SF0064 • 2020

Trust companies-statutory amendments.

AN ACT relating to trust companies; amending requirements for public meetings and hearings for the establishment of public trust companies; amending definitions; and providing for an effective date.

Enacted

This bill passed the Legislature and reached final enactment based on the latest official action.

Sponsor: Senator Rothfuss
Last action: 2020-03-13
Official status: enrolled
Effective date: 3/13/2020

Plain English Breakdown

The candidate explanation includes details that are not supported in the official source material. The bill summary and text do not provide specific information on enforcement mechanisms or impacts on existing companies.

Changes to Trust Company Rules

This law amends definitions related to trust companies and updates requirements for public meetings before new public trust companies can start operating.

What This Bill Does

Removes references to acting as a depository or custodian from the definition of 'fiduciary'.
Adds rules about when someone is not considered to be doing trust company business just by being a custodian, unless they exercise significant control over decisions.
Includes definitions for trust advisors and protectors in the list of activities that do not count as trust company business.
Updates requirements for public meetings and hearings needed before new public trust companies can start operating.

Who It Names or Affects

Trust companies
People applying to establish new trust companies

Terms To Know

Fiduciary: Someone who manages money or property for someone else, like a trustee.
Trust company business: Activities related to managing trusts and other financial services.

Limits and Unknowns

The law does not specify how the changes will be enforced.
It is unclear what specific impacts these amendments might have on existing trust companies or new applications.

Amendments

These notes stay tied to the official amendment files and metadata from the legislature.

SF0064HS001

Standing Committee • House Minerals, Business and Economic Development

Adopted

Plain English: The amendment changes the requirements for establishing public trust companies by modifying rules related to meetings and hearings.

Adds a requirement to amend rules for public meetings and hearings when setting up public trust companies.
Removes the phrase 'within the county' from the bill.

The amendment text does not provide specific details about what new requirements will be added or how the removal of 'within the county' affects the overall context.

SF0064S2001

2nd reading • Senator Dockstader

Adopted

Plain English: The amendment removes certain lines from the bill that relate to notice requirements for public meetings and hearings, as well as specific definitions.

Removes a line about amending notice requirements on page 1 of the bill.
Deletes an entire line on page 1 of the bill.
Strikes out part of the text related to trust companies on page 1 of the bill.
Reinserts previously deleted language in sections dealing with public meetings and hearings, as well as definitions.

The amendment's exact impact is limited by its focus on removing and reinserting specific lines without providing full context or details about what those changes mean practically.
Without the original bill text for comparison, it’s unclear exactly which notice requirements and definitions are being altered.

SF0064SS001

Standing Committee • Senate Minerals, Business and Economic Development

Adopted

Plain English: The amendment changes the requirements for public meetings and hearings for establishing public trust companies by adding new definitions and removing some existing text.

Removes a specific part of the bill's text related to subparagraph (J).
Adds two new subparagraphs, (K) and (M), instead of just one new subparagraph (K).
Inserts a definition for acting as a trust advisor or protector in W.S. 4-10-103(a).

The exact content removed from pages 1, 2, and 3 lines 8, 9, 19, 20, and 3 is not provided, making it unclear what specific text was deleted.

Bill History

2020-03-13 LSO
Assigned Chapter Number 102
2020-03-13 Governor
Governor Signed SEA No. 0038
2020-03-10 House
H Speaker Signed SEA No. 0038
2020-03-09 Senate
S President Signed SEA No. 0038
2020-03-09 LSO
Assigned Number SEA No. 0038
2020-03-09 Senate
S Concur:Passed 29-1-0-0-0
2020-03-09 Senate
S Received for Concurrence
2020-03-06 House
H 3rd Reading:Passed 57-1-2-0-0
2020-03-05 House
H 2nd Reading:Passed
2020-03-04 House
H COW:Passed
2020-03-02 House
H Placed on General File
2020-03-02 House
H09 - Minerals:Recommend Amend and Do Pass 9-0-0-0-0
2020-02-26 House
H Introduced and Referred to H09 - Minerals
2020-02-26 House
H Received for Introduction
2020-02-25 Senate
S 3rd Reading:Passed 29-1-0-0-0
2020-02-24 Senate
S 2nd Reading:Passed
2020-02-21 Senate
S COW:Passed
2020-02-17 Senate
S Placed on General File
2020-02-17 Senate
S09 - Minerals:Recommend Amend and Do Pass 5-0-0-0-0
2020-02-11 Senate
S Introduced and Referred to S09 - Minerals 29-0-1-0-0
2020-02-10 Senate
S Received for Introduction
2020-01-31 LSO
Bill Number Assigned

Official Summary Text

Bill Summary - 20LSO-0244
Bill No.:

SF0064

Effective:

Immediately

LSO No.:

20LSO-0244

Enrolled Act No.:

SEA No. 0038

Chapter No.:

102

Prime Sponsor:

Rothfuss

Catch Title:

Trust companies-statutory amendments.

Subject:

Amending definitions related to trust companies.

Summary/Major Elements:

The act amends definitions found in statutes related to trust companies. Specifically, the act:

Amends the definition of "fiduciary" to remove references to acting as a depository or custodian;

Amends the definition of "trust company business" to add additional provisions related to when a person or entity does not engage in trust company business solely by acting as a custodian (unless the custodial activities involve a substantial exercise of discretion) or by acting as a trust advisor or trust protector.

The act also makes conforming technical amendments to the statute related to notice of applications for organizing a trust company.
The above summary is not an official publication of the Wyoming Legislature and is not an official statement of legislative intent. While the Legislative Service Office endeavored to provide accurate information in this summary, it should not be relied upon as a comprehensive abstract of the bill.

Current Bill Text

Read the full stored bill text

20LSO-0244

ORIGINAL Senate

ENGROSSED
File No
.
SF0064

ENROLLED ACT NO. 38,

SENATE

SIXTY-FIFTH LEGISLATURE OF THE STATE OF WYOMING
2020 Budget Session

AN ACT relating to trust companies; amending requirements for public meetings and hearings for the establishment of public trust companies; amending definitions; and providing for an effective date.

Be It Enacted by the Legislature of the State of Wyoming:

Section 1
.

W.S. 13
‑
5
‑
301(a)(ix), (xviii)(H) and by creating new subparagraphs (K) and (M) and 13
‑
5
‑
502(b) are amended to read:

13
‑
5
‑
301.

Definitions.

(a)

As used in this chapter:

(ix)

"Fiduciary" means acting as executor, administrator, guardian or conservator of an estate or as an assignee, receiver
, depositary,

or
trustee
, custodian
or
acting
in any other fiduciary or representative capacity;

(xviii)

"Trust company business" means the holding out by a person, by advertising, solicitation or other means, that such person is available to act as a fiduciary in this state and accepting and undertaking to act as a fiduciary in the regular course of its business. For purposes of this chapter, a person or entity does not engage in trust company business solely by:

(H)

Acting as guardian, conservator, special conservator, trustee or personal representative pursuant to a court order or other statutory authority;
or

(K)

Acting as a custodian, unless the activities involve a substantial exercise of discretion as determined by the commissioner; or

(M)

Acting as a trust advisor or trust protector, as defined in W.S. 4
‑
10
‑
103(a).

13
‑
5
‑
502.

Procedure upon filing of organizational instrument, application and other information.

(b)

Upon filing with the commissioner the organizational instrument as required by W.S. 13
‑
5
‑
501, an application and any other information required by the rules and regulations of the board, the commissioner shall notify the applicants in writing within thirty (30) calendar days of any deficiency in the required information or that the application has been accepted for filing. When the commissioner is satisfied that all required information has been furnished, he shall notify the chairman of the board who shall establish a time and place
within the county where the proposed public trust company is to be located
for a public meeting or hearing if the application is contested which shall be not less than sixty (60) days nor more than one hundred twenty (120) days after notice from the
state banking
commissioner that the application is in order. Within thirty (30) days after receipt of notice of the time and place of the public meeting or hearing, the applicant shall cause notice of filing of the application and of the meeting or hearing to be published at the applicant's expense in a newspaper of general circulation within the county where the proposed public trust company is to be located. Publication shall be made at least once a week for three (3) consecutive weeks before the meeting or hearing stating the proposed location of the public trust company, the names of the proposed applicants for a
charter, the nature of the activities to be conducted by the proposed institution and other information as the commissioner shall prescribe by rule. The applicant shall furnish proof of publication to the commissioner not more than ten (10) days prior to the public meeting or hearing.

Section 2
.

This act is effective
immediately upon completion of all acts necessary for a bill to become law as provided by Article 4, Section 8 of the Wyoming Constitution.

(END)

Speaker of the House

President of the Senate

Governor

TIME APPROVED: _________

DATE APPROVED: _________

I hereby certify that this act originated in the Senate.

Chief Clerk

1