HB 251 Summary: Florida Security for Public Deposits Act

• Revises definitions in the Florida Security for Public Deposits Act to standardize terminology by replacing references to "bank, savings association, or trust company" with "financial institution" throughout Chapter 280, F.S.

• Amends deposit insurance requirements for qualified public depositories to reference both Federal Deposit Insurance Corporation and National Credit Union Share Insurance Fund under the Federal Deposit Insurance Act, 12 U.S.C. ss. 1811 et seq.

• Updates credit union reporting requirements in section 280.16 to require submission of the National Credit Union Administration 5300 Call Report instead of prior reporting standards.

• Modifies section 280.17 to require evidence of insurance under the Federal Deposit Insurance Act or Federal Credit Union Act when public depositors submit claims for deposits in defaulted or insolvent qualified public depositories.

• Effective date: July 1, 2013.