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SB 80: Family Trust Companies

GENERAL BILL by Richter ; (CO-INTRODUCERS) Soto

Family Trust Companies; Revising the purposes of the Family Trust Company Act; specifying the applicability of other chapters of the financial institutions codes to family trust companies; revising the requirements for investigations of license applicants by the Office of Financial Regulation; revising the authority of specified family trust companies while acting as fiduciaries to purchase certain bonds and securities, etc.

Effective Date: 3/10/2016
Last Action: 3/10/2016 - Chapter No. 2016-35
Location: Became Law
Bill Text: Web Page | PDF
Senate Committee References:
  1. Banking and Insurance (BI)
  2. Judiciary (JU)
  3. Fiscal Policy (FP)

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  • Bill History

    Date Chamber Action
    8/3/2015 Senate • Filed
    8/19/2015 Senate • Referred to Banking and Insurance; Judiciary; Fiscal Policy -SJ 9
    9/28/2015 Senate • On Committee agenda-- Banking and Insurance, 10/06/15, 10:00 am, 110 Senate Office Building
    10/6/2015 Senate • Favorable by Banking and Insurance; YEAS 9 NAYS 0 -SJ 126
    • Now in Judiciary -SJ 126
    11/9/2015 Senate • On Committee agenda-- Judiciary, 11/17/15, 3:30 pm, 110 Senate Office Building
    11/17/2015 Senate • Favorable by Judiciary; YEAS 10 NAYS 0 -SJ 125
    11/18/2015 Senate • Now in Fiscal Policy -SJ 125
    11/23/2015 Senate • On Committee agenda-- Fiscal Policy, 12/03/15, 1:00 pm, 412 Knott Building
    12/3/2015 Senate • Favorable by- Fiscal Policy; YEAS 8 NAYS 0
    • Placed on Calendar, on 2nd reading
    1/12/2016 Senate • Introduced -SJ 9
    1/13/2016 Senate • Placed on Special Order Calendar, 01/15/16
    1/15/2016 Senate • Read 2nd time -SJ 216
    • Placed on 3rd reading
    1/21/2016 Senate • Read 3rd time -SJ 232
    • Passed; YEAS 34 NAYS 0 -SJ 233
    1/28/2016 House • In Messages
    2/18/2016 House • Referred to Calendar -HJ 499
    • Received -HJ 498
    2/19/2016 House • Placed on Special Order Calendar, 02/23/16
    2/23/2016 House • Substituted for HB 17 -HJ 551
    • Read 2nd time -HJ 551
    • Placed on 3rd reading
    2/24/2016 House • Read 3rd time -HJ 584
    • Passed; YEAS 116 NAYS 0 -HJ 584
    3/1/2016 Senate • Ordered enrolled -SJ 520
    3/3/2016 • Signed by Officers and presented to Governor -SJ 652
    3/10/2016 • Approved by Governor -SJ 992
    • Chapter No. 2016-35

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  • SB 80, Enrolled (Current Bill Version) Posted 3/1/2016 at 4:04 PM

    Bill Text:   Web Page PDF
    Analyses:   None

    Related Bills (1)

    Bill Number Subject Filed By Relationship Learn more about bill relationships Last Action and Location Track Bills
    H 17 Family Trust Companies Roberson Similar Last Action: 2/23/2016 H Laid on Table, companion bill(s) passed, see SB 80 (Ch. 2016-35) -HJ 551
    Location: Laid on Table

    Citations - Statutes (17)

    Citation Catchline Location in Bill Location In Bill Help
    662.102 Purpose. Page 3 (pdf)
    662.111 Definitions. Page 5 (pdf)
    662.113 Page 6 (pdf)
    662.120 Maximum number of designated relatives. Page 6 (pdf)
    662.1215 Investigation of license applicants. Page 6 (pdf)
    662.122 Registration of a family trust company or a foreign licensed family trust company. Page 7 (pdf)
    662.1225 Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company. Page 8 (pdf)
    662.123 Organizational documents; use of term "family trust" in name. Page 9 (pdf)
    662.128 Annual renewal. Page 9 (pdf)
    662.132 Investments. Page 11 (pdf)
    662.141 Examination, investigations, and fees. Page 12 (pdf)
    662.142 Revocation of license. Page 16 (pdf)
    662.143 Cease and desist authority. Page 17 (pdf)
    662.144 Failure to submit required report; fines. Page 18 (pdf)
    662.145 Grounds for removal. Page 19 (pdf)
    662.150 Domestication of a foreign family trust company. Page 20 (pdf)
    662.151 Registration of a foreign licensed family trust company to operate in this state. Page 20 (pdf)

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  • SB 80, Original Filed Version Posted 8/3/2015 at 11:58 AM

    Bill Text:   Web Page PDF
    Analyses:   Banking and Insurance (Pre-Meeting) 10/2/2015 (pdf)
    Banking and Insurance (Post-Meeting) 10/6/2015 (pdf)
    Judiciary (Pre-Meeting) 11/16/2015 (pdf)
    Judiciary (Post-Meeting) 11/17/2015 (pdf)
    Fiscal Policy (Pre-Meeting) 12/2/2015 (pdf)
    Fiscal Policy (Post-Meeting) 12/3/2015 (pdf)

    Related Bills (1)

    Bill Number Subject Filed By Relationship Learn more about bill relationships Last Action and Location Track Bills
    H 17 Family Trust Companies Roberson Similar Last Action: 2/23/2016 H Laid on Table, companion bill(s) passed, see SB 80 (Ch. 2016-35) -HJ 551
    Location: Laid on Table

    Committee Votes (3)

    Date Committee Result
    10/6/2015 10:00 AM Banking and Insurance 9 Yeas - 0 Nays
    11/17/2015 3:30 PM Judiciary 10 Yeas - 0 Nays
    12/3/2015 1:00 PM Fiscal Policy 8 Yeas - 0 Nays

    Floor Votes (2)

    Date Chamber Result
    1/21/2016 1:25 PM Senate 34 Yeas - 0 Nays
    2/24/2016 3:02 PM House 116 Yeas - 0 Nays

    Citations - Statutes (17)

    Citation Catchline Location in Bill Location In Bill Help
    662.102 Purpose. Page 3 (pdf)
    662.111 Definitions. Page 5 (pdf)
    662.113 Page 6 (pdf)
    662.120 Maximum number of designated relatives. Page 6 (pdf)
    662.1215 Investigation of license applicants. Page 6 (pdf)
    662.122 Registration of a family trust company or a foreign licensed family trust company. Page 7 (pdf)
    662.1225 Requirements for a family trust company, licensed family trust company, or foreign licensed family trust company. Page 8 (pdf)
    662.123 Organizational documents; use of term "family trust" in name. Page 9 (pdf)
    662.128 Annual renewal. Page 9 (pdf)
    662.132 Investments. Page 11 (pdf)
    662.141 Examination, investigations, and fees. Page 12 (pdf)
    662.142 Revocation of license. Page 16 (pdf)
    662.143 Cease and desist authority. Page 17 (pdf)
    662.144 Failure to submit required report; fines. Page 18 (pdf)
    662.145 Grounds for removal. Page 19 (pdf)
    662.150 Domestication of a foreign family trust company. Page 20 (pdf)
    662.151 Registration of a foreign licensed family trust company to operate in this state. Page 20 (pdf)

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