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 ....

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Treasury

RULE NOS.:RULE TITLES:

69C-2.001Purpose

69C-2.002Scope

69C-2.004Definitions

69C-2.005Qualifications for Participation by Banks and Savings Associations

69C-2.0051Change to a Qualified Public Depository or Operating Subsidiary

69C-2.006Administration of Collateral Requirements

69C-2.0061Maintenance of Pledged Collateral

69C-2.007Eligible Collateral Criteria and Restrictions

69C-2.009Forms

69C-2.0095Electronic Data Transmission of Information, Reports, and Forms

69C-2.010Additional Reports and Inspections

69C-2.011 Interim Reports by the Chief Financial Officer

69C-2.016Financial Information Reports by a Qualified Public Depository

69C-2.021Assessment Calculation

69C-2.022Requirements of Public Depositors

69C-2.024Criteria and Guidelines to be Used by the Chief Financial Officer in Administering and Protecting the Integrity of the Public Deposits Program

69C-2.026Administration of Payment of Losses

69C-2.027Effective Date of Withdrawal Due to an Acquisition or Merger

69C-2.028Ownership of Collateral by an Operating Subsidiary of the Qualified Public Depository

69C-2.029Authorized Agent

69C-2.030Use of Agents by Custodians of Collateral

69C-2.031Format for Confirmations from Custodians

69C-2.032Execution of Forms, Proof of Authorization

69C-2.034Disqualification, Suspension, and Administrative Penalty

PURPOSE AND EFFECT: 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 AREA TO BE ADDRESSED: 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 IMPLEMENTED: 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.

IF REQUESTED IN WRITING AND NOT DEEMED UNNECESSARY BY THE AGENCY HEAD, A RULE DEVELOPMENT WORKSHOP WILL BE NOTICED IN THE NEXT AVAILABLE FLORIDA ADMINISTRATIVE REGISTER.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Sarah Pons, Bureau Chief, Bureau of Collateral Management, at [e-mail].

THE PRELIMINARY TEXT OF THE PROPOSED RULE DEVELOPMENT IS AVAILABLE AT NO CHARGE FROM THE CONTACT PERSON LISTED ABOVE.