CS/HB 1121 - Financial Institutions

• Revises definitions in Florida's financial institutions codes, including adding definitions for "bank holding company," "home state," "host state," "out-of-state financial institution," and "related interest"

• Creates authority for the Office of Financial Regulation to appoint provisional directors and executive officers to financial institutions with insufficient management, specifying their rights, qualifications, and liability protections

• Authorizes the office to conduct more frequent examinations of financial institutions using flexible scheduling methods and to examine affiliates when their operations may negatively impact state financial institutions

• Updates conversion and merger procedures for financial entities, including provisions allowing federally chartered or out-of-state institutions to participate and establishing new emergency action authority for failing institutions

• Modifies investment and lending limitations for credit unions and banks, requiring written policies for risk evaluation and allowing the office to require divestment of excessive-risk investments

• Removes outdated provisions related to remote financial service units and repeals the Florida Interstate Banking Act, replacing it with updated interstate branching and merger provisions consistent with federal law

• Makes conforming amendments across multiple Florida statutes to update cross-references and align definitions with revised financial institutions codes; effective July 1, 2011