Florida Regulations 69U-140.017: Acceptances
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(1) Any Florida-licensed agency of an international banking corporation (hereinafter referred to as an “”agency””) may make acceptances in financing credit transactions, including types of acceptances not subject to subsection (2) or (3), hereof.
(2) Unless otherwise provided by federal law governing agencies which are subject to federal reserve requirements, the limitations set forth in this rule shall apply when an agency accepts drafts or bills of exchange drawn upon it which have not more than six months’ sight to run, exclusive of days of grace, and which grow out of transactions involving the importation or exportation of goods, grow out of transactions involving the shipment of goods within the United States, or are secured at the time of acceptance by a warehouse receipt or other such document conveying or securing title covering readily marketable staples.
(a) Except as provided by paragraph (b), hereof, no agency shall accept such bills, or be obligated for participation shares in such bills, in an amount equal at any time in the aggregate to more than 150 percentum of the dollar equivalent of the capital accounts of the international banking corporation.
(b) OFR may authorize an agency, under such conditions as OFR may prescribe, to accept such bills, or to be obligated for participation shares in such bills, in an amount not exceeding at any time in the aggregate 200 percentum of the dollar equivalent of the capital accounts of the international banking corporation.
(c) Notwithstanding paragraphs (a) and (b), hereof, the aggregate amount of such bills, including obligations for participation shares in such bills, growing out of transactions in the United States shall not exceed 50 percentum of the aggregate amount of all such bills herein authorized for an agency, including obligations for participation shares in such bills.
(d) No agency shall accept such bills or be obligated for participation shares in such bills, whether in foreign or United States transactions, for any one person, partnership, corporation, association or other entity in an amount equal at any time in the aggregate to more than 10 percentum of the dollar equivalent of the capital accounts of the international banking corporation, unless the agency is secured either by attached documents or by some other actual security growing out of the same transactions as the acceptances.
(e) With respect to an agency which issues an acceptance subject to this section, the limitations contained herein shall not apply to any portion of the acceptance which is sold by the agency under a participation agreement.
(3) The limitations set forth in this section shall apply when an agency accepts drafts or bills of exchange drawn upon it which have not more than three months’ sight to run, exclusive of days of grace, and which are drawn by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in those countries, dependencies or insular possessions.
(a) An agency shall not accept such bills in an amount at any time exceeding, in the aggregate, 50 percentum of the dollar equivalent of the capital accounts of the international banking corporation.
(b) An agency shall not accept such bills for any one bank in an amount at any time exceeding, in the aggregate, 10 percentum of the dollar equivalent of the capital accounts of the international banking corporation, unless the bills are accompanied by documents conveying or securing title or by some other adequate security.
(4) If the international banking corporation has more than one Florida-licensed agency, the acceptances of all its Florida-licensed agencies shall be aggregated in determining compliance with the limitations set forth in subsections (2) and (3), hereof.
Rulemaking Authority 655.012(2), 663.083(1), 663.13 FS. Law Implemented 120.53(1)(b), 663.083(1) FS. History-New 11-4-84, Formerly 3C-15.15, 3C-15.015, 3C-140.017, Amended 1-1-18.
Terms Used In Florida Regulations 69U-140.017
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(a) Except as provided by paragraph (b), hereof, no agency shall accept such bills, or be obligated for participation shares in such bills, in an amount equal at any time in the aggregate to more than 150 percentum of the dollar equivalent of the capital accounts of the international banking corporation.
(b) OFR may authorize an agency, under such conditions as OFR may prescribe, to accept such bills, or to be obligated for participation shares in such bills, in an amount not exceeding at any time in the aggregate 200 percentum of the dollar equivalent of the capital accounts of the international banking corporation.
(c) Notwithstanding paragraphs (a) and (b), hereof, the aggregate amount of such bills, including obligations for participation shares in such bills, growing out of transactions in the United States shall not exceed 50 percentum of the aggregate amount of all such bills herein authorized for an agency, including obligations for participation shares in such bills.
(d) No agency shall accept such bills or be obligated for participation shares in such bills, whether in foreign or United States transactions, for any one person, partnership, corporation, association or other entity in an amount equal at any time in the aggregate to more than 10 percentum of the dollar equivalent of the capital accounts of the international banking corporation, unless the agency is secured either by attached documents or by some other actual security growing out of the same transactions as the acceptances.
(e) With respect to an agency which issues an acceptance subject to this section, the limitations contained herein shall not apply to any portion of the acceptance which is sold by the agency under a participation agreement.
(3) The limitations set forth in this section shall apply when an agency accepts drafts or bills of exchange drawn upon it which have not more than three months’ sight to run, exclusive of days of grace, and which are drawn by banks or bankers in foreign countries or dependencies or insular possessions of the United States for the purpose of furnishing dollar exchange as required by the usages of trade in those countries, dependencies or insular possessions.
(a) An agency shall not accept such bills in an amount at any time exceeding, in the aggregate, 50 percentum of the dollar equivalent of the capital accounts of the international banking corporation.
(b) An agency shall not accept such bills for any one bank in an amount at any time exceeding, in the aggregate, 10 percentum of the dollar equivalent of the capital accounts of the international banking corporation, unless the bills are accompanied by documents conveying or securing title or by some other adequate security.
(4) If the international banking corporation has more than one Florida-licensed agency, the acceptances of all its Florida-licensed agencies shall be aggregated in determining compliance with the limitations set forth in subsections (2) and (3), hereof.
Rulemaking Authority 655.012(2), 663.083(1), 663.13 FS. Law Implemented 120.53(1)(b), 663.083(1) FS. History-New 11-4-84, Formerly 3C-15.15, 3C-15.015, 3C-140.017, Amended 1-1-18.