16426482, 69U-162.001 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 16426482

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

FSC - Financial Institution Regulation

Chapter:

FAMILY TRUST COMPANIES

Overview

RULE:

69U-162.001	Scope
69U-162.002	Definitions
69U-162.003	Application for License as a Licensed Family Trust Company
69U-162.004	Application to Register as a Family Trust Company
69U-162.005	Application to Register as a Foreign Licensed Family Trust Company
69U-162.006	Annual Renewal
69U-162.007	Records
69U-162.008	Examination
69U-162.009	Application Process and Forms
69U-162.010	Notification of Proposed Appointment
69U-162.011	Discontinuing Business
69U-162.012	Quarterly Reporting of Capital Account, Fidelity Bonds, and Insurance

PURPOSE:

To establish a new rule chapter in the Florida Administrative Code to implement Chapter 662, F.S., Family Trust Companies. The purpose and effect of the rules is to provide the forms and requirements for the licensing, registration, renewal, and regulation of family trust companies, licensed family trust companies, and foreign licensed family trust companies.

SUMMARY:

Proposed rules 69U-162.003, 69U-162.004, and 69U-162.005 set forth the varying licensing or registration requirements and application forms for each company type, which are more comprehensive for licensed family trust companies than for family trust companies or foreign licensed family trust companies. Proposed rule 69U-162.009 sets forth the general application process and incorporates by reference all forms prescribed by the proposed rules. For licensed family trust companies, proposed rule 69U-162.003 requires that directors, officers, managers, and members acting in a managerial capacity or equivalent position provide criminal justice, employment, financial, disciplinary, and licensing background information by completing proposed new Form OFR-162-Bio, “Biographical Report.” Proposed rule 69U-162.006 provides the requirements and prescribes the application forms for annual renewal of a license (for licensed family trust companies) or registration (for family trust companies and foreign licensed family trust companies). Proposed rule 69U-162.010 prescribes the notification process and form for a licensed family trust company proposing to appoint, add, or employ a new director, officer, manager, or member acting in a managerial capacity or equivalent position. Proposed rule 69U-162.012 prescribes the requirements and form for the quarterly reporting of capital account information by licensed family trust companies and family trust companies. The proposed rules also identify the types of records the companies must maintain, provide that examinations will be performed in accordance with the statute, and establish the process and requirements for a licensed family trust company to discontinue its business operations.

RULEMAKING AUTHORITY:

662.140 FS.

LAW:

119.071(5), 120.60(1), 120.80(3)(a), 662.102, 662.111, 662.112, 662.120, 662.121, 662.1215, 662.122, 662.1225, 662.123, 662.124, 662.125, 662.126, 662.127, 662.128, 662.129, 662.130, 662.131, 662.132, 662.134, 662.141, and 662.147 FS.

PRINT PUBLISH DATE:

9/2/2015 Vol. 41/171

COMMENTS:

From 9/2/2015 To 9/23/2015 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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