F.S. 663.0601 Florida Statutes and Case Law

The 2022 Florida Statutes (including 2022 Special Session A and 2023 Special Session B)

Title XXXVIII
BANKS AND BANKING

Chapter 663
INTERNATIONAL BANKING

View Entire Chapter

663.0601 After-the-fact licensure process in the event of the acquisition, merger, or consolidation of international banking corporations.—If an international banking corporation proposes to acquire, merge, or consolidate with an international banking corporation that presently operates an international branch, international bank agency, international administrative office, or international representative office licensed in this state, the office may authorize the currently licensed international branch, international bank agency, international administrative office, or international representative office to remain open and in operation after consummation of the proposed acquisition, merger, or consolidation, if the acquiring international banking corporation files an after-the-fact application and all of the following conditions are met:

(1) The international banking corporation or corporations resulting from the acquisition, merger, or consolidation will not directly or indirectly own or control more than 5 percent of any class of the voting securities of, or control, a United States bank.

(2) Before consummation of the acquisition, merger, or consolidation, the international banking corporation currently licensed to operate an international branch, international bank agency, international administrative office, or international representative office in this state must provide the office at least 30 days’ advance written notice, as prescribed by rules adopted by the commission, of the proposed acquisition, merger, or consolidation.

(3) Before consummation of the acquisition, merger, or consolidation, each international banking corporation commits in writing that it will either:

(a) Comply with the conditions in subsections (1) and (2) and file an after-the-fact application for a license under s. 663.05(1) within 60 days after consummation of the proposed acquisition, merger, or consolidation; and refrain from engaging in new lines of business and from otherwise expanding the activities of such establishment in this state until the disposition of the after-the-fact license application, in accordance with chapter 120; or

(b) Promptly wind down and close any international branch, international bank agency, international administrative office, or international representative office in this state if the international banking corporations that are party to the acquisition, merger, or consolidation elect not to file an application for a license in accordance with paragraph (a); and, before such wind-down and closure, refrain from engaging in new lines of business or otherwise expanding the activities of such establishment in this state.

History.—s. 11, ch. 2017-83.

Statutes updated from Official Statutes on: March 07, 2023

F.S. 663.0601 on Google Scholar

F.S. 663.0601 on Casetext

Amendments to 663.0601

Arrestable Offenses / Crimes under Fla. Stat. 663.0601

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 663.0601.

Civil Citations / Citable Offenses under S663.0601

R or S next to points is Mandatory Revocation or Suspension

Current data shows no reason a civil citation or a suspension or revocation of license should have been issued under Florida Statute 663.0601.

The 2022 Florida Statutes (including 2022 Special Session A and 2023 Special Session B)

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