This bill amends various sections of Florida Statutes related to financial services, particularly focusing on insurance coverage and the operations of financial institutions. It deletes the definition of "diligent effort" from section 626.914 and revises the conditions for exporting insurance coverage in section 626.916, establishing that an insured is presumed to be informed about other coverage options if they sign a disclosure acknowledgment. The bill also removes the Financial Services Commission's authority to adopt rules regarding insurance coverage eligibility for export and includes conforming amendments to align with these changes. Additionally, it prohibits insurers from imposing extra premiums or canceling policies for traffic infractions where adjudication has been withheld, except in cases involving accidents where the insurer has incurred a loss.

Moreover, the bill introduces new requirements for state financial institutions, including a semiannual assessment to be paid to the Office of Financial Regulation, with specific deadlines and electronic payment options. It creates a new section mandating competitive interest rates for lawyer or law firm trust accounts and modifies definitions and reimbursement policies for credit union officers and directors. The bill also adjusts the timeframes for certain banking operations and is set to take effect on July 1, 2025, with some provisions becoming effective immediately upon becoming law.

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
S 1612 c2: 626.914, 626.918, 626.932, 626.9325, 626.9541, 627.715, 655.047, 655.414, 657.002, 657.028, 658.235, 658.25