662.127 – Segregation of Books, Records, and Assets; Fiduciary Assets Not Liable.
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 […]
662.128 – Annual Renewal.
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 license renewal application […]
662.129 – Discontinuing Business.
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 undertaken, the […]
662.130 – Powers of Family Trust Companies, Licensed Family Trust Companies, and Foreign Licensed Family Trust Companies.
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 […]
662.131 – Prohibitions.
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 services pursuant to this chapter. (2) Engage in […]
662.132 – Investments.
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. 662.124. If the aggregate market […]
662.133 – Oaths, Affidavits, and Acknowledgments.
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 […]
662.134 – Unlawful to Advertise Services.
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.
662.121 – Application for Licensed Family Trust Company; Fees.
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 […]
662.135 – Service as Court-Appointed Fiduciary; Bond Requirement.
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. History.—s. 26, ch. 2014-97.