Florida Statute 280.05 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XIX
PUBLIC BUSINESS

Chapter 280
SECURITY FOR PUBLIC DEPOSITS

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F.S. 280.05

280.05 Powers and duties of the Chief Financial Officer.—In fulfilling the requirements of this act, the Chief Financial Officer has the power to take the following actions he or she deems necessary to protect the integrity of the public deposits program:

(1) Perform financial analysis of any qualified public depositories.

(2) Require collateral, or increase the collateral-pledging level, of any qualified public depository.

(3) Decline to accept, or reduce the reported value of, collateral in order to ensure the pledging or depositing of sufficient marketable collateral and acceptable letters of credit.

(4) Maintain perpetual inventory of collateral and perform monthly market valuations and quality ratings.

(5) Monitor and confirm collateral with custodians and letter of credit issuers.

(6) Move collateral into an account established in the Chief Financial Officer’s name upon the occurrence of one or more triggering events.

(7) Issue notice to a qualified public depository that use of a custodian will be disallowed when the custodian has failed to follow collateral agreement terms.

(8) Furnish written notice to custodians of collateral to hold interest and principal payments made on securities held as collateral and to deposit or transfer such payments pursuant to the Chief Financial Officer’s instructions.

(9) Release collateral held in the Chief Financial Officer’s name, subject to sale and transfer of funds directly from the custodian to public depositors of a withdrawing depository.

(10) Demand payment under letters of credit for any of the triggering events listed in s. 280.041 and deposit the funds in:

(a) The Public Deposits Trust Fund for purposes of paying losses to public depositors.

(b) The Treasury Administrative and Investment Trust Fund for receiving payment of administrative penalties.

(11) Sell securities for the purpose of paying losses to public depositors not covered by deposit or share insurance.

(12) Transfer funds directly from the custodian to public depositors or the receiver in order to facilitate prompt payment of claims.

(13) Require the filing of the following reports, which the Chief Financial Officer shall process as provided:

(a) Qualified public depository monthly reports and schedules. The Chief Financial Officer shall review the reports of each qualified public depository for material changes in tangible equity capital or changes in name, address, or type of institution; record the average daily balances of public deposits held; and monitor the collateral-pledging levels and required collateral.

(b) Quarterly regulatory reports from qualified public depositories. The Chief Financial Officer shall analyze qualified public depositories ranked in the lowest category based on established financial condition criteria.

(c) Qualified public depository annual reports and public depositor annual reports. The Chief Financial Officer shall compare public deposit information reported by qualified public depositories and public depositors. Such comparison shall be conducted for qualified public depositories that are ranked in the lowest category based on established financial condition criteria of record on September 30. Additional comparison processes may be performed as public deposits program resources permit.

(d)1. Any related documents, reports, records, or other information deemed necessary by the Chief Financial Officer in order to ascertain compliance with this chapter, including, but not limited to, verifying the attestation required under s. 280.025.

2. If the Chief Financial Officer determines that the attestation required under s. 280.025 is materially false, he or she must report such determination to the Attorney General, who may bring a civil or administrative action for damages, injunctive relief, and such other relief as may be appropriate. If such action is successful, the Attorney General is entitled to reasonable attorney fees and costs.

3. As related to federally chartered financial institutions, this paragraph may not be construed to create a power exceeding the visitorial powers of the Chief Financial Officer allowed under federal law.

(14) Verify the reports of any qualified public depository relating to public deposits it holds when necessary to protect the integrity of the public deposits program.

(15) Confirm public deposits, to the extent possible under current law, when needed.

(16) Require at his or her discretion the filing of any information or forms required under this chapter to be by electronic data transmission. Such filings of information or forms shall have the same enforceability as a signed writing.

(17) Suspend or disqualify or disqualify after suspension any qualified public depository that has violated this chapter or rules adopted hereunder or that no longer meets the definition of a qualified public depository under s. 280.02.

(a) Any qualified public depository that is suspended or disqualified pursuant to this subsection is subject to the provisions of s. 280.11(2) governing withdrawal from the public deposits program and return of pledged collateral. Any suspension shall not exceed a period of 6 months. Any qualified public depository which has been disqualified may not reapply for qualification until after the expiration of 1 year from the date of the final order of disqualification or the final disposition of any appeal taken therefrom.

(b) In lieu of suspension or disqualification, impose an administrative penalty upon the qualified public depository as provided in s. 280.054.

(c) If the Chief Financial Officer has reason to believe that any qualified public depository or any other financial institution holding public deposits is or has been violating this chapter or rules adopted hereunder or no longer meets the definition of a qualified public depository under s. 280.02, he or she may issue to the qualified public depository or other financial institution an order to cease and desist from the violation or to correct the condition giving rise to or resulting from the violation. If any qualified public depository or other financial institution violates a cease-and-desist or corrective order, the Chief Financial Officer may impose an administrative penalty upon the qualified public depository or other financial institution as provided in s. 280.054 or s. 280.055. In addition to the administrative penalty, the Chief Financial Officer may suspend or disqualify any qualified public depository for violation of any order issued pursuant to this paragraph.

History.—s. 3, ch. 81-285; s. 10, ch. 83-122; s. 4, ch. 85-259; s. 5, ch. 87-409; ss. 5, 14, ch. 88-185; s. 8, ch. 90-357; s. 12, ch. 91-244; s. 5, ch. 91-429; s. 189, ch. 95-148; s. 7, ch. 96-216; s. 14, ch. 98-409; s. 4, ch. 2001-230; s. 289, ch. 2003-261; s. 4, ch. 2014-145; s. 16, ch. 2023-28; s. 71, ch. 2024-140.

F.S. 280.05 on Google Scholar

F.S. 280.05 on Casetext

Amendments to 280.05

Arrestable Offenses / Crimes under Fla. Stat. 280.05

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

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 280.05.

Annotations, Discussions, Cases:

Cases Citing Statute 280.05

Total Results: 19

Jordan Grabel, M.D. and State Farm Mutual Automobile Insurance Company v. Linda Sterrett and Michael Sterrett

Court: District Court of Appeal of Florida | Date Filed: 2015-04-29

Citation: 163 So. 3d 704, 2015 Fla. App. LEXIS 6319

Snippet: as a litigation expert. This Court quoted Rule 1.280(5) (b) (A) (iii), which provides that “the expert

Orthopedic Center v. Devon Parks

Court: District Court of Appeal of Florida | Date Filed: 2014-11-26

Citation: 155 So. 3d 377, 2014 Fla. App. LEXIS 19481

Snippet: commentary to Florida Rule of Civil Procedure 1.280. 5 . This is not to suggest that an expert's

In Re Amendments to the Florida Probate Rules

Court: Supreme Court of Florida | Date Filed: 2007-07-05

Citation: 959 So. 2d 1170, 32 Fla. L. Weekly Supp. 413, 2007 Fla. LEXIS 1193, 2007 WL 1932256

Snippet: entered admitting it to probate. Former rules 5.280, 5.290, and 5.500 are included in this rule. Committee

Jacob v. Barton

Court: District Court of Appeal of Florida | Date Filed: 2004-07-28

Citation: 877 So. 2d 935, 2004 WL 1666065

Snippet: contemplated in Florida Rule of Civil Procedure 1.280(5).[2] The circuit court did not conduct an in camera

Amendments to the Florida Probate Rules

Court: Supreme Court of Florida | Date Filed: 2003-06-19

Citation: 848 So. 2d 1069, 28 Fla. L. Weekly Supp. 495, 2003 Fla. LEXIS 1063, 2003 WL 21402500

Snippet: entered admitting it to probate. Former rules 5.280, 5.290, and 5.500 are included in this rule. Committee

Amendments to the Florida Probate Rules

Court: Supreme Court of Florida | Date Filed: 2002-05-02

Citation: 824 So. 2d 849, 27 Fla. L. Weekly Supp. 423, 2002 Fla. LEXIS 873, 2002 WL 825699

Snippet: entered admitting it to probate. Former rules 5.280, 5.290, and 5.500 are included in this rule. Committee

Amendments to Florida Probate Rules

Court: Supreme Court of Florida | Date Filed: 1996-10-03

Citation: 683 So. 2d 78, 21 Fla. L. Weekly Supp. 436, 1996 Fla. LEXIS 1713, 1996 WL 559880

Snippet: entered admitting it to probate. Former rules 5.280, 5.290, and 5.500 are included in this rule. Committee

In re Amendments to the Florida Probate Rules

Court: Supreme Court of Florida | Date Filed: 1992-09-24

Citation: 607 So. 2d 1306, 17 Fla. L. Weekly Supp. 636, 1992 Fla. LEXIS 1622, 1992 WL 249483

Snippet: entered admitting it to probate. Former FPRrules 5.280, 5.290, and 5.500 are included in this rule. Committee

Florida Bar

Court: Supreme Court of Florida | Date Filed: 1988-09-29

Citation: 537 So. 2d 500, 13 Fla. L. Weekly 601, 1988 Fla. LEXIS 1463, 1988 WL 143178

Snippet: be entered admitting it to probate. Former FPR 5.280, 5.290, and 5.500 are included in this rule. Committee

Florida Bar

Court: Supreme Court of Florida | Date Filed: 1988-09-29

Citation: 531 So. 2d 1261, 13 Fla. L. Weekly 601, 1988 Fla. LEXIS 1475, 1988 WL 53983

Snippet: be entered admitting it to probate. Former FPR 5.280, 5.290, and 5.500 are included in this rule. Committee

Ago

Court: Florida Attorney General Reports | Date Filed: 1984-10-10

Snippet: discussion in Orange County v. Davis, 414 So.2d 278 at 280 (5 D.C.A.Fla., 1983). The statute relied upon by the

Florida Bar re Amendment to Rules

Court: Supreme Court of Florida | Date Filed: 1984-09-13

Citation: 458 So. 2d 1079, 9 Fla. L. Weekly 401, 1984 Fla. LEXIS 3390

Snippet: admitting it to probate. Former Fla.R.P. & G.P. 5.280, 5.290, and 5.500 are included in this rule. Committee

Ago

Court: Florida Attorney General Reports | Date Filed: 1984-04-03

Snippet: depository. See, ss 280.02, 280.03, 280.04, and 280.05, F.S. See also, s 658.60, F.S. The plain language

Iowa Nat. Mut. Ins. Co. v. Worthy

Court: District Court of Appeal of Florida | Date Filed: 1984-03-22

Citation: 447 So. 2d 998

Snippet: then presented to the PIP insurer a claim for $280[5] for medical expenses incurred after the settlement

Department of Revenue v. Boyer

Court: District Court of Appeal of Florida | Date Filed: 1977-01-11

Citation: 341 So. 2d 274, 1977 Fla. App. LEXIS 15072

Snippet: ACRES. BEG SW COR OF N 3732.59 FT E 996.6 FT N 280.5 FT E 501.6 FT S 920 FT E 3782.12 FT S 305.53 12

Betts v. Fowelin

Court: District Court of Appeal of Florida | Date Filed: 1967-11-10

Citation: 203 So. 2d 630

Snippet: Fischer, 1950, 3 N.J. 488, 70 A.2d 733, 21 A.L.R.2d 280. [5] Id. at 3 N.J. 492, 70 A.2d 735, 21 A.L.R. 2d

Topper v. Alcazar Operating Co.

Court: Supreme Court of Florida | Date Filed: 1948-05-04

Citation: 35 So. 2d 392, 160 Fla. 421, 1948 Fla. LEXIS 762

Snippet: support a decree for the plaintiff in the sum of $12,280.05 rather than the sum of $1,425.39 and the decree

Hogans v. Carruth

Court: Supreme Court of Florida | Date Filed: 1882-01-15

Citation: 18 Fla. 587

Snippet: 211; 1 Pet. Ct. Ct. Reports, 437; 3 Hal., 279, 280; 5 Ala., 300; 2 Ala., 203; 51 Ala., 340; 4 Blackf

Stewart v. Bennett

Court: Supreme Court of Florida | Date Filed: 1847-01-15

Citation: 1 Fla. 437

Snippet: following cases: Chirac vs. Reinicker, 11 Wheat. 280—5 Cranch, 15—Green vs. Robinson, 3 Howard’s Misspi