Past Rulemaking Public Meetings
Below is a list of past Department of Financial Services (Department) rulemaking workshop and hearings notices, agendas, and associated meeting materials still within the record retention period.
To view all of the Department’s rulemaking activities, please visit the Florida Administrative Register website.
Rules 69C-2.023, Additional Requirements for a State University and State College Public Depositor and 69C-2.025, Policy and Procedures for a Credit Union Designated as a Qualified Public Depository
This hearing will consider public input on the proposed changes to the above-referenced rules.
NOTICE OF PROPOSED RULE
DEPARTMENT OF FINANCIAL SERVICES
DIVISION OF TREASURY
RULE NO.: RULE TITLE:
69C-2.023 Additional Requirements for a State University and State College Public Depositor
69C-2.025 Policy and Procedures for a Credit Union Designated as a Qualified Public Depository
PURPOSE AND EFFECT: This rulemaking implements section 280.042, Florida Statutes. Ch. 2024-140, § 70, at 66, Laws of Fla. Section 280.042 sets forth policies whereby a credit union may participate as a qualified public depository in the public deposits program with certain limitations. These rules set forth compliance procedures and criteria to ensure the statutory limitations are not exceeded. This rulemaking requires quarterly reporting from a public depositor that is a state university or state college.
SUMMARY: This rulemaking implements section 280.042, Florida Statutes, which is part of chapter 280, Florida Statutes, the Florida Security for Public Deposits Act.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:
The agency has determined that this rule will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the agency.
The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Department’s economic review for this rulemaking.
Any person who wishes to provide information regarding the statement of estimated regulatory costs, or to provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.
RULEMAKING AUTHORITY (formerly “Specific Authority”): 280.19, FS.
LAW IMPLEMENTED: 17.57, 17.61, 280.042, 280.055, FS.
A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW:
DATE AND TIME: July 11, 2024, 9:30 a.m.
PLACE: Please join my meeting from your computer, tablet or smartphone. https://global.gotomeeting.com/join/626020717
You can also dial in using your phone. United States (Toll Free): 1(866)899-4679, United States: (571)317-3116, Access Code: 626-020-717
Join from a video-conferencing room or system. Dial in or type: 67.217.95.2 or inroomlink.goto.com, Meeting ID: 626 020 717 or dial directly: 626020717@67.217.95.2 or 67.217.95.2##626020717
Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advice the agency at least 7 days before the workshop/meeting by contacting: Sarah Pons, Bureau Chief, Bureau of Collateral Management, at Sarah.Pons@myfloridacfo.com, or (850)4133383.
If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).
THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Sarah Pons, Bureau Chief, Bureau of Collateral Management, Sarah.Pons@myfloridacfo.com.
THE FULL TEXT OF THE PROPOSED RULE IS:
69C-2.023 Additional Requirements for a State University and State College Public Depositor
(1) Each quarter, or as requested by the Chief Financial Officer, a public depositor that is a state university or state college must, in accordance with the instructions therein, submit Form DFS-J1-1008, Public Depositor Account Details, effective _____, incorporated by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-_____.
(2) If a state university’s or state college’s public deposits exceed the threshold specified in subsection 280.042(3)(a)2., F.S., the Chief Financial Officer will notify the contact for the state university or state college listed on Form DFS-J1-1008 that it has 30 days from the date of the notice to bring such deposits within the required percentage threshold. A copy of such notice will be provided to each impacted credit union designated as a qualified public depository.
Rulemaking Authority 280.19, FS. Law Implemented 280.042, FS. History–New .
69C-2.025 Policy and Procedures for a Credit Union Designated as a Qualified Public Depository
(1) The total funds held in the state treasury means funds that are invested pursuant to section 17.61, F.S. and that are not needed to meet the disbursement needs of the state pursuant to section 17.57, F.S.
(2) If public deposits held by a credit union designated as a qualified public depository exceed the threshold specified in subsection 280.042(3)(a)1., F.S., the Chief Financial Officer will issue a corrective order requiring reduction of public deposits at or below the threshold within 30 calendar days from the date of the order.
(3) If public deposits held by a credit union designated as a qualified public depository exceed the threshold specified in subsection 280.042(3)(b), F.S., the Chief Financial Officer will issue a corrective order requiring reduction of public deposits at or below the threshold within 30 calendar days from the date of the order.
(4) No penalty will be assessed to a public depositor due to a credit union’s noncompliance with this rule.
Rulemaking Authority 280.19, FS. Law Implemented 17.57, 17.61, 280.042, 280.055, FS. History–New .
To view Notice of Hearing: http://www.FLRules.org/gateway/View_Notice.asp?id=28513070
To view the Hearing Agenda: https://myfloridacfo.com/docs-sf/general-counsel-libraries/generalcounsel-documents/rule-hearing-agenda2a67bd60-5fb3-494f-b818-1c691f49ff65.docx
To view the draft form(s):