CS/HB 825 Summary

• Revises the Family Trust Company Act to clarify that family trust companies are not financial institutions and establishes that licensure under chapters 658 and 660 is not required.

• Redefines "officer" to include individuals who participate in major policymaking functions regardless of title or compensation, with specific presumptions for certain positions like board chairs and presidents.

• Increases the ancestral requirement for designated relatives from three to five generations and expands management structure requirements for licensed family trust companies.

• Requires all operating family trust companies to apply for licensure, register, or cease operations by December 30, 2015; extends the renewal application deadline from 45 to 30 days after year-end.

• Modifies examination requirements, investment authority, license revocation procedures, and penalties; eliminates the requirement for the office to examine unlicensed and foreign family trust companies regarding safety and soundness, focusing instead on family-member restrictions.