Trust Business
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill clarifies the legal definition of ‘trust business’ within South Carolina law. Specifically, it defines ‘trust business’ as the services involved in investing in or managing a common trust fund. The bill does not include other fiduciary activities, regardless of the organization’s structure. This definition is intended to provide clarity for legal and regulatory purposes.
Key provisions
- Defines ‘trust business’ as services related to common trust funds.
- Excludes other fiduciary activities from the definition.
- Applies to the South Carolina Code of Laws.
Who is affected
- Financial institutions
- Trust companies
- Legal professionals
- Individuals managing trusts
Bill text
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Sponsors
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1 on record
Primary sponsor
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