

 

69U-140.022 Service of Process.

Rulemaking Authority 655.012(3), 663.13 FS. Law Implemented 48.081, 48.181, 48.193, 120.53(1)(c), 120.60(6), 663.06(6), 663.13 FS. History–New 2-24-80, Amended 7-21-81, Formerly 3C-15.07, 3C-15.00, 3C-140.022, Repealed ___.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Jeremy W. Smith, Director, Division of Financial Institutions

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: October 17, 2017