On Mar. 8, 2024, the Florida Senate passed (35 YEAS / 3 NAYS) Florida House Bill No. 989 (HB 989 or the Bill), potentially amending section 655.0323, Florida Statutes, Titled, “Unsafe and unsound practices,” which was created by 2023 Florida House Bill No. 3 (HB 3).[1] HB 989, if signed into law, would provide customers who suspect that a financial institution acted in violation of an “[u]nsafe and unsound practice” standard established in section 655.0323 (2), Florida Statutes, with a right to submit a complaint to the OFR, which the OFR would then be required to investigate.
New Florida Bill Creates Customer Complaint and Florida Office of Financial Regulation Investigation Process for House Bill 3, and Potentially Broadens the Scope of Financial Institutions Subject to House Bill 3
