WA People
BILL · 2019–20 SESSION

HB 1171: Trust institutions

Addressing trust institutions.

Summary

  • Updates the Washington Trust Institutions Act.Ÿ
  • Defines doing business in Washington state to include out-of-state trust institutions that do not have a physical presence, but conduct trust business in the state.
  • Provides a variety of enforcement actions that the Department of Financial Institutions (DFI) may take against trust companies.
  • Defines third-party service providers as they relate to trust business and provides rulemaking authority to the DFI to initiate procedures to examine them under certain conditions.
  • Provides specific guidance on certain life-cycles such as mergers and dissolutions that are specific to trusts.

From the House Bill Report (HB 1171), written by the Legislature's nonpartisan staff. Read the full report ↗

Did not pass Did not pass · stalled on the House floor
  1. IntroducedJan 16, 2019
  2. Out of committeeJan 25, 2019
  3. Passed Housestopped here
  4. Passed Senate
  5. Governor
  6. Law
Prime sponsor
Amy Walen (D-48)
Introduced
January 16, 2019 in the House
Last action
January 21, 2020
Requested by
Other
Companion bill
SB 5107
Budget
Has a fiscal note

AN ACT Relating to trust institutions;

Sponsors

Prime sponsor: Amy Walen (D-48)

2 co-sponsors (1 Democrat, 1 Republican)

Brandon Vick R-18Steve Kirby D-29

Votes

No recorded floor votes.

History

  1. House Rules "X" file.
  2. By resolution, reintroduced and retained in present status.
  3. Referred to Rules 2 Review.
  4. Minority; without recommendation.
  5. CPB - Majority; do pass.
  6. First reading, referred to Consumer Protection & Business.

HB 1171 in other sessions

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

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