Section 662.111 - DefinitionsAs used in this chapter, the term:
(1) "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 s. 662.121.(2) "Authorized representative" means an officer or director of a family trust company, licensed family trust company, or foreign licensed family trust company, if organized as a corporation; or a manager, officer, or member of a family trust company, licensed family trust company, or foreign licensed family trust company, if organized as a limited liability company.(3) "Capital account" means the aggregate value of unimpaired capital stock based on the par value of the shares, plus any unimpaired surplus and undivided profits or retained earnings of a family trust company organized as a corporation; or the initial cash investment remitted for membership interests in a family trust company organized as a limited liability company, plus any undivided profits or retained earnings of the limited liability company.(4) "Capital stock" means the shares of stock issued to create nonwithdrawable capital for a corporation, or membership interests issued to create nonwithdrawable capital for a limited liability company.(5) "Collateral kinship" means a relationship that is not lineal but derives from a common ancestor.(6) "Commercial banking" means the business of receiving demand and time deposits, paying checks, or lending money to the public.(7) "Commission" means the Financial Services Commission.(8) "Controlling stockholder or member" means an individual who owns or has the ability or power to directly or indirectly vote at least 10 percent or more of the outstanding shares, membership interest, or membership units of the family trust company or licensed family trust company.(9) "Designated relative" means a common ancestor of a family, who may be a living or deceased person, and who is so designated in the application for a license or annual license.(10) "Family affiliate" means a company or other entity in which one or more family members own, control, or have the power to directly or indirectly vote more than 50 percent of a class of voting securities of that company or other entity.(11) "Family member" means: (a) A designated relative.(b) A person within the fourth degree of lineal kinship to a designated relative of a family trust company, or a person within the sixth degree of lineal kinship to a designated relative of a licensed family trust company.(c) A person within the seventh degree of collateral kinship to a designated relative of a family trust company, or a person within the ninth degree of collateral kinship to a designated relative of a licensed family trust company.(d) The spouse or former spouse of an individual qualifying as a family member and an individual who is within the fifth degree of lineal kinship to that spouse or former spouse.(f) A trust established by a family member if the trust is funded exclusively by one or more family members. A trust to which property has been transferred as a result of a family member's exercise of a power of appointment shall be deemed established by that family member if all qualified beneficiaries of the appointee trust are family members.(g) A trust established by an individual who is not a family member if all of the noncharitable qualified beneficiaries of the trust are family members, except that a trust composed exclusively of nonindividual qualified beneficiaries is considered to be a family member if all of the nonindividual qualified beneficiaries are charitable foundations or other charitable entities as described in paragraph (j).(h) The probate estate of a family member.(i) The probate estate of an individual who is not a family member if all of the noncharitable beneficiaries of the estate are family members, except that an estate composed exclusively of nonindividual beneficiaries is considered to be a family member if all of the nonindividual beneficiaries are charitable foundations or other charitable entities as described in paragraph (j).(j) A charitable foundation or other charitable entity in which a majority of the governing body is composed of family members.(12) "Family trust company" means a corporation or limited liability company that: (a) Is exclusively owned by one or more family members.(b) Is organized or qualified to do business in this state.(c) Acts or proposes to act as a fiduciary to serve one or more family members.(d) Does not serve as a fiduciary for a person, entity, trust, or estate that is not a family member, except that it may serve as a fiduciary for up to 35 individuals who are not family members if the individuals are current or former employees of the family trust company or one or more trusts, companies, or other entities that are family members.(13) "Family trust company-affiliated party" means:(a) A director, officer, manager, employee, or controlling stockholder or member of a family trust company, licensed family trust company, or foreign licensed family trust company; or(b) A stockholder, a member, or any other person as determined by the office who participates in the affairs of a family trust company, licensed family trust company, or foreign licensed family trust company.(14) "Financial institutions codes" has the same meaning as provided in s. 655.005(1).(15) "Foreign licensed family trust company" means a family trust company that: (a) Is licensed by a state in the United States other than this state or the District of Columbia.(b) Has its principal place of business in a state in the United States other than this state or the District of Columbia.(c) Is operated in accordance with family or private trust company laws of the state in which it is licensed or of the District of Columbia.(d) Is subject to statutory or regulatory mandated supervision by the state in which the principal place of business is located or by the District of Columbia.(e) Is not owned by, or a subsidiary of, a corporation, limited liability company, or other business entity that is organized in or licensed by any foreign country as defined in s. 663.01(3).(16) "Licensed family trust company" means a family trust company that operates in accordance with this chapter and has been issued a license that has not been revoked or suspended by the office.(17) "Lineal kinship" means a family member who is in the direct line of ascent or descent from a designated relative.(18) "Office" means the Office of Financial Regulation.(19) "Officer" of a family trust company means an individual, regardless of whether the individual has an official title or receives a salary or other compensation, who may participate in the major policymaking functions of a family trust company, other than as a director. The term does not include an individual who may have an official title and exercise discretion in the performance of duties and functions, but who does not participate in determining the major policies of the family trust company and whose decisions are limited by policy standards established by other officers, regardless of whether the policy standards have been adopted by the board of directors. The chair of the board of directors, the president, the chief officer, the chief financial officer, the senior trust officer, and all executive vice presidents of a family trust company, and all managers if organized as a limited liability company, are presumed to be officers unless such officer is excluded by resolution of the board of directors or members or by the bylaws or operating agreement of the family trust company, other than in the capacity of a director, from participating in major policymaking functions of the family trust company, and such excluded officer does not actually participate therein.(20) "Qualified beneficiary" has the same meaning as provided in s. 736.0103. s.5, ch. 2014-97; s.2, ch. 2016-35.Amended by 2016 Fla. Laws, ch. 35, s 2, eff. 3/10/2016.Added by 2014 Fla. Laws, ch. 97, s 5, eff. 10/1/2015.