Florida § 662.102 - Purposes; findings.
Full text of Florida Florida Statutes § 662.102 — Purposes; findings., with citation guidance and answers to common questions.
§ 662.102. Purposes; findings.
The purposes of the Family Trust Company Act are to establish requirements for licensing family trust companies, to regulate persons who provide fiduciary services to family members of no more than two families and their related interests as a family trust company, and to establish the degree of regulatory oversight required of the Office of Financial Regulation over such companies. The public interest served by this chapter is to ensure that fiduciary activities performed by a family trust company are restricted to family members and their related interests and as otherwise provided in this chapter. Therefore, the Legislature finds that: (1) A family trust company is not a financial institution within the meaning of the financial institutions codes. Licensure of such a company pursuant to chapters 658 and 660 is not required as it would not promote the purposes of the codes specified in s. 655.001. (2) A family trust company may elect to be a licensed family trust company under this chapter if the company desires to be subject to the regulatory oversight of the office, as provided in this chapter, notwithstanding that the company restricts its services to family members. (3) With respect to: (a) A licensed family trust company, the office is responsible for regulating, supervising, and examining the company as provided under this chapter. (b) A family trust company that does not elect to be licensed and a foreign licensed family trust company, the office’s role is limited to ensuring that fiduciary services provided by the company are restricted to family members and authorized related interests and not to the general public. The office is not responsible for examining a family trust company or a foreign licensed family trust company regarding the safety or soundness of its operations.
Frequently Asked Questions About Florida § 662.102
What does Florida Statutes § 662.102 cover?
Section 662.102 ("Purposes; findings.") is part of the Florida Statutes, the codified statutory law of Florida. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Florida § 662.102?
A common citation format is "Florida Statutes § 662.102" (Florida). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Florida law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Florida official source linked on this page or consult a licensed Florida attorney.
How does Florida § 662.102 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Florida can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Florida.