Bill > SB327

This bill, titled the "Family Trust Company Act," amends Delaware law to establish a new category of financial institution called a "family trust company," which is defined as a corporation or limited liability company that acts as a fiduciary but does not transact business with the general public, instead serving only designated family members and their affiliates. The bill outlines extensive definitions for terms like "family member," "designated relative," and "confidential information," and details the requirements for establishing and operating a family trust company, including capital stock, surplus, insurance coverage, and reporting to the Commissioner of the Office of the State Bank Commissioner (referred to as the "Commissioner"). It also specifies restrictions on their powers, allows for conversions from other types of trust companies, and addresses the confidentiality of their records, with exceptions for law enforcement and certain regulatory disclosures. The bill also makes conforming amendments to existing laws to include family trust companies in provisions related to corporate names, the use of limited liability companies as trust companies, and limitations on pledging assets.