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House refines 'Utah trust' law, narrows asset‑protection scope and approves amendments 69–2
Summary
After extended floor debate and several amendments, the House passed HB 2,003 to refine Utah’s trust laws (the "Utah trust"), add exceptions to asset protections (child support, tax claims, fraud, public-assistance recovery), and clarify Utah‑source income; the House recorded a final vote of 69–2 and transmitted the bill to the Senate.
SALT LAKE CITY — Lawmakers spent the bulk of the Nov. 19 special session debating amendments to Utah’s trust law aimed at clarifying the state's "Utah trust" product, limiting protections for certain claims, and specifying taxation treatment for Utah‑source income.
Representative David Clark, sponsor of the trust-law package, said HB 2,003 (sometimes referred to during floor remarks in relation to HB 299 from the regular session) was intended to "facilitate the development of trust services and give Utah trust companies a competitive advantage," while also adding refinements to protect state values. Clark outlined a list of…
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