SB 1482 - Currently, a family trust company is not permitted to conduct business in Missouri without first registering with the Secretary of State ("Secretary"). This act provides that a family trust company shall instead file, with the Director of the Division of Finance ("Director"), the initial registration and original filing fee along with the relevant proposed business filings and fees required by the Secretary. The family trust company shall not conduct business until it has received an order approving the application from the Director, who shall file with the Secretary the order, the proposed business filings, and required filing fees. Any family trust company that was in good standing with the Secretary as of August 28, 2024, shall be deemed to have complied with the requirements of this act. Furthermore, the Director shall enforce the provisions of this act and carry out the duties and functions originally assigned to the Secretary. This act is substantially similar to provisions in the truly agreed to and finally passed HCS/SS/SB 1359 (2024), in HCS#2/SS/SCS/SB 835 (2024), in HCS/SB 736 (2024), and HB 2798 (2024).
KATIE O'BRIEN
Statutes affected: Introduced (5893S.01):
362.1010,
362.1015,
362.1030,
362.1035,
362.1055,
362.1060,
362.1085,
362.1090,
362.1095,
362.1100,
362.1105,
362.1110,
362.1115,
362.1116,
362.1117
Senate Committee Minutes: SENATE COMMITTEE MINUTES Bill No.: SB 1482
Sponsor: Crawford
Hearing Date: 3/26/2024
COMMITTEE: Insurance and Banking
CHAIRMAN: Crawford
DATE REFERRED: 3/7/2024 DATE HEARING REQUESTED: 3/7/2024
STAFF:
Barbara Mustoe
Scott Svagera
Eric Vander Weerd
WITNESSES GIVING INFORMATION:
WITNESSES FOR:
Paul Vogel
David Kent - Missouri Bankers Association
Arnie C. AC Dienoff
Scott R. Clark - Missouri Secretary of State's Office
WITNESSES AGAINST: