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.