SB 1264 Summary

• Expands the definition of "international banking corporation" to include foreign trust companies and other foreign entities that conduct trust business, previously limited to banking entities only.

• Increases 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.

• Creates a new license category for "international trust company representative offices" allowing nonfiduciary activities such as marketing, soliciting, and customer liaison services for fiduciary business, with a $5,000 filing fee.

• Imposes additional requirements for all international banking corporations and affiliates operating in Florida, including capital adequacy standards, insolvency checks, and restrictions on bankruptcy or government control status within the preceding 7 years.

• Increases the license application filing fee for trust representative offices from $2,000 to $5,000 annually and establishes a $2,000 annual assessment for international representative offices and administrative offices.