Reso 2024-3599 - Laserfiche WebLink

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2023 Summary of Legislation Passed Committee on Banking and Insurance Corporate board or company employment composition standards, benchmarks, or disclosures based on characteristics protected under the Florida Civil Rights Act of 1992. Policies or procedures requiring or encouraging employee participation in social justice programing, including but not limited to diversity, equity, and inclusion training. Financial institutions, consumer finance lenders, and money services businesses regulated by the Office of Financial Regulation (OFR) must annually attest that their practices comply with the applicable requirements and limitations created by the bill. Failure to timely file the attestation is deemed a knowing and willful violation of the law. Financial institutions, consumer finance lenders, and money services businesses are subject to the following penalties and sanctions: • Those the OFR may impose under chs. 655, 516, and 560, F.S., respectively. • Enforcement actions identified in part II of chapter 501, F. S., the Florida Deceptive and Unfair Trade Practices Act, including civil actions brought by the Attorney General and criminal prosecution by a state attorney in the appropriate judicial circuit. Civil actions may include an injunction, an action seeking damages, or a civil penalty up to $10,000 per violation. The bill prohibits the OFR and the Financial Services Commission from waiving state laws in relation to unsafe and unsound business practices by state -licensed financial institutions, regardless of whether a federally chartered or regulated financial institution may engage in such unsafe and unsound practices. Prohibition against Engaging in Unsafe and Unsound — Practice Qualified Public Depositories The bill requires qualified public depositories (QPD) must comply with the requirements to provide services based on the risk factors unique to each customer and refrain from engaging in "unsound and unsafe practices." Beginning July 1, 2023, banks and savings associations must certify compliance with this requirement when filing an application to be designated or re- designated as a qualified public depository QPD. The bill provides that failure to file the required attestation is grounds for suspension or disqualification of a QPD. The bill also gives the Chief Financial Officer (CFO) authority to verify a QPD's attestation and impose penalties if it fails to timely file the attestation. The CFO can impose an administrative penalty, issue a cease and desist order to require compliance with the law, and suspend or revoke a QPD's qualification. The bill provides that if the CFO determines an affidavit is materially false, the CFO must report the finding to the Attorney General, who may bring a civil or administrative action against the QPD, and recover attorney fees and costs if the enforcement action is successful. The bill does not give the CFO "visitorial This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office. CS/CS/HB 3 Page: 2 56