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Committee approves bill allowing special-purpose depository institutions to convert to trust companies
Summary
The Corporations, Elections & Political Subdivisions Committee on a 9-0 roll call advanced Senate File 95, which clarifies the process for special purpose depository institutions to transition to state-chartered trust companies and makes technical accounting and rulemaking changes tied to that transition.
CHEYENNE — The House Corporations, Elections & Political Subdivisions Committee voted unanimously to pass Senate File 95, “Special Purpose Depository Institution Amendments,” advancing a bill that clarifies how special purpose depository institutions (SPDIs) may convert to trust companies and makes technical changes to related accounting and rulemaking provisions.
The measure, reported out of committee by roll call, passed 9-0. Committee members recorded aye votes from Representative Brown, Vice Chair Locke, Representatives Heft, Johnson, Lucas, Weber, Yin (absentee), Webb (absentee) and Chairman Knapp.
The bill drew brief testimony from Jeremiah Bishop,…
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