Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 568
       
       
       
       
       
       
                                Ì118860.Î118860                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/04/2015           .                                
                                       .                                
                                       .                                
                                       .                                
       —————————————————————————————————————————————————————————————————




       —————————————————————————————————————————————————————————————————
       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 185 - 207
    4  and insert:
    5         Section 7. Subsection (2) of section 662.1225, Florida
    6  Statutes, is amended, and subsection (3) is added to that
    7  section, to read:
    8         662.1225 Requirements for a family trust company, licensed
    9  family trust company, and foreign licensed family trust
   10  company.—
   11         (2) In order to operate in this state, a foreign licensed
   12  family trust company must be in good standing in its principal
   13  jurisdiction, must be in compliance with the family trust
   14  company laws and regulations of its principal jurisdiction, and
   15  must maintain:
   16         (a) An office physically located in this state where
   17  original or true copies of all records and accounts of the
   18  foreign licensed family trust company pertaining to its
   19  operations in this state may be accessed and made readily
   20  available for examination by the office in accordance with this
   21  chapter.
   22         (b) A registered agent who has an office in this state at
   23  the street address of the registered agent.
   24         (c) All applicable state and local business licenses,
   25  charters, and permits.
   26         (d) A deposit account with a state-chartered or national
   27  financial institution that has a principal or branch office in
   28  this state.
   29         (3) A company in operation as of October 1, 2015, which
   30  meets the definition of a family trust company, must, on or
   31  before December 30, 2015, apply for licensure as a licensed
   32  family trust company, register as a family trust company or
   33  foreign licensed family trust company, or cease doing business
   34  in this state.
   35  
   36  ================= T I T L E  A M E N D M E N T ================
   37  And the title is amended as follows:
   38         Delete line 24
   39  and insert:
   40         in its jurisdiction; specifying the date upon which
   41         family trust companies must be registered or licensed
   42         or, if not registered or licensed, cease doing
   43         business in this state; amending s. 662.123, F.S.;