FL S0080

Establishes that family trust companies are not financial institutions and restricts regulatory oversight by the Office of Financial Regulation to ensuring fiduciary services remain limited to family members and authorized related interests.

Allows family trust companies to elect licensure under this chapter for voluntary regulatory oversight while maintaining their family-only service restrictions.

Modifies ancestry requirements for designated relatives from five to three generations and extends the license/registration deadline from 30 to 45 days after calendar year-end.

Permits family trust companies operating as of October 1, 2016, to apply for licensure, register, or cease operations by December 30, 2016.

Authorizes reinstatement of terminated registrations or revoked licenses if companies submit renewal applications and required fees by August 31, and establishes deadlines for winding up affairs by November 30.