The bill S. 818 aims to amend the South Carolina Code of Laws by adding a new section, 62-1-113, which provides a definition for the term "trust business." According to the proposed definition, "trust business" refers specifically to the provision of services related to the investment in or management of a common trust fund. Importantly, the definition clarifies that it does not encompass any other fiduciary activities performed by individuals or organizations, regardless of their corporate structure.

This legislative change is intended to create a clearer understanding of what constitutes trust business within the state, potentially impacting how various fiduciary activities are regulated. The bill is currently under consideration in the Senate Committee on Judiciary and will take effect upon receiving approval from the Governor.

Statutes affected:
01/15/2026: 62-1-113
Latest Version: 62-1-113