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BILL · 2011–12 SESSION

SB 5375: Trust companies

Allowing trust companies to be organized as, or convert to, limited liability companies under certain conditions.

Summary

Allows a trust company or holding company of a trust company to form or convert to a limited liability company (LLC).
Requires a trust company or holding company of a trust company to obtain the approval of the Director of the Department of Financial Institutions to organize as a LLC or convert to a LLC.

From the House Bill Report (SB 5375), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 52, Laws of 2011

IntroducedJan 21, 2011
Out of committeeFeb 3, 2011
Passed SenateFeb 28, 2011
Passed HouseApr 1, 2011
GovernorApr 13, 2011
LawApr 13, 2011

Prime sponsor: Steve Hobbs (D-44)
Introduced: January 21, 2011 in the Senate
Last action: April 13, 2011
Session law: Chapter 52, Laws of 2011
Companion bill: HB 1466

AN ACT Relating to the department of financial institutions' regulation of trust companies;

Sponsors

Prime sponsor: Steve Hobbs (D-44)

1 co-sponsor (0 Democrats, 1 Republican)

Don Benton R-17

Votes

Senate · 3rd Reading & Final Passage

Passed February 28, 2011

Version voted on: SB 5375

45 Yea 0 Nay 3 Absent 1 Excused

Party	Yea	Nay	Absent	Excused
Democrat	26	0	0	1
Republican	19	0	3	0

How each member voted

Yea (45)

Absent (3)

Excused (1)

Adam Kline D-37

Permalink to this vote

House · Final Passage

Passed April 1, 2011

Version voted on: SB 5375

92 Yea 0 Nay 0 Absent 5 Excused

Party	Yea	Nay	Absent	Excused
Democrat	53	0	0	2
Republican	39	0	0	3

How each member voted

Yea (92)

Excused (5)

Permalink to this vote

History

Apr 13, 2011Chapter 52, 2011 Laws.
Apr 13, 2011Governor signed.
Apr 13, 2011Effective date 7/22/2011.
Apr 7, 2011Delivered to Governor.
Apr 6, 2011Speaker signed.
Apr 4, 2011President signed.
Apr 1, 2011Third reading, passed; yeas, 92; nays, 0; absent, 0; excused, 5.
Apr 1, 2011Rules suspended. Placed on Third Reading.
Mar 23, 2011Placed on second reading by Rules Committee.
Mar 11, 2011Passed to Rules Committee for second reading.
Mar 8, 2011BFS - Majority; do pass.
Mar 8, 2011BFS - Executive action taken by committee.
Mar 1, 2011First reading, referred to Business & Financial Services.
Feb 28, 2011Rules suspended. Placed on Third Reading.
Feb 28, 2011Third reading, passed; yeas, 45; nays, 0; absent, 3; excused, 1.
Feb 22, 2011Placed on second reading by Rules Committee.
Feb 3, 2011Passed to Rules Committee for second reading.
Feb 3, 2011FIHI - Majority; do pass.
Jan 21, 2011First reading, referred to Financial Institutions, Housing & Insurance.

SB 5375 in other sessions

Bill numbers restart every two years, so the same number is a different bill in each session.

SB 5375 (2025–26) Clergy, duty to report abuse · Enacted · Chapter 197, Laws of 2025
SB 5375 (2023–24) Low-proof beverages/tax · Did not pass · died in committee
SB 5375 (2021–22) Low-income housing assist. · Did not pass · stalled on the Senate floor
SB 5375 (2019–20) Capital budget/public art · Did not pass · passed Senate, stalled in House
SB 5375 (2017–18) Andy Hill cancer research · Enacted · Chapter 4, Laws of 2018
SB 5375 (2015–16) Petition disclosure · Did not pass · died in committee
SB 5375 (2013–14) Assault in the third degree · Did not pass · died in committee
SB 5375 (2009–10) Seller's disclosure statemnt · Did not pass · stalled on the Senate floor

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