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Committee backs substitute to let qualified attorneys and CPAs serve as occasional trustees, with unresolved oversight concerns
Summary
The committee adopted a substitute and recommended HB 176 favorably (8–5), clarifying ‘occasional’ trustee authority to allow individual attorneys and CPAs to serve as trustees in some cases while restricting advertising. Banks and the Utah Bankers Association opposed the bill citing consumer protection, bonding and capital concerns; sponsors pledged further stakeholder work.
Representative Loubet presented HB 176 to fill a gap in Utah trust law by permitting individual attorneys and CPAs (not firms) to act as trustees in certain limited circumstances without subjecting them to the full regulatory regime that governs institutional trust companies. The bill includes advertising restrictions and requires written informed consent when an attorney drafts the trust and will serve as trustee.
Banking-industry witnesses,…
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