Committee hears bill to speed transfers to charities after donors’ deaths; stakeholders seek amendments

Summary

House Bill 1081 would require financial firms to transfer funds to charitable organizations after receiving an affidavit from the charity and to respond within 30 days or provide a reasonable justification. Insurers, banks and regulators raised concerns about evidence-of-death standards, federal anti-money-laundering laws, liability protection and

Representative Manning introduced House Bill 1081 to the Senate Insurance and Financial Institutions Committee as legislation aimed at reducing delays charities face when receiving funds left by deceased donors.

"House bill 10 81 is my favorite kind of bill," Representative Manning told the committee, saying the idea came from a constituent, Deanna Crispin of the Cass County Community Foundation. Manning said the bill would "stop this abuse of charitable organizations, expedite this process, and better respect the wishes of the deceased." He described the bill’s core requirements: charities would submit an affidavit with key documents and the financial institution would be prohibited from requiring personal identifying information from charity officers or agents or requiring the charity to open an account as a condition of transfer.

Brian Loshel, public…

Committee hears bill to speed transfers to charities after donors’ deaths; stakeholders seek amendments

Summary

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