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ID S1314
Bill
Status
3/15/2016
Primary Sponsor
Commerce and Human Resources Committee
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AI Summary
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Amends Section 26-3205, Idaho Code to add a new subsection (14) exempting individuals acting as trustees from charter requirements if they do not engage in the trust business as defined in Idaho Code Section 26-3203(30)
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Preserves all existing exemptions from trust institution charter requirements, including for attorneys, accountants, real estate brokers, securities professionals, insurance agents, and others
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Allows individual trustees to act without a charter as long as they do not conduct trust business in a manner that would otherwise require licensing and regulation
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Maintains existing prohibitions and regulatory oversight by cross-referencing the definition of "trust business" in state law
Legislative Description
Amends existing law to provide that certain persons acting as a trustee shall not require a charter.
TRUST INSTITUTIONS
Last Action
Signed by Governor on 03/15/16 Session Law Chapter 44 Effective: 07/01/2016
3/15/2016