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House passes S.B. 4001 to restore trust‑law provision, clears backlog of cross‑border credit transactions
Summary
The Utah House unanimously passed First Substitute Senate Bill 4,001, restoring an omitted provision in prior trust legislation to clarify recognition of out‑of‑state corporations for credit transactions and applying a retroactive reach‑back; the measure passed 71–0 and will be returned to the Senate.
The Utah House of Representatives on the floor passed First Substitute Senate Bill 4,001 on a 71–0 roll call after Representative Dave Clark explained the bill would restore an inadvertently omitted provision in the state’s trust-related law and clarify when out‑of‑state corporations may be treated as authorized participants in certain credit transactions.
Representative Dave Clark, who summarized the bill for the House, said the provision being reenacted ‘‘allows corporations and ... a foreign corporate. Foreign is anything outside the state of Utah,’’ and that its absence had created uncertainty for cross‑state commercial transactions. "To date, right now, we have literally hundreds of millions of dollars worth of credit transactions," Clark said, citing equipment leasing and other commercial arrangements left in legal limbo.
The bill is a first substitute of a Senate measure carrying trust‑business amendments by Senator Hilliard. Clark told members the substitute restores language that appeared in a previous Uniform Trust Act enactment but was omitted in later drafting; he described no substantive changes beyond reenacting that omitted section. Clark also described a retroactivity element in the substitute: he said the text as written reaches back to February but explained the substitute seeks immediate effect with a reach‑back to July 1 to cover previously executed transactions.
On procedure, the House moved under suspension of the rules to consider the bill for second‑reading placement and then opened a roll‑call vote. The clerk announced that S.B. 4,001 received 71 yes votes and 0 no votes; the presiding officer said the bill will be signed by the speaker and returned to the Senate.
The floor record contains no recorded amendments to the substitute during the House debate and no opposition was voiced during the discussion; Representative Clark asked members for a positive vote and the roll call followed. The House also received additional communications from the Senate immediately afterward about another bill concerning treatment of certain military income.
Next steps: following the speaker’s signature noted on the floor, the bill will be returned to the Senate for any further action there.
