2024 Florida Statutes
< Back to Statute SearchTitle XIX PUBLIC BUSINESS
Chapter 280
SECURITY FOR PUBLIC DEPOSITS
SECTION 051Grounds for suspension or disqualification of a qualified public depository.
280.051 Grounds for suspension or disqualification of a qualified public depository.—A qualified public depository may be suspended or disqualified or both if the Chief Financial Officer determines that the qualified public depository has:
(1) Violated any of the provisions of this chapter or any rule adopted by the Chief Financial Officer pursuant to this chapter.
(2) Submitted reports containing inaccurate or incomplete information regarding public deposits or collateral for such deposits, tangible equity capital, or the calculation of required collateral.
(3) Failed to maintain required collateral.
(4) Grossly misstated the market value of the securities pledged as collateral.
(5) Failed to pay any administrative penalty.
(6) Failed to furnish the Chief Financial Officer with prompt and accurate information, or failed to allow inspection and verification of any information, dealing with public deposits or dealing with the exact status of its tangible equity capital, or other financial information that the Chief Financial Officer determines necessary to verify compliance with this chapter or any rule adopted pursuant to this chapter.
(7) Failed to furnish the Chief Financial Officer, when the Chief Financial Officer requested, with a power of attorney or bond power or other bond assignment form required by the bond agent, bond trustee, or other transferor for each issue of registered certificated securities pledged.
(8) Failed to furnish any agreement, report, form, or other information required to be filed pursuant to s. 280.16, or when requested by the Chief Financial Officer.
(9) Submitted reports signed by an unauthorized individual.
(10) Submitted reports without a certified or verified signature, or both, if required by law.
(11) Released a security without notice or approval.
(12) Failed to execute or have the custodian execute a collateral control agreement before using a custodian.
(13) Failed to give notification as required by s. 280.10.
(14) Failed to file the attestation required under s. 280.025.
(15) No longer meets the definition of a qualified public depository under s. 280.02.
History.—s. 6, ch. 87-409; s. 6, ch. 88-185; s. 13, ch. 91-244; s. 8, ch. 96-216; s. 5, ch. 2001-230; s. 290, ch. 2003-261; s. 5, ch. 2014-145; s. 17, ch. 2023-28; s. 95, ch. 2024-140.