Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Charitable Gift Transfer Process topic
No spam. Unsubscribe anytime.
Committee advances HB 1081 to speed transfers to charities, bar demands for officers' personal Social Security numbers
Summary
The House Financial Institutions Committee passed House Bill 1081 as amended to require financial companies to transfer assets to named charities upon receipt of an affidavit from the charity and to prohibit demanding officers' personal Social Security numbers, addresses or forcing a charity to open an account as a precondition to transfer.
The House Financial Institutions Committee passed House Bill 1081 as amended, a measure intended to speed transfers of inherited retirement and investment assets to charitable organizations and to restrict financial firms from demanding personal identifying information from charity officers as a condition of transfer.
Representative Curt Manning, who sponsored the bill, said it responds to repeated reports from community foundations and other small charities that the transfer of donated retirement assets can be delayed for months or years while financial firms require officers' personal Social Security numbers, home addresses and other private information or insist charities open an
