That's correct Dave :
The Family Radio Service (FRS) is in the 462 - 467 MHz spectrum range.
The most common use for FRS spectrum is short-distance, two-way communications using small, portable hand-held devices that function similar to walkie-talkies.
The Family Radio Service (FRS) is licensed by rule. This means an individual license is not required to operate an FRS device. You can operate an FRS device regardless of your age and for personal or business use so long as you are not a representative of a foreign government.

The General Mobile Radio Service (GMRS) is in the 462 - 467 MHz spectrum range.
The most common use of GMRS spectrum is short-distance, two-way communications using small, portable hand-held devices that function similar to walkie-talkies.
An FCC license is required to operate a General Mobile Radio Service (GMRS) system.
Licenses are issued for a five-year term and can be renewed between 90 days prior to the expiration date and up to the actual expiration date of the license.
(In 2010, the FCC proposed to remove the individual licensing requirement for GMRS and instead license GMRS “by rule” (meaning that an individual license would not be required to operate a GMRS device). This proposal is still pending. )

FRS devices have a maximum power of ½ watt (500 milliwatt) effective radiated power and integral (non-detachable) antennas.
If you operate a device under the rules that apply to GMRS, you must have a GMRS license.
GMRS devices generally transmit at higher power levels (1 to 5 watts is typical) and may have detachable antennas.