AR HB1516

Adds "foundation" to the definition of "company" under the Arkansas Trust Institutions Act

Exempts foundations from the definition of "unauthorized trust activity" when serving as fiduciaries

Defines a "foundation" as a tax-exempt 501(c)(3) organization with at least $1,000,000 in equity capital, $2,000,000 in fiduciary liability insurance, written fiduciary policies, and annual independent audits

Limits foundation fiduciary services to trusts and estates with assets under $750,000, with exceptions if the foundation is the sole remainder beneficiary or the beneficiary is an organization supported by the foundation

Authorizes foundations to act as fiduciaries and excludes foundation fiduciary services from the definition of "trust business" requiring regulatory licensing