Fla. Stat. 662.1225
Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company


(1)

A family trust company or a licensed family trust company shall maintain:A principal office physically located in this state where original or true copies of all records and accounts of the family trust company or licensed family trust company may be accessed and made readily available for examination by the office in accordance with this chapter. A family trust company or licensed family trust company may also maintain one or more branch offices within or outside of this state.A registered agent who has an office in this state at the street address of the registered agent.All applicable state and local business licenses, charters, and permits.A deposit account with:
A bank located in the United States and insured by the Federal Deposit Insurance Corporation; or
A credit union located in the United States and insured by the National Credit Union Administration.

(a)

A principal office physically located in this state where original or true copies of all records and accounts of the family trust company or licensed family trust company may be accessed and made readily available for examination by the office in accordance with this chapter. A family trust company or licensed family trust company may also maintain one or more branch offices within or outside of this state.

(b)

A registered agent who has an office in this state at the street address of the registered agent.

(c)

All applicable state and local business licenses, charters, and permits.

(d)

A deposit account with:A bank located in the United States and insured by the Federal Deposit Insurance Corporation; orA credit union located in the United States and insured by the National Credit Union Administration.
1. A bank located in the United States and insured by the Federal Deposit Insurance Corporation; or
2. A credit union located in the United States and insured by the National Credit Union Administration.

(2)

In order to operate in this state, a foreign licensed family trust company must be in good standing in its principal jurisdiction, must be in compliance with the family trust company laws and regulations of its principal jurisdiction, and must maintain:An office physically located in this state where original or true copies of all records and accounts of the foreign licensed family trust company pertaining to its operations in this state may be accessed and made readily available for examination by the office in accordance with this chapter.A registered agent who has an office in this state at the street address of the registered agent.All applicable state and local business licenses, charters, and permits.A deposit account with:
A bank located in the United States and insured by the Federal Deposit Insurance Corporation; or
A credit union located in the United States and insured by the National Credit Union Administration.

(a)

An office physically located in this state where original or true copies of all records and accounts of the foreign licensed family trust company pertaining to its operations in this state may be accessed and made readily available for examination by the office in accordance with this chapter.

(b)

A registered agent who has an office in this state at the street address of the registered agent.

(c)

All applicable state and local business licenses, charters, and permits.

(d)

A deposit account with:A bank located in the United States and insured by the Federal Deposit Insurance Corporation; orA credit union located in the United States and insured by the National Credit Union Administration.
1. A bank located in the United States and insured by the Federal Deposit Insurance Corporation; or
2. A credit union located in the United States and insured by the National Credit Union Administration.

(3)

A company in operation as of October 1, 2016, which meets the definition of a family trust company, must, on or before December 30, 2016, apply for licensure as a licensed family trust company, register as a family trust company or foreign licensed family trust company, or cease doing business in this state.

Source: Section 662.1225 — Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company, https://www.­flsenate.­gov/Laws/Statutes/2024/0662.­1225 (accessed Aug. 7, 2025).

662.10
Short title
662.102
Purposes
662.111
Definitions
662.112
Degrees of kinship
662.113
Applicability of other chapters of the financial institutions codes
662.114
Family trust company and foreign licensed family trust company licensing not required
662.115
Applicability of chapter to a family trust company or foreign licensed family trust company
662.120
Maximum number of designated relatives
662.121
Application for licensed family trust company
662.122
Registration of a family trust company or a foreign licensed family trust company
662.123
Organizational documents
662.124
Minimum capital account required
662.125
Directors or managers
662.126
Fidelity bonds
662.127
Segregation of books, records, and assets
662.128
Annual renewal
662.129
Discontinuing business
662.130
Powers of family trust companies, licensed family trust companies, and foreign licensed family trust companies
662.131
Prohibitions
662.132
Investments
662.133
Oaths, affidavits, and acknowledgments
662.134
Unlawful to advertise services
662.135
Service as court-appointed fiduciary
662.140
Rules
662.141
Examination, investigations, and fees
662.142
Revocation of license
662.143
Cease and desist authority
662.144
Failure to submit required report
662.145
Grounds for removal
662.146
Confidentiality of books and records
662.147
Records relating to the office examination
662.148
Public records exemption
662.150
Domestication of a foreign family trust company
662.151
Registration of a foreign licensed family trust company to operate in this state
662.1215
Investigation of license applicants
662.1225
Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company
662.1465
Family trust company proceedings

Current through Fall 2025

§ 662.1225. Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company's source at flsenate​.gov