Florida Banking July 2023

IRS Reporting – Dead Legislation was filed in response to the IRS hiring of 87,000 agents and what that may mean to people and small businesses. The bill would, in part, require Florida state-chartered banks and credit unions to file quarterly reports with OFR on the number of IRS inquiries, requests, summons, subpoenas, or other requests for information or records concerning any account holder domiciled in Florida. We suggested amendments to the bills that will ensure that the state can still receive information, and removes the requirement for our members to provide this information. Automobile Liens – Passed Currently, judgement liens on motor vehicles and mobile homes are not enforceable against creditors unless noted on the certificate of title. HB 27 provides a procedure for a judgment creditor's lien to be noted on an auto title. The legislation also requires the lien to be foreclosed by judicial means as opposed to self-help. We want to thank Representative Christopher Benjamin and Senator Darryl Rouson for their work on the legislation.

The Finality of Foreclosure Judgments – Passed

SB 286; This legislation is in response to the Florida case that upended many decades of foreclosure case law. It reduces the likelihood of senior lienholders having their interests extinguished by junior lienholders seeking to foreclose prematurely. The legislation also deems the losing party liable for the prevailing party's attorney's fees if a foreclosed party erroneously claims that its lien was superior to that of the foreclosing party. We want to thank Senator Bobby Powell and Representative Thad Altman for their work on the legislation. Data Privacy – Passed & Signed After three years, SB 262 by Senator Jennifer Bradley (R-Fleming Island) was passed by the Florida Legislature. We are happy to report that the bill has a full entity level and data Gramm-Leach-Bliley Act (GLBA) exemption for financial institutions. It also contains additional exemption language we have been seeking. Finally, the bill purpose was to target “controllers” (e.g., Big Tech); fortunately, financial institutions do not meet the definition of a “controller.” Thank you to Senator Bradley and Rep. McFarland for including the GLBA and other exemptions we requested in the legislation.

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WWW.FLORIDABANKERS.COM JULY 2023 — 13