SECTION 662.124. Minimum capital account required.

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1(1) 2A 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.
81(2) 82The 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. 114662.132(1)(a), 115exclusive of all organization expenses.

History.-s. 15, ch. 2014-97.

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