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 payments due by March 31 and September 30 of each year. The bill also allows for various methods of payment, including mail and electronic means. Additionally, it authorizes the Office of Financial Regulation to issue a certificate confirming the completion of acquisition, assumption, or sale transactions under certain conditions.

Other notable changes include a revised definition of "equity" to exclude "regular reserves," and provisions allowing elected officers and directors of credit unions to be reimbursed for necessary expenses incurred while performing official duties. The bill also adjusts timelines for banks and trust companies regarding stock offerings and the commencement of business operations, extending the timeframe from 12 to 18 months after receiving final approval from the office. The act is set to take effect on July 1, 2025.

Statutes affected:
S 1612 Filed: 655.047, 655.414, 657.002, 658.235, 658.25
S 1612 c1: 655.047, 655.414, 657.002, 657.028, 658.235, 658.25