Oklahoma 2022 Regular Session

Oklahoma House Bill HB3692

Introduced
2/7/22  
Refer
2/8/22  
Refer
2/28/22  
Report Pass
3/3/22  
Engrossed
3/21/22  
Refer
3/29/22  
Report Pass
4/13/22  
Enrolled
5/16/22  

Caption

Public trusts; trustees; authorizing compensation and expense reimbursement for certain trustees; effective date.

Impact

The amendments obligate all public trust meetings to be open to public scrutiny, aligning with laws applicable to other public boards and commissions. This transparency is crucial for maintaining public trust and accountability, as it allows interested parties to access records and minutes from trustee meetings. The governor's role in appointing trustees, with advice and consent from the Senate, introduces a level of state oversight intended to maintain quality in trust management. The bill also provides explicit procedures for the removal of trustees for cause, thus ensuring that public officials can be held accountable for their actions.

Summary

House Bill 3692 addresses the governance of public trusts in Oklahoma by amending current laws to provide clearer guidelines regarding the roles and responsibilities of trustees. Specifically, it allows for certain trustees who are not elected officials to receive reasonable compensation and be reimbursed for expenses incurred in their official duties. The bill aims to modernize the statutes surrounding public trusts, making language gender-neutral and updating references that reflect current practices in governance. Furthermore, the legislation seeks to streamline the process of trustee appointment and oversight, ensuring that individuals fulfilling these roles are accountable in managing public resources.

Sentiment

The sentiment surrounding HB 3692 appears largely positive among those who advocate for increased accountability and transparency in government. Supporters argue that the ability to compensate trustees for their service can enhance the quality of oversight and management within public trusts. Conversely, there may be concerns regarding the potential for abuse of discretion in the appointment and compensation processes, particularly for trustees who are not elected officials. Critics may also express apprehension about the implications of allowing financial remuneration, fearing it might lead to conflicts of interest or a deviation from public service motivations.

Contention

Notable points of contention within the discussions surrounding HB 3692 may involve debates over the appropriateness of compensating public trust trustees, especially those not in elected positions. Proponents argue that compensation is fair given the responsibilities involved, while opponents may raise issues of public trust and ethical concerns. Additionally, there could be differing opinions on the effectiveness of the proposed transparency measures; some may argue that mere compliance with meeting regulations is insufficient for achieving true accountability in public governance.

Companion Bills

No companion bills found.

Previously Filed As

OK SB580

Public trusts; increasing contract amounts for certain bidding procedures; modifying compensation requirements for certain trustees. Effective date.

OK HB1850

Trust; creating the Uniform Trust Code; definitions; creditor claims; revocable trusts; trustees; duties and powers of trustee; trustee liability; severability; effective date.

OK HB27

Estates and Trusts - Compensation of Guardians of Property and Trustees

OK SB19

Estates and Trusts - Compensation of Guardians of Property and Trustees

OK SB2166

Community hospital board of trustees; revise procedure for removing a trustee.

OK HB1085

Public Hospital Boards of Trustees

OK SB1231

In trusts, further providing for definitions - UTC 103, for trust instrument controls and mandatory rules - UTC 105, for governing law - UTC 107, for situs of trust, for nonjudicial settlement agreements - UTC 111, for charitable purposes; enforcement - UTC 405, for trust for care of animal - UTC 408, for noncharitable trust without ascertainable beneficiary - UTC 409, for reformation to correct mistakes - UTC 415, for modification to achieve settlor's tax objectives - UTC 416, for spendthrift provision - UTC 502, for creditor's claim against settlor - UTC 505(a), for overdue distribution - UTC 506, for revocation or amendment of revocable trust - UTC 602, for trustee's duties and powers of withdrawal - UTC 603, for accepting or declining trusteeship - UTC 701, for trustee's bond - UTC 702, for cotrustees - UTC 703, for vacancy in trusteeship and appointment of successor - UTC 704, for resignation of trustee and filing resignation, for compensation of trustee - UTC 708, for duty to administer trust - UTC 801, for duty of loyalty - UTC 802, for powers to direct - UTC 808, for duty to inform and report, for discretionary powers and for powers of trustees - UTC 815, providing for directed trusts, further providing for remedies for breach of trust--UTC 1001, providing for nonjudicial account settlement and further providing for reliance on trust instrument - UTC 1006, for exculpation of trustee - UTC 1008, for certification of trust - UTC 1013 and for title of purchaser.

OK SB1218

Townsites; trustees; board of supervisors.

OK HB4431

Relating to electors of trustees for certain pension and relief funds

OK SB255

Allows the Board of Trustees of the Firemen's Retirement System of St. Louis to act as trustees and administer other pension plans

Similar Bills

OK SB162

Trusts; creating the Oklahoma Decanting Act; establishing procedures and requirements for certain trusts. Effective date.

OK HB1335

Public retirement systems; Oklahoma Pension Legislation Actuarial Analysis Act; definition; term; retirement benefit increase; Oklahoma Firefighters Pension and Retirement System; Oklahoma Police Pension and Retirement System; Uniform Retirement System for Justices and Judges; Oklahoma Law Enforcement Retirement System; Teachers' Retirement System of Oklahoma; Oklahoma Public Employees Retirement System; limitation; funded ratio; conditions; offset; amount; codification; effective dates.

OK SB1819

Banking; creating the Uniform Special Deposits Act; providing conditions for use of special deposits. Effective date.

OK HB1850

Trust; creating the Uniform Trust Code; definitions; creditor claims; revocable trusts; trustees; duties and powers of trustee; trustee liability; severability; effective date.

OK HB2842

Broadband; Oklahoma Broadband Act of 2023; effective date.

OK HB2842

Broadband; Oklahoma Broadband Act of 2023; effective date.

OK SB173

Public trusts; providing for applicability of Public Competitive Bidding Act of 1974 and Fair Pay for Construction Act to certain public contracts. Effective date.