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D184F29AC30A77558725864000693E7C Hearing Summary




PUBLIC
BILL SUMMARY For LLS 21-0202: UNIF FIDUCIARY INCOME & PRINCIPAL ACT

JOINT COMMITTEE COMMITTEE ON COLORADO COMMISSION ON UNIFORM STATE LAWS
Date Dec 16, 2020      
Location HCR 0112



LLS 21-0202: Unif Fiduciary Income & Principal Act - To be introduced as a Commission Bill


12:09:35 PM  

Georgine Kryda, Co-chair of the CBA Trust & Estates subcommittee reviewing the act, stated that the section and the CBA Legislative Policy Committee approved the bill draft, as amended. The bill incorporates some carryover language from the existing UFIPA and Uniform Principal & Income Act (UPIA) and does not significantly change the Act. Trust administration is constantly changing and the Act will help Colorado law stay current. Colorado-specific changes included a new §15-1.2-204, incorporating notification language from the existing UPIA and is consistent with the notice requirements in §15-1.2-304. They added §15-1.2-309 (3) regarding distribution, which does not change the spirit of the Act, it just makes some aspects more explicit. In part 6 they reserved §15-1.2-601 (5) and expanded §15-1.2-803 to address trusts that may still be administered under previously enacted law. Ms. Kryda thanked the drafter for his assistance in refining the language. The commission thanked the section for their hard work on the Act.

    

12:17:05 PM  
Commissioner Morris
moved to introduce LLS 21-0202: Uniform Fiduciary Income and Principal
Act as a commission bill, with any technical amendments needed. Commissioner
Gardner seconded and the motion passed 9-0. Commissioners Gardner and Tipper
agreed to find sponsors the bill.


12:19:45 PM
Motion Moved to introduce LLS 21-0202: Uniform Fiduciary Income and Principal Act as a commission bill, with any technical amendments needed.
Moved Thomas Morris
Seconded
Alicia Duran Yes
Thomas Grimshaw Excused
Donald Mielke Yes
Thomas Morris Yes
Charley Pike Yes
Sara Scott Yes
Tipper Yes
Joseph Whitfield Yes
Gardner Yes
Claire Levy Yes
YES: 9   NO: 0   EXC: 1   ABS:  0   FINAL ACTION:  PASS






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