Kentucky House Bill 342 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 2-0)
Status: Enrolled on March 4 2011 - 75% progression, died in chamber
Action: 2011-03-16 - signed by Governor
Text: Latest bill text (Draft #3) [MS Word]

Amend KRS 395.005 to allow a bank or trust company organized under the laws of a state other than Kentucky to be appointed as fiduciary for matters of descent, will, and administration to the extent permitted pursuant to KRS 286.3-920(6) and this Act; amend KRS 286.3-010 to establish definitions for "out-of-state trust company" and "trust representative office"; create a new section of Subtitle 3 of KRS Chapter 286 to authorize Kentucky state trust companies to have trust offices and trust representative offices in Kentucky as well as in other states to the extent the reciprocal state's laws permit a Kentucky trust company to establish an office in the foreign state; establish requirements for a Kentucky state trust company to establish a trust office or trust representative in Kentucky or in another state; create a new section of Subtitle 3 of KRS Chapter 286 to authorize out-of-state trust companies to have trust offices and trust representative offices in Kentucky to the extent the out-of-state trust company's home state allows Kentucky trust companies to establish trust offices or trust representative offices in the foreign state; establish requirements for an out-of-state trust company to establish a trust office or trust representative in Kentucky; amend KRS 286.3-450 to allow the commissioner of the Department of Financial Institutions to enter into cooperative, coordinating, and information-sharing agreements and agreements for joint examinations and joint enforcement actions with other supervisory agencies having concurrent authority over trust offices and trust representative offices; amend KRS 286.3-290 to clarify that a branch office of an out-of-state bank may conduct fiduciary activities authorized under Kentucky law for banks, provided that a branch office of a Kentucky bank is permitted to engage in substantially similar activities in the out-of-state bank's host state.

AN ACT relating to financial matters.

Rep. Leslie Combs [D]

Rep. Gregory Stumbo [D]

Date	Chamber	Action
2011-03-16		signed by Governor
2011-03-04		delivered to Governor
2011-03-04		enrolled, signed by each presiding officer
2011-03-04		received in House
2011-03-04		3rd reading, passed 37-0
2011-03-03		posted for passage in the Consent Orders of the Day for Friday, March 4, 2011
2011-03-02		2nd reading, to Rules
2011-03-01		reported favorably, 1st reading, to Consent Calendar
2011-02-15		to Banking & Insurance (S)
2011-02-11		received in Senate
2011-02-11		3rd reading, passed 94-1
2011-02-10		posted for passage in the Consent Orders of the Day for Friday, February 11, 2011
2011-02-10		2nd reading, to Rules
2011-02-09		reported favorably, 1st reading, to Consent Calendar
2011-02-08		posting waived
2011-02-07		to Banking & Insurance (H)
2011-02-04		introduced in House

Type	Source
Summary	http://www.lrc.ky.gov/record/11RS/HB342.htm
Text	http://www.lrc.ky.gov/record/11RS/HB342/bill.doc