FL H0017

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, though they may voluntarily elect to be licensed.

Extends the deadline for annual renewal applications from 45 days to 30 days after the end of each calendar year, and requires existing family trust companies to apply for licensure, register, or cease operations by December 30, 2016.

Requires foreign licensed family trust companies to comply with family trust laws and regulations in their home jurisdiction and maintain a physical office in Florida with records available for examination.

Expands ancestry requirements for designated relatives from a common ancestor within three generations to five generations for licensed family trust companies.

Modifies examination and licensing requirements by eliminating mandatory examinations for unlicensed family trust companies and foreign licensed companies, allowing the office to rely on trust documentation to verify beneficiary qualifications instead.