658.296 Control of deposit-taking institutions. - Florida Statutes

658.296 Control of deposit-taking institutions.

   (1) As used in this section, unless the context clearly requires otherwise:

   (a) “Bank” means any company that accepts deposits in Florida that are insured under the provisions of the Federal Deposit Insurance Act, as amended, 12 U.S.C. ss. 1811 et seq.; however, the term “bank” does not include a company engaged solely in the trust business, all or substantially all of the deposits of which are in trust funds and are received in a bona fide fiduciary capacity.

   (b) “Bank holding company” means any company which is a bank holding company under the provisions of the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. ss. 1841 et seq.

   (c) “Company” has the meaning set forth in s. 2(b) of the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. s. 1841(b).

   (d) “Control” has the meaning set forth in s. 2(a)(2) and (3) of the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. s. 1841(a)(2) and (3), except that the reference therein to “the Board” shall be deemed to refer to the office.

   (2) No bank holding company shall control a bank unless the bank is a bank as defined in s. 2(c) of the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. s. 1841(c).

   (3) No company that is not a bank holding company shall control a bank.

   (4) The office shall have the power to enforce the prohibitions of this section by seeking to enjoin any violation, by issuing cease and desist orders, by imposing administrative fines, or by any other remedies that are provided by law.

   (5) This section shall not prohibit the continued control of a bank by a company or bank holding company which controlled such bank on June 30, 1983, and has continuously controlled such bank since that date; provided, however, that such company or bank holding company shall not continue to control a bank which accepts deposits in Florida that are insured under the provisions of the Federal Deposit Insurance Act, as amended, 12 U.S.C. ss. 1811 et seq., of any type other than those which the bank accepted on or before March 22, 1984.

History. ss. 1, 3, ch. 84-544; s. 56, ch. 85-82; s. 1, ch. 86-301; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1777, ch. 2003-261.