Fla. Admin. Code Ann. R. 69K-7.015 - Trust Agreements and Trustees

(1) Any trust company or a state or national bank holding trust powers or a savings and loan association holding trust powers shall be considered a trustee qualified to serve as a trustee of a preneed trust under Section 497.458 or 497.464, F.S., or a pre-construction trust under Section 497.272, F.S.

(2) Any trust company or a state or national bank holding trust powers shall be considered a trustee qualified to serve as trustee of a care and maintenance trust under Section 497.266, F.S.

(3) All trust agreements and all amendments thereto must be submitted to and approved by the Board of Funeral, Cemetery, and Consumer Services.

(4) Each trust agreement must provide for:

(a) Resignation of the trustee.

(b) Replacement of trustee by trustor/settlor/grantor.

(c) Transfer of assets of the trust.

(5) Transfer of assets to another trust agreement is permissible provided the trust agreement was approved by the Board, if applicable, and the terms of both trust agreements are consistent and meet the requirements of Rule 69K-7.020, F.A.C.

(6) Transfer of assets of any trust must be made only to a qualified trustee as set forth in subsection (1) or (2), above, and only after written notice to the Department and the Board of the name, address, and location of the successor trustee; the effective date of the selection thereof; and the transfer of the assets which must be certified to by the replaced or resigned trustee to which shall be attached a receipt thereof from the successor trustee.

Notes

Fla. Admin. Code Ann. R. 69K-7.015

Rulemaking Authority 497.103, 497.465(9) FS. Law Implemented 497.266, 497.285, 497.465 FS.

New 4-25-94, Amended 4-6-03, Formerly 3F-7.015, Amended by Florida Register Volume 46, Number 033, February 18, 2020 effective 3/1/2020.

New 4-25-94, Amended 4-6-03, Formerly 3F-7.015, Amended 3-1-20.