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SB327 • 2025

AN ACT TO AMEND TITLE 5 AND TITLE 12 OF THE DELAWARE CODE RELATING TO FAMILY TRUST COMPANIES.

AN ACT TO AMEND TITLE 5 AND TITLE 12 OF THE DELAWARE CODE RELATING TO FAMILY TRUST COMPANIES.

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor
Last action
2026-06-18
Official status
Passed By House. Votes: 41 YES
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

AN ACT TO AMEND TITLE 5 AND TITLE 12 OF THE DELAWARE CODE RELATING TO FAMILY TRUST COMPANIES.

AN ACT TO AMEND TITLE 5 AND TITLE 12 OF THE DELAWARE CODE RELATING TO FAMILY TRUST COMPANIES.

What This Bill Does

  • AN ACT TO AMEND TITLE 5 AND TITLE 12 OF THE DELAWARE CODE RELATING TO FAMILY TRUST COMPANIES.
  • This Act builds upon the reputation of Delaware’s trust laws and trust services infrastructure by creating a trust company charter designed for families desiring a family trust company.
  • This Act authorizes the formation of a new type of Delaware regulated trust company, a “family trust company,” serving a single family and its related trusts, entities, and charities.
  • This Act further authorizes and directs the State Bank Commissioner to establish regulations, application forms, and practices that distinguish the regulatory requirements for a family trust company from commercial trust companies serving the public, based on their differing risk profiles.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-06-18 Delaware General Assembly

    Passed By House. Votes: 41 YES

  2. 2026-06-16 Delaware General Assembly

    Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 8 On Its Merits

  3. 2026-06-10 Delaware General Assembly

    Assigned to Economic Development/Banking/Insurance & Commerce Committee in House

  4. 2026-06-09 Delaware General Assembly

    Passed By Senate. Votes: 20 YES 1 ABSENT

  5. 2026-05-20 Delaware General Assembly

    Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 1 Favorable, 6 On Its Merits

  6. 2026-05-19 Delaware General Assembly

    Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate

Official Summary Text

AN ACT TO AMEND TITLE 5 AND TITLE 12 OF THE DELAWARE CODE RELATING TO FAMILY TRUST COMPANIES.
This Act builds upon the reputation of Delaware’s trust laws and trust services infrastructure by creating a trust company charter designed for families desiring a family trust company. This Act authorizes the formation of a new type of Delaware regulated trust company, a “family trust company,” serving a single family and its related trusts, entities, and charities.

This Act further authorizes and directs the State Bank Commissioner to establish regulations, application forms, and practices that distinguish the regulatory requirements for a family trust company from commercial trust companies serving the public, based on their differing risk profiles. A principal purpose of the supervision and examination of family trust companies by the Office of the State Bank Commissioner under this Act will be to address and facilitate record-keeping, auditing and reporting, and risk management, in significant part by assisting management of family trust companies in understanding and perfor