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Florida – Law Enacted Affecting Financial Institutions

Senate Bill 806 (Chapter No. 2015-64) signed May 21 and effective October 1 makes changes to the regulation of financial institutions by the Office of Financial Regulation (OFR) to simplify the process to redesignate a main or principal office; specify the ways semiannual assessments can be transmitted electronically; delete requirement that OFR select an appraiser to conduct certain real-estate appraisals; specify the date by which an international banking corporation must provide its annual certification of capital accounts; and provide that production of books and records of a Florida office of an international banking corporation is not required in certain instances if such books and records are maintained outside of the United States and are not in the possession, control, or custody of the office, agency, or branch in Florida.