The Office of Financial Regulation proposes to amend Rules 69U-105.102, and 69U-105.703, F.A.C., to revise the Application and Plan of Conversion, Form OFR-U-4, which is incorporated in these rules by reference; and update cites in the rules’ ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-105.102Application

69U-105.703Application

PURPOSE AND EFFECT: The Office of Financial Regulation proposes to amend Rules 69U-105.102, and 69U-105.703, F.A.C., to revise the Application and Plan of Conversion, Form OFR-U-4, which is incorporated in these rules by reference; and update cites in the rules’ rulemaking authority and law implemented sections.

SUMMARY: The Office of Financial Regulation proposes to update the Form OFR-U-4, Application and Plan of Conversion.

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(2) FS.

LAW IMPLEMENTED: 120.60(1), 655.057, 658.19, 658.26, 658.42, 667.003, 655.411(1), 655.412(1), 655.414(1) 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-105.102 Application.

(1) The following application forms are hereby incorporated by reference.

(a) through (j) No change.

(k) Form OFR-U-4, Application and Plan of Conversion, effective 01/2018 Revised 3/2003.

(l) No change.

(2) through (9) No change.

Rulemaking Authority 655.012(2) 655.012(3) FS. Law Implemented 119.07, 120.60(1), 655.057, 658.19, 658.26, 658.42, 667.003 FS. History–New 11-1-77, Amended 3-12-79, 5-27-81, 3-28-83, Formerly 3C-9.02, 3C-9.002, Amended 8-14-94, 4-15-98, Formerly 3C-105.102, Amended        .

 

69U-105.703 Application.

(1) Applications for approval to convert a federal or state financial entity into a state charter to do business as another type of financial entity or without a change in business form shall be filed on an Application and Plan of Conversion, Form OFR-U-4, effective 01/2018, herein incorporated by reference and available at https://www.flrules.org/XXXXX. Applications for approval to merge or consolidate one or more financial entities shall be filed on Form OFR-U-19. Applicants may modify the form to the extent necessary to accommodate different types of financial entities. Applications to acquire all or substantially all of the assets and/or liabilities of any financial entity shall be submitted on Form OFR-U-17.

(2) No change.

Rulemaking Authority 655.012(2) 655.012(3) FS. Law Implemented 655.411(1), 655.412(1), 655.414(1) FS. History–New 11-23-83, Formerly 3C-18.03, 3C-18.003, Amended 8-14-94, 4-15-98, Formerly 3C-105.703, Amended       .

 

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 16, 2017

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 11, 2017