Florida Security for Public Deposits Act
Florida · Security for Public Deposits · §§ 280.01 to 280.21 · 26 sections
Overview
Public deposits — the funds of state and local governmental units held at financial institutions — must be secured, and this act sets the terms of that protection. It creates a program of qualified public depositories, in which participating banks and credit unions pledge eligible collateral under approved custodial agreements and submit to oversight by a designated state financial officer, who may suspend, disqualify, or impose administrative penalties and cease-and-desist orders on institutions that fail to comply. When a depository fails, losses to public depositors are covered through pooled mutual responsibility and contingent liability among the participating institutions, backed by a dedicated trust fund and a defined claims-and-payment procedure; public depositors themselves must meet certain requirements to retain that protection.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 1 court decision.
Most-cited authority: 575 FSUPP2D 1298 - League of Women Voters of Florida v. Browning
Sections covered
- Fla. Stat. § 280.01Short title
- Fla. Stat. § 280.02Definitions1 cite
- Fla. Stat. § 280.025Attestation required
- Fla. Stat. § 280.03Public deposits to be secured; prohibitions; exemptions
- Fla. Stat. § 280.04Collateral for public deposits; general provisions
- Fla. Stat. § 280.041Collateral arrangements; agreements, provisions, and triggering events
- Fla. Stat. § 280.042Credit union designations as qualified public depositories; withdrawal by the Chief Financial Officer from collateral agreements; limits on public deposits
- Fla. Stat. § 280.05Powers and duties of the Chief Financial Officer
- Fla. Stat. § 280.051Grounds for suspension or disqualification of a qualified public depository
- Fla. Stat. § 280.052Order of suspension or disqualification; procedure
- Fla. Stat. § 280.053Period of suspension or disqualification; obligations during period; reinstatement
- Fla. Stat. § 280.054Administrative penalty in lieu of suspension or disqualification
- Fla. Stat. § 280.055Cease and desist order; corrective order; administrative penalty
- Fla. Stat. § 280.06Penalty for violation of law, rule, or order to cease and desist or other lawful order
- Fla. Stat. § 280.07Mutual responsibility and contingent liability
- Fla. Stat. § 280.08Procedure for payment of losses
- Fla. Stat. § 280.085Notice to claimants
- Fla. Stat. § 280.09Public Deposits Trust Fund
- Fla. Stat. § 280.10Effect of merger, acquisition, or consolidation; change of name or address
- Fla. Stat. § 280.11Withdrawal from public deposits program; return of pledged collateral
- Fla. Stat. § 280.13Eligible collateral
- Fla. Stat. § 280.16Requirements of qualified public depositories; confidentiality
- Fla. Stat. § 280.17Requirements for public depositors; notice to public depositors and governmental units; loss of protection
- Fla. Stat. § 280.18Protection of public depositors; liability of the state
- Fla. Stat. § 280.19Rules
- Fla. Stat. § 280.21Custodians of gold coin and silver coin
Enacted in other states
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