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2012 SESSION

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HB 1168 Trust institutions; entities authorized to engage in trust business in State includes out-of-state.

Introduced by: Donald W. Merricks | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED HOUSE:

Trust institutions.  Provides that a federal savings bank, with or without an office or a branch in Virginia, may engage in a trust business in the Commonwealth if it is supervised and regulated by the federal Comptroller of the Currency and is authorized to serve in a fiduciary capacity pursuant to federal law. The measure also clarifies similar existing provisions regarding the authority of national banks to engage in a trust business.

SUMMARY AS INTRODUCED:

Trust institutions.  Provides that an out-of-state trust institution may engage in a trust business in the Commonwealth if it maintains a trust office or a branch in the Commonwealth or is a national bank or federal savings bank that is supervised and regulated by the federal Comptroller of the Currency and is authorized to serve in a fiduciary capacity pursuant to the National Bank Act or the Home Owners' Loan Act.