Sun Coast Consulting Services, Inc.; On June 22, 2018, the Florida Office of Financial Regulation (Financial Institutions) received a Petition for Declaratory Statement from Sun Coast Consulting Services, Inc. The petition sought a declaratory ...

 

DEPARTMENT OF FINANCIAL SERVICES

FSC - Financial Institution Regulation

NOTICE IS HEREBY GIVEN that the Florida Office of Financial Regulation has declined to rule on the petition for declaratory statement filed by Sun Coast Consulting Services, Inc. on June 22, 2018. The following is a summary of the agency’s declination of the petition:

On June 22, 2018, the Florida Office of Financial Regulation (Financial Institutions) received a Petition for Declaratory Statement from Sun Coast Consulting Services, Inc. The petition sought a declaratory statement from the Office on (1) whether having substantially less than twelve (12) trusts, and never having more than twelve (12) trusts would be considered “de minimis” under subsection 658.12(20), Florida Statutes; and (2) whether not having performed any of the fiduciary functions prohibited under section 660.41, Florida Statutes, Petitioner is not barred from being a Trustee on a trust solely on the basis that it is an incorporated entity; and/or (3) that Petitioner is not required to register because its Trustee business is “de mininis” and thus not barred from acting as a Trustee at this time. **On July 19, 2018, the Florida Office of Financial Regulation issued a Final Order on Petition for Declaratory Statement. The Petition filed by Sun Coast Consulting Services, Inc. is DENIED. A declaratory statement is not available to Petitioner because the Petition seeks approval of activities that have already occurred, and the facts provided in the Petition are insufficient for the Office to properly respond to any of the issues presented.

A copy of the Order Declining of the Petition for Declaratory Statement may be obtained by contacting: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].

Please refer all comments to: Agency Clerk, Office of Financial Regulation, P.O. Box 8050, Tallahassee, Florida 32314-8050, [phone], [e-mail].