CS/HB 707 Summary

• Expands definition of "international banking corporation" to include foreign trust companies and similar entities that conduct trust business, and creates new category of "international trust company representative office"

• Increases minimum net capital account requirements for international banking corporations: from $25 million to $40 million for bank agencies/branches, and from $10 million to $20 million for representative offices

• Imposes additional licensing requirements including prohibition on entities in bankruptcy, conservatorship, receivership, or under direct government control within 7 years of application

• Increases filing fees for establishing international trust company representative offices from $2,000 to $5,000 annually, and imposes new $2,000 annual assessments on representative offices

• Restricts international banking corporations and trust companies from conducting trust business in Florida except through specific authorized activities under state oversight, with fiduciary powers limited to licensed trust representative offices meeting state trust company requirements