HB17-1096

HB17-1096 - Endowment Care Cemetery Authority

Passed/Signed into Law
Concerning endowment care funds administered for cemetery authorities.

The bill authorizes the fiduciary of an endowment fund to distribute principal, such as capital gains, under a unitrust election. This facilitates investing in stocks.

The bill authorizes a cemetery authority to request that the fiduciary convert an endowment fund to a unitrust. The fiduciary and cemetery authority must agree on the terms of conversion, the distribution method, and the distribution rate. The distributions must be made on a monthly, quarterly, semi-annual, or annual basis, but the default is monthly. The unitrust must comply with certain current unitrust laws.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

 

House Committees

Senate Committees

Latest update: March 20, 2017
03/20/2017 - Governor Signed
03/16/2017 - Sent to the Governor
03/16/2017 - Signed by the President of the Senate
03/14/2017 - Signed by the Speaker of the House
03/08/2017 - Senate Third Reading Passed - No Amendments
03/07/2017 - Senate Second Reading Passed - No Amendments
03/02/2017 - Senate Committee on Finance Refer Unamended - Consent Calendar to Senate Committee of the Whole
02/15/2017 - Introduced In Senate - Assigned to Finance
02/10/2017 - House Third Reading Passed - No Amendments
02/09/2017 - House Second Reading Passed with Amendments - Committee
02/06/2017 - House Committee on Finance Refer Amended to House Committee of the Whole
01/19/2017 - Introduced In House - Assigned to Finance