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2014 Florida Statutes

Title XXXVIII BANKS AND BANKING
Chapter 662 FAMILY TRUST COMPANIES Entire Chapter
SECTION 102
Purpose.
F.S. 662.102
1662.102 Purpose.—The purpose of the Family Trust Company Act is to establish requirements for licensing family trust companies, to provide regulation of those persons who provide fiduciary services to family members of no more than two families and their related interests as a family trust company, and to establish the degree of regulatory oversight required of the Office of Financial Regulation over such companies. Unlike trust companies formed under chapter 658, there is no public interest to be served outside of ensuring that fiduciary activities performed by a family trust company are restricted to family members and their related interests and as otherwise provided for in this chapter. Therefore, family trust companies are not financial institutions within the meaning of the financial institutions codes, and licensure of these companies pursuant to chapters 658 and 660 should not be required as it would not promote the purposes of the codes as set forth in s. 655.001. Consequently, the Office of Financial Regulation is not responsible for regulating family trust companies to ensure their safety and soundness, and the responsibility of the office is limited to ensuring that fiduciary services provided by such companies are restricted to family members and related interests and not to the general public.
History.—s. 4, ch. 2014-97.
1Note.—Effective October 1, 2015.