FL H0455

Revised financial institution experience requirements for proposed officers and directors of new banks and trust companies, reducing the required experience timeframe from 5 years to 3 years for executive officers, regulators, or directors.

Modified director residency requirements by changing from "three-fifths" to "a majority" of directors needing to reside in Florida for at least 1 year preceding election and during their term.

Adjusted experience qualifications for bank and trust company officers, allowing the state office to waive certain requirements after considering overall experience and the institution's regulatory condition.

Clarified bank investment limitations in subsidiary corporations and affiliates, specifying that investments may not exceed 10 percent of total bank assets, with a 5 percent limit during the first 3 years of a bank's existence.

Effective date of July 1, 2018.