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HOUSE OF REPRESENTATIVES - FLOOR VERSION
STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 3973 By: Echols of the House
and
Pugh of the Senate
COMMITTEE SUBSTITUTE
An Act relating to trusts; creating the Task Force on
Trust Administration Review and Reform; providing for
membership of task force; providing for study of task
force; requiring report on findings; providing for
quorum; providing for administrat ive support;
providing for codification; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 1201 of Title 60, unless there
is created a duplication in numbering, reads as follows:
A. There is hereby create d the Task Force on Trust
Administration Review and Reform. The Task Force shall be composed
of the following seven (7) members:
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1. The Governor shall appoint three (3) members, one of which
shall be a member of the Oklahoma State Chamber , and one of which
shall be a member of the Oklahoma Banking Association;
2. The President Pro Tempore of the Oklahoma State Senate shall
appoint two (2) members; and
3. The Speaker of the Oklahoma House of Representatives shall
appoint two (2) members.
B. The Task Force shall review and make recommendat ions for
changing Oklahoma's trust admin istration statutes in order to
provide an efficient frame work for the administration of trusts.
C. The Task Force shall provide a report to the Governor, the
President Pro Tempore of the Oklahoma State Senate , and the Speaker
of the Oklahoma House of Representatives with its recommendations
for legislation by November 1 of each year in which change s are
recommended.
D. A majority of the members shall constitute a quorum for the
purpose of conducting the business of the Task Force. The Task
Force shall meet quarterly and at such other times as may be called
by the Chair.
E. Members of the Task Fo rce shall serve without compensation
but shall be reimbursed for expenses incurred in the performance of
their duties in accordance with the provisions of the State Travel
Reimbursement Act.
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F. Administrative support for the task force including, but not
limited to, personnel necessary to ensure the proper performance of
the duties and responsibilities of the task force sha ll be provided
by the Oklahoma Legislative Office of Fiscal Transparency.
SECTION 2. This act shall become effective November 1, 2024.
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS AND BUDGET, dated
02/29/2024 - DO PASS, As Amended and Coauthored.