Florida Statutes Title XXXVIII Chapter 662 - Family Trust Companies

• 662.10 - Short Title.
  This chapter may be cited as the “Florida Family Trust Company Act.”History.—s. 3, ch. 2014-97.
• 662.102 - Purpose.
  The purpose of the Family Trust Company Act is to establish requirements for licensing family trust companies, to provide regulation of those persons who provide...
• 662.111 - Definitions.
  As used in this chapter, the term:(1) “Applicant” means the corporation or limited liability company on whose behalf an application for a license to operate as...
• 662.112 - Degrees Of Kinship.
  Degrees of kinship shall be calculated by adding the number of steps from a designated relative through each person to the family member, directly in...
• 662.114 - Family Trust Company And Foreign Licensed Family Trust Company Licensing Not Required.
  A family trust company or foreign licensed family trust company is not required to be a licensed family trust company.History.—s. 7, ch. 2014-97.
• 662.115 - Applicability Of Chapter To A Family Trust Company Or Foreign Licensed Family Trust Company.
  (1) A family trust company that is not a licensed family trust company or a foreign licensed family trust company is subject to the provisions of...
• 662.120 - Maximum Number Of Designated Relatives.
  (1) A family trust company may not have more than one designated relative.(2) A licensed family trust company may not have more than two designated relatives, and...
• 662.121 - Application For Licensed Family Trust Company; Fees.
  An applicant seeking to operate as a licensed family trust company must file an application with the office on forms prescribed by the office, accompanied...
• 662.1215 - Investigation Of License Applicants.
  (1) For the purpose of this section, the application is not deemed to be filed until the applicant has provided the office with all information required...
• 662.122 - Registration Of A Family Trust Company Or A Foreign Licensed Family Trust Company.
  (1) A family trust company that is not applying under s. 662.121 to become a licensed family trust company must register with the office before beginning...
• 662.1225 - Requirements For A Family Trust Company, Licensed Family Trust Company, Or Foreign Licensed Family Trust Company.
  (1) A family trust company or a licensed family trust company shall maintain:(a) A principal office physically located in this state where original or true copies of...
• 662.123 - Organizational Documents; Use Of Term “family Trust” In Name.
  (1) The articles of incorporation, certificate of incorporation, or articles of organization of a family trust company or licensed family trust company must contain:(a) The name adopted...
• 662.124 - Minimum Capital Account Required.
  (1) A licensed family trust company that has one designated relative may not be organized or operated with an owners’ capital account of less than $250,000....
• 662.125 - Directors Or Managers.
  (1) Exclusive authority to manage a family trust company or licensed family trust company is vested in a board of directors, if a corporation, or a...
• 662.126 - Fidelity Bonds; Insurance.
  (1) The directors or managers of a licensed family trust company shall procure and maintain fidelity bonds on all active officers, directors, managers, members acting in...
• 662.127 - Segregation Of Books, Records, And Assets; Fiduciary Assets Not Liable.
  (1) Each family trust company and licensed family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company...
• 662.128 - Annual Renewal.
  (1) Within 30 days after the end of each calendar year, family trust companies, licensed family trust companies, and foreign licensed family trust companies shall file...
• 662.129 - Discontinuing Business.
  If a licensed family trust company desires to discontinue business as a licensed family trust company, it must file with the office a certified copy...
• 662.130 - Powers Of Family Trust Companies, Licensed Family Trust Companies, And Foreign Licensed Family Trust Companies.
  (1) A family trust company or a licensed family trust company may, for its eligible members and individuals:(a) Act as a sole or copersonal representative, executor, or...
• 662.131 - Prohibitions.
  Notwithstanding any provision of this chapter, a family trust company, licensed family trust company, or foreign licensed family trust company may not:(1) Engage in commercial banking;...
• 662.132 - Investments.
  (1) The assets forming the minimum capital account of a family trust company or licensed family trust company must:(a) Consist of cash, United States Treasury obligations, or...
• 662.133 - Oaths, Affidavits, And Acknowledgments.
  If a family trust company or licensed family trust company is required to make an oath, affirmation, affidavit, or acknowledgment regarding a fiduciary capacity in...
• 662.134 - Unlawful To Advertise Services.
  A family trust company, licensed family trust company, or foreign licensed family trust company may not advertise its services to the public.History.—s. 25, ch. 2014-97.
• 662.135 - Service As Court-appointed Fiduciary; Bond Requirement.
  A licensed family trust company is not required to provide or otherwise post a bond or other surety to serve as a court-appointed fiduciary in...
• 662.140 - Rules.
  The commission may adopt rules necessary to carry out the purposes of this chapter.History.—s. 27, ch. 2014-97.
• 662.141 - Examination, Investigations, And Fees.
  The office may conduct an examination or investigation of a family trust company, licensed family trust company, or foreign licensed family trust company at any...
• 662.142 - Revocation Of License.
  (1) The following acts or conduct constitutes grounds for the revocation by the office of the license of a licensed family trust company:(a) The company is not...
• 662.143 - Cease And Desist Authority.
  (1) The office may issue and serve upon a family trust company, licensed family trust company, or foreign licensed family trust company, or upon a family...
• 662.144 - Failure To Submit Required Report; Fines.
  If a family trust company, licensed family trust company, or foreign licensed family trust company fails to submit within the prescribed period its annual renewal...
• 662.145 - Grounds For Removal.
  (1) The office may issue and serve upon a licensed family trust company or a family trust company and a family trust company-affiliated party a complaint...
• 662.146 - Confidentiality Of Books And Records.
  (1) The books and records of a family trust company, licensed family trust company, or foreign licensed family trust company are confidential and shall be made...
• 662.147 - Records Relating To The Office Examination; Limited Restrictions On Public Access.
  (1) A family trust company, licensed family trust company, or foreign licensed family trust company shall keep at the office it is required to maintain pursuant...
• 662.148 - Public Records Exemption.
  (1) DEFINITIONS.—As used in this section, the term:(a) “Reports of examinations, operations, or conditions” means records submitted to or prepared by the office as part of the...
• 662.150 - Domestication Of A Foreign Family Trust Company.
  (1) A foreign family trust company lawfully organized and currently in good standing with the state regulatory agency in the jurisdiction where it is organized may...
• 662.151 - Registration Of A Foreign Licensed Family Trust Company To Operate In This State.
  A foreign licensed family trust company lawfully organized and currently in good standing with the state regulatory agency in the jurisdiction under the law of...

Last modified: September 23, 2016