Florida Regulations 69U-162.002: Definitions
Current as of: 2024 | Check for updates
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As used in this rule chapter or in the forms prescribed by this rule chapter, the words defined in Florida Statutes § 662.111, shall have the same meaning, and the following terms and phrases (whether or not capitalized) shall have the meanings stated below unless the context clearly indicates otherwise:
(1) “”Affiliate”” means any company that owns or controls, is owned or controlled by, or is under common ownership or control by any company that owns or controls, a family trust company, licensed family trust company, or foreign licensed family trust company.
(2) “”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 Florida Statutes § 662.121; the corporation or limited liability company on whose behalf an application to register as a family trust company is submitted under Florida Statutes § 662.122; or the corporation or limited liability company on whose behalf an application to register as foreign licensed family trust company is submitted under Florida Statutes § 662.122
(3) “”Biographical information”” means date of birth, place of birth, social security number, driver’s license or other identification card issued by a federal or state governmental authority, current residence address, prior residence addresses, educational background, criminal justice information; employment history (whether paid or unpaid), occupational or professional licensure information, personal financial information, and all other information required by Form OFR-162-Bio “”Biographical Report,”” effective 11/2015, incorporated by reference in subsection 69U-162.009(6), F.A.C.
(4) “”Cash”” means legal tender, coin, demand deposit accounts, and time-deposit accounts, as valued in United States dollars.
(5) “”Company”” means any corporation, association, partnership, limited liability company, business trust, sole proprietorship, joint venture, or charitable organization or foundation, or other similar organization or business entity.
(6) “”Financial institution”” shall have the same meaning as provided in section 655.005(1)(i), F.S.
(7) “”Holding company”” means any company which owns or controls a family trust company, licensed family trust company, or foreign licensed family trust company.
(8) “”Member acting in a managerial capacity”” means a member, regardless of whether the member has a title or receives a salary or other compensation, who participates in, or who has authority or discretion to participate in, the guidance, oversight, policy-making, decision-making, or strategic direction of the family trust company, licensed family trust company, or foreign licensed family trust company.
(9) “”Owns”” or “”controls”” means owns, controls, or has power to vote 25 percent or more of any class of voting securities or membership interests of a company or family trust company, licensed family trust company, or foreign licensed family trust company; or controls in any manner the election of a majority of the directors, or managers or other similar governing body of a company or family trust company, licensed family trust company, or foreign licensed family trust company; owns, controls, or has power to vote 10 percent or more of any class of voting securities or membership interests of a company or family trust company, licensed family trust company, or foreign licensed family trust company and exercises a controlling influence over the management or policies of the company or family trust company, licensed family trust company, or foreign licensed family trust company; or as determined by the Office.
(10) “”Resident”” means a person who has had his or her principal place of domicile in this state for a period of more than 6 consecutive months prior to the filing of an application under chapter 662, F.S., and who has a valid Florida driver’s license or valid Florida identification card, has registered to vote, has made a statement of domicile pursuant to Florida Statutes § 222.17, or has filed for homestead tax exemption on property in this state.
(11) “”Third-party service provider”” means any person or company that has entered into a business relationship with a family trust company, licensed family trust company, or foreign licensed family trust company, for the provision of services, or any person or company that has entered into a business relationship with an affiliate of a family trust company, licensed family trust company, or foreign licensed family trust company, for the provision of services.
Rulemaking Authority 662.140 FS. Law Implemented 662.111(3), (8), 662.121(5), (6), (10)(b), (11), 662.1215(2)(a), 662.1225(1)(d), (2)(d) 662.124, 662.125(2), 662.131(1), 662.132(8)(f), 662.141 FS. History-New 11-19-15.
Terms Used In Florida Regulations 69U-162.002
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
- Oversight: Committee review of the activities of a Federal agency or program.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
(2) “”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 Florida Statutes § 662.121; the corporation or limited liability company on whose behalf an application to register as a family trust company is submitted under Florida Statutes § 662.122; or the corporation or limited liability company on whose behalf an application to register as foreign licensed family trust company is submitted under Florida Statutes § 662.122
(3) “”Biographical information”” means date of birth, place of birth, social security number, driver’s license or other identification card issued by a federal or state governmental authority, current residence address, prior residence addresses, educational background, criminal justice information; employment history (whether paid or unpaid), occupational or professional licensure information, personal financial information, and all other information required by Form OFR-162-Bio “”Biographical Report,”” effective 11/2015, incorporated by reference in subsection 69U-162.009(6), F.A.C.
(4) “”Cash”” means legal tender, coin, demand deposit accounts, and time-deposit accounts, as valued in United States dollars.
(5) “”Company”” means any corporation, association, partnership, limited liability company, business trust, sole proprietorship, joint venture, or charitable organization or foundation, or other similar organization or business entity.
(6) “”Financial institution”” shall have the same meaning as provided in section 655.005(1)(i), F.S.
(7) “”Holding company”” means any company which owns or controls a family trust company, licensed family trust company, or foreign licensed family trust company.
(8) “”Member acting in a managerial capacity”” means a member, regardless of whether the member has a title or receives a salary or other compensation, who participates in, or who has authority or discretion to participate in, the guidance, oversight, policy-making, decision-making, or strategic direction of the family trust company, licensed family trust company, or foreign licensed family trust company.
(9) “”Owns”” or “”controls”” means owns, controls, or has power to vote 25 percent or more of any class of voting securities or membership interests of a company or family trust company, licensed family trust company, or foreign licensed family trust company; or controls in any manner the election of a majority of the directors, or managers or other similar governing body of a company or family trust company, licensed family trust company, or foreign licensed family trust company; owns, controls, or has power to vote 10 percent or more of any class of voting securities or membership interests of a company or family trust company, licensed family trust company, or foreign licensed family trust company and exercises a controlling influence over the management or policies of the company or family trust company, licensed family trust company, or foreign licensed family trust company; or as determined by the Office.
(10) “”Resident”” means a person who has had his or her principal place of domicile in this state for a period of more than 6 consecutive months prior to the filing of an application under chapter 662, F.S., and who has a valid Florida driver’s license or valid Florida identification card, has registered to vote, has made a statement of domicile pursuant to Florida Statutes § 222.17, or has filed for homestead tax exemption on property in this state.
(11) “”Third-party service provider”” means any person or company that has entered into a business relationship with a family trust company, licensed family trust company, or foreign licensed family trust company, for the provision of services, or any person or company that has entered into a business relationship with an affiliate of a family trust company, licensed family trust company, or foreign licensed family trust company, for the provision of services.
Rulemaking Authority 662.140 FS. Law Implemented 662.111(3), (8), 662.121(5), (6), (10)(b), (11), 662.1215(2)(a), 662.1225(1)(d), (2)(d) 662.124, 662.125(2), 662.131(1), 662.132(8)(f), 662.141 FS. History-New 11-19-15.