HB 7009 Summary

• Revises collateral-pledging levels for qualified public depositories, changing pledge level parameters from 110-150% to 125-200% based on financial rating services and performance guidelines.

• Repeals section 280.071 establishing the Qualified Public Depository Oversight Board and eliminates the board's oversight functions previously referenced in the public deposits program.

• Clarifies that notice of default or insolvency is not required when all Florida public deposits from a failing depository are acquired by another insured bank, savings bank, or savings association.

• Updates definitions and terminology throughout Florida Statutes Chapter 280, including changes to "collateral-pledging level," "tangible equity capital," and removal of outdated references to the Thrift Financial Report.

• Effective date: July 1, 2014.