MO HB2539

Creates a statutory framework for private trust companies in Missouri, defined as corporations or LLCs acting as fiduciaries exclusively for family members related within the fourth degree of affinity or consanguinity

Requires private trust companies to maintain minimum capital of $250,000 and prohibits them from transacting business with the general public

Allows private trust companies to request written exemptions from certain trust company regulations, with the Director of Finance required to approve or deny applications within 61 days

Reduces examination frequency for private trust companies to at least once every 36 months, compared to annual or 18-month examinations required for other banks and trust companies

Authorizes the Director of Finance to revoke exemptions if a private trust company makes false statements, fails to submit to examination, or violates compliance requirements, with 30 days notice before revocation takes effect