Current through Reg. 47, No. 249; December 28, 2021
If, as a result of a merger, consolidation, conversion, or acquisition
(hereinafter transaction) pursuant to Chapter 655, F.S., the resulting state
financial entity violates any lending, investment, or other limitations imposed
by law or rule or engages in any unauthorized activity, it shall immediately
refrain from beginning any new acts which are unauthorized and prior acts shall
be brought into conformance with all applicable laws, rules, or other
limitations within the specific time stated in this rule; when no time is
specified, then such conformance shall be achieved within the time OFR deems
prudent and reasonable under the circumstances.
(2) Assets which do not conform to the type
permitted for the resulting state financial entity by law or rule shall be
brought into conformance or divested within 5 years after the effective date of
the transaction. Upon request and with a showing of good cause by the resulting
state financial entity, OFR shall extend the time for conformance or
divestiture of nonconforming assets to a period of time that OFR deems prudent
and reasonable under the circumstances.
(3) Where OFR determines that a nonconforming
activity, asset, or liability will have an adverse impact upon the safety and
soundness of the resulting financial entity, OFR shall require that such
nonconforming activity, asset, or liability be corrected prior to the
conversion, merger or consolidation, or acquisition of assets.
Fla. Admin. Code Ann. R.
FS. Law Implemented
New 11-23-83, Formerly
3C-18.07, 3C-18.007, Amended 8-14-94, 4-15-98, Formerly