Florida Regulations 69U-162.003: Application for License as a Licensed Family Trust Company
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(1) An applicant seeking to operate in this state as a licensed family trust company under Florida Statutes § 662.121, must file a completed application on Form OFR-162-01, “”Application for License as a Licensed Family Trust Company,”” revised 02/2023, herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-15197, or at the OFR’s website, http://www.flofr.gov, accompanied by a nonrefundable $10,000 application fee for deposit into the Financial Institutions’ Regulatory Trust Fund.
(2) The application must contain all information requested by the form, along with the following exhibits to the form:
(a) Exhibit A Proposed Articles of Incorporation (or Articles of Organization, Certificate of Incorporation, Certificate of Formation, or Certificate of Organization pursuant to Florida Statutes § 662.123);
(b) Exhibit B Proposed Bylaws or Operating Agreement;
(c) Exhibit C Organization Chart;
(d) Exhibit D Capital Account;
(e) Exhibit E Form OFR-162-Bio, “”Biographical Report,”” incorporated by reference in subsection 69U-162.009(6), F.A.C., for each director, officer, manager, member acting in a managerial capacity or equivalent position;
(f) Exhibit F Form OFR-162-Bio, “”Biographical Report,”” incorporated by reference in subsection 69U-162.009(6), F.A.C., for each controlling stockholder or member;
(g) Exhibit G Detailed Description of Services To Be Provided;
(h) Exhibit H Family Members;
(i) Exhibit I Genealogical Chart;
(j) Exhibit J Current or Former Employees to Whom Services Will Be Provided;
(k) Exhibit K Fidelity Bonds;
(l) Exhibit L Errors and Omissions Insurance;
(m) Exhibit M Affiliates;
(n) Exhibit N Third-Party Service Providers;
(o) Exhibit O Depository Account Relations;
(p) Exhibit P Statement Regarding Maintenance of Corporate and Fiduciary Records; and,
(q) Exhibit Q List of All Stockholders or Members.
(3) The statement provided in application Exhibit P, Statement Regarding Maintenance of Corporate and Fiduciary Records, must describe in detail how the proposed licensed family trust company will maintain accurate corporate and fiduciary services records. The statement must identify by name any automated accounting system software or third-party accounting service provider to be used for corporate and fiduciary accounting. Any fiduciary accounting system should provide fiduciary accounting separate from corporate accounts as provided in Florida Statutes § 662.127, and in accordance with Sections 736.0810 and 736.08135, F.S. (2014), herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06061, and https://www.flrules.org/Gateway/reference.asp?No=Ref-06062, and Rule 5.346, Fiduciary Accounting, of the Florida Probate Rules, effective 1/1/2011, herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06063. If accounting and bookkeeping functions are to be performed off the premises of the proposed licensed family trust company’s principal place of business, name the servicing agent, and describe any affiliation by way of ownership, directorship, or common employment of personnel which the proposed licensed family trust company may have with the servicing agent.
(4) The application must be signed under penalty of perjury by the applicant’s authorized representative.
Rulemaking Authority 662.140 FS. Law Implemented 662.111(10), (11), (12)(d), 662.121(1)-(11), 662.1215(1)-(4), 662.1225(1), 662.123, 662.124, 662.125(1), (2), 662.126(1), (2), (3), (4), 662.127, 662.130(1)(c), (e), 662.132, 662.134 FS. History-New 11-19-15, Amended 12-26-16, 2-16-23.
Terms Used In Florida Regulations 69U-162.003
- Fiduciary: A trustee, executor, or administrator.
- Probate: Proving a will
(a) Exhibit A Proposed Articles of Incorporation (or Articles of Organization, Certificate of Incorporation, Certificate of Formation, or Certificate of Organization pursuant to Florida Statutes § 662.123);
(b) Exhibit B Proposed Bylaws or Operating Agreement;
(c) Exhibit C Organization Chart;
(d) Exhibit D Capital Account;
(e) Exhibit E Form OFR-162-Bio, “”Biographical Report,”” incorporated by reference in subsection 69U-162.009(6), F.A.C., for each director, officer, manager, member acting in a managerial capacity or equivalent position;
(f) Exhibit F Form OFR-162-Bio, “”Biographical Report,”” incorporated by reference in subsection 69U-162.009(6), F.A.C., for each controlling stockholder or member;
(g) Exhibit G Detailed Description of Services To Be Provided;
(h) Exhibit H Family Members;
(i) Exhibit I Genealogical Chart;
(j) Exhibit J Current or Former Employees to Whom Services Will Be Provided;
(k) Exhibit K Fidelity Bonds;
(l) Exhibit L Errors and Omissions Insurance;
(m) Exhibit M Affiliates;
(n) Exhibit N Third-Party Service Providers;
(o) Exhibit O Depository Account Relations;
(p) Exhibit P Statement Regarding Maintenance of Corporate and Fiduciary Records; and,
(q) Exhibit Q List of All Stockholders or Members.
(3) The statement provided in application Exhibit P, Statement Regarding Maintenance of Corporate and Fiduciary Records, must describe in detail how the proposed licensed family trust company will maintain accurate corporate and fiduciary services records. The statement must identify by name any automated accounting system software or third-party accounting service provider to be used for corporate and fiduciary accounting. Any fiduciary accounting system should provide fiduciary accounting separate from corporate accounts as provided in Florida Statutes § 662.127, and in accordance with Sections 736.0810 and 736.08135, F.S. (2014), herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06061, and https://www.flrules.org/Gateway/reference.asp?No=Ref-06062, and Rule 5.346, Fiduciary Accounting, of the Florida Probate Rules, effective 1/1/2011, herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-06063. If accounting and bookkeeping functions are to be performed off the premises of the proposed licensed family trust company’s principal place of business, name the servicing agent, and describe any affiliation by way of ownership, directorship, or common employment of personnel which the proposed licensed family trust company may have with the servicing agent.
(4) The application must be signed under penalty of perjury by the applicant’s authorized representative.
Rulemaking Authority 662.140 FS. Law Implemented 662.111(10), (11), (12)(d), 662.121(1)-(11), 662.1215(1)-(4), 662.1225(1), 662.123, 662.124, 662.125(1), (2), 662.126(1), (2), (3), (4), 662.127, 662.130(1)(c), (e), 662.132, 662.134 FS. History-New 11-19-15, Amended 12-26-16, 2-16-23.