(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.