Chapter 662 — Chapter 662
37 sections in this chapter.
Fla. Stat. § 662.10 Short title
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This chapter may be cited as the “Florida Family Trust Company Act.”
Fla. Stat. § 662.102 Purposes; findings
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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 establi…
Fla. Stat. § 662.111 Definitions
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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 direct…
Fla. Stat. § 662.112 Degrees of kinship
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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
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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 …
Fla. Stat. § 662.114 Family trust company and foreign licensed family trust company licensing not required
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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
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(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 famil…
Fla. Stat. § 662.120 Maximum number of designated relatives
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(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. (1) A family trust company may not have more th…
Fla. Stat. § 662.121 Application for licensed family trust company; fees
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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…
Fla. Stat. § 662.1215 Investigation of license applicants
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(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 compan…
Fla. Stat. § 662.122 Registration of a family trust company or a foreign licensed family trust company
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(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…
Fla. Stat. § 662.1225 Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company
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(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 rea…
Fla. Stat. § 662.123 Organizational documents; use of term “family trust” in name
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(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…
Fla. Stat. § 662.124 Minimum capital account required
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(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…
Fla. Stat. § 662.125 Directors or managers
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(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 hav…
Fla. Stat. § 662.126 Fidelity bonds; insurance
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(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 comp…
Fla. Stat. § 662.127 Segregation of books, records, and assets; fiduciary assets not liable
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(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 receive…
Fla. Stat. § 662.128 Annual renewal
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(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…
Fla. Stat. § 662.129 Discontinuing business
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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 fro…
Fla. Stat. § 662.130 Powers of family trust companies, licensed family trust companies, and foreign licensed family trust companies
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(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 a…
Fla. Stat. § 662.131 Prohibitions
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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 …
Fla. Stat. § 662.132 Investments
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(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 requi…
Fla. Stat. § 662.133 Oaths, affidavits, and acknowledgments
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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, …
Fla. Stat. § 662.134 Unlawful to advertise services
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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
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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.
Fla. Stat. § 662.140 Rules
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The commission may adopt rules necessary to carry out the purposes of this chapter.
Fla. Stat. § 662.141 Examination, investigations, and fees
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The office may conduct an examination or investigation of a licensed family trust company at any time it deems necessary to determine whether the licensed family trust company or licensed family trust company-affiliated party thereof has violated or is about to violate any provis…
Fla. Stat. § 662.142 Revocation of license
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(1) Any of the following acts constitute grounds for the revocation by the office of the license of a licensed family trust company:(a) The company is not a family trust company as defined in this chapter.(b) A violation of s. 662.1225, s. 662.123(1)(a), s. 662.125(2), s. 662.126…
Fla. Stat. § 662.143 Cease and desist authority
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(1) The office may issue and serve upon a family trust company, licensed family trust company, foreign licensed family trust company, or family trust company-affiliated party a complaint stating charges if the office has reason to believe that such company, family trust company-a…
Fla. Stat. § 662.144 Failure to submit required report; fines
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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 or any other report required by this chapter or any rule, the office may impose a fine of up to $100 for each day tha…
Fla. Stat. § 662.145 Grounds for removal
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(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 stating charges if the office has reason to believe that the family trust company-affiliated party is engaging or has engaged …
Fla. Stat. § 662.146 Confidentiality of books and records
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(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 available for inspection and examination only:(a) To the office or its authorized representative;(b) To any person autho…
Fla. Stat. § 662.1465 Family trust company proceedings; public records exemption
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(1) In proceedings under chapter 736 or chapter 738 in which a family trust company, licensed family trust company, or foreign licensed family trust company is a party, upon written notice from any party to the clerk that this section is applicable, the clerk shall keep all court…
Fla. Stat. § 662.147 Records relating to the office examination; limited restrictions on public access
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(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 to s. 662.1225 full and complete records of the names and residences of all the shareholders or members of the trust co…
Fla. Stat. § 662.148 Public records exemption
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(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 office’s duties performed pursuant to s. 655.012 or s. 655.045(1).(b) “Working papers” means the records…
Fla. Stat. § 662.150 Domestication of a foreign family trust company
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(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 become domesticated in this state by:(a) Filing with the Department of State articles of domestication and articles …
Fla. Stat. § 662.151 Registration of a foreign licensed family trust company to operate in this state
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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 which it is organized may qualify to begin operations in this state by:(1) Filing an application with the Department of …