This bill amends several sections of Florida Statutes related to financial institutions, introducing new requirements and clarifications. It mandates that state financial institutions pay a semiannual assessment based on their total assets, with specific deadlines for submission. The bill also allows the Office of Financial Regulation to accept payments via various electronic methods and establishes penalties for late payments. Additionally, it revises the definition of "equity" for credit unions, updates investment powers, and modifies the timeframes for banks and trust companies to complete stock offerings and commence business operations.

Key changes include the introduction of a new certificate issuance process for financial institutions acquiring assets or liabilities, and the removal of certain restrictions on investments in real estate and equipment by credit unions. The bill also adjusts the timeline for banks to open for business from 12 months to 18 months after receiving approval. These amendments aim to streamline operations and enhance regulatory oversight within Florida's financial sector, with an effective date set for July 1, 2025.

Statutes affected:
S 1612 Filed: 655.047, 655.414, 657.002, 658.235, 658.25