Florida Statutes 662.1225 – Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company
Current as of: 2023 | Check for updates
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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 readily available for examination by the office in accordance with this chapter. A family trust company or licensed family trust company may also maintain one or more branch offices within or outside of this state.
Terms Used In Florida Statutes 662.1225
- 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.
- 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
- Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC
- Foreign licensed family trust company: means a family trust company that:
(a) Is licensed by a state in the United States other than this state or the District of Columbia. See Florida Statutes 662.111- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office.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
- National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC
- Office: means the Office of Financial Regulation. See Florida Statutes 662.111
(b) A registered agent who has an office in this state at the street address of the registered agent.(c) All applicable state and local business licenses, charters, and permits.(d) A deposit account with:1. A bank located in the United States and insured by the Federal Deposit Insurance Corporation; or2. A credit union located in the United States and insured by the National Credit Union Administration.(2) In order to operate in this state, a foreign licensed family trust company must be in good standing in its principal jurisdiction, must be in compliance with the family trust company laws and regulations of its principal jurisdiction, and must maintain:(a) An office physically located in this state where original or true copies of all records and accounts of the foreign licensed family trust company pertaining to its operations in this state may be accessed and made readily available for examination by the office in accordance with this chapter.(b) A registered agent who has an office in this state at the street address of the registered agent.(c) All applicable state and local business licenses, charters, and permits.(d) A deposit account with:1. A bank located in the United States and insured by the Federal Deposit Insurance Corporation; or2. A credit union located in the United States and insured by the National Credit Union Administration.(3) A company in operation as of October 1, 2016, which meets the definition of a family trust company, must, on or before December 30, 2016, apply for licensure as a licensed family trust company, register as a family trust company or foreign licensed family trust company, or cease doing business in this state.