MO SB196

Director of Finance must examine private trust companies at least once every thirty-six months, compared to the standard annual examination requirement for other banks and trust companies.

Defines a private trust company as one that does not engage in trust business with the general public or advertise as a trustee for hire, and instead operates exclusively for the benefit of a single family, relatives of that family, or family lineage.

Certified public accountants must retain audit workpapers for a minimum of three years after issuing reports to allow Director access for examinations.

Makes enforceable any provision in a trust instrument requiring mediation or arbitration of disputes between beneficiaries, fiduciaries, and persons with nonfiduciary powers, except disputes challenging the trust instrument's validity.

Allows the Director to contract with out-of-state regulators to examine Missouri branches of out-of-state banks, with costs potentially paid by the home state regulators.