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s_fin_2017a_2017-03-02t10:57:43z0 Hearing Summary

Date: 03/02/2017

Location: SCR 357

Final

BILL SUMMARY for HB17-1096



SENATE COMMITTEE ON FINANCE


Votes: View--> Action Taken:
Refer House Bill 17-1096 to the Committee of the W PASS







10:57 AM -- HB17-1096



The committee was called to order. Senator Smallwood, prime sponsor, presented House Bill 17-1096, which allows a cemetery authority to request that the fiduciary of a cemetery endowment care fund convert the fund into a unitrust. The request must be made to the fiduciary by November 5 of the year before the fund is converted and the terms on which the fiduciary and authority agree remain in effect until both parties agree to change them. The bill specifies that if the fiduciary and the authority agree on the disbursement schedule, court approval or notification is not required. A cemetery authority may choose whether the net income of the fund or an amount set through a unitrust election is distributed. If the fiduciary does not receive written instructions from the authority as to the income distribution method, then the fiduciary must disburse the earned net income on a monthly basis. The bill specifies that the fiduciary cannot distribute principal from the fund, unless a unitrust election is in effect. Senator Smallwood responded to a committee question.



11:00 AM --
Matt Whaley, representing Service Corporation International, testified in support of the bill.





11:02 AM



Senator Smallwood wrapped up his presentation of HB 17-1096.

BILL: HB17-1096
TIME: 11:03:39 AM
MOVED: Hill
MOTION: Refer House Bill 17-1096 to the Committee of the Whole with a recommendation that it be placed on the consent calendar. The motion passed on a vote of 5-0.
SECONDED:
VOTE
Court
Yes
Kerr
Yes
Tate
Yes
Hill
Yes
Neville T.
Yes
Final YES: 5 NO: 0 EXC: 0 ABS: 0 FINAL ACTION: PASS














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