The OFR proposes to amend Rule 69U-110.021, F.A.C., to conform with and implement Ch. 2022-178, Laws of Florida (Financial Institutions), signed into law on June 8, 2022, and to create and incorporate a new Form OFR-U-21.....

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NO.:RULE TITLE:

69U-110.021Notification to OFR after Elections or Appointments

PURPOSE AND EFFECT: The OFR proposes to amend Rule 69U-110.021, F.A.C., to conform with and implement Ch. 2022-178, Laws of Florida (Financial Institutions), signed into law on June 8, 2022, and to create and incorporate a new Form OFR-U-21.

SUMMARY: The rule will be amended, and the form created, to provide a process by which credit unions may notify the OFR when a person is elected or appointed to certain positions.

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 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(2), 657.028(6)

LAW IMPLEMENTED: 657.028(6)

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: Ann Michelle Palecki, Office of the General Counsel, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-110.021 Notification to OFR after Elections or Appointments.

(1) No change.

(2) Within the 30 days following the annual meeting or any other meeting at which any director, officer, member of the supervisory or audit committee, member of the credit committee, or credit manager is elected or appointed, the credit union shall submit to the Office the names and residence addresses of the elected or appointed persons on Form OFR-U-21, which is herein incorporated by reference and available at: http://www.flrules.org/Gateway/reference.asp?No=Ref-XXXX, and the OFR’s website, www.flofr.gov Within thirty (30) days after election or appointment, a record of the names and addresses of the members of the board, members of committees, and all officers of the credit union shall be filed with the office. This filing may be satisfied by providing the office with a copy of reports filed with the National Credit Union Administration per 12 C.F.R. §741.6 (1-1-2020 Edition), which is incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-13202 and the OFR’s website, www.flofr.gov.

(3) No change.

Rulemaking Authority 655.012(2), 657.028(6) 657.021, FS. Law Implemented 657.021, 657.028(6) FS. History–New 7-24-66. Formerly 3-5.07, Amended 10-21-75, Formerly 3D-10.08, Amended 10-13-81, Formerly 3C-30.08, 3C-30.008, Amended 10-8-95, Formerly 3C-110.021, Amended 3-6-07, 7-27-15, 6-28-21, _________.

 

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: August 23, 2022

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 12, 2022