Florida Statutes 662.142 – Revocation of license
Current as of: 2023 | Check for updates
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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.
Terms Used In Florida Statutes 662.142
- Commission: means the Financial Services Commission. See Florida Statutes 662.111
- Family trust company: means a corporation or limited liability company that:(a) Is exclusively owned by one or more family members. See Florida Statutes 662.111
- Fiduciary: A trustee, executor, or administrator.
- Licensed family trust company: means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office. See Florida Statutes 662.111
- Office: means the Office of Financial Regulation. See Florida Statutes 662.111
(b) A violation of s. 662.1225, s. 662.123(1)(a), s. 662.125(2), s. 662.126, s. 662.127, s. 662.128, s. 662.130, s. 662.131, s. 662.134, or s. 662.144.(c) A violation of chapter 896, relating to financial transactions offenses, or a similar state or federal law or related rule or regulation.(d) A violation of any rule of the commission.(e) A violation of any order of the office.(f) A breach of any written agreement with the office.(g) A prohibited act or practice under s. 662.131.(h) A failure to provide information or documents to the office upon written request.(i) An act of commission or omission that is judicially determined to be a breach of trust or fiduciary duty.
(2) If the office finds that a licensed family trust company has committed any of the acts specified in subsection (1), the office may enter an order suspending the company’s license and provide notice of its intention to revoke the license and of the opportunity for a hearing pursuant to ss. 120.569 and 120.57.
(3) If a hearing is not timely requested pursuant to ss. 120.569 and 120.57 or if a hearing is held and it has been determined that the licensed family trust company has committed any of the acts specified in subsection (1), the office may enter an order revoking the company’s license. A licensed family trust company has 90 days to wind up its affairs after license revocation. If after 90 days the company is still in operation, the office may seek an order from the circuit court for the annulment or dissolution of the company.