CS for SB 1050 - Fiduciaries

• Requires mortgage holders to provide unpaid loan balance information within 14 days to mortgagors, property owners, fiduciaries, and authorized representatives, with different disclosure requirements based on who requests the information.

• Expands mortgage servicer liability protections when releasing financial information to authorized persons under section 655.059.

• Defines "carrying value" as fair market value when assets are received by a fiduciary, with provisions for adjustments when fiduciaries change.

• Revises trust income and principal allocation rules by substituting "fiduciary" for "trustee" throughout Chapter 738 to clarify provisions apply to all fiduciaries, not just trustees.

• Amends total return unitrust provisions including definitions of "average fair market value" and "unitrust amount," eliminates certain conversion restrictions, and adds new distribution rules for publicly-traded entities and investment entities.

• Clarifies expense apportionment between tenants and remaindermen, including ordinary expenses, debt payments, environmental costs, and improvement costs based on expected duration.

• Effective date: January 1, 2013.