HB 1098 Modifies provisions relating to trust companies
Sponsor: Kraus
LR Number: 2438S.02T Fiscal Notes
Committee: Financial and Governmental Organizations and Elections
Last Action: 9/16/2015 - Legislature voted to override Governor's veto Journal Page: H31
Title: SCS HB 1098 Calendar Position:
Effective Date: August 28, 2015
House Handler: Crawford

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Current Bill Summary

SCS/HB 1098 - Currently, prior to acting in any fiduciary capacity in this state, an out-of-state bank or trust company must file with the Director of the Division of Finance within the Department of Insurance, Financial Institutions and Professional Registration an application for a certificate of reciprocity. This act requires the application to state whether it intends to establish a trust representative office, facility, branch, or physical location in the state and any activities to be conducted there.

The act further specifies that if an out-of-state bank or trust company has established a physical location in the state, it may also be served legal process at the location by service upon any officer, agent, or employee. Moreover, the Director of the Division of Finance has the discretion to enter into a memorandum of understanding with the bank or state regulator of another state to adjust the minimum capital requirement or such other terms to obtain reciprocity for Missouri trust companies.

The definition of "out-of-state bank or trust company" is modified.