Fla. Stat. § 662.10
Short title
This chapter may be cited as the “Florida Family Trust Company Act.”
Florida Statutes Chapter 662 — FAMILY TRUST COMPANIES
Florida · statute · Fla. Stat. ch. 662 · 37 active provisions
Fla. Stat. § 662.102
Purposes; findings
The purposes of the Family Trust Company Act are to establish requirements for licensing family trust companies, to regulate persons who provide fiduciary services to family members of no more than two families and their related interests as a family trust company, and to establish the degree of regulatory oversight re…
Fla. Stat. § 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 a licensed family trust company is submitted under s. 662.121.(2) “Authorized representative” means an officer or director of a family trust company, licensed f…
Fla. Stat. § 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 the case of lineal kinship, or through the common ancestor in the case of collateral kinship.
Fla. Stat. § 662.113
Applicability of other chapters of the financial institutions codes
If a family trust company, licensed family trust company, or foreign licensed family trust company limits its activities to the activities authorized under this chapter, the provisions of other chapters of the financial institutions codes do not apply to the trust company unless otherwise expressly provided in this cha…
Fla. Stat. § 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.
Fla. Stat. § 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 this chapter unless the provisions are expressly limited in applicability to a licensed family trust company or foreign licensed family trust company.(2) A licensed family tr…
Fla. Stat. § 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 have up to two designated relatives. The designated relatives may not have a common ancestor within three generations.
Fla. Stat. § 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 by a nonrefundable $10,000 application fee to be deposited into the Financial Institutions’ Regulatory Trust Fund pursuant to s. 655.049 for the purpose of administe…
Fla. Stat. § 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 to be included pursuant to s. 662.121.(2) Upon filing an application for a license to operate as a licensed family trust company, the office shall conduct an investiga…
Fla. Stat. § 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 operations in this state. The registration application must:(a) Provide the name of the designated relative.(b) State that the family trust company is a family trust…
Fla. Stat. § 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 all records and accounts of the family trust company or licensed family trust company may be accessed and made readily available for examination by the of…
Fla. Stat. § 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 by the company, which must distinguish the company from any other trust company formed in this state or engaged in the business of a t…
Fla. Stat. § 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. The minimum capital account shall be increased to $350,000 if two designated relatives of the licensed family trust company are named in the application for a lice…
Fla. Stat. § 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 board of directors or managers, if a limited liability company.(2) A family trust company or licensed family trust company shall have at least three directors, if a corpora…
Fla. Stat. § 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 a managerial capacity, and employees of the company, regardless of whether they receive a salary or other compensation from the company, in order to i…
Fla. Stat. § 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 and shall segregate all assets held in any fiduciary capacity from other assets of the company.(2) Assets received or held in a fiduciary capacity by a f…
Fla. Stat. § 662.128
Annual renewal
(1) A family trust company, licensed family trust company, or foreign licensed family trust company shall file an annual renewal application with the office on an annual basis no later than 45 days after the anniversary of the filing of either the initial application or the prior year’s renewal application.(2) The lice…
Fla. Stat. § 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 of the resolution of the board of directors, or members if a limited liability company, authorizing that action. Upon discharge from all fiduciary duties which it has unde…
Fla. Stat. § 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 curator for probate estates being administered in a state or jurisdiction other than this state.(b) Act as an attorney in fact or agent under a power o…
Fla. Stat. § 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; however, it may establish accounts at financial institutions for its own purposes or on behalf of family members to whom it provides se…
Fla. Stat. § 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 any combination thereof.(b) Have an aggregate market value of at least 100 percent of the company’s required capital account, as specified in s.…
Fla. Stat. § 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 which it is acting or is preparing to act, a director or officer or, if the company is a limited liability company, a manager or officer expressly authorize…
Fla. Stat. § 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.
Fla. Stat. § 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 a proceeding brought or conducted in this state.
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