18194307, 69U-162.003 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 18194307

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

FSC - Financial Institution Regulation

Chapter:

FAMILY TRUST COMPANIES

Overview

RULE:

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-162.011	Discontinuing Business

PURPOSE:

To conform the rules and incorporated forms to the amendments to Chapter 662, F.S., as enacted in Chapter 2016-35, Laws of Florida; to clarify and streamline portions of the application and renewal forms; and to make grammatical, formatting, and other minor changes.

SUMMARY:

In 2016, the legislature amended various sections in Chapter 662, F.S., which governs registered family trust companies, licensed family trust companies, and foreign licensed family trust companies. The proposed rules amend the affected portions of the rules and forms for these entities. The rules and application forms for licensed family trust companies and registered family trust companies are amended to include “certificate of incorporation,” “certificate of formation” and “certificate of organization” as equivalent terms for articles of incorporation and articles of organization. The proposed rules add the citations required by Subsections 662.122(1) and (2), F.S., as amended, to the verification portion of the forms for registered family trust companies and foreign licensed family trust companies. The proposed rules amend the foreign licensed family trust company application form to clarify the proof the company must provide in showing compliance with the laws of its principal jurisdiction. The proposed rules implement amended Subsection 662.128(1), F.S., by changing the deadline for filing the annual renewal application from 30 to 45 days after the end of each calendar year. The application forms for all three types of family trust companies are amended to clarify that the required deposit account must be with a national or state institution with an office or branch in Florida. The foreign licensed family trust company application form is amended to require the company to state whether it is owned by, or a subsidiary of, a corporation, limited liability company, or other business entity that is organized in or licensed by any foreign country as defined in Subsection 663.01(3), F.S.

RULEMAKING AUTHORITY:

655.012(2), 662.140 FS.

LAW:

662.121, 662.1215, 662.122, 662.1225, 662.123, 662.125, 662.128 FS.

PRINT PUBLISH DATE:

10/26/2016 Vol. 42/209

COMMENTS:

From 10/26/2016 To 11/16/2016 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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