FL H0585

Reduces the required financial institution experience timeframe from 5 years to 3 years for proposed directors and officers of new banks and trust companies, and for existing officers.

Requires at least 2 non-officer directors of a proposed bank or trust company to have 1 year of direct financial institution experience within the last 3 years, with an exception allowing 1 director if another has very substantial experience beyond 3 years.

Requires the proposed president or chief executive officer to have at least 1 year of direct financial institution experience within the last 3 years.

Changes the residency requirement for existing bank and trust company directors from a majority to three-fifths of directors who must have resided in Florida for at least 1 year preceding election and during their term.

Adds requirement that non-officer directors of existing banks or trust companies have 1 year of direct financial institution experience within 3 years (1 director for banks with assets under $150 million, 2 directors for banks with $150 million or more in assets).

Takes effect July 1, 2017.