HB 1641 Summary - Financial Institutions

• Failure of foreign nationals to appear in person or by video conference at hearings for bank/trust company applications involving 10% or more ownership becomes grounds for application denial, with 1-year approval/denial timeline.

• Creates new section prohibiting third-party entities from charging consumers fees for online audit verifications of financial institution accounts, designating such charges as violations of Florida's Deceptive and Unfair Trade Practices Act.

• Revises financial institution examination requirements to occur at least every 18 months (instead of specific timing), authorizes Commissioner to delay examinations during emergencies, and requires directors to acknowledge receipt of examination reports.

• Modifies asset/liability acquisition procedures to allow "substantially all" assets (instead of "50 percent more") and requires calculations based on most recent quarterly reporting dates.

• Creates "trust representative offices" for banks/trust companies to conduct ancillary fiduciary activities like marketing and customer liaison work, while prohibiting actual fiduciary services like acting as trustee or executor.

• Effective date: July 1, 2021.