Florida § 280.051 Grounds for suspension or disqualification of a qualified public depository

Florida Statutes

§ 280.051 — Grounds for suspension or disqualification of a qualified public depository

Florida § 280.051

TitleXIX

Ch. 280SECURITY FOR PUBLIC DEPOSITS

This text of Florida § 280.051 (Grounds for suspension or disqualification of a qualified public depository) is published on Counsel Stack Legal Research, covering Florida primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Fla. Stat. § 280.051 (2026).

Text

A qualified public depository may be suspended or disqualified or both if the Chief Financial Officer determines that the qualified public depository:

(1)Has violated any of the provisions of this chapter or any rule adopted by the Chief Financial Officer pursuant to this chapter.

(2)Has 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)Has failed to maintain required collateral.

(4)Has grossly misstated the market value of the securities pledged as collateral.

(5)Has failed to pay any administrative penalty.

(6)Has failed to furnish the Chief Financial Officer with prompt and accurate information, or failed to allow inspection and ve

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A qualified public depository may be suspended or disqualified or both if the Chief Financial Officer determines that the qualified public depository:

(1) Has violated any of the provisions of this chapter or any rule adopted by the Chief Financial Officer pursuant to this chapter.

(2) Has 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) Has failed to maintain required collateral.

(4) Has grossly misstated the market value of the securities pledged as collateral.

(5) Has failed to pay any administrative penalty.

(6) Has 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) Has 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) Has 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) Has submitted reports signed by an unauthorized individual.

(10) Has submitted reports without a certified or verified signature, or both, if required by law.

(11) Has released a security without notice or approval.

(12) Has failed to execute or have the custodian execute a collateral control agreement before using a custodian.

(13) Has failed to give notification as required by s. 280.10.

(14) Has 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.

Legislative 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; s. 19, ch. 2025-6.