Bill > HB0176

This bill amends various sections of Utah law related to trust businesses, primarily by renumbering existing sections and updating definitions and provisions. Key changes include clarifying what constitutes "transacting business" for financial institutions, specifying which entities can use names like "bank" or "trust company," and outlining requirements for trust companies, such as adopting policies against using inside information for securities trading and maintaining separate trust assets from their own. The bill also updates definitions for terms like "business trust" and "trust company," redefines the scope of "trust business" to exclude certain activities like those of attorneys and CPAs acting in specific fiduciary capacities, and clarifies rules around compensation for attorneys involved in trust planning. Additionally, it modifies provisions regarding fees payable to the commissioner, the process for withdrawing from trust business, and the conditions under which a trust company can lend funds. The bill also makes technical amendments to various chapters concerning escrow agents, title insurance producers, and tax implications for estates and trusts, ensuring consistency in references to trust business definitions and requirements.

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https://le.utah.gov/~2026/bills/static/HB0176.html