AI-assisted research summary: The office may suspend or revoke a licensed family trust company’s license if specified violations or other listed acts occur, and the company must wind up its affairs within 90 days after revocation.
662.142 Revocation of license.—(1) Any of the following acts constitute grounds for the revocation by the office of the license of a licensed family trust company:(a) The company is not a family trust company as defined in this chapter. (b) A violation of s. 662.1225, s. 662.123(1)(a), s. 662.125(2), s. 662.126, s. 662.127, s. 662.128, s. 662.130, s. 662.131, s. 662.134, or s. 662.144. (c) A violation of chapter 896, relating to financial transactions offenses, or a similar state or federal law or related rule or regulation. (d) A violation of any rule of the commission. (e) A violation of any order of the office. (f) A breach of any written agreement with the office. (g) A prohibited act or practice under s. 662.131. (h) A failure to provide information or documents to the office upon written request. (i) An act of commission or omission that is judicially determined to be a breach of trust or fiduciary duty. (2) If the office finds that a licensed family trust company has committed any of the acts specified in subsection (1), the office may enter an order suspending the company’s license and provide notice of its intention to revoke the license and of the opportunity for a hearing pursuant to ss. 120.569 and 120.57. (3) If a hearing is not timely requested pursuant to ss. 120.569 and 120.57 or if a hearing is held and it has been determined that the licensed family trust company has committed any of the acts specified in subsection (1), the office may enter an order revoking the company’s license. A licensed family trust company has 90 days to wind up its affairs after license revocation. If after 90 days the company is still in operation, the office may seek an order from the circuit court for the annulment or dissolution of the company.