reglab/housing_qa huggingface dataset:
FL Stat § 660.44 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 660 - Trust Business|660.44 - Common Trust Fund to Be Audited Annually.

660.44 Common trust fund to be audited annually.—A trust company or trust department administering a common trust fund shall keep proper records, which in addition to all other necessary and proper matters shall show at all times the proportionate interest of each fiduciary account in the common trust fund, and, at least once during each period of 12 months, shall cause an audit to be made of the common trust fund by auditors responsible only to the board of directors of the trust company or trust department. The report of such audit shall include a list of the investments comprising the common trust fund at the time of the audit, which shall show the valuation placed on each item on such list by the board of directors or the trust investment committee of the trust company or trust department as of the date of the audit; a statement of purchases, sales, and any other investment changes and of income and disbursements since the last audit; and appropriate comments as to any investment in default as to payment of principal or interest. The reasonable expenses of any such audit made by independent public accountants may be charged to the common trust fund. The bank, association, or trust company shall manage such common trust funds without charge, save necessary expenses, and it shall send a copy of the latest report of such audit annually to each person to whom a regular periodic accounting of the fiduciary accounts participating in the common trust fund ordinarily would be rendered or shall send advice to each such person annually that the report is available and that a copy will be furnished without charge upon request.History.—s. 3, ch. 28016, 1953; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 142, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; ss. 1, 149, ch. 92-303.Note.—Former s. 660.13.
FL Stat § 660.45 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 660 - Trust Business|660.45 - Common Trust Fund Court Accountings.

660.45 Common trust fund court accountings.—Unless ordered by a court of competent jurisdiction, the trust company or trust department operating such common trust funds is not required to render a court accounting with regard to such funds; but it may, by application to the circuit court, secure approval of such an accounting after such notice and on such conditions as the court may establish.History.—s. 3, ch. 28016, 1953; s. 3, ch. 76-168; s. 1, ch. 77-457; ss. 143, 151, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303.Note.—Former s. 660.14.
FL Stat § 660.47 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 660 - Trust Business|660.47 - Surrender of Fiduciary Powers.

660.47 Surrender of fiduciary powers.—Any state bank or association which has been granted trust powers and which desires to surrender such rights shall file with the office a certified copy of the resolution of its board of directors signifying such desire. Upon receipt of such resolution, the office shall make an investigation, and when it is satisfied that the trust department has been discharged from all fiduciary duties which it has undertaken, it shall issue a certificate to such bank or association certifying that it is no longer authorized to exercise trust powers.History.—ss. 145, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1813, ch. 2003-261.
FL Stat § 660.48 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 660 - Trust Business|660.48 - Receivership or Voluntary Liquidation.

660.48 Receivership or voluntary liquidation.—(1) If a liquidator or receiver is appointed for a trust company or a state bank or association having a trust department, the liquidator or receiver shall, pursuant to the instructions of the office and the orders of any court and the federal regulatory agency having jurisdiction, proceed to close such fiduciary accounts as can be closed promptly and transfer all other fiduciary accounts to substitute fiduciaries.(2) If a trust company or a state bank or association having a trust department is placed in voluntary liquidation, the liquidating agent shall, in accordance with applicable law, proceed at once to liquidate the affairs of the trust company and the trust department with respect to its fiduciary accounts, as follows:(a) All fiduciary accounts over which a court is exercising jurisdiction shall be closed or disposed of as soon as practicable in accordance with the orders or instructions of such court; and(b) All other fiduciary accounts which can be closed promptly shall be closed as soon as practicable and final accounting shall be made therefor, and all remaining accounts shall be transferred to substitute fiduciaries in accordance with law.History.—ss. 146, 152, ch. 80-260; ss. 2, 3, ch. 81-318; s. 1, ch. 91-307; s. 1, ch. 92-303; s. 1814, ch. 2003-261.
FL Stat § 662.10 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.10 - Short Title.

662.10 Short title.—This chapter may be cited as the “Florida Family Trust Company Act.”History.—s. 3, ch. 2014-97.
FL Stat § 662.102 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.102 - Purposes; Findings.

662.102 Purposes; findings.—The purposes of the Family Trust Company Act are to establish requirements for licensing family trust companies, to regulate 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. The public interest served by this chapter is to ensure that fiduciary activities performed by a family trust company are restricted to family members and their related interests and as otherwise provided in this chapter. Therefore, the Legislature finds that:(1) A family trust company is not a financial institution within the meaning of the financial institutions codes. Licensure of such a company pursuant to chapters 658 and 660 is not required as it would not promote the purposes of the codes specified in s. 655.001.(2) A family trust company may elect to be a licensed family trust company under this chapter if the company desires to be subject to the regulatory oversight of the office, as provided in this chapter, notwithstanding that the company restricts its services to family members.(3) With respect to:(a) A licensed family trust company, the office is responsible for regulating, supervising, and examining the company as provided under this chapter.(b) A family trust company that does not elect to be licensed and a foreign licensed family trust company, the office’s role is limited to ensuring that fiduciary services provided by the company are restricted to family members and authorized related interests and not to the general public. The office is not responsible for examining a family trust company or a foreign licensed family trust company regarding the safety or soundness of its operations.History.—s. 4, ch. 2014-97; s. 1, ch. 2016-35.
FL Stat § 662.112 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.112 - Degrees of Kinship.

662.112 Degrees of kinship.—Degrees of kinship shall be calculated by adding the number of steps from a designated relative through each person to the family member, directly in the case of lineal kinship, or through the common ancestor in the case of collateral kinship.History.—s. 6, ch. 2014-97.
FL Stat § 662.113 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.113 - Applicability of Other Chapters of the Financial Institutions Codes.

662.113 Applicability of other chapters of the financial institutions codes.—If a family trust company, licensed family trust company, or foreign licensed family trust company limits its activities to the activities authorized under this chapter, the provisions of other chapters of the financial institutions codes do not apply to the trust company unless otherwise expressly provided in this chapter. This section does not limit the office’s authority to investigate any entity to ensure that it is not in violation of this chapter or applicable provisions of the financial institutions codes.History.—s. 3, ch. 2016-35.
FL Stat § 662.114 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.114 - Family Trust Company and Foreign Licensed Family Trust Company Licensing Not Required.

662.114 Family trust company and foreign licensed family trust company licensing not required.—A family trust company or foreign licensed family trust company is not required to be a licensed family trust company.History.—s. 7, ch. 2014-97.
FL Stat § 662.115 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.115 - Applicability of Chapter to a Family Trust Company or Foreign Licensed Family Trust Company.

662.115 Applicability of chapter to a family trust company or foreign licensed family trust company.—(1) A family trust company that is not a licensed family trust company or a foreign licensed family trust company is subject to the provisions of this chapter unless the provisions are expressly limited in applicability to a licensed family trust company or foreign licensed family trust company.(2) A licensed family trust company is subject to the provisions of this chapter that expressly refer to a licensed family trust company or that are not expressly limited to a family trust company that is not a licensed family trust company or to a foreign licensed family trust company.(3) A foreign licensed family trust company is subject to the provisions of this chapter that expressly state that such provisions apply to a foreign licensed family trust company.History.—s. 8, ch. 2014-97.
FL Stat § 662.120 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.120 - Maximum Number of Designated Relatives.

662.120 Maximum number of designated relatives.—(1) A family trust company may not have more than one designated relative.(2) A licensed family trust company may have up to two designated relatives. The designated relatives may not have a common ancestor within three generations.History.—s. 9, ch. 2014-97; s. 4, ch. 2016-35.
FL Stat § 662.1215 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.1215 - Investigation of License Applicants.

662.1215 Investigation of license applicants.—(1) For the purpose of this section, the application is not deemed to be filed until the applicant has provided the office with all information required to be included pursuant to s. 662.121.(2) Upon filing an application for a license to operate as a licensed family trust company, the office shall conduct an investigation to confirm:(a) That the persons who will serve as directors or officers of the corporation or, if the applicant is a limited liability company, managers or members acting in a managerial capacity, have not:1. Been convicted of, or entered a plea of nolo contendere to, a crime involving fraud, misrepresentation, or moral turpitude;2. Been convicted of, or pled nolo contendere to, a violation of the financial institutions codes, including s. 655.50, chapter 896, or similar state or federal law;3. Been directors, officers, managers, or members of a financial institution licensed or chartered under the financial institutions codes or by the Federal Government or any other state, the District of Columbia, a territory of the United States, or a foreign country, whose license or charter was suspended or revoked within the 10 years preceding the date of the application;4. Had a professional license suspended or revoked within the 10 years preceding the date of the application; or5. Made a false statement of material fact on the application.(b) That the name of the proposed company complies with s. 662.123.(c) That capital accounts of the proposed company conform to s. 662.124 and that fidelity bonds and errors and omissions insurance coverage required under s. 662.126 are issued and effective.(d) That the articles of incorporation or articles of organization conform to s. 662.123(1).(e) That the management structure of the proposed company complies with s. 662.125.(3) If the investigation required under this section confirms that the applicant has met the requirements of ss. 662.1225, 662.123(1), 662.124, 662.125, and 662.126, and that the persons who will serve as directors or officers of the corporation or the managers or members acting in a managerial capacity of the limited liability company, as applicable, satisfy the criteria set forth in subsection (2), the office shall issue a license authorizing the applicant to operate as a licensed family trust company.(4) If the office determines the criteria in subsection (2) have not been met, the office shall serve notice of its intent to deny the application and of the applicant’s opportunity to request a hearing pursuant to ss. 120.569 and 120.57.History.—s. 11, ch. 2014-97; s. 5, ch. 2016-35.
FL Stat § 662.1225 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.1225 - Requirements for a Family Trust Company, Licensed Family Trust Company, or Foreign Licensed Family Trust Company.

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) 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 state-chartered or national financial institution that has a principal or branch office in this state.(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:(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 state-chartered or national financial institution that has a principal or branch office in this state.(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.History.—s. 13, ch. 2014-97; s. 83, ch. 2015-2; s. 7, ch. 2016-35.
FL Stat § 662.123 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.123 - Organizational Documents; Use of Term “Family Trust” in Name.

662.123 Organizational documents; use of term “family trust” in name.—(1) The articles of incorporation, certificate of incorporation, or articles of organization of a family trust company or licensed family trust company must contain:(a) The name adopted by the company, which must distinguish the company from any other trust company formed in this state or engaged in the business of a trust company, family trust company, or licensed family trust company in this state. If the term “trust” is included in the name adopted by a family trust company, it must be immediately preceded by the term “family” so as to distinguish the entity from a trust company operating under chapter 658. This paragraph does not apply to a foreign licensed family trust company using a fictitious name that is registered and maintained pursuant to s. 865.09 and that distinguishes it.(b) The purpose for which the company is formed, which must clearly identify the restricted activities permissible to a family trust company or licensed family trust company under this chapter.(c) A statement that the company will not offer its services to the general public.(d) A statement affirming that the articles of incorporation, certificate of incorporation, or articles of organization will not be amended without prior written notice to the office.(2) A proposed amendment to the articles of incorporation, articles of organization, certificate of formation, or certificate of organization of a family trust company or licensed family trust company must be submitted to the office for review at least 30 days before it is filed or effective. An amendment is not considered filed or effective if the office issues a notice of disapproval with respect to the proposed amendment.(3) The term “family trust” in the name adopted by a family trust company or licensed family trust company does not disqualify the name from being allowed under s. 605.0112 or s. 607.0401.History.—s. 14, ch. 2014-97; s. 8, ch. 2016-35.
FL Stat § 662.124 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.124 - Minimum Capital Account Required.

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.History.—s. 15, ch. 2014-97.
FL Stat § 662.125 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.125 - Directors or Managers.

662.125 Directors or managers.—(1) Exclusive authority to manage a family trust company or licensed family trust company is vested in a board of directors, if a corporation, or a board of directors or managers, if a limited liability company.(2) A family trust company or licensed family trust company shall have at least three directors, if a corporation, or three directors or managers, if a limited liability company. At least one director or manager of the company must be a resident of this state.(3) The licensed family trust company shall notify the office of the proposed appointment of an individual to the board of directors or addition as a member, or the appointment or employment of an individual as an officer or manager or member acting in a managerial capacity or equivalent position, at least 60 days before such appointment or employment becomes effective, if the company:(a) Has been licensed for less than 2 years.(b) Has undergone a change in control within the preceding 2 years.(c) Is operating under a cease and desist order.The notification must include the name and such biographical information as the office may reasonably require.(4) A licensed family trust company may not appoint an individual to the board of directors, add a member, or appoint or employ an officer or manager or member acting in a managerial capacity or equivalent, if the office issues a notice of disapproval with respect to that person.(5) The office shall issue a notice of disapproval if the office finds that the proposed appointment or employment of a person would otherwise cause the licensed family trust company to violate any of the requirements set forth in s. 662.121(10)(b)-(d) or s. 662.1215(2)(a).History.—s. 16, ch. 2014-97.
FL Stat § 662.126 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.126 - Fidelity Bonds; Insurance.

662.126 Fidelity bonds; insurance.—(1) The directors or managers of a licensed family trust company shall procure and maintain fidelity bonds on all active officers, directors, managers, members acting in a managerial capacity, and employees of the company, regardless of whether they receive a salary or other compensation from the company, in order to indemnify the company against loss because of a dishonest, fraudulent, or criminal act or omission on their part, whether acting alone or in combination with other persons.(2) Each fidelity bond shall be issued in an amount of at least $1 million.(3) In lieu of the fidelity bonds required under subsection (1), a licensed family trust company may increase its capital account required under s. 662.124 by $1 million so that if it has one designated relative, it is organized or operated with a capital account of at least $1.25 million, or if it has two designated relatives, it is organized or operated with a capital account of at least $1.35 million.(4) The licensed family trust company shall also procure and maintain an errors and omissions insurance policy of at least $1 million in which it is listed as the insured to cover the acts and omissions of officers, directors, managers, and members acting in a managerial capacity, regardless of whether the person receives a salary or other compensation from the company.(5) A family trust company or licensed family trust company may also procure and maintain other insurance policies necessary or desirable in connection with the business of the company, including, but not limited to, one or more casualty insurance policies.(6) A family trust company that is not a licensed family trust company may procure and maintain fidelity bonds as described in this section.(7) A family trust company that is not a licensed family trust company may procure and maintain errors and omissions insurance coverage as described in this section.History.—s. 17, ch. 2014-97.
FL Stat § 662.127 (2021)
2021 Florida Statutes|Title XXXVIII - Banks and Banking|Chapter 662 - Family Trust Companies|662.127 - Segregation of Books, Records, and Assets; Fiduciary Assets Not Liable.

662.127 Segregation of books, records, and assets; fiduciary assets not liable.—(1) Each family trust company and licensed family trust company shall maintain its fiduciary books and records separate and distinct from other records of the company and shall segregate all assets held in any fiduciary capacity from other assets of the company.(2) Assets received or held in a fiduciary capacity by a family trust company or licensed family trust company are not subject to the debts or obligations of the company.History.—s. 18, ch. 2014-97.