SECTION 662.1215. Investigation of license applicants.
Latest version.
1(1) 2For the purpose of this section, the application is not deemed to be filed until the applicant has provided the office with all information required to be included pursuant to s. 33662.12134.
35(2) 36Upon filing an application for a license to operate as a licensed family trust company, the office shall conduct an investigation to confirm:
59(a) 60That the persons who will serve as directors or officers of the corporation or, if the applicant is a limited liability company, managers or members acting in a managerial capacity, have not:
921. 93Been convicted of, or entered a plea of nolo contendere to, a crime involving fraud, misrepresentation, or moral turpitude;
1122. 113Been convicted of, or pled nolo contendere to, a violation of the financial institutions codes, including s. 130655.50, 131chapter 896, or similar state or federal law;
1393. 140Been directors, officers, managers, or members of a financial institution licensed or chartered under the financial institutions codes or by the Federal Government or any other state, the District of Columbia, a territory of the United States, or a foreign country, whose license or charter was suspended or revoked within the 10 years preceding the date of the application;
1994. 200Had a professional license suspended or revoked within the 10 years preceding the date of the application; or
2185. 219Made a false statement of material fact on the application.
229(b) 230That the name of the proposed company complies with s. 240662.123241.
242(c) 243That capital accounts of the proposed company conform to s. 253662.124254and that fidelity bonds and errors and omissions insurance coverage required under s. 267662.126268are issued and effective.
272(d) 273That the articles of incorporation or articles of organization conform to s. 285662.123(1)286.
287(e) 288That the management structure of the proposed company complies with s. 299662.125300.
301(3) 302If the investigation required under this section confirms that the applicant has met the requirements of ss. 319662.1225, 320662.123(1), 321662.124, 322662.125, 323and 324662.126, 325and that the persons who will serve as directors or officers of the corporation or the managers or members acting in a managerial capacity of the limited liability company, as applicable, satisfy the criteria set forth in subsection (2), the office shall issue a license authorizing the applicant to operate as a licensed family trust company.
381(4) 382If the office determines the criteria in subsection (2) have not been met, the office shall serve notice of its intent to deny the application and of the applicant’s opportunity to request a hearing pursuant to ss. 419120.569420and 421120.57422.
