Oklahoma 2024 Regular Session

Oklahoma House Bill HB3973 Compare Versions

Version 1 (Old)

Version 2 (New)

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1		-	An Act
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	3	+	SENATE FLOOR VERSION - HB3973 SFLR Page 1
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	30	+	April 9, 2024
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3	34		BILL NO. 3973 By: Echols of the House
4	35
5	36		and
6	37
7	38		Pugh of the Senate
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12	43		An Act relating to trusts; creating the Task Force on
13	44		Trust Administration Review and Reform; providing for
14		-	membership; stating duties of Task Force; requiring
15		-	report on findings; providing quorum requirements;
16		-	providing for administrat ive support; providing for
17		-	codification; and providing an effective date .
	45	+	membership of task forc e; providing for study of task
	46	+	force; requiring report on findings; providing for
	47	+	quorum; providing for administrative support;
	48	+	providing for codification; and providing an
	49	+	effective date.
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21		-	~~SUBJECT: Trusts~~
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23	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
24		-
25	56		SECTION 1. NEW LAW A new section of law to be codified
26	57		in the Oklahoma Statutes as Section 1201 of Title 60, unless there
27	58		is created a duplication in numbering, reads as follows:
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29	59		A. There is hereby created the Task Force on Trust
30	60		Administration Review and Reform. The Task Force shall be composed
31	61		of the following seven (7) members:
	62	+	1. The Governor shall appoint three members, one of which shall
	63	+	be a member of the Oklahoma State Chamber, and one of which shall be
	64	+	a member of the Oklahoma Ba nking Association;
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33		-	1. The Governor shall appoint three members, one of whom shall
34		-	be a member of the Oklahoma State Chamber , and one of whom shall be
35		-	a member of the Oklahoma Bankers Association;
	66	+	SENATE FLOOR VERSION - HB3973 SFLR Page 2
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36	91
37	92		2. The President Pro Tempore of the Oklahoma State Senate shall
38	93		appoint two members; and
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40	94		3. The Speaker of the Oklahoma House of Representatives shall
41	95		appoint two members.
42		-
43	96		B. The Task Force shall review and make recommendations for
44	97		changing Oklahoma's trust administration statutes in order to
45	98		provide an efficient framework for the administration of trusts.
46		-	ENR. H. B. NO. 3973 Page 2
47	99		C. The Task Force shall provide a report to the Governor, the
48	100		President Pro Tempore of the Oklahoma State Senate, and the Speaker
49	101		of the Oklahoma House of Representatives with its recommendations
50	102		for legislation by November 1 of each year in which changes are
51	103		recommended.
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53	104		D. A majority of the members shall constitute a quorum for the
54	105		purpose of conducting the business of the Task Fo rce. The Task
55	106		Force shall meet quarterly and at such other times as may be called
56	107		by the Chair.
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58	108		E. Members of the Task Force shall serve without compensation
59	109		but shall be reimbursed for expenses incurred in the performance of
60	110		their duties in accordance w ith the provisions of the State Travel
61	111		Reimbursement Act.
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63	112		F. Administrative support for the task force including, but not
64	113		limited to, personnel necessary to ensure the proper performance of
65	114		the duties and responsibilities of the task force shall be provid ed
66	115		by the Oklahoma Legislative Office of Fiscal Transparency.
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68	143		SECTION 2. This act shall become effective November 1, 2024.
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71		-	ENR. H. B. NO. 3973 Page 3
72		-	Passed the House of Representatives the 12th day of March, 2024.
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77		-	Presiding Officer of the House
78		-	of Representatives
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81		-	Passed the Senate the 24th day of April, 2024.
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86		-	Presiding Officer of the Senate
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88		-
89		-	OFFICE OF THE GOVERNOR
90		-	Received by the Office of the Governor this ____________________
91		-	day of ___________________, 20_______, at _______ o'clock _______ M.
92		-	By: _________________________________
93		-	Approved by the Governor of the State of Oklahoma this _____ ____
94		-	day of ___________________, 20_______, at _______ o'clock _______ M.
95		-
96		-
97		-	_________________________________
98		-	Governor of the State of Oklahoma
99		-
100		-	OFFICE OF THE SECRETARY OF STATE
101		-	Received by the Office of the Secretary of State this __________
102		-	day of ___________________, 20_______, at _______ o'clock _______ M.
103		-	By: _________________________________
104		-
	144	+	COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY
	145	+	April 9, 2024 - DO PASS