Statement on the Signing of Banking Modernization Legislation

Tallahassee, Fla. – Today, Office of Financial Regulation (OFR) Commissioner Russell C. Weigel, III, offered the following statement on Governor DeSantis signing Florida Senate Bill 1680 – Financial Institutions. This bill revises outdated language and modernizes Florida’s banking laws. The bill also allows banks to propose an online presence instead of requiring a brick and mortar footprint. The bill has an effective date of July 1, 2022.

 OFR Commissioner Russell C. Weigel, III, said, “I thank Governor Ron DeSantis for his support in ensuring that Florida continues to attract financial services businesses to the state. The Office of Financial Regulation will continue to support modernization in the financial services industry while protecting Floridians from scams and bad actors. Thank you also to our bill sponsors, Senator Joe Gruters and Representative Webster Barnaby, for their dedicated support of this legislation.”