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The Florida Statutes

The 2019 Florida Statutes

Title XXXVIII
BANKS AND BANKING
Chapter 662
FAMILY TRUST COMPANIES
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F.S. 662.124
662.124 Minimum capital account required.
(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.
History.s. 15, ch. 2014-97.