Bill Text: FL S0080 | 2016 | Regular Session | Enrolled


Bill Title: Family Trust Companies

Spectrum: Bipartisan Bill

Status: (Passed) 2016-03-10 - Chapter No. 2016-35 [S0080 Detail]

Download: Florida-2016-S0080-Enrolled.html
       ENROLLED
       2016 Legislature                                           SB 80
       
       
       
       
       
       
                                                               201680er
    1  
    2         An act relating to family trust companies; amending s.
    3         662.102, F.S.; revising the purposes of the Family
    4         Trust Company Act; providing legislative findings;
    5         amending s. 662.111, F.S.; redefining the term
    6         “officer”; creating s. 662.113, F.S.; specifying the
    7         applicability of other chapters of the financial
    8         institutions codes to family trust companies;
    9         providing that the section does not limit the
   10         authority of the Office of Financial Regulation to
   11         investigate any entity to ensure that it is not in
   12         violation of ch. 662, F.S., or applicable provisions
   13         of the financial institutions codes; amending s.
   14         662.120, F.S.; revising the ancestry requirements for
   15         designated relatives of a licensed family trust
   16         company; amending s. 662.1215, F.S.; revising the
   17         requirements for investigations of license applicants
   18         by the Office of Financial Regulation; amending s.
   19         662.122, F.S.; revising the requirements for
   20         registration of a family trust company and a foreign
   21         licensed family trust company; amending s. 662.1225,
   22         F.S.; requiring a foreign licensed family trust
   23         company to be in compliance with the family trust laws
   24         and regulations in its principal jurisdiction;
   25         specifying the date upon which family trust companies
   26         must be registered or licensed or, if not registered
   27         or licensed, cease doing business in this state;
   28         amending s. 662.123, F.S.; revising the types of
   29         amendments to organizational documents which must have
   30         prior approval by the office; amending s. 662.128,
   31         F.S.; extending the deadline for the filing of, and
   32         revising the requirements for, specified license and
   33         registration renewal applications; amending s.
   34         662.132, F.S.; revising the authority of specified
   35         family trust companies while acting as fiduciaries to
   36         purchase certain bonds and securities; revising the
   37         prohibition against the purchase of certain bonds or
   38         securities by specified family trust companies;
   39         amending s. 662.141, F.S.; revising the purposes for
   40         which the office may examine or investigate a family
   41         trust company that is not licensed and a foreign
   42         licensed family trust company; providing that the
   43         office may rely upon specified documentation that
   44         identifies the qualifications of beneficiaries as
   45         permissible recipients of family trust company
   46         services; deleting the requirement that the office
   47         examine a family trust company that is not licensed
   48         and a foreign licensed family trust company; deleting
   49         a provision that authorizes the office to accept an
   50         audit by a certified public accountant in lieu of an
   51         examination by the office; authorizing the Financial
   52         Services Commission to adopt rules establishing
   53         specified requirements for family trust companies;
   54         amending s. 662.142, F.S.; revising the circumstances
   55         under which the office may enter an order revoking the
   56         license of a licensed family trust company; deleting a
   57         provision that authorizes the office to immediately
   58         revoke the license of a licensed family trust company
   59         under certain circumstances; amending s. 662.143,
   60         F.S.; revising the acts that may result in the entry
   61         of a cease and desist order against specified family
   62         trust companies and affiliated parties; amending s.
   63         662.144, F.S.; authorizing a family trust company to
   64         have its terminated registration or revoked license
   65         reinstated under certain circumstances; revising the
   66         timeframe for a family trust company to wind up its
   67         affairs under certain circumstances; requiring the
   68         deposit of certain fees and fines in the Financial
   69         Institutions’ Regulatory Trust Fund; amending s.
   70         662.145, F.S.; revising the office’s authority to
   71         suspend a family trust company-affiliated party who is
   72         charged with a specified felony or to restrict or
   73         prohibit the participation of such party in certain
   74         financial institutions; amending s. 662.150, F.S.;
   75         making a technical change; amending s. 662.151, F.S.;
   76         conforming a provision to changes made by the act;
   77         providing an effective date.
   78          
   79  Be It Enacted by the Legislature of the State of Florida:
   80  
   81         Section 1. Section 662.102, Florida Statutes, is amended to
   82  read:
   83         662.102 Purposes; findings Purpose.—The purposes purpose of
   84  the Family Trust Company Act are is to establish requirements
   85  for licensing family trust companies, to regulate provide
   86  regulation of those persons who provide fiduciary services to
   87  family members of no more than two families and their related
   88  interests as a family trust company, and to establish the degree
   89  of regulatory oversight required of the Office of Financial
   90  Regulation over such companies. The Unlike trust companies
   91  formed under chapter 658, there is no public interest to be
   92  served by this chapter is to ensure outside of ensuring that
   93  fiduciary activities performed by a family trust company are
   94  restricted to family members and their related interests and as
   95  otherwise provided for in this chapter. Therefore, the
   96  Legislature finds that:
   97         (1) A family trust company is companies are not a financial
   98  institution institutions within the meaning of the financial
   99  institutions codes., and Licensure of such a company these
  100  companies pursuant to chapters 658 and 660 is should not be
  101  required as it would not promote the purposes of the codes
  102  specified as set forth in s. 655.001.
  103         (2) A family trust company may elect to be a licensed
  104  family trust company under this chapter if the company desires
  105  to be subject to the regulatory oversight of the office, as
  106  provided in this chapter, notwithstanding that the company
  107  restricts its services to family members.
  108         (3)With respect to:
  109         (a) A licensed Consequently, the office of Financial
  110  Regulation is not responsible for regulating family trust
  111  company, the office is responsible for regulating, supervising,
  112  and examining the company as provided under this chapter.
  113         (b) A family trust company that does not elect to be
  114  licensed and a foreign licensed family trust company, companies
  115  to ensure their safety and soundness, and the responsibility of
  116  the office’s role office is limited to ensuring that fiduciary
  117  services provided by the company such companies are restricted
  118  to family members and authorized related interests and not to
  119  the general public. The office is not responsible for examining
  120  a family trust company or a foreign licensed family trust
  121  company regarding the safety or soundness of its operations.
  122         Section 2. Subsection (19) of section 662.111, Florida
  123  Statutes, is amended to read:
  124         662.111 Definitions.—As used in this chapter, the term:
  125         (19) “Officer” of a family trust company means an
  126  individual, regardless of whether the individual has an official
  127  title or receives a salary or other compensation, who may
  128  participate in the major policymaking functions of a family
  129  trust company, other than as a director. The term does not
  130  include an individual who may have an official title and
  131  exercise discretion in the performance of duties and functions,
  132  but who does not participate in determining the major policies
  133  of the family trust company and whose decisions are limited by
  134  policy standards established by other officers, regardless of
  135  whether the policy standards have been adopted by the board of
  136  directors. The chair of the board of directors, the president,
  137  the chief officer, the chief financial officer, the senior trust
  138  officer, and all executive vice presidents of a family trust
  139  company, and all managers if organized as a limited liability
  140  company, are presumed to be executive officers unless such
  141  officer is excluded, by resolution of the board of directors or
  142  members or by the bylaws or operating agreement of the family
  143  trust company, other than in the capacity of a director, from
  144  participating in major policymaking functions of the family
  145  trust company, and such excluded officer does not actually
  146  participate therein.
  147         Section 3. Section 662.113, Florida Statutes, is created to
  148  read:
  149         662.113 Applicability of other chapters of the financial
  150  institutions codes.—If a family trust company, licensed family
  151  trust company, or foreign licensed family trust company limits
  152  its activities to the activities authorized under this chapter,
  153  the provisions of other chapters of the financial institutions
  154  codes do not apply to the trust company unless otherwise
  155  expressly provided in this chapter. This section does not limit
  156  the office’s authority to investigate any entity to ensure that
  157  it is not in violation of this chapter or applicable provisions
  158  of the financial institutions codes.
  159         Section 4. Subsection (2) of section 662.120, Florida
  160  Statutes, is amended to read:
  161         662.120 Maximum number of designated relatives.—
  162         (2) A licensed family trust company may not have up to more
  163  than two designated relatives., and The designated relatives may
  164  not have a common ancestor within three five generations.
  165         Section 5. Paragraph (e) is added to subsection (2) of
  166  section 662.1215, Florida Statutes, to read:
  167         662.1215 Investigation of license applicants.—
  168         (2) Upon filing an application for a license to operate as
  169  a licensed family trust company, the office shall conduct an
  170  investigation to confirm:
  171         (e) That the management structure of the proposed company
  172  complies with s. 662.125.
  173         Section 6. Paragraph (b) of subsection (1) and paragraphs
  174  (a) and (c) of subsection (2) of section 662.122, Florida
  175  Statutes, are amended to read:
  176         662.122 Registration of a family trust company or a foreign
  177  licensed family trust company.—
  178         (1) A family trust company that is not applying under s.
  179  662.121 to become a licensed family trust company must register
  180  with the office before beginning operations in this state. The
  181  registration application must:
  182         (b) State that the family trust company is a family trust
  183  company as defined under this chapter and that its operations
  184  will comply with ss. 662.1225, 662.123(1), 662.124, 662.125,
  185  662.127, 662.131, and 662.134.
  186         (2) A foreign licensed family trust company must register
  187  with the office before beginning operations in this state.
  188         (a) The registration application must state that its
  189  operations will comply with ss. 662.1225, 662.125, 662.127,
  190  662.131, and 662.134 and that it is currently in compliance with
  191  the family trust company laws and regulations of its principal
  192  jurisdiction.
  193         (c) The registration must include a certified copy of a
  194  certificate of good standing, or an equivalent document,
  195  authenticated by the official having custody of records in the
  196  jurisdiction where the foreign licensed family trust company is
  197  organized, along with satisfactory proof, as determined by the
  198  office, that the company is organized in a manner similar to a
  199  family trust company as defined under this chapter and is in
  200  compliance with the family trust company laws and regulations of
  201  its principal jurisdiction.
  202         Section 7. Subsection (2) of section 662.1225, Florida
  203  Statutes, is amended, and subsection (3) is added to that
  204  section, to read:
  205         662.1225 Requirements for a family trust company, licensed
  206  family trust company, or foreign licensed family trust company.—
  207         (2) In order to operate in this state, a foreign licensed
  208  family trust company must be in good standing in its principal
  209  jurisdiction, must be in compliance with the family trust
  210  company laws and regulations of its principal jurisdiction, and
  211  must maintain:
  212         (a) An office physically located in this state where
  213  original or true copies of all records and accounts of the
  214  foreign licensed family trust company pertaining to its
  215  operations in this state may be accessed and made readily
  216  available for examination by the office in accordance with this
  217  chapter.
  218         (b) A registered agent who has an office in this state at
  219  the street address of the registered agent.
  220         (c) All applicable state and local business licenses,
  221  charters, and permits.
  222         (d) A deposit account with a state-chartered or national
  223  financial institution that has a principal or branch office in
  224  this state.
  225         (3) A company in operation as of October 1, 2016, which
  226  meets the definition of a family trust company, must, on or
  227  before December 30, 2016, apply for licensure as a licensed
  228  family trust company, register as a family trust company or
  229  foreign licensed family trust company, or cease doing business
  230  in this state.
  231         Section 8. Subsection (2) of section 662.123, Florida
  232  Statutes, is amended to read:
  233         662.123 Organizational documents; use of term “family
  234  trust” in name.—
  235         (2) A proposed amendment to the articles of incorporation,
  236  articles of organization, certificate of formation, or
  237  certificate of organization, bylaws, or articles of organization
  238  of a limited liability company, family trust company, or
  239  licensed family trust company must be submitted to the office
  240  for review at least 30 days before it is filed or effective. An
  241  amendment is not considered filed or effective if the office
  242  issues a notice of disapproval with respect to the proposed
  243  amendment.
  244         Section 9. Subsections (1) through (4) of section 662.128,
  245  Florida Statutes, are amended to read:
  246         662.128 Annual renewal.—
  247         (1) Within 45 30 days after the end of each calendar year,
  248  a family trust company companies, licensed family trust company
  249  companies, or and foreign licensed family trust company
  250  companies shall file its their annual renewal application with
  251  the office.
  252         (2) The license renewal application filed by a licensed
  253  family trust company must include a verified statement by an
  254  authorized representative of the trust company that:
  255         (a) The licensed family trust company operated in full
  256  compliance with this chapter, chapter 896, or similar state or
  257  federal law, or any related rule or regulation. The application
  258  must include proof acceptable to the office that the company is
  259  a family trust company as defined under this chapter.
  260         (b) Describes any material changes to its operations,
  261  principal place of business, directors, officers, managers,
  262  members acting in a managerial capacity, and designated
  263  relatives since the end of the preceding calendar year.
  264         (3) The registration renewal application filed by a family
  265  trust company must include:
  266         (a) A verified statement by an authorized representative
  267  officer of the trust company that it is a family trust company
  268  as defined under this chapter and that its operations are in
  269  compliance with ss. 662.1225, 662.123(1), 662.124, 662.125,
  270  662.127, 662.131, and 662.134,; chapter 896,; or similar state
  271  or federal law, or any related rule or regulation.
  272         (b), and include The name of the company’s its designated
  273  relative or relatives, if applicable, and the street address for
  274  its principal place of business.
  275         (4) The registration renewal application filed by a foreign
  276  licensed family trust company must include a verified statement
  277  by an authorized representative of the trust company that its
  278  operations are in compliance with ss. 662.1225, 662.125,
  279  662.131, and 662.134 and in compliance with the family trust
  280  company laws and regulations of its principal jurisdiction. It
  281  must also provide:
  282         (a) The current telephone number and street address of the
  283  physical location of its principal place of business in its
  284  principal jurisdiction.
  285         (b) The current telephone number and street address of the
  286  physical location in this state of its principal place of
  287  operations where its books and records pertaining to its
  288  operations in this state are maintained.
  289         (c) The current telephone number and address of the
  290  physical location of any other offices located in this state.
  291         (d) The name and current street address in this state of
  292  its registered agent.
  293         (e) Documentation satisfactory to the office that the
  294  foreign licensed family trust company is in compliance with the
  295  family trust company laws and regulations of its principal
  296  jurisdiction.
  297         Section 10. Subsections (4) and (7) of section 662.132,
  298  Florida Statutes, are amended to read:
  299         662.132 Investments.—
  300         (4) Notwithstanding any other law, a family trust company
  301  or licensed family trust company may, while acting as a
  302  fiduciary, purchase directly from underwriters or broker-dealers
  303  distributors or in the secondary market:
  304         (a) Bonds or other securities underwritten or brokered
  305  distributed by:
  306         1. The family trust company or licensed family trust
  307  company;
  308         2. A family affiliate; or
  309         3. A syndicate, including the family trust company,
  310  licensed family trust company, or family affiliate.
  311         (b) Securities of an investment company, including a mutual
  312  fund, closed-end fund, or unit investment trust, as defined
  313  under the federal Investment Company Act of 1940, for which the
  314  family trust company or licensed family trust company acts as an
  315  advisor, custodian, distributor, manager, registrar, shareholder
  316  servicing agent, sponsor, or transfer agent.
  317         (7) Notwithstanding subsections (1)-(6), a family trust
  318  company or licensed family trust company may not, while acting
  319  as a fiduciary, purchase a bond or security issued by the
  320  company or its parent, or a subsidiary company an affiliate
  321  thereof or its parent, unless:
  322         (a) The family trust company or licensed family trust
  323  company is expressly authorized to do so by:
  324         1. The terms of the instrument creating the trust;
  325         2. A court order;
  326         3. The written consent of the settlor of the trust for
  327  which the family trust company or licensed family trust company
  328  is serving as trustee; or
  329         4. The written consent of every adult qualified beneficiary
  330  of the trust who, at the time of such purchase, is entitled to
  331  receive income under the trust or who would be entitled to
  332  receive a distribution of principal if the trust were
  333  terminated; and
  334         (b) The purchase of the security is at a fair price and
  335  complies with:
  336         1. The prudent investor rule in s. 518.11, or other prudent
  337  investor or similar rule under other applicable law, unless such
  338  compliance is waived in accordance with s. 518.11 or other
  339  applicable law.
  340         2. The terms of the instrument, judgment, decree, or order
  341  establishing the fiduciary relationship.
  342         Section 11. Section 662.141, Florida Statutes, is amended
  343  to read:
  344         662.141 Examination, investigations, and fees.—The office
  345  may conduct an examination or investigation of a family trust
  346  company, licensed family trust company, or foreign licensed
  347  family trust company at any time it deems necessary to determine
  348  whether the a family trust company, licensed family trust
  349  company, foreign licensed family trust company, or licensed
  350  family trust company-affiliated party thereof person has
  351  violated or is about to violate any provision of this chapter,
  352  or rules adopted by the commission pursuant to this chapter, or
  353  any applicable provision of the financial institutions
  354  institution codes, or any rule rules adopted by the commission
  355  pursuant to this chapter or the such codes. The office may
  356  conduct an examination or investigation of a family trust
  357  company or foreign licensed family trust company at any time it
  358  deems necessary to determine whether the family trust company or
  359  foreign licensed family trust company has engaged in any act
  360  prohibited under s. 662.131 or s. 662.134 and, if a family trust
  361  company or a foreign licensed family trust company has engaged
  362  in such act, to determine whether any applicable provision of
  363  the financial institutions codes has been violated.
  364         (1) The office may rely upon a certificate of trust, trust
  365  summary, or written statement from the trust company which
  366  identifies the qualified beneficiaries of any trust or estate
  367  for which a family trust company, licensed family trust company,
  368  or foreign licensed family trust company serves as a fiduciary
  369  and the qualifications of such beneficiaries as permissible
  370  recipients of company services.
  371         (2) The office shall conduct an examination of a licensed
  372  family trust company, family trust company, or foreign licensed
  373  family trust company at least once every 36 18 months.
  374         (2) In lieu of an examination by the office, the office may
  375  accept an audit of a family trust company, licensed family trust
  376  company, or foreign licensed family trust company by a certified
  377  public accountant licensed to practice in this state who is
  378  independent of the company, or other person or entity acceptable
  379  to the office. If the office accepts an audit pursuant to this
  380  subsection, the office shall conduct the next required
  381  examination.
  382         (3) The office shall examine the books and records of a
  383  family trust company or licensed family trust company as
  384  necessary to determine whether it is a family trust company or
  385  licensed family trust company as defined in this chapter, and is
  386  operating in compliance with this chapter ss. 662.1225, 662.125,
  387  662.126, 662.131, and 662.134, as applicable. The office may
  388  rely upon a certificate of trust, trust summary, or written
  389  statement from the trust company identifying the qualified
  390  beneficiaries of any trust or estate for which the family trust
  391  company serves as a fiduciary and the qualification of the
  392  qualified beneficiaries as permissible recipients of company
  393  services. The commission may establish by rule the records to be
  394  maintained or requirements necessary to demonstrate conformity
  395  with this chapter as a family trust company or licensed family
  396  trust company.
  397         (3)(4) The office shall examine the books and records of a
  398  foreign licensed family trust company as necessary to determine
  399  if it is a foreign licensed trust company as defined in this
  400  chapter and is in compliance with ss. 662.1225, 662.125,
  401  662.130(2), 662.131, and 662.134. In connection with an
  402  examination of the books and records of the company, the office
  403  may rely upon the most recent examination report or review or
  404  certification letters or similar documentation issued by the
  405  regulatory agency to which the foreign licensed family trust
  406  company is subject to supervision. The commission may establish
  407  by rule the records to be maintained or requirements necessary
  408  to demonstrate conformity with this chapter as a foreign
  409  licensed family trust company. The office’s examination of the
  410  books and records of a foreign licensed family trust company is,
  411  to the extent practicable, limited to books and records of the
  412  operations in this state.
  413         (4)(5) For each examination of the books and records of a
  414  family trust company, licensed family trust company, or foreign
  415  licensed family trust company as authorized under this chapter,
  416  the trust company shall pay a fee for the costs of the
  417  examination by the office. As used in this section, the term
  418  “costs” means the salary and travel expenses of field staff
  419  which are directly attributable to the examination of the trust
  420  company and the travel expenses of any supervisory and or
  421  support staff required as a result of examination findings. The
  422  mailing of payment for costs incurred must be postmarked within
  423  30 days after the receipt of a notice stating that the such
  424  costs are due. The office may levy a late payment of up to $100
  425  per day or part thereof that a payment is overdue, unless waived
  426  for good cause. However, if the late payment of costs is
  427  intentional, the office may levy an administrative fine of up to
  428  $1,000 per day for each day the payment is overdue.
  429         (5)(6) All fees collected under this section must be
  430  deposited into the Financial Institutions’ Regulatory Trust Fund
  431  pursuant to s. 655.049 for the purpose of administering this
  432  chapter.
  433         (6) The commission may establish by rule the records to be
  434  maintained or requirements necessary to demonstrate conformity
  435  with this chapter as a family trust company, licensed family
  436  trust company, or foreign licensed family trust company.
  437         Section 12. Section 662.142, Florida Statutes, is amended
  438  to read:
  439         662.142 Revocation of license.—
  440         (1) Any of the following acts constitute or conduct
  441  constitutes grounds for the revocation by the office of the
  442  license of a licensed family trust company:
  443         (a) The company is not a family trust company as defined in
  444  this chapter.;
  445         (b) A violation of s. 662.1225, s. 662.123(1)(a), s.
  446  662.125(2), s. 662.126, s. 662.127, s. 662.128, s. 662.130, s.
  447  662.131, s. 662.134, or s. 662.144.;
  448         (c) A violation of chapter 896, relating to financial
  449  transactions offenses, or a any similar state or federal law or
  450  any related rule or regulation.;
  451         (d) A violation of any rule of the commission.;
  452         (e) A violation of any order of the office.;
  453         (f) A breach of any written agreement with the office.;
  454         (g) A prohibited act or practice under s. 662.131.;
  455         (h) A failure to provide information or documents to the
  456  office upon written request.; or
  457         (i) An act of commission or omission that is judicially
  458  determined to be a breach of trust or of fiduciary duty pursuant
  459  to a court of competent jurisdiction.
  460         (2) If the office finds Upon a finding that a licensed
  461  family trust company has committed any of the acts specified set
  462  forth in subsection (1) paragraphs (1)(a)-(h), the office may
  463  enter an order suspending the company’s license and provide
  464  notice of its intention to revoke the license and of the
  465  opportunity for a hearing pursuant to ss. 120.569 and 120.57.
  466         (3) If a hearing is not timely requested pursuant to ss.
  467  120.569 and 120.57 or if a hearing is held and it has been
  468  determined that the licensed family trust company has committed
  469  any of the acts specified in subsection (1) there has been a
  470  commission or omission under paragraph (1)(i), the office may
  471  immediately enter an order revoking the company’s license. A The
  472  licensed family trust company has shall have 90 days to wind up
  473  its affairs after license revocation. If after 90 days the
  474  company is still in operation, the office may seek an order from
  475  the circuit court for the annulment or dissolution of the
  476  company.
  477         Section 13. Subsection (1) of section 662.143, Florida
  478  Statutes, is amended to read:
  479         662.143 Cease and desist authority.—
  480         (1) The office may issue and serve upon a family trust
  481  company, licensed family trust company, or foreign licensed
  482  family trust company, or upon a family trust company-affiliated
  483  party, a complaint stating charges if the office has reason to
  484  believe that such company, family trust company-affiliated
  485  party, or individual named therein is engaging in or has engaged
  486  in any of the following acts conduct that:
  487         (a) Indicates that The company is not a family trust
  488  company or foreign licensed family trust company as defined in
  489  this chapter.;
  490         (b) Is A violation of s. 662.1225, s. 662.123(1)(a), s.
  491  662.125(2), s. 662.126, s. 662.127, s. 662.128, s. 662.130, or
  492  s. 662.134.;
  493         (c) Is A violation of any rule of the commission.;
  494         (d) Is A violation of any order of the office.;
  495         (e) Is A breach of any written agreement with the office.;
  496         (f) Is A prohibited act or practice pursuant to s.
  497  662.131.;
  498         (g) Is A willful failure to provide information or
  499  documents to the office upon written request.;
  500         (h) Is An act of commission or omission that is judicially
  501  determined by or a court of competent jurisdiction practice that
  502  the office has reason to be believe is a breach of trust or of
  503  fiduciary duty.; or
  504         (i) Is A violation of chapter 896 or similar state or
  505  federal law or any related rule or regulation.
  506         Section 14. Section 662.144, Florida Statutes, is amended
  507  to read:
  508         662.144 Failure to submit required report; fines.—If a
  509  family trust company, licensed family trust company, or foreign
  510  licensed family trust company fails to submit within the
  511  prescribed period its annual renewal or any other report
  512  required by this chapter or any rule, the office may impose a
  513  fine of up to $100 for each day that the annual renewal or
  514  report is overdue. Failure to provide the annual renewal within
  515  60 days after the end of the calendar year shall automatically
  516  result in termination of the registration of a family trust
  517  company or foreign licensed family trust company or revocation
  518  of the license of a licensed family trust company. A family
  519  trust company may have its registration or license automatically
  520  reinstated by submitting to the office, on or before August 31
  521  of the calendar year in which the renewal application is due,
  522  the company’s annual renewal application and fee required under
  523  s. 662.128, a $500 late fee, and the amount of any fine imposed
  524  by the office under this section. A family The trust company
  525  that fails to renew or reinstate its registration or license
  526  must shall thereafter have 90 days to wind up its affairs on or
  527  before November 30 of the calendar year in which such failure
  528  occurs. Fees and fines collected under this section shall be
  529  deposited into the Financial Institutions’ Regulatory Trust Fund
  530  pursuant to s. 655.049 for the purpose of administering this
  531  chapter.
  532         Section 15. Paragraph (a) of subsection (6) of section
  533  662.145, Florida Statutes, is amended to read:
  534         662.145 Grounds for removal.—
  535         (6) The chief executive officer, or the person holding the
  536  equivalent office, of a family trust company or licensed family
  537  trust company shall promptly notify the office if he or she has
  538  actual knowledge that a family trust company-affiliated party is
  539  charged with a felony in a state or federal court.
  540         (a) If a family trust company-affiliated party is charged
  541  with a felony in a state or federal court, or is charged with an
  542  offense in a court the courts of a foreign country with which
  543  the United States maintains diplomatic relations which involves
  544  a violation of law relating to fraud, currency transaction
  545  reporting, money laundering, theft, or moral turpitude and the
  546  charge is equivalent to a felony charge under state or federal
  547  law, the office may enter an emergency order suspending the
  548  family trust company-affiliated party or restricting or
  549  prohibiting participation by such company-affiliated party in
  550  the affairs of that particular family trust company or licensed
  551  family trust company or any state financial institution,
  552  subsidiary, or service corporation, upon service of the order
  553  upon the company and the family trust company-affiliated party
  554  so charged.
  555         Section 16. Paragraph (b) of subsection (1) of section
  556  662.150, Florida Statutes, is amended to read:
  557         662.150 Domestication of a foreign family trust company.—
  558         (1) A foreign family trust company lawfully organized and
  559  currently in good standing with the state regulatory agency in
  560  the jurisdiction where it is organized may become domesticated
  561  in this state by:
  562         (b) Filing an application for a license to begin operations
  563  as a licensed family trust company in accordance with s.
  564  662.121, which must first be approved by the office, or by
  565  filing the prescribed form with the office to register as a
  566  family trust company to begin operations in accordance with s.
  567  662.122.
  568         Section 17. Subsection (3) of section 662.151, Florida
  569  Statutes, is amended to read:
  570         662.151 Registration of a foreign licensed family trust
  571  company to operate in this state.—A foreign licensed family
  572  trust company lawfully organized and currently in good standing
  573  with the state regulatory agency in the jurisdiction under the
  574  law of which it is organized may qualify to begin operations in
  575  this state by:
  576         (3) A company in operation as of the effective date of this
  577  act that meets the definition of a family trust company shall
  578  have 90 days from the effective date of this act to apply for
  579  licensure as a licensed family trust company, register as a
  580  family trust company or foreign licensed family trust company,
  581  or cease doing business in this state.
  582         Section 18. This act shall take effect upon becoming law.

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