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. 187; September 24, 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.
