H.B. No. 1870

TEXAS TRUST COMPANY ACT

Bill Description

Governor Bush signed HB 1870 on June 17, 1997. Most sections of HB 1870 become effective September 1, 1997.

HB 1870 adopts the Texas Trust Company Act, a comprehensive statute for the regulation of non-bank trust companies in Texas. The Finance Commission is given rulemaking authority over trust companies. The bill also revisits the issue of whether or not charities can serve as trustee of trusts without being required to comply with the trust company statutes and regulations. (This issue first surfaced in 1995.) The provisions of HB 1870 having to do with charities acting as trustee purport to apply prior to the enactment of HB 1870. Most sections of HB 1870 become effective September 1, 1997.


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Copyright © 1997 by Glenn M. Karisch. This page was last revised on June 23, 1997.