The Board proposes a rule amendment that deletes references to the Chapter 660 that are currently in rule pursuant to statutory changes to Sections 497.263(3)(a) and 497.266, F.S.

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Funeral, Cemetery, and Consumer Services

RULE NO.:RULE TITLE:

69K-7.015Trust Agreements and Trustees

PURPOSE AND EFFECT: The Board proposes a rule amendment that deletes references to the Chapter 660 that are currently in rule pursuant to statutory changes to Sections 497.263(3)(a) and 497.266, F.S.

SUMMARY: The proposed rule amendment updates and deletes references to the Chapter 660 that are currently in rule pursuant to statutory changes to Sections 497.263(3)(a) and 497.266, F.S. as it pertains to trust agreements and trustees.

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: During discussion of the economic impact of this rule at its Board meeting, the Board concluded that this rule change will not have any impact on licensees and their businesses or the businesses that employ them. The rule will not increase any fees, business costs, personnel costs, will not decrease profit opportunities, and will not require any specialized knowledge to comply. This change will not increase any direct or indirect regulatory costs. Hence, the Board determined that a Statement of Estimated Regulatory Costs (SERC) was not necessary and that the rule will not require ratification by the Legislature. No person or interested party submitted additional information regarding the economic impact at that time.

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: 497.103, 497.465(9) FS.

LAW IMPLEMENTED: 497.266, 497.285, 497.465 FS.

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: Mary Schwantes, Division Director, Board of Funeral, Cemetery, and Consumer Services, 200 East Gaines Street, Tallahassee, Florida 32399-0361.

 

THE FULL TEXT OF THE PROPOSED RULE IS:

69K-7.015 Trust Agreements and Trustees.

 

(1) Any trust company operating pursuant to chapter 660, F.S., or a state or national bank holding trust powers or a savings and loan association holding trust powers shall be considered a tTrustee qualified to serve as a tTrustee of a preneed trust under sSection 497.458 or 497.464, F.S., or a pre-construction trust under section 497.272, F.S.

(2) Any trust company operating pursuant to chapter 660, F.S., or a state or national bank holding trust powers shall be considered a tTrustee qualified to serve as tTrustee of a cCare and mMaintenance tTrust under section 497.266, F.S.

(3) All tTrust aAgreements and all amendments thereto must be submitted to and approved by the Board of Funeral, Cemetery, and Consumer Services.

(4) Each tTrust aAgreement must provide for:

(a) Resignation of the tTrustee.

(b) Replacement of tTrustee by tTrustor/sSettlor/gGrantor.

(c) Transfer of assets of the tTrust.

(5) No change.

(6) Transfer of assets of any trust must be made only to a qualified tTrustee as set forth in subsection (1) or (2), above, and only after written notice to the Department and the Board of the name, address, and location of the successor trustee; the effective date of the selection thereof; and the transfer of the assets which must be certified to by the replaced or resigned tTrustee to which shall be attached a receipt thereof from the sSuccessor tTrustee.

Rulemaking Authority 497.103, 497.465(9) FS. Law Implemented 497.266, 497.285, 497.465 FS. History–New 4-25-94, Amended 4-6-03, Formerly 3F-7.015,_______.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Board of Funeral, Cemetery, and Consumer Services

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Board of Funeral, Cemetery, and Consumer Services

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: December 5, 2019

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: August 20, 2019