Fla. Admin. Code Ann. R. 69U-105.402 - Application
Current through Reg. 47, No. 249; December 28, 2021
Forms and Filing. A state financial institution operating in a safe and sound manner may submit a notice to OFR to establish a branch office at least 30 days before opening such branch. For the purpose of this section, a safe and sound financial institution is an institution that has been in operation for at least 24 months, is well-capitalized, has received an aggregate rating at the institution's most recent state or federal safety and soundness examination of "1", "2" or "3", with a management rating of "1" or "2", and is not the object of any regulatory action. Other financial institutions shall apply for approval to establish a branch office through filing Form OFR-U-16. For purposes of this section, "regulatory action" shall include cease and desist orders, written agreements, memoranda of understanding, letters of understanding and agreement and any other equivalent action initiated by a financial institution regulator. (Examination ratings are based on the Federal Financial Institutions Examinations Council's Uniform Interagency Trust Rating System and Uniform Financial Institutions Rating System, often called the CAMELS rating system.)
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