F.S. 667.001 Short title.
This chapter may be cited as the “Florida Savings Bank Act.”
SAVINGS BANKS
F.S. Ch. 667
in effectF.S. 667.002 Definitions.
Except to the extent specifically qualified by context, when used in this chapter:
(1)
“Capital stock” means the aggregate of shares of nonwithdrawable capital issued by a capital stock association, but does not include nonwithdrawable capital represented by capital certificates.
(2)
“Dwelling unit” means a single, unified combination of rooms which is designed for residential use by one family in a multiple dwelling unit structure and which is not “home property.”
(3)
“Earnings” means that part of the sources available for payment of earnings of a savings bank which is declared payable on savings accounts from time to time by the board of directors and is the cost of savings money to the savings bank. Earnings also may be referred to as “interest.”
(4)
“Home property” means real estate on which is located, or will be located pursuant to a real estate loan, a structure designed for residential use by one family or a single condominium unit, including common elements pertinent to such unit, designed for residential use by one family in a multiple-dwelling-unit structure or complex and including fixtures, home furnishings, and equipment.
(5)
“Liquid assets” means:
(a)
Cash on hand.
(b)
Cash on deposit in a federal home loan bank or federal reserve bank, or a state bank which performs similar reserve functions, and which is withdrawable upon not more than 30 days’ notice and which is not pledged as security for indebtedness. Any deposits in a financial depository institution under the control of or in the possession of any supervisory authority are not liquid assets.
(c)
Obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or this state.
(d)
Such other assets as approved by the office which are accepted as liquid assets for federally insured savings banks by the appropriate federal regulatory agency.
(6)
“Net income” means gross revenues for an accounting period, less all expenses paid or incurred, taxes, and losses sustained as shall not have been charged to reserves pursuant to the provisions of this chapter.
(7)
“Primarily residential property” means real estate on which there is located, or will be located pursuant to a real estate loan:
(a)
Any structure designed or used primarily for residential rather than nonresidential purposes and consisting of more than one dwelling unit.
(b)
Any structure designed or used primarily for residential rather than nonresidential purposes for students, residents and persons under care, employees, or members of the staff of an educational, health, or welfare institution or facility.
(c)
Any structure which is used in part for residential purposes for not more than one family and in part for business purposes, provided the residential use of such structure must be substantial and permanent, not merely transitory.
(8)
“Real estate loan” means any loan or other obligation secured by a lien on real estate in any state held in fee or in a leasehold extending or renewable automatically for a period of at least 15 years beyond the date scheduled for the final principal payment of such loan or obligation, or any transaction out of which a lien or claim is created against such real estate, including, but not limited to, the purchase of such real estate in fee by a savings bank and the concurrent or immediate sale of such real estate on installment contract.
(9)
“Savings account” means that part of the savings liability of the savings bank which is credited to the account of the holder of such account. A savings account also may be referred to as a “savings deposit.”
(10)
“Savings bank” means a capital stock or mutual savings bank subject to the provisions of this chapter.
(11)
“Savings liability” means the aggregate amount of savings accounts of depositors, including earnings credited to such accounts, less redemptions and withdrawals.
(12)
“State savings bank” means any savings bank which has an existing savings bank charter issued pursuant to the provisions of the financial institutions codes.
(13)
“Stockholder” means the holder of one or more shares of any class of capital stock of a capital stock savings bank organized or operating pursuant to the provisions of this chapter.
F.S. 667.003 Applicability of chapter 658.
Any state savings bank is subject to all the provisions, and entitled to all the privileges, of the financial institutions codes except where it appears, from the context or otherwise, that such provisions clearly apply only to banks or trust companies organized under the laws of this state or the United States. Without limiting the foregoing general provisions, it is the intent of the Legislature that the following provisions apply to a savings bank to the same extent as if the savings bank were a “bank” operating under such provisions:
(1)
Section 658.12, relating to definitions.
(2)
Section 658.16, relating to creation of banking or trust corporation.
(3)
Section 658.19, relating to application for authority to organize a bank or trust company.
(4)
Section 658.20, relating to investigation by office.
(5)
Section 658.21, relating to approval of application; findings required.
(6)
Section 658.22, relating to coordination with federal agencies.
(7)
Section 658.23, relating to submission of articles of incorporation; contents; form; approval; filing; commencement of corporate existence; bylaws.
(8)
Section 658.235, relating to subscriptions for stock; approval of major shareholders.
(9)
Section 658.24, relating to organizational procedures.
(10)
Section 658.25, relating to opening for business.
(11)
Section 658.26, relating to places of transacting business; branches; facilities.
(12)
Section 658.2953, relating to interstate branching.
(13)
Section 658.30, relating to application of the Florida Business Corporation Act.
(14)
Section 658.32, relating to annual meetings.
(15)
Section 658.33, relating to directors, number, qualifications; officers.
(16)
Section 658.34, relating to shares of capital stock.
(17)
Section 658.35, relating to share options; warrants.
(18)
Section 658.36, relating to changes in capital.
(19)
Section 658.37, relating to dividends and surplus.
(20)
Section 658.38, relating to deposit insurance.
(21)
Section 658.39, relating to stockholders; examination of records.
(22)
Section 658.40, relating to definitions for merger and consolidation.
(23)
Section 658.41, relating to merger; resulting state or national bank.
(24)
Section 658.42, relating to plan of merger and merger agreement.
(25)
Section 658.43, relating to approval by office; valuation of assets; emergency action.
(26)
Section 658.44, relating to approval by stockholders; rights of dissenters; preemptive rights.
(27)
Section 658.45, relating to certificate of merger and effective date; effect on charters and powers.
(28)
Section 658.48, relating to loans.
(29)
Section 658.491, relating to commercial loans by financial institutions.
(30)
Section 658.51, relating to banks authorized to make commodity loans.
(31)
Section 658.53, relating to borrowing; limits of indebtedness.
(32)
Section 658.60, relating to depositories of public moneys and pledge of assets.
(33)
Section 658.67, relating to investment powers and limitations.
(34)
Section 658.73, relating to fees and assessments.
(35)
Section 658.79, relating to taking possession of insolvent state banks or trust companies.
(36)
Section 658.80, relating to appointment of receiver or liquidator.
(37)
Section 658.81, relating to office action; notice and court confirmation.
(38)
Section 658.82, relating to receiver; powers and duties.
(39)
Section 658.83, relating to liquidator; powers and duties.
(40)
Section 658.84, relating to transfers by banks and other acts in contemplation of insolvency.
(41)
Section 658.90, relating to receivers or liquidators under supervision of office.
(42)
Section 658.94, relating to prima facie evidence.
(43)
Section 658.95, relating to voluntary liquidation.
(44)
Section 658.96, relating to procedure in voluntary liquidation.
F.S. 667.004 Name.
The name of every savings bank shall include the words “savings bank.” The use of the words “National,” “Federal,” “United States,” “insured,” or “guaranteed,” separately or in any combination thereof with other words or syllables, is prohibited as part of the corporate name of a savings bank.
F.S. 667.005 Reorganization, merger, or consolidation with a foreign savings bank.
(1)
A savings bank shall have the power to reorganize, merge, or consolidate with a foreign savings bank, as defined in s. 667.013, subject to the approval of the office.
(2)
If the resulting or surviving savings bank is to be a foreign savings bank, the office shall not approve the proposed transaction unless:
(a)
The laws of the state in which the foreign savings bank has its principal place of business permit savings banks in that state to reorganize, merge, or consolidate with Florida savings banks in transactions in which the resulting or surviving savings bank is a Florida savings bank.
(b)
The constituent Florida savings bank has been in existence and continuously operating for more than 2 years.
(3)
A proposed transaction in which the resulting or surviving savings bank is to be a foreign savings bank shall be subject to any conditions, restrictions, and requirements that would apply in the state where the foreign savings bank has its principal place of business if the resulting or surviving savings bank were to be a Florida savings bank, which conditions, restrictions, and requirements would not apply to a reorganization, merger, or consolidation of savings banks all of which are located in that state.
(4)
A foreign savings bank which is the resulting or surviving savings bank in a reorganization, merger, or consolidation with a Florida savings bank shall not be considered a Florida savings bank.
(5)
Each application for reorganization, merger, or consolidation with a foreign savings bank shall be accompanied by a nonrefundable filing fee as provided in s. 658.73(2)(g).
F.S. 667.006 Conversion of state or federal mutual savings bank or state or federal mutual association to capital stock savings bank.
(1)
CONVERSION INTO CAPITAL STOCK SAVINGS BANK.
—
Any state or federal mutual savings bank or state or federal mutual association may apply to the office for permission to convert itself into a capital stock savings bank operated under the provisions of this chapter in accordance with the following procedures:
(a)
The board of directors shall approve a plan of conversion by resolution adopted by a majority vote of all the directors. The plan shall include, but not be limited to:
1.
Financial statements of the savings bank as of the last day of the month preceding adoption of the plan.
2.
Such financial data as may be required to determine compliance with applicable regulatory requirements respecting financial condition.
3.
A provision that each savings account holder of the mutual savings bank will receive a withdrawable account in the capital stock savings bank equal in amount to his or her withdrawable account in the mutual savings bank.
4.
A provision that each member of record will be entitled to receive rights to purchase voting common stock.
5.
Pro forma financial statements of the savings bank as a capital stock savings bank, which shall include data required to determine compliance with applicable regulatory requirements respecting financial condition.
6.
With particularity, the business purpose to be accomplished by the conversion.
7.
Such other information as the commission requires by rule.
(b)
The plan of conversion shall be executed by a majority of the board of directors and submitted to the office for approval prior to any vote on conversion by the members.
(c)
The office may approve or disapprove the plan, but may not approve the plan unless it finds that the savings bank will comply sufficiently with the requirements of the financial institutions codes after conversion to entitle it to become a savings bank operating under the financial institutions codes and the rules of the commission. The office may deny any application from a federal savings bank that is subject to a cease and desist order or other supervisory restriction or order imposed by any state or the federal supervisory authority, or insurer, or guarantor or that has been convicted of, or pled guilty or nolo contendere to, a violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial transactions; or similar state or federal law.
(d)
If the office approves the plan of conversion, the question of such conversion may be submitted to the members at a meeting of voting members called to consider such action. A vote of 51 percent or more of the total number of votes eligible to be cast shall be required for approval, unless federal law permits a lesser percentage of votes for a federal mutual savings bank to convert, in which case that percentage shall control. Notice of the meeting, giving the time, place, and purpose thereof, together with a proxy statement and proxy form covering all matters to be brought before the meeting, shall be mailed at least 30 days prior to the meeting to the office for review and to each voting member at his or her last address as shown on the books of the savings bank.
(2)
MINUTES OF MEETING.
—
Copies of the minutes of the meeting of members, verified by the affidavit of the secretary or assistant secretary of the savings bank, shall be filed with the office and with the appropriate federal regulatory agency, within a reasonable time after the meeting. When so filed, the verified copies of the minutes are presumptive evidence of the holding of the meeting and of the action taken.
(3)
FILING OF ARTICLES OF INCORPORATION AND COMMITMENT FOR INSURANCE OF ACCOUNTS.
—
The directors of the savings bank shall have executed and filed with the office proposed articles of incorporation as provided in s. 658.23, together with the application for conversion and a firm commitment for, or evidence of, insurance of deposits and other accounts of a withdrawable type. The articles shall contain a statement that the savings bank resulted from the conversion of a state or federal mutual savings bank to a capital stock savings bank. Approval by the office shall be affixed to the articles of incorporation. A copy of the articles of incorporation shall be filed with the Department of State, and one copy of the articles of incorporation and the certificate of incorporation shall be returned to the savings bank. The savings bank shall cease to be a mutual savings bank at the time and on the date specified in the approved articles of incorporation.
(4)
SUCCESSION.
—
Upon conversion of a mutual savings bank, the legal existence of the savings bank shall not terminate, but the capital stock savings bank shall be a continuation of the entity of the mutual savings bank, and all property of the mutual savings bank, including its rights, titles, and interests in and to all property of whatever kind, whether real, personal, or mixed, things in action, and every right, privilege, interest, and asset of every conceivable value or benefit then existing or pertaining to it, or which would inure to it, immediately, by act of law and without any conveyance or transfer and without any further act or deed, shall vest and remain in the capital stock savings bank into which the mutual savings bank has converted. The capital stock savings bank shall have, hold, and enjoy the same in its own right as fully and to the same extent as the same was possessed, held, and enjoyed by the mutual savings bank. The capital stock savings bank, upon the taking effect of the conversion, shall continue to have and succeed to all the rights, obligations, and relations of the mutual savings bank. All pending actions and other judicial proceedings to which the mutual savings bank is a party shall not be abated or discontinued by reason of the conversion but may be prosecuted to final judgment, order, or decree in the same manner as if the conversion had not been made, and the capital stock savings bank resulting from the conversion may continue the actions in its corporate name as a mutual savings bank. Any judgment, order, or decree may be rendered for or against it which might have been rendered for or against the mutual savings bank theretofore involved in the proceedings.
(5)
FEE.
—
The application for conversion from a state or federal mutual to a state capital stock savings bank shall be accompanied by a nonrefundable filing fee of $7,500. Additionally, the office may assess any savings bank applying to convert pursuant to this section a nonrefundable examination fee to cover the actual costs of any examination required as part of the application process.
F.S. 667.007 Supervisory case; emergency conversion, reorganization, merger; consolidation; acquisition of assets.
(1)
The office may determine that a state or federal savings bank is a supervisory case if it finds that:
(a)
The savings bank is insolvent; or
(b)
The savings bank is imminently insolvent.
Any such finding by the office shall be based upon reports furnished to it by a state or federal regulatory agency or upon other evidence from which it is reasonable to conclude that the savings bank is a supervisory case.
(2)
Notwithstanding any other provision of this chapter or chapter 120, if the office finds that immediate action is necessary to protect the interests of depositors and reduce the potential for claims against the insurance fund, or in order to prevent the probable failure of a state or federal savings bank which is a supervisory case, the office may, with the concurrence of the appropriate federal regulatory agency in the case of any savings bank the deposits of which are federally insured, issue an emergency order authorizing:
(a)
The conversion of such savings bank from a state to a federal charter, or vice versa, without change of business form;
(b)
The reorganization, merger, or consolidation of such state or federal savings bank with another state or federal savings bank;
(c)
The conversion of such state or federal savings bank into a state or federal capital stock savings bank; or
(d)
Any state or federal savings bank to acquire the assets of, and assume the liabilities of, such failing savings bank.
F.S. 667.008 Acquisition of assets of or control over a savings bank.
(1)(a)
In any case in which a person or group of persons proposes to purchase or acquire voting common stock of any capital stock savings bank, which purchase or acquisition would cause such person or group of persons to have control, as defined herein, of that savings bank, such person or group of persons must first make application to the office for a certificate of approval of such purchase or acquisition.
(b)
An application for control shall be in such form and request such information as the commission requires by rule.
(c)
The application for control shall be accompanied by a nonrefundable filing fee of $7,500; however, if more than one savings bank is being acquired in any such application, the fee shall be increased by $3,000 for each additional savings bank.
(2)
The office shall issue the certificate of approval only after it has made an investigation and determined that:
(a)
The proposed new owner or owners of voting capital stock are qualified by character, experience, and financial responsibility to control the savings bank in a legal and proper manner and none of the proposed new owners have been convicted of, or pled guilty or nolo contendere to, a violation of s. 655.50, relating to the control of money laundering and terrorist financing; chapter 896, relating to offenses related to financial transactions; or similar state or federal law.
(b)
The interests of the public generally will not be jeopardized by the proposed purchase or acquisition of voting capital stock.
(3)
This section does not apply to the acquisition of:
(a)
Directors’ voting proxies acquired in the normal course of business as a result of proxy solicitation in conjunction with a stockholders’ meeting;
(b)
Stock in a fiduciary capacity unless the acquiring person has sole discretionary authority to exercise voting rights with respect thereto;
(c)
Stock acquired in securing or collecting a debt contracted in good faith until 2 years after the date of acquisition;
(d)
Stock acquired by an underwriter in good faith and without any intent to evade the purpose of this section if the shares are held only for such reasonable period of time as will permit the sale thereof; or
(e)
Control of a savings bank by a unitary savings bank holding company if the person or persons who control the holding company are the same person or persons who control the savings bank.
(4)
For purposes of this section, a person or group of persons shall be deemed to have control of a savings bank if such person or group of persons:
(a)
Directly or indirectly, or acting in concert with one or more persons or through one or more subsidiaries, owns, controls, holds the power to vote, or holds proxies representing more than 25 percent of the voting common stock of such savings bank.
(b)
Controls in any manner the election of a majority of the directors of such savings bank.
(c)
Exercises a controlling influence over the management or policies of such savings bank.
(d)
Owns, controls, or has power to vote 10 percent or more of any class of voting securities of the savings bank, if no other person or group of persons owns, controls, or has power to vote a greater proportion of that class of voting securities. In any case in which a proposed purchase or acquisition of voting securities of a savings bank would give rise to the presumption created under this paragraph, the person or group of persons who proposes to purchase or acquire the voting securities shall first give written notice of the proposal to the office. Such notice may present information that the proposed purchase or acquisition will not result in control. The office shall afford the person seeking to rebut the presumption an opportunity to present views in writing or orally before its designated representatives at an informal conference.
(5)(a)
A foreign savings bank, as defined in s. 667.013, whether controlled directly or indirectly by another business organization, may acquire a Florida savings bank, subject to approval by the office. The office shall not approve the proposed acquisition unless:
1.
The laws of the state in which the foreign savings bank has its principal place of business permit savings banks in that state to be acquired by Florida savings banks.
2.
The Florida savings bank which is to be acquired has been in existence and continuously operating for more than 2 years.
(b)
The proposed acquisition shall be subject to any conditions, restrictions, and requirements that would apply in the state where the foreign savings bank has its principal place of business if the foreign savings bank were to be acquired by a Florida savings bank, which conditions, restrictions, and requirements would not apply to the acquisition by such foreign savings bank of another savings bank in that state.
(c)
This subsection does not apply to any merger by a savings bank subject to Pub. L. No. 97-320, s. 123.
F.S. 667.009 Powers of savings bank generally.
Every savings bank incorporated pursuant to or operating under the provisions of the financial institutions codes shall have all the powers enumerated, authorized, and permitted by this chapter and such other rights, privileges, and powers as may be incidental to or reasonably necessary or appropriate for the accomplishment of the objectives and purposes of the savings bank. Except as otherwise limited by the provisions of the financial institutions codes, every savings bank shall have the following powers:
(1)
PROPERTY TRANSFERS.
—
To acquire, hold, sell, dispose of, and convey real and personal estate consistent with its objects and powers; to mortgage, pledge, or lease any real or personal estate; and to take property by gifts, devise, or bequest.
(2)
SUBORDINATED DEBT.
—
To issue and sell, directly or through underwriters, subordinated debt which shall represent nonwithdrawable capital contributions and shall constitute part of the equity capital of the savings bank. Such debt shall have no voting rights; shall be subordinate to all savings accounts, debt obligations, and claims of creditors of the savings bank; and shall constitute a claim in liquidation against any other equity capital account remaining after the payment in full of all savings accounts, debt obligations, and claims of creditors. Such subordinated debt shall be entitled to the payment of earnings prior to the allocation of any income to surplus or other equity capital accounts of the savings bank and may be issued with a fixed rate of earnings or with a prior claim to distribution of a specified percentage of any net income remaining after required allocations to reserves, or a combination thereof. Losses shall be charged against subordinated debt only after other equity capital accounts have been exhausted.
(3)
SALE OF LOANS.
—
To sell with or without recourse any loan, including any participating interests therein.
(4)
SERVICING.
—
To service loans and investments for others.
(5)
AGENT.
—
To act as agent or escrowee for others in any transaction incidental to the operation of its business.
(6)
LIMITED TRUSTEESHIP.
—
To act, and receive compensation therefor, as trustee of any trust created or organized in the United States and forming a part of a stock bonus, pension, or profit-sharing plan which qualifies or is qualified for specific tax treatment under s. 401 of the Internal Revenue Code of 1954, as amended, and to act as trustee or custodian of an individual retirement account within the meaning of s. 408 of such code if the funds of such trust or account are invested only in savings accounts of such savings bank or in obligations or securities issued by such savings bank. All funds held in a fiduciary capacity by any such savings bank under the authority of this subsection may be commingled and consolidated for appropriate purposes of investment, provided that records reflecting each separate beneficial interest are maintained by the fiduciary unless such responsibility is lawfully assumed by another appropriate party.
(7)
SCHOOL SAVINGS.
—
To contract with the proper authorities of any public or nonpublic elementary or secondary school or institution of higher learning, or any public or charitable institution caring for minors, for the participation and implementation by the savings bank in any school or institutional thrift or savings plan, and to accept savings accounts at such a school or institution, either by its own collector or by any representative of the school or institution which becomes the agent of the savings bank for such purpose.
(8)
PAYROLL SAVINGS.
—
To contract with any employer with respect to the solicitation, collection, and receipt of savings by payroll deduction to be credited to a designated account or accounts of his or her or its employee or employees who voluntarily may participate or with respect to the direct deposit of wages or salary paid by such employer to the account of the employee in a financial depository institution by electronic or other medium upon authorization in writing by the employee and his or her designation of the savings bank or other financial depository institution as the recipient of such deposits.
(9)
DRAFTS.
—
To issue drafts and similar instruments drawn on the savings bank to aid in effecting withdrawals and for other purposes of the savings bank.
F.S. 667.010 Loans.
On an annual average, based on monthly computations, a savings bank shall have invested at least 50 percent of assets, other than liquid assets of a savings bank invested in either real estate loans or interests therein on home property or primarily residential property and not more than 30 percent invested in loans for agricultural, business, corporate, or commercial purposes.
F.S. 667.011 Loan expenses.
Every savings bank may require borrowers to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting, or renewing of real estate loans. Without limiting the generality of the foregoing, such expenses may include appraisal, attorney, abstract, recording, and registration fees; title examination; title insurance; mortgage loan insurance; credit report; survey; drawing of papers; escrow services; loan closing costs; and taxes or charges imposed upon or in connection with the making and recording of any loan. Every savings bank also may require borrowers to pay the cost of all other necessary and incidental services rendered by the savings bank or by others in connection with real estate and other loans in such reasonable amounts as may be fixed by the board of directors. Without limiting the generality of the foregoing, such costs may include the costs of services of inspectors, engineers, and architects. Such initial charges may be collected by the savings bank from the borrower and paid to any person, including any director, officer, or employee of the savings bank rendering such services, or paid directly by the borrower. In lieu of such initial charges to cover such expenses and costs, a savings bank may make a reasonable charge, part or all of which may be retained by the savings bank which renders such service or part or all of which may be paid to others who render such services. The fees and charges authorized by this chapter shall be in addition to interest authorized by law and shall not be deemed to be a part of the interest collected or agreed to be paid on such loans within the meaning of any law of this state which limits the rate of interest which may be exacted in any transaction. No director, officer, or employee of a savings bank shall receive any fee or other compensation of any kind in connection with procuring any loan for a savings bank, except for services actually rendered as provided in this section.
F.S. 667.012 Dealing with successors in interest.
In the case of any investment made by a savings bank in a real estate loan, in the event the ownership of the real estate security or any part thereof becomes vested in a person other than the party or parties originally executing the security instruments, and provided there is not an agreement in writing to the contrary, a savings bank may, without notice to such party or parties, deal with such successor or successors in interest with reference to said mortgage and the debt thereby secured in the same manner as with such party or parties, and may forbear to sue or may extend time for payment of or otherwise modify the terms of the debt secured thereby, without discharging or in any way affecting the original liability of such party or parties thereunder or upon the debt thereby secured.
F.S. 667.013 Foreign savings banks.
(1)
DEFINED.
—
For the purposes of this section, the term “foreign savings bank” includes any domestic joint venture, business trust, syndicate, firm, company, savings bank, fiduciary, partnership, or corporation, and all other groups or combinations, by whatever name called, actually engaged in the business of a savings bank, the principal business office of which is located outside the territorial limits of this state.
(2)
ACTION BY OFFICE.
—
The office is authorized, empowered, and directed to obtain an injunction or to take any other action necessary to prevent any foreign savings bank from unlawfully doing any business of a savings bank in this state.
(3)
ACTIVITIES NOT CONSIDERED “DOING BUSINESS.”
—
For the purposes of this section and any other law of this state prohibiting, limiting, or regulating the doing of business in this state by foreign savings banks or foreign corporations of any type, any federal savings bank, the principal office of which is located outside this state, and any foreign savings bank which is subject to state or federal supervision, or both, which by law are subject to periodic examination by such supervisory authority and to a requirement of periodic audit, shall not be considered to be doing business in this state by reason of engaging in any of the following activities:
(a)
The purchase, acquisition, holding, sale, assignment, transfer, collecting, and enforcement of obligations or any interest therein secured by real estate mortgages or other instruments in the nature of a mortgage, covering real property located in this state, or the foreclosure of such instruments, or the acquisition of title to such property by foreclosure, or otherwise, as a result of default under such instruments, or the holding, protection, rental, maintenance, and operation of the property so acquired, or the disposition thereof, provided such savings banks shall not hold, own, or operate such property for a period exceeding 5 years without securing the approval of the office.
(b)
The advertising or solicitation of savings accounts or the making of any representation with respect thereto in this state through the medium of mail, radio, television, magazines, or newspapers or any other medium which is published or circulated within this state, provided that such advertising, solicitation, or the making of such representations is accurately descriptive of the facts.
Source: FL Statutes (Official Site)URL: https://www.flsenate.gov/Laws/Statutes/2025/Chapter667/AllFetched: 7/8/2026