HB 342 (BR 1173) - L. Combs, G. Stumbo
AN ACT relating to financial matters.
Amend KRS 395.005 to allow a bank or trust company organized under the laws of a state other than Kentucky to be appointed as fiduciary for matters of descent, will, and administration to the extent permitted pursuant to KRS 286.3-920(6) and this Act; amend KRS 286.3-010 to establish definitions for "out-of-state trust company" and "trust representative office"; create a new section of Subtitle 3 of KRS Chapter 286 to authorize Kentucky state trust companies to have trust offices and trust representative offices in Kentucky as well as in other states to the extent the reciprocal state's laws permit a Kentucky trust company to establish an office in the foreign state; establish requirements for a Kentucky state trust company to establish a trust office or trust representative in Kentucky or in another state; create a new section of Subtitle 3 of KRS Chapter 286 to authorize out-of-state trust companies to have trust offices and trust representative offices in Kentucky to the extent the out-of-state trust company's home state allows Kentucky trust companies to establish trust offices or trust representative offices in the foreign state; establish requirements for an out-of-state trust company to establish a trust office or trust representative in Kentucky; amend KRS 286.3-450 to allow the commissioner of the Department of Financial Institutions to enter into cooperative, coordinating, and information-sharing agreements and agreements for joint examinations and joint enforcement actions with other supervisory agencies having concurrent authority over trust offices and trust representative offices; amend KRS 286.3-290 to clarify that a branch office of an out-of-state bank may conduct fiduciary activities authorized under Kentucky law for banks, provided that a branch office of a Kentucky bank is permitted to engage in substantially similar activities in the out-of-state bank's host state.
Feb 4-introduced in House
Feb 7-to Banking & Insurance (H)
Feb 8-posting waived
Feb 9-reported favorably, 1st reading, to Consent Calendar
Feb 10-2nd reading, to Rules; posted for passage in the Consent Orders of the Day for Friday, February 11, 2011
Feb 11-3rd reading, passed 94-1; received in Senate
Feb 15-to Banking & Insurance (S)
Mar 1-reported favorably, 1st reading, to Consent Calendar
Mar 2-2nd reading, to Rules
Mar 3-posted for passage in the Consent Orders of the Day for Friday, March 4, 2011
Mar 4-3rd reading, passed 37-0; received in House; enrolled, signed by each presiding officer; delivered to Governor
Mar 16-signed by Governor