Florida Administrative Code › 69 - DEPARTMENT OF FINANCIAL SERVICES › 69U - FSC - Financial Institution Regulation › Chapter 69U-162 - FAMILY TRUST COMPANIES › Section 69U-162.002 - Definitions

Current through Reg. 50, No. 138; July 16, 2024
As used in this rule chapter or in the forms prescribed by
				  this rule chapter, the words defined in section
				  662.111, F.S., shall have the
				  same meaning, and the following terms and phrases (whether or not capitalized)
				  shall have the meanings stated below unless the context clearly indicates
				  otherwise:
(1) "Affiliate" means any
				company that owns or controls, is owned or controlled by, or is under common
				ownership or control by any company that owns or controls, a family trust
				company, licensed family trust company, or foreign licensed family trust
				company.
(2) "Applicant" means the
				corporation or limited liability company on whose behalf an application for a
				license to operate as a licensed family trust company is submitted under
				section 662.121, F.S.; the corporation
				or limited liability company on whose behalf an application to register as a
				family trust company is submitted under section
				662.122, F.S.; or the
				corporation or limited liability company on whose behalf an application to
				register as foreign licensed family trust company is submitted under section
				662.122, F.S.
(3) "Biographical information" means date of
				birth, place of birth, social security number, driver's license or other
				identification card issued by a federal or state governmental authority,
				current residence address, prior residence addresses, educational background,
				criminal justice information; employment history (whether paid or unpaid),
				occupational or professional licensure information, personal financial
				information, and all other information required by Form OFR-162-Bio
				"Biographical Report," effective 11/2015, incorporated by reference in
				subsection 69U-162.009(6),
				F.A.C.
(4) "Cash" means legal
				tender, coin, demand deposit accounts, and time-deposit accounts, as valued in
				United States dollars.
(5)
				"Company" means any corporation, association, partnership, limited liability
				company, business trust, sole proprietorship, joint venture, or charitable
				organization or foundation, or other similar organization or business
				entity.
(6) "Financial institution"
				shall have the same meaning as provided in section
				655.005(1)(i),
				F.S.
(7) "Holding company" means
				any company which owns or controls a family trust company, licensed family
				trust company, or foreign licensed family trust company.
(8) "Member acting in a managerial capacity"
				means a member, regardless of whether the member has a title or receives a
				salary or other compensation, who participates in, or who has authority or
				discretion to participate in, the guidance, oversight, policy-making,
				decision-making, or strategic direction of the family trust company, licensed
				family trust company, or foreign licensed family trust company.
(9) "Owns" or "controls" means owns,
				controls, or has power to vote 25 percent or more of any class of voting
				securities or membership interests of a company or family trust company,
				licensed family trust company, or foreign licensed family trust company; or
				controls in any manner the election of a majority of the directors, or managers
				or other similar governing body of a company or family trust company, licensed
				family trust company, or foreign licensed family trust company; owns, controls,
				or has power to vote 10 percent or more of any class of voting securities or
				membership interests of a company or family trust company, licensed family
				trust company, or foreign licensed family trust company and exercises a
				controlling influence over the management or policies of the company or family
				trust company, licensed family trust company, or foreign licensed family trust
				company; or as determined by the Office.
(10) "Resident" means a person who has had
				his or her principal place of domicile in this state for a period of more than
				6 consecutive months prior to the filing of an application under chapter 662,
				F.S., and who has a valid Florida driver's license or valid Florida
				identification card, has registered to vote, has made a statement of domicile
				pursuant to section 222.17, F.S., or has filed for
				homestead tax exemption on property in this state.
(11) "Third-party service provider" means any
				person or company that has entered into a business relationship with a family
				trust company, licensed family trust company, or foreign licensed family trust
				company, for the provision of services, or any person or company that has
				entered into a business relationship with an affiliate of a family trust
				company, licensed family trust company, or foreign licensed family trust
				company, for the provision of services.
Rulemaking Authority 662.140 FS. Law Implemented
					 662.111(3), (8), 662.121(5), (6), (10)(b), (11), 662.1215(2)(a),
					 662.1225(1)(d), (2)(d)
					 662.124,
					 662.125(2),
					 662.131(1),
					 662.132(8)(f),
					 662.141
					 FS.
New 11-19-15.