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MO HB144
Bill
Status
1/10/2013
Primary Sponsor
Kevin Austin
Click for details
AI Summary
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Extends examination period for private trust companies from 12 months to 36 months, defining them as entities serving only families or single family lineages without advertising or solicitation to the general public.
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Maintains annual examination requirements for banks and trust companies with CAMEL/MOECA ratings of 3 or lower, and 18-month intervals for those rated 1 or 2.
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Makes provisions in trust instruments requiring mediation or arbitration of disputes enforceable, covering disputes between beneficiaries, fiduciaries, and persons with nonfiduciary powers under the trust.
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Excludes disputes relating to the validity of the trust instrument itself from the alternative dispute resolution requirement.
Legislative Description
Allows private trust companies to be examined every 36 months and makes alternative dispute provisions in trusts enforceable.
Last Action
Voted Do Pass (H)
2/27/2013