CS for SB 564 - Security for Public Deposits

• Lowers collateral-pledging levels for qualified public depositories from 25%, 50%, 125%, and 200% to 25%, 50%, 110%, and 150% based on financial rating services and performance guidelines.

• Replaces the qualified public depository oversight board with direct Chief Financial Officer authority to establish standards, evaluate exceptions, and review violations.

• Eliminates the notice requirement to claimants when a defaulting qualified public depository's Florida public deposits are acquired by another bank, savings bank, or savings association.

• Modifies protection from loss provisions to allow effective coverage if the Chief Financial Officer determines that a defaulting depository has properly classified and collateralized accounts as public deposits, even if public depositors fail to present required identification forms.

• Removes obsolete provisions related to acknowledgment forms for public deposits existing before July 1, 1998, and eliminates requirements for public depositors to request confirmation information by specific dates.