Bill Text: FL S1078 | 2017 | Regular Session | Comm Sub

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Bill Title: International Financial Institutions

Spectrum: Bipartisan Bill

Status: (Failed) 2017-05-05 - Died in Appropriations [S1078 Detail]

Download: Florida-2017-S1078-Comm_Sub.html

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       Florida Senate - 2017                             CS for SB 1078
       
       
        
       By the Committee on Banking and Insurance; and Senator Garcia
       
       
       
       
       
       597-02948-17                                          20171078c1
    1                        A bill to be entitled                      
    2         An act relating to international financial
    3         institutions; amending s. 663.01, F.S.; extending the
    4         expiration date of the term “international trust
    5         entity”; amending s. 663.041, F.S.; extending the
    6         expiration date of a moratorium on the Office of
    7         Financial Regulation’s enforcement of licensing
    8         requirements for certain organizations or entities
    9         under certain circumstances; repealing s. 3 of chapter
   10         2016-192, Laws of Florida, relating to the repeal of
   11         the definition of the term “international trust
   12         entity” and to the moratorium on the office’s
   13         enforcement of certain licensing requirements;
   14         providing an effective date.
   15          
   16  Be It Enacted by the Legislature of the State of Florida:
   17  
   18         Section 1. Subsection (10) of section 663.01, Florida
   19  Statutes, is amended to read:
   20         663.01 Definitions.—As used in this part, the term:
   21         (10) “International trust entity” means an international
   22  trust company, an international business, an international
   23  business organization, or an affiliated or subsidiary entity
   24  that is licensed, chartered, or similarly permitted to conduct
   25  trust business in a foreign country or countries under the laws
   26  of which it is organized and supervised. This subsection expires
   27  July 1, 2018.
   28         Section 2. Subsections (7) and (8) are added to section
   29  663.041, Florida Statutes, to read:
   30         663.041 Moratorium on the office’s enforcement of licensing
   31  requirements for an international trust entity or related
   32  entities.—
   33         (7) Notwithstanding this section, the moratorium in this
   34  section is extended through June 30, 2018, for an organization
   35  or entity that:
   36         (a) Complied with the requirements of subsection (3) and
   37  subsequently qualified for the moratorium under this section;
   38  and
   39         (b) Before July 1, 2017, provides the office a written
   40  notice of its intent to continue operations in this state.
   41         (8) This section expires July 1, 2018.
   42         Section 3. Section 3 of chapter 2016-192, Laws of Florida,
   43  is repealed.
   44         Section 4. This act shall take effect upon becoming a law.