§ 662.124, Fla. Stat. · Chapter 662. FAMILY TRUST COMPANIES
Minimum capital account required.
Text — 2026 Florida Statutes
(1) A licensed family trust company that has one designated relative may not be organized or operated with an owners’ capital account of less than $250,000. The minimum capital account shall be increased to $350,000 if two designated relatives of the licensed family trust company are named in the application for a license or in the annual license renewal. A family trust company may not be organized or operated with a capital account of less than $250,000.
(2) The full amount of the initial capital account of a family trust company or licensed family trust company must be composed of one or more of the asset groups described in s. 662.132(1)(a), exclusive of all organization expenses.
Notes and commentary — not statutory text
History
s. 15, ch. 2014-97.
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0600-0699/0662/0662.html
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This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
The Florida Statutes
Cited by 5 provisions
Provisions in this library whose text cites § 662.124, Fla. Stat.. Each shows the citation as that text prints it.
The Florida Statutes
- § 662.1215, Fla. Stat.Investigation of license applicants.Printed as s. 662.124; ss. 662.1225, 662.123(1), 662.124, 662.125, and 662.126
- § 662.122, Fla. Stat.Registration of a family trust company or a foreign licensed family trust company.Printed as ss. 662.1225, 662.123(1), 662.124, 662.125, 662.127, 662.131, and 662.134
- § 662.126, Fla. Stat.Fidelity bonds; insurance.Printed as s. 662.124
- § 662.128, Fla. Stat.Annual renewal.Printed as ss. 662.1225, 662.123(1), 662.124, 662.125, 662.127, 662.131, and 662.134
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