Bill Amendment: FL S0568 | 2015 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Family Trust Companies

Status: 2015-04-28 - Died on Calendar [S0568 Detail]

Download: Florida-2015-S0568-Senate_Committee_Amendment_612190.html

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       Florida Senate - 2015                        COMMITTEE AMENDMENT
       Bill No. SB 568
       
       
       
       
       
       
                                Ì612190{Î612190                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Between lines 458 and 459
    4  insert:
    5         Section 14. Section 662.144, Florida Statutes, is amended
    6  to read:
    7         662.144 Failure to submit required report; fines.—If a
    8  family trust company, licensed family trust company, or foreign
    9  licensed family trust company fails to submit within the
   10  prescribed period its annual renewal or any other report
   11  required by this chapter or any rule, the office may impose a
   12  fine of up to $100 for each day that the annual renewal or
   13  report is overdue. Failure to provide the annual renewal within
   14  60 days after the end of the calendar year shall automatically
   15  result in termination of the registration of a family trust
   16  company or foreign licensed family trust company or revocation
   17  of the license of a licensed family trust company. A family
   18  trust company may have its registration or license automatically
   19  reinstated by submitting to the office, on or before August 31
   20  of the calendar year in which the renewal application is due,
   21  the company’s annual renewal application and fee required under
   22  s. 662.128, a $500 late fee, and the amount of any fine imposed
   23  by the office under this section. A family The trust company
   24  that fails to renew or reinstate its registration or license
   25  must shall thereafter have 90 days to wind up its affairs on or
   26  before November 30 of the calendar year in which such failure
   27  occurs. Fees and fines collected under this section shall be
   28  deposited into the Financial Institutions’ Regulatory Trust Fund
   29  pursuant to s. 655.049 for the purpose of administering this
   30  chapter.
   31  
   32  ================= T I T L E  A M E N D M E N T ================
   33  And the title is amended as follows:
   34         Delete line 54
   35  and insert:
   36         parties; amending s. 662.144, F.S.; authorizing a
   37         family trust company to have its terminated
   38         registration or revoked license reinstated under
   39         certain circumstances; revising the timeframe for a
   40         family trust company to wind up its affairs under
   41         certain circumstances; requiring the deposit of
   42         certain fees and fines in the Financial Institutions’
   43         Regulatory Trust Fund; amending s. 662.145, F.S.;
   44         revising the