663.001 Purpose.—The purpose of this part is to establish a legal and regulatory framework for the conduct by international banking corporations of financial services business in this state. This part is intended to: (1) Support the Florida operations of international banking corporations and promote the growth of international financial services to benefit the economy and consumers in […]
663.01 Definitions.—As used in this part, the term: (1) “Banking business” means receiving deposits, paying of checks or other instruments, making loans, or any other activity authorized in this chapter for an international banking corporation or its offices. (2) “Credit balance” means any uninsured balance on one or more accounts of a nonresident or resident person or entity […]
663.02 Applicability of the financial institutions codes.— (1) International banking corporations having offices in this state are subject to all the provisions of the financial institutions codes as though such corporations were state banks, except where it may appear, from the context or otherwise, that such provisions are clearly applicable only to banks organized under the laws […]
663.021 Civil action subpoena enforcement.— (1) Notwithstanding s. 655.059, an international representative office, international bank agency, international branch, or international administrative office established under this chapter is not required to produce a book or record pertaining to a deposit account, investment account, or loan of a customer of the international banking corporation’s offices that are located outside […]
663.03 Applicability of the Florida Business Corporation Act.—Notwithstanding s. 607.01401(36), the provisions of part I of chapter 607 not in conflict with the financial institutions codes which relate to foreign corporations apply to all international banking corporations and their offices doing business in this state. History.—s. 1, ch. 77-157; ss. 84, 151, 152, ch. 80-260; ss. […]
663.04 Requirements for carrying on financial institution business.—An international banking corporation or any affiliate, subsidiary, or other person or business entity acting as an agent for, on behalf of, or for the benefit of such international banking corporation who engages in such activities from an office located in this state, may not transact a banking or […]
663.05 Application for license; approval or disapproval.— (1) Every international banking corporation, before being licensed by the office to maintain any office in this state, shall subscribe and acknowledge, and submit to the office, an application which shall contain: (a) The name of the international banking corporation. (b) The proposed location by street and post office address and county […]
663.055 Capital requirements.— (1) To qualify for a license under this part, the proposed capitalization of the international banking corporation must be in such amount as the office determines is necessary, taking into consideration the risk profile of the international banking corporation and the ability of the international banking corporation to operate a licensed office in a […]
663.06 Licenses; permissible activities.— (1)(a) An international banking corporation licensed to operate an office in this state may engage in the business authorized by this part at the office specified in such license for an indefinite period. (b) An international banking corporation may operate more than one licensed office, each at a different place of business, provided that […]
663.0601 After-the-fact licensure process in the event of the acquisition, merger, or consolidation of international banking corporations.—If an international banking corporation proposes to acquire, merge, or consolidate with an international banking corporation that presently operates an international branch, international bank agency, international administrative office, or international representative office licensed in this state, the office may authorize […]
663.061 International bank agencies; permissible activities.— (1) An international bank agency licensed under this part may make any loan, extension of credit, or investment which it could make if incorporated and operating as a bank organized under the laws of this state. An international bank agency may act as custodian and may furnish investment management, and investment […]
663.062 International representative offices; permissible activities.—An international representative office may promote or assist the deposit-taking, lending, or other financial or banking activities of an international banking corporation. An international representative office may serve as a liaison in Florida between an international banking corporation and its existing and potential customers. Representatives and employees based at such office […]
663.063 International administrative offices.— (1) Subject to the provisions of this part, any international banking corporation may establish offices in this state for the purposes of: (a) Administering personnel and operations; (b) Engaging in data processing or recordkeeping activities; and (c) Negotiating, approving, or servicing loans or extensions of credit and investments. (2) An office established pursuant to this section may […]
663.064 International branches; permissible activities; requirements.— (1) An international banking corporation that meets the requirements of ss. 658.26, 663.04, and 663.05 may, with the approval of the office, establish one or more branches in this state. The operations of an international branch shall be conducted pursuant to requirements determined by the office as necessary to ensure compliance […]
663.065 State-chartered investment companies; formation; permissible activities; restrictions.— (1) With the approval of the office, a Florida corporation may be formed for the purpose of engaging in international banking, lending, and other financial activities. A state-chartered investment company established pursuant to this section shall engage directly in only those activities permissible for an Edge Act corporation organized […]
663.07 Asset maintenance or capital equivalency.— (1) Each international bank agency and international branch shall: (a) Maintain with one or more banks insured by the Federal Deposit Insurance Corporation and located within the United States, in such amounts as the office specifies, evidence of dollar deposits or investment securities of the type that may be held by a […]
663.08 Certification of capital accounts.—Before opening an office in this state, and annually thereafter so long as a bank office is maintained in this state, an international banking corporation licensed pursuant to ss. 663.01-663.14 shall certify to the office the amount of its capital accounts, expressed in the currency of the jurisdiction of its incorporation. The […]
663.083 Lending limits.— (1) The commission shall by rule prescribe the limits of drafts or bills of exchange which an international bank agency or branch may accept relative to the capital accounts of the international banking corporation. These limits shall take into account all transactions which are included and excluded in computing the lending limit for acceptances […]
663.09 Reports; records.— (1) An international banking corporation doing business in this state shall, at such times and in such form as the commission prescribes, make written reports in the English language to the office, under the oath of one of its officers, managers, or agents transacting business in this state, showing the amount of its assets […]
663.10 Conversion of license.— (1) An international banking corporation desiring to convert its existing federal agency or federal branch or Edge Act corporation into an international bank agency or international branch, or an Edge Act corporation which desires to convert to a state-chartered investment company shall submit to the office an application, on a form adopted by […]
