Introduced
by
To clarify what constitutes a "reasonable fee" in the law that regulates trusts established by a bank. The bill would establish that if the fee is disclosed in advance, there is a rebuttable presumption that it is reasonable. Also, to eliminate a prohibition on a bank using the money or property over which it exercises investment discretion to purchase any product, service, or security from or through the bank or an affiliate or the bank, and establish conditions under which this would be allowed.
Referred to the Committee on Banking and Financial Services
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that revises details but does not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 107 to 0 (details)
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
To clarify what constitutes a "reasonable fee" in the law that regulates trusts established by a bank. The bill would establish that if the fee is disclosed in advance, there is a rebuttable presumption that it is reasonable. Also, to eliminate a prohibition on a bank using the money or property over which it exercises investment discretion to purchase any product, service, or security from or through the bank or an affiliate or the bank, and establish conditions under which this would be allowed.
