The OFR proposes to amend Rules 69U-162.03, 69U-162.004, 69U-162.005, and 69U-162.006, F.A.C., to revise incorporated forms OFR-162-02, OFR-162-03, and OFR-162 to conform with and implement Ch. 2022-178, Laws of Florida ....

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

RULE NOS.:RULE TITLES:

69U-162.003Application for License as a Licensed Family Trust Company

69U-162.004Application to Register as a Family Trust Company

69U-162.005Application to Register as a Foreign Licensed Family Trust Company

69U-162.006Annual Renewal

PURPOSE AND EFFECT: The OFR proposes to amend Rules 69U-162.03, 69U-162.004, 69U-162.005, and 69U-162.006, F.A.C., to revise incorporated forms OFR-162-02, OFR-162-03, and OFR-162 to conform with and implement Ch. 2022-178, Laws of Florida (Financial Institutions), signed into law on June 8, 2022.

SUMMARY: Form OFR-162-01 will be amended to update the requirements a financial institution must meet in order to be a depository at which a licensed family trust company may maintain its deposit accounts. Form OFR-162-02 will be amended to update the requirements a financial institution must meet in order to be a depository at which a family trust company may maintain its deposit accounts. Form OFR-162-03 will be amended to update the requirements a financial institution must meet in order to be a depository at which a foreign licensed family trust company may maintain its deposit accounts. Rule 69U-162.006, F.A.C., and the incorporated Form OFR-162-04 will be amended to incorporate clarifying language from statute regarding the deadline for renewal applications.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Agency expressly relies on an analysis of potential impact conducted by persons with subject matter knowledge of this rule.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 662.140

LAW IMPLEMENTED: 662.111(2), (8), (9) (10), (11), (12), (12)(d), (15), 662.112, 662.120(1), 662.121(1)-(11), 662.122(1)-(5), 662.1215(1)-(4), 662.1225(1), (2), 662.123, 662.123(1), (2), 662.124, 662.125, 662.125(1), (2), 662.126, 662.126(1), (2), (3), (4), 662.127, 662.128, 662.130(1)(c), (e), 662.132, 662.134

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE SCHEDULED AND ANNOUNCED IN THE FAR.

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Ann Michelle Palecki, Office of the General Counsel, [phone], [e-mail]

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69U-162.003 Application for License as a Licensed Family Trust Company

(1) An applicant seeking to operate in this state as a licensed family trust company under section 662.121, F.S., must file a completed application on Form OFR-162-01, “Application for License as a Licensed Family Trust Company,” revised XX-XXXX 12/2016, herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX 07680, accompanied by a nonrefundable $10,000 application fee for deposit into the Financial Institutions’ Regulatory Trust Fund.

(2) through (4) No change. 

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, _________.

 

69U-162.004 Application to Register as a Family Trust Company.

(1) A family trust company seeking to register under section 662.122(1), F.S., must file a completed registration application on Form OFR-162-02, “Application to Register as a Family Trust Company,” revised XX-XXXX 12/2016, herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX 07681, accompanied by a nonrefundable $5,000 application fee for deposit into the Financial Institutions’ Regulatory Trust Fund.

(2) through (4) No change.

Rulemaking Authority 662.140 FS. Law Implemented 662.111(2), (8), (9), (10), (11), (12), 662.112, 662.120(1), 662.122(1), (3), (4), (5), 662.1225(1), 662.123(1), (2), 662.124, 662.125(1), (2), 662.132 FS. History–New 11-19-15, Amended 12-26-16, _________.

 

69U-162.005 Application to Register as a Foreign Licensed Family Trust Company.

(1) An applicant seeking to operate in this state as a foreign licensed family trust company under section 662.122(2), F.S., must file a completed registration application on Form OFR-162-03, “Application to Register as a Foreign Licensed Family Trust Company,” revised XX-XXXX 12/2016, herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX 07682, accompanied by a nonrefundable $5,000 application fee for deposit into the Financial Institutions’ Regulatory Trust Fund.

(2) through (3) No change.

Rulemaking Authority 662.140 FS. Law Implemented 662.111(15), 662.122(2), (3), (4), (5), 662.1225(2) FS. History–New 11-19-15, Amended 12-26-16, _________.

 

69U-162.006 Annual Renewal.

(1) Within 45 days after the end of each calendar year, aAnnual renewal applications for family trust companies, licensed family trust companies, and foreign licensed family trust companies must be filed with the Office on Form OFR-162-04, “Annual Renewal Application,” revised XX-XXXX 12/2016, herein incorporated by reference and available at https://www.flrules.org/Gateway/reference.asp?No=Ref-XXXXX 07683.  Annual Renewal Applications must be filed with the Office on an annual basis no later than 45 days after the anniversary of the filing of either the initial application or the prior year’s renewal application.

(2) through (3) No change.

Rulemaking Authority 662.140 FS. Law Implemented 662.124, 662.125, 662.126, 662.127, 662.128, 662.132 FS. History–New 11-19-15, Amended 12-26-16, _________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Jeremy W. Smith, Director, Division of Financial Institutions

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Financial Services Commission

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: August 23, 2022

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 12, 2022