FL S0958

Extends the required timeframe for financial institution experience from 3 years to 5 years for proposed directors and officers of banks or trust companies.

Modifies the experience requirement for directors from a 3-year to 5-year period, with a waiver option if an applicant demonstrates one proposed director has more than 5 years of substantial experience.

Changes the residency requirement for bank and trust company directors from three-fifths to a simple majority for those who must have resided in Florida for at least 1 year before election.

Applies the 5-year experience requirement to the president, chief executive officer, or equivalent position, with a waiver option available based on overall experience and the institution's regulatory examination report.

Effective date: July 1, 2017.