Fla. Stat. 662.124
Minimum capital account required


(1)

A licensed family trust company that has one designated relative may not be organized or operated with an owners’ capital account of less than $250,000. The minimum capital account shall be increased to $350,000 if two designated relatives of the licensed family trust company are named in the application for a license or in the annual license renewal. A family trust company may not be organized or operated with a capital account of less than $250,000.

(2)

The full amount of the initial capital account of a family trust company or licensed family trust company must be composed of one or more of the asset groups described in s. 662.132(1)(a), exclusive of all organization expenses.

Source: Section 662.124 — Minimum capital account required, https://www.­flsenate.­gov/Laws/Statutes/2024/0662.­124 (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

§ 662.124. Minimum capital account required's source at flsenate​.gov