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House Votes to
Modernize State Trust Laws
Murkowski's HB 157 Updates Alaska's Trust Act of 1949

(JUNEAU) - The House unanimously passed legislation Monday to update Alaska's 52-year-old trust laws to provide clarity to the industry on who can provide fiduciary services.

Sponsored by Rep. Lisa Murkowski (R-Anchorage) at the request of the state Division of Banking and Securities, House Bill 157 is designed as a tool to enhance the formation, operation, supervision and regulation of trusts in Alaska.

"Alaska's Trust Act has not been updated since 1949," said Murkowski, chair of the House Labor and Commerce Committee. "I have worked with local trust companies, trust attorneys and the Division to formulate legislation that I feel is an appropriate modification, necessary to bring our trust laws into the modern age."

Recent changes to Alaska trust laws make creation of trust charters in Alaska more desirable. However, the Alaska Trust Act does not provide guidance as to who needs a charter, or any guidance for the formation and organization of a trust entity, or any provisions for permissible activities including interstate or intrastate business expansion.

The bill revises existing law to clarify who may provide fiduciary services in Alaska, expands on who may operate as a trust company, delineates what their powers may be, and addresses specific items such as certificate of authority, required capital and operations of offices.

"This bill will help give the Division of Banking and Securities the tools they need to adequately regulate new and existing trust companies, and it also will give clearer guidance in many areas to those offering fiduciary services in a way that will not place an undue burden on their business activities," Murkowski said.

HB 157 moves next to the Senate for consideration.

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