CS for SB 568 - Family Trust Companies

• Revises the Family Trust Company Act to clarify that family trust companies are not financial institutions and do not require licensure under chapters 658 and 660, while allowing voluntary licensing under chapter 662.

• Extends the deadline for filing annual renewal applications from 30 days to 45 days after each calendar year and allows automatic reinstatement of terminated registrations or revoked licenses if submitted by August 31 with required fees and fines.

• Requires companies operating as family trust companies as of October 1, 2015 to apply for licensure, register, or cease operations by December 30, 2015.

• Modifies examination requirements by extending the examination period for licensed family trust companies from 18 months to 36 months and eliminates the option to substitute certified public accountant audits for office examinations.

• Changes the ancestry requirement for designated relatives from five generations to three generations and allows the office to rely on certificates of trust or written statements to verify qualified beneficiaries instead of conducting full examinations.