CS/HB 703 Summary

• Redefines "main office" and "principal office" of financial institutions to include offices redesignated through relocation applications filed with the Office of Financial Regulation.

• Requires electronically transmitted semiannual assessments to financial institutions to be submitted by January 31 and July 31 each year, with late payment penalties up to $100 per day or administrative fines up to $1,000 per day for intentional violations.

• Removes requirements that the Office of Financial Regulation select licensed or certified appraisers and approve appraisal costs before payment by state financial institutions, allowing institutions greater flexibility in appraisal selection.

• Revises application requirements for banking corporations and trust companies to require financial, business, and biographical information for proposed directors, chief executive officers, and applicable trust officers.

• Requires international banking corporations to provide annual certification of capital accounts to the office by June 30 each year.

• Effective date: October 1, 2015.