An Act
ENROLLED HOUSE
BILL NO. 3973 By: Echols of the House
and
Pugh of the Senate
An Act relating to trusts; creating the Task Force on
Trust Administration Review and Reform; providing for
membership; stating duties of Task Force; requiring
report on findings; providing quorum requirements;
providing for administrat ive support; providing for
codification; and providing an effective date .
SUBJECT: Trusts
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:
1. The Governor shall appoint three members, one of whom shall
be a member of the Oklahoma State Chamber , and one of whom shall be
a member of the Oklahoma Bankers Association;
2. The President Pro Tempore of the Oklahoma State Senate shall
appoint two members; and
3. The Speaker of the Oklahoma House of Representatives shall
appoint two members.
B. The Task Force shall review and make recommendat ions for
changing Oklahoma's trust administration statutes in order to
provide an efficient frame work for the administration of trusts.
ENR. H. B. NO. 3973 Page 2
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.
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 shall be provided
by the Oklahoma Legislative Office of Fiscal Transparency.
SECTION 2. This act shall become effective November 1, 2024.
ENR. H. B. NO. 3973 Page 3
Passed the House of Representatives the 12th day of March, 2024.
Presiding Officer of the House
of Representatives
Passed the Senate the 24th day of April, 2024.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _____ ____
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________