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CS/SB 568: Family Trust Companies

GENERAL BILL by Banking and Insurance ; Richter

Family Trust Companies; Revising the purposes of the Family Trust Company Act; specifying the applicability of other chapters of the financial institutions codes to family trust companies; revising the requirements for investigations of license applicants by the Office of Financial Regulation; deleting a provision that authorizes the office to immediately revoke the license of a licensed family trust company under certain circumstances; authorizing a family trust company to have its terminated registration or revoked license reinstated under certain circumstances, etc.

Effective Date: 10/1/2015
 Last Action: 4/28/2015 House - Died on Calendar
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Judiciary (JU)
  3. Fiscal Policy (FP)

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  • Bill History

    Date Chamber Action
    1/29/2015 Senate • Filed
    2/5/2015 Senate • Referred to Banking and Insurance; Judiciary; Fiscal Policy -SJ 69
    2/27/2015 Senate • On Committee agenda-- Banking and Insurance, 03/04/15, 1:00 pm, 110 Senate Office Building
    3/3/2015 Senate • Introduced -SJ 69
    3/4/2015 Senate • CS by Banking and Insurance; YEAS 11 NAYS 0 -SJ 193
    3/5/2015 Senate • Pending reference review under Rule 4.7(2) - (Committee Substitute)
    3/6/2015 Senate • Now in Judiciary -SJ 193
    3/17/2015 Senate • CS by Banking and Insurance read 1st time -SJ 204
    3/26/2015 Senate • On Committee agenda-- Judiciary, 03/31/15, 4:00 pm, 110 Senate Office Building
    3/31/2015 Senate • Favorable by Judiciary; YEAS 9 NAYS 0 -SJ 316
    4/1/2015 Senate • Now in Fiscal Policy -SJ 316
    4/6/2015 Senate • On Committee agenda-- Fiscal Policy, 04/09/15, 9:00 am, 412 Knott Building
    4/9/2015 Senate • Favorable by- Fiscal Policy; YEAS 8 NAYS 0 -SJ 377
    • Placed on Calendar, on 2nd reading -SJ 377
    4/21/2015 Senate • Placed on Special Order Calendar, 04/24/15
    4/24/2015 Senate • Read 2nd time -SJ 610
    • Placed on 3rd reading
    4/27/2015 Senate • Read 3rd time -SJ 677
    • CS passed; YEAS 39 NAYS 0 -SJ 677
    4/27/2015 House • In Messages
    • Referred to Calendar -HJ 866
    • Placed on Special Order Calendar, 04/28/15
    • Received -HJ 866
    4/28/2015 House • Temporarily postponed, on 2nd Reading -HJ 883
    • Died on Calendar

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  • CS/SB 568, Committee Substitute 1 (Current Bill Version) Posted 3/5/2015 at 12:39 PM

    Bill Text:   Web Page | PDF
    Analyses:   Judiciary (Pre-Meeting) 3/30/2015 (pdf)
    Judiciary (Post-Meeting) 3/31/2015 (pdf)
    Fiscal Policy (Pre-Meeting) 4/8/2015 (pdf)
    Fiscal Policy (Post-Meeting) 4/9/2015 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 825 (c1) Family Trust Companies Roberson Similar Last Action: 4/28/2015 H Died on Calendar
    Location: On 2nd Reading Calendar     		Track This Bill

    Committee Votes (2)

    Date Committee Result
    3/31/2015 4:00 PM Judiciary 9 Yeas - 0 Nays
    4/9/2015 9:00 AM Fiscal Policy 8 Yeas - 0 Nays

    Floor Votes (1)

    Date Chamber Result
    4/27/2015 3:56 PM Senate 39 Yeas - 0 Nays

    Citations - Statutes (17)

    Citation Catchline Location in Bill Location In Bill Help
    662.102 Purpose. Page 3 (pdf)
    662.111 Definitions. Page 5 (pdf)
    662.113 Page 6 (pdf)
    662.120 Maximum number of designated relatives. Page 6 (pdf)
    662.1215 Investigation of license applicants. Page 6 (pdf)
    662.122 Registration of a family trust company or a foreign licensed family trust company. Page 7 (pdf)
    662.1225 Requirements for a family trust company, licensed family trust company, and foreign licensed family trust company. Page 8 (pdf)
    662.123 Organizational documents; use of term “family trust” in name. Page 9 (pdf)
    662.128 Annual renewal. Page 9 (pdf)
    662.132 Investments. Page 11 (pdf)
    662.141 Examination, investigations, and fees. Page 12 (pdf)
    662.142 Revocation of license. Page 16 (pdf)
    662.143 Cease and desist authority. Page 17 (pdf)
    662.144 Failure to submit required report; fines. Page 18 (pdf)
    662.145 Grounds for removal. Page 19 (pdf)
    662.150 Domestication of a foreign family trust company. Page 20 (pdf)
    662.151 Registration of a foreign licensed family trust company to operate in this state. Page 20 (pdf)

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  • SB 568, Original Filed Version Posted 1/29/2015 at 2:45 PM

    Bill Text:   Web Page | PDF
    Analyses:   Banking and Insurance (Pre-Meeting) 3/3/2015 (pdf)
    Banking and Insurance (Post-Meeting) 3/5/2015 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Last Action and Location Track Bills
    H 825 Family Trust Companies Roberson Identical Last Action: 4/28/2015 H Died on Calendar
    Location: On 2nd Reading Calendar     		Track This Bill

    Committee Amendments (6)

    Amendment Sponsor Filed Last Committee Action Format
    117136 - Amendment
    Delete lines 139 - 140 and insert:     		Banking and Insurance
    (Richter)     		3/3/2015
    11:20 AM     		Replaced by Committee Substitute
    3/4/2015     		Web Page
    PDF
    118860 - Amendment
    Delete lines 185 - 207 and insert:     		Banking and Insurance
    (Richter)     		3/3/2015
    11:20 AM     		Replaced by Committee Substitute
    3/4/2015     		Web Page
    PDF
    704630 - Amendment
    Delete lines 274 - 276 and insert:     		Banking and Insurance
    (Richter)     		3/3/2015
    11:20 AM     		Replaced by Committee Substitute
    3/4/2015     		Web Page
    PDF
    437510 - Amendment
    Delete lines 305 - 315 and insert:     		Banking and Insurance
    (Richter)     		3/3/2015
    11:20 AM     		Replaced by Committee Substitute
    3/4/2015     		Web Page
    PDF
    612190 - Amendment
    Between lines 458 and 459 insert:     		Banking and Insurance
    (Richter)     		3/3/2015
    11:20 AM     		Replaced by Committee Substitute
    3/4/2015     		Web Page
    PDF
    957628 - Amendment
    Delete lines 503 - 509 and insert:     		Banking and Insurance
    (Richter)     		3/3/2015
    11:19 AM     		Replaced by Committee Substitute
    3/4/2015     		Web Page
    PDF

    Committee Votes (1)

    Date Committee Result
    3/4/2015 1:00 PM Banking and Insurance 11 Yeas - 0 Nays

    Citations - Statutes (16)

    Citation Catchline Location in Bill Location In Bill Help
    662.102 Purpose. Page 3 (pdf)
    662.111 Definitions. Page 4 (pdf)
    662.113 Page 5 (pdf)
    662.120 Maximum number of designated relatives. Page 5 (pdf)
    662.1215 Investigation of license applicants. Page 6 (pdf)
    662.122 Registration of a family trust company or a foreign licensed family trust company. Page 6 (pdf)
    662.1225 Requirements for a family trust company, licensed family trust company, and foreign licensed family trust company. Page 7 (pdf)
    662.123 Organizational documents; use of term “family trust” in name. Page 8 (pdf)
    662.128 Annual renewal. Page 8 (pdf)
    662.132 Investments. Page 10 (pdf)
    662.141 Examination, investigations, and fees. Page 11 (pdf)
    662.142 Revocation of license. Page 14 (pdf)
    662.143 Cease and desist authority. Page 15 (pdf)
    662.145 Grounds for removal. Page 16 (pdf)
    662.150 Domestication of a foreign family trust company. Page 17 (pdf)
    662.151 Registration of a foreign licensed family trust company to operate in this state. Page 18 (pdf)

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