WA People
BILL · 2019–20 SESSION

SB 5107: Trust institutions

Addressing trust institutions.

Summary

  • Clarifies the definition of trust business and allows the Department of Financial Institutions (DFI) to expand the definition of trust business to accommodate activities that are closely akin to acting as a fiduciary through rulemaking.
  • 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 DFI may take against trust companies.
  • Defines third-party service providers as they relate to trust business and provides rulemaking authority to 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 Senate Bill Report (SB 5107), written by the Legislature's nonpartisan staff. Read the full report ↗

Enacted Enacted · Chapter 389, Laws of 2019
  1. IntroducedJan 14, 2019
  2. Out of committeeJan 18, 2019
  3. Passed SenateMar 4, 2019
  4. Passed HouseApr 12, 2019
  5. GovernorMay 13, 2019
  6. LawMay 13, 2019
Prime sponsor
Senator (D-47)
Introduced
January 14, 2019 in the Senate
Last action
May 13, 2019
Session law
Chapter 389, Laws of 2019
Requested by
Other
Companion bill
HB 1171
Budget
Has a fiscal note

AN ACT Relating to trust institutions;

Sponsors

Prime sponsor: Senator (D-47)

1 co-sponsor (1 Democrat, 0 Republicans)

Mark Mullet D-5

Votes

Senate · 3rd Reading & Final Passage

Passed March 4, 2019
Version voted on: SB 5107
46 Yea 0 Nay 0 Absent 3 Excused
PartyYeaNayAbsentExcused
Democrat28001
Republican18002
How each member voted

Excused (3)

Permalink to this vote

House · Final Passage as Amended by the House

Passed April 12, 2019
Version voted on: SB 5107
98 Yea 0 Nay 0 Absent 0 Excused
PartyYeaNayAbsentExcused
Democrat57000
Republican41000
How each member voted

Yea (98)

Permalink to this vote

Senate · Final Passage as Amended by the House

Passed April 22, 2019
Version voted on: SB 5107
48 Yea 0 Nay 0 Absent 1 Excused
PartyYeaNayAbsentExcused
Democrat28001
Republican20000
How each member voted

Excused (1)

Permalink to this vote

History

  1. Effective date 7/28/2019.
  2. Chapter 389, 2019 Laws.
  3. Governor signed.
  4. Delivered to Governor.
  5. President signed.
  6. Speaker signed.
  7. Passed final passage; yeas, 48; nays, 0; absent, 0; excused, 1.
  8. Senate concurred in House amendments.
  9. Third reading, passed; yeas, 98; nays, 0; absent, 0; excused, 0.
  10. Rules suspended. Placed on Third Reading.
  11. Committee recommendations adopted and the bill amended.
  12. Rules Committee relieved of further consideration. Placed on second reading.
  13. Referred to Rules 2 Review.
  14. CPB - Majority; do pass with amendment(s).
  15. First reading, referred to Consumer Protection & Business.
  16. Third reading, passed; yeas, 46; nays, 0; absent, 0; excused, 3.
  17. Rules suspended. Placed on Third Reading.
  18. Placed on second reading consent calendar.
  19. Passed to Rules Committee for second reading.
  20. FIET - Majority; do pass.
  21. First reading, referred to Financial Institutions, Economic Development & Trade.
  22. Prefiled for introduction.

SB 5107 in other sessions

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

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