663.309 Permissible activities; prohibited activities. - Florida Statutes

663.309 Permissible activities; prohibited activities.

   (1) An international development bank shall have the authority:

   (a) To make loans or otherwise extend credit to foreign business enterprises and foreign governments and to issue and confirm letters of credit, create bankers acceptances, and provide guarantees for the purpose of providing financing to foreign business enterprises and foreign governments;

   (b) To provide financing in connection with import-export transactions to the extent permissible for an Edge Act corporation organized under s. 25(a) of the Federal Reserve Act, as amended, 12 U.S.C. ss. 611-632;

   (c) To invest funds as provided in s. 663.315;

   (d) To borrow funds as provided in s. 663.316;

   (e) To take deposits from financial institutions, foreign not-for-profit foundations, foreign business enterprises, and organizations which qualify under s. 501(c) of the Internal Revenue Code and which had at the end of their last fiscal year no less than $10 million in assets;

   (f) To maintain for the account of others credit balances necessarily incidental to, or arising out of, the exercise of its lawful powers. Such credit balances may be disbursed by check or draft; however, the commission shall by rule provide appropriate limitations upon such disbursements to ensure that credit balances are not functionally equivalent to demand deposits;

   (g) To exercise such other incidental powers as shall be reasonably necessary to carry out the authority granted in this part.

   (2) An international development bank shall not:

   (a) Take deposits except as provided in this section;

   (b) Offer deposit accounts other than those permitted to be offered by an international bank agency;

   (c) Exercise trust or fiduciary powers;

   (d) Offer credit cards;

   (e) Establish or use remote financial service units; or

   (f) Serve as a depository of public moneys or be employed as a financial agent of the state.

History. ss. 1, 5, ch. 86-82; s. 4, ch. 89-110; s. 1, ch. 91-307; ss. 1, 173, ch. 92-303; s. 1851, ch. 2003-261.