§ 280.051, Fla. Stat. · Chapter 280. SECURITY FOR PUBLIC DEPOSITS
Grounds for suspension or disqualification of a qualified public depository.
Text — 2026 Florida Statutes
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.
Notes and commentary — not statutory text
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.
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299/0280/0280.html
- Text hash
- sha256 e86242bf3923362bb303b028924db1298ed5ccf725b4b95e7e2b94e832f5e930
- Composed by
- compose_v2.py 2026-10-04: the Legislature's structured HTML read in document order; verify_v2.py's independent reading agrees character for character
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This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
The Florida Statutes
- § 280.02, Fla. Stat.Definitions.Printed as s. 280.02
- § 280.025, Fla. Stat.Attestation required.Printed as s. 280.025
- § 280.10, Fla. Stat.Effect of merger, acquisition, or consolidation; change of name or address.Printed as s. 280.10
- § 280.16, Fla. Stat.Requirements of qualified public depositories; confidentiality.Printed as s. 280.16
Cited by 3 provisions
Provisions in this library whose text cites § 280.051, Fla. Stat.. Each shows the citation as that text prints it.
The Florida Statutes
- § 280.04, Fla. Stat.Collateral for public deposits; general provisions.Printed as s. 280.051
- § 280.053, Fla. Stat.Period of suspension or disqualification; obligations during period; reinstatement.Printed as ss. 280.051 and 280.052
- § 280.11, Fla. Stat.Withdrawal from public deposits program; return of pledged collateral.Printed as s. 280.051
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.