Florida Statutes 663.04 – Requirements for carrying on financial institution business
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An international banking corporation or any affiliate, subsidiary, or other person or business entity acting as an agent for, on behalf of, or for the benefit of such international banking corporation who engages in such activities from an office located in this state, may not transact a banking or trust business, or maintain in this state any office for carrying on such business, or any part thereof, unless such corporation, affiliate, subsidiary, person, or business entity:
(1) Has been authorized by its charter to carry on a banking or trust business and has complied with the laws of the jurisdiction in which it is chartered.
(2) Has furnished to the office such proof as to the nature and character of its business and as to its financial condition as the commission or office requires.
(3) Has filed with the office a certified copy of that information required to be supplied to the Department of State by those provisions of part I of chapter 607 which are applicable to foreign corporations.
(4) Has received a license duly issued to it by the office.
(5) Has sufficient capital in accordance with the requirements of s. 663.055 and the rules adopted thereunder and is not imminently insolvent or insolvent, as those terms are defined in s. 655.005(1).
(6)(a) Is not in bankruptcy, conservatorship, receivership, liquidation, or similar status under the laws of any country.
Terms Used In Florida Statutes 663.04
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- International administrative office: means an office of an international banking corporation established in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- International bank agency: means an office of an international banking corporation established in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- International banking corporation: means a banking corporation organized and licensed under the laws of a foreign country. See Florida Statutes 663.01
- International branch: means any office of an international banking corporation established in this state under…. See Florida Statutes 663.01
- International representative office: means an office of an international banking corporation organized and licensed under the laws of a foreign country that is established or maintained in this state for the purpose of engaging in the activities described in…. See Florida Statutes 663.01
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: includes individuals, children, firms, associations, joint adventures, partnerships, estates, trusts, business trusts, syndicates, fiduciaries, corporations, and all other groups or combinations. See Florida Statutes 1.01
(b) Is not operating under the direct control of the government, regulatory, or supervisory authority of the jurisdiction of its incorporation through government intervention or any other extraordinary actions.
(c) Has not been in such status or control at any time within the 3 years preceding the date of application for a license.
Notwithstanding paragraphs (a) and (b), the office may permit an international branch, international bank agency, international administrative office, or international representative office to remain open and in operation pursuant to s. 663.11(1)(b).