SB 603

This bill allows certain foreign corporations acting in a fiduciary capacity to

establish or maintain places of business or branch offices in this state.

Current law allows a foreign corporation to act in this state as a trustee,

personal representative, or guardian, or in a similar fiduciary capacity, without

complying with this state's laws relating to the qualification of a domestic

corporation to conduct a trust business or the qualification of a foreign corporation,

if certain requirements are met, including that the foreign corporation is authorized

to act as a fiduciary in its state of incorporation. Before the foreign corporation may

so act as a fiduciary under this exemption, the foreign corporation must obtain from

the Division of Banking in the Department of Financial Institutions a certificate of

authority to act in a fiduciary capacity, unless the foreign corporation was eligible to

act in a fiduciary capacity prior to May 7, 1996. If a foreign corporation conducts

business in this state as a fiduciary under this exemption, the foreign corporation

may not establish or maintain in this state a place of business or branch office for the

conduct of business as a fiduciary.

This bill allows a foreign corporation that has been issued a certificate of

authority to act in a fiduciary capacity after December 31, 2003, to establish or

maintain in this state a place of business or branch office for the conduct of business

as a fiduciary.