Fla. Admin. Code R. 69C-2.005

Current through Reg. 50, No. 253; December 31, 2024

Section 69C-2.005 - Designation of a Qualified Public Depository

(1) To be an applicant, an entity must complete and submit Form DFS-J1-1516, Application or Reapplication for Designation, effective 11/24, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17143.

(2) After meeting the requirements of subsection (1), the Chief Financial Officer will determine if the applicant meets:

(a) the definition of a qualified public depository, except for designation, as stated in section 280.02, F.S.; and

(b) the financial rating established for entry in the public deposits program pursuant to section 280.04, F.S., and Rule 69C-2.024, F.A.C.

(3) After the applicant has met the requirements of subsection (2), the Chief Financial Officer will, except as provided in chapter 280, F.S., notify the applicant in writing that before it can be designated by the Chief Financial Officer as a qualified public depository, it must:

(a) submit a completed collateral arrangement agreement, as defined in Rule 69C-2.004, F.A.C.;

(b) complete the required deposit of collateral in accordance with section 280.04, F.S., and Rules 69C-2.006 and 69C-2.0061, F.A.C.;

(c) if required, submit a signed statement pursuant to section 280.042, F.S.;

(d) complete and submit Form DFS-J1-1000, Contingent Liability Agreement, effective 11/24, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17137;

(e) complete and submit Form DFS-J1-1511, Qualified Public Depository Resolutions, effective 11/24, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17141;

(f) complete and submit Form DFS-J1-1013, Attestation Statement for Qualified Public Depositories, incorporated by reference in Rule 69C-2.033, F.A.C.; and

(g) if using an operating subsidiary, complete and submit Form DFS-J1-1512, Operating Subsidiary Resolutions, effective 11/24, incorporated herein by reference and available at http://www.flrules.org/Gateway/reference.asp?No=Ref-17142.

(4) After the applicant has met the requirements of subsection (3), the Chief Financial Officer will designate it as a qualified public depository.

(5) If an entity seeking designation as a qualified public depository does not meet the criteria to be designated as established in this Rule and chapter 280, F.S., the Chief Financial Officer will notify it in writing of this determination.

(6) A qualified public depository must assign and maintain a primary contact as the individual responsible for the institution's overall participation in the public deposits program. A secondary contact may also be assigned by the qualified public depository.

(a) The primary and any secondary contact will be as indicated by the qualified public depository in the Form DFS-J1-1516, Application or Reapplication for Designation, incorporated by reference in paragraph (1)(a).

(b) Should an individual fulfilling either the primary or secondary contact role change, a qualified public depository must update the Chief Financial Officer in the next submission of Form DFS-J1-1003, Qualified Public Depository Monthly Report, incorporated by reference in Rule 69C-2.016, F.A.C.

Fla. Admin. Code Ann. R. 69C-2.005

Rulemaking Authority 280.04, 280.041, 280.10, 280.19, 280.041 FS. Law Implemented 120.60, 280.02, 280.025, 280.04, 280.041, 280.042, 280.05, 280.07, 280.16 FS.

New 2-25-82, Amended 11-29-84, Formerly 4C-2.05, Amended 4-10-86, 6-28-88, 1-23-91, 7-12-92, Formerly 4C-2.005, Amended by Florida Register Volume 50, Number 231, November 26, 2024 effective 12/9/2024.

New 2-25-82, Amended 11-29-84, Formerly 4C-2.05, Amended 4-10-86, 6-28-88, 1-23-91, 7-12-92, Formerly 4C-2.005.