Summary of Florida SB 1012 (2014) — Financial Services

• Preempts counties and municipalities from enacting or enforcing ordinances that regulate financial or lending activities of entities subject to state or federal financial regulatory jurisdiction, while requiring financial institutions to notify the Office of Financial Regulation (OFR) within 30 days of any local civil investigation or proceeding against them

• Updates the Florida Control of Money Laundering in Financial Institutions Act to include terrorist financing, requires financial institutions to designate a BSA/AML compliance officer, expands definitions of monetary instruments to include stored value and prepaid cards, and adds suspicious activity reporting requirements

• Establishes procedures for protecting trade secrets in documents submitted to the OFR, requiring claimants to mark documents, file affidavits, and pursue declaratory judgment in circuit court within 30 days of a public records request to prevent disclosure

• Revises mortgage licensing provisions by creating a "failed to renew" status with reinstatement fees ($150–$475 depending on license type) for licensees who miss the December 31 renewal deadline but comply before March 1, and repeals several borrower disclosure requirements previously imposed on mortgage brokers and lenders, including the Florida Fair Lending Act (Part IV of Chapter 494)

• Prohibits directors or executive officers of state financial institutions from concurrently serving at nonaffiliated financial institutions in the same metropolitan statistical area unless the OFR grants a waiver, and shields financial institutions from civil liability to third parties solely by virtue of extending credit to a person