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Florida Administrative Code (Last Updated: April 18, 2024) |
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69. Department of Financial Services |
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69K. Division of Funeral, Cemetery, and Consumer Services |
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69K-7. Trusts And Trust Funds |
1(1) Any trust company or a state or national bank holding trust powers or a savings and loan association holding trust powers shall be considered a trustee qualified to serve as a trustee of a preneed trust under section 40497.458 41or 42497.464, F.S., 44or a pre-construction trust under section 50497.272, F.S.
52(2) Any trust company or a state or national bank holding trust powers shall be considered a trustee qualified to serve as trustee of a care and maintenance trust under section 83497.266, F.S.
85(3) All trust agreements and all amendments thereto must be submitted to and approved by the Board of Funeral, Cemetery, and Consumer Services.
108(4) Each trust agreement must provide for:
115(a) Resignation of the trustee.
120(b) Replacement of trustee by trustor/settlor/grantor.
126(c) Transfer of assets of the trust.
133(5) Transfer of assets to another trust agreement is permissible provided the trust agreement was approved by the Board, if applicable, and the terms of both trust agreements are consistent and meet the requirements of Rule 16969K-7.020, 170F.A.C.
171(6) Transfer of assets of any trust must be made only to a qualified trustee 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 trustee to which shall be attached a receipt thereof from the successor trustee.
252Rulemaking Authority 254497.103, 255497.465(9) FS. 257Law Implemented 259497.266, 260497.285, 261497.465 FS. 263History–New 4-25-94, Amended 4-6-03, Formerly 3F-7.015, Amended 3-1-20.
