Fla. Stat. § 280.01
Short title
This chapter may be cited as the “Florida Security for Public Deposits Act.”
Florida Statutes Chapter 280 — SECURITY FOR PUBLIC DEPOSITS
Florida · statute · Fla. Stat. ch. 280 · 26 active provisions
Fla. Stat. § 280.02
Definitions
As used in this chapter, the term:(1) “Affiliate” means an entity that is related through a parent corporation’s controlling interest. The term also includes a financial institution holding company or a subsidiary or service corporation of such holding company.(2) “Alternative participation agreement” means an agreemen…
Fla. Stat. § 280.025
Attestation required
(1) Beginning July 1, 2024, the following entities must attest, under penalty of perjury, on a form prescribed by the Chief Financial Officer, whether the entity is in compliance with s. 280.02(26)(e) and (f):(a) A bank, savings bank, credit union, or savings association, upon application or reapplication for designati…
Fla. Stat. § 280.03
Public deposits to be secured; prohibitions; exemptions
(1)(a) All public deposits shall be secured as provided in this chapter when public depositors comply with the requirements of this chapter.(b) Public deposits shall be made in a qualified public depository unless exempted by law.(2) Public funds shall not be deposited directly or indirectly in negotiable certificates…
Fla. Stat. § 280.04
Collateral for public deposits; general provisions
(1) The Chief Financial Officer shall determine the collateral requirements and collateral-pledging level for each qualified public depository following procedures established by rule. These procedures must include numerical parameters for 25-percent, 50-percent, 110-percent, and 150-percent pledge levels based on nati…
Fla. Stat. § 280.041
Collateral arrangements; agreements, provisions, and triggering events
(1) Eligible collateral listed in s. 280.13 may be pledged, deposited, or issued using the following collateral arrangements as approved by the Chief Financial Officer for a qualified public depository or operating subsidiary, if one is used, to meet required collateral:(a) Regular custody arrangement for collateral pl…
Fla. Stat. § 280.042
Credit union designations as qualified public depositories; withdrawal by the Chief Financial Officer from collateral agreements; limits on public deposits
(1) The Chief Financial Officer may not designate a credit union as a qualified public depository unless, at the time the credit union submits its agreement of contingent liability and its collateral agreement, the credit union submits a signed statement from a public depositor indicating that if the credit union is de…
Fla. Stat. § 280.05
Powers and duties of the Chief Financial Officer
In fulfilling the requirements of this act, the Chief Financial Officer has the power to take the following actions he or she deems necessary to protect the integrity of the public deposits program:(1) Perform financial analysis of any qualified public depositories.(2) Require collateral, or increase the collateral-ple…
Fla. Stat. § 280.051
Grounds for suspension or disqualification of a qualified public depository
A qualified public depository may be suspended or disqualified or both if the Chief Financial Officer determines that the qualified public depository:(1) Has violated any of the provisions of this chapter or any rule adopted by the Chief Financial Officer pursuant to this chapter.(2) Has submitted reports containing in…
Fla. Stat. § 280.052
Order of suspension or disqualification; procedure
(1) The suspension or disqualification of a bank, credit union, or savings association as a qualified public depository must be by order of the Chief Financial Officer and must be mailed to the qualified public depository by registered or certified mail.(2) The Chief Financial Officer shall notify, by first-class mail,…
Fla. Stat. § 280.053
Period of suspension or disqualification; obligations during period; reinstatement
(1)(a) The Chief Financial Officer may suspend a qualified public depository for any period that is fixed in the order of suspension, not exceeding 6 months. For the purposes of this section and ss. 280.051 and 280.052, the effective date of suspension or disqualification is that date which is set out as such in any or…
Fla. Stat. § 280.054
Administrative penalty in lieu of suspension or disqualification
(1) If the Chief Financial Officer finds that one or more grounds exist for the suspension or disqualification of a qualified public depository, the Chief Financial Officer may, in lieu of suspension or disqualification, impose an administrative penalty upon the qualified public depository.(a) With respect to any nonwi…
Fla. Stat. § 280.055
Cease and desist order; corrective order; administrative penalty
(1) The Chief Financial Officer may issue a cease and desist order and a corrective order upon determining that:(a) A qualified public depository has requested and obtained a release of pledged collateral without approval of the Chief Financial Officer;(b) A bank, credit union, savings association, or other financial i…
Fla. Stat. § 280.06
Penalty for violation of law, rule, or order to cease and desist or other lawful order
(1) The violation of any provision of this chapter, or any order or rule of the Chief Financial Officer, or any order to cease and desist or other lawful order is a misdemeanor of the second degree, punishable as provided in s. 775.082 or s. 775.083.(2) It is a felony of the third degree, punishable as provided in s. 7…
Fla. Stat. § 280.07
Mutual responsibility and contingent liability
(1) A bank, savings bank, or savings association that is designated as a qualified public depository and that is not insolvent shall guarantee public depositors against loss caused by the default or insolvency of other banks, savings banks, or savings associations that are designated as qualified public depositories.(2…
Fla. Stat. § 280.08
Procedure for payment of losses
When the Chief Financial Officer determines that a default or insolvency has occurred, he or she shall provide notice as required in s. 280.085 and implement the following procedures:(1) The Division of Treasury, in cooperation with the Office of Financial Regulation of the Financial Services Commission or the receiver…
Fla. Stat. § 280.085
Notice to claimants
(1) Upon determining the default or insolvency of a qualified public depository, the Chief Financial Officer shall notify, by first-class mail, all public depositors that have complied with s. 280.17 of such default or insolvency. The notice must direct all public depositors having claims or demands against the Public…
Fla. Stat. § 280.09
Public Deposits Trust Fund
(1) In order to facilitate the administration of this chapter, there is created the Public Deposits Trust Fund, hereafter in this section designated “the fund.” The proceeds from the sale of securities or draw on letters of credit held as collateral or from any assessment pursuant to s. 280.08 must be deposited into th…
Fla. Stat. § 280.10
Effect of merger, acquisition, or consolidation; change of name or address
(1) When a qualified public depository is merged into, acquired by, or consolidated with a bank, credit union, savings bank, or savings association that is not a qualified public depository:(a) The resulting institution shall automatically become a qualified public depository subject to the requirements of the public d…
Fla. Stat. § 280.11
Withdrawal from public deposits program; return of pledged collateral
(1) A qualified public depository may withdraw from the public deposits program by giving written notice to the Chief Financial Officer. The contingent liability, required collateral, and reporting requirements of the depository withdrawing from the program shall continue for a period of 12 months after the effective d…
Fla. Stat. § 280.13
Eligible collateral
(1) Securities eligible to be pledged as collateral by qualified public depositories shall be limited to:(a) Direct obligations of the United States Government.(b) Obligations of any federal agency that are fully guaranteed as to payment of principal and interest by the United States Government.(c) Obligations of the f…
Fla. Stat. § 280.16
Requirements of qualified public depositories; confidentiality
(1) In addition to any other requirements specified in this chapter, qualified public depositories shall:(a) Take the following actions for each public deposit account:1. Identify the account as a “Florida public deposit” on the deposit account record with the name of the public depositor or provide a unique code for t…
Fla. Stat. § 280.17
Requirements for public depositors; notice to public depositors and governmental units; loss of protection
In addition to any other requirement specified in this chapter, public depositors shall comply with the following:(1)(a) Each official custodian of moneys that meet the definition of a public deposit under s. 280.02 shall ensure such moneys are placed in a qualified public depository unless the moneys are exempt under…
Fla. Stat. § 280.18
Protection of public depositors; liability of the state
(1) When public deposits are made in accordance with this chapter, there shall be protection from loss to public depositors, as defined in s. 280.02, in the absence of negligence, malfeasance, misfeasance, or nonfeasance on the part of the public depositor or on the part of his or her agents or employees.(2) The liabil…
Fla. Stat. § 280.19
Rules
The Chief Financial Officer shall adopt rules pursuant to ss. 120.536(1) and 120.54 to administer the provisions of this chapter.
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