Many WAPG members who are Professional guardians are asked to act as Trustees for their clients. Many of you may not be aware of the Trusts Institutions Modernization Act (TIMA) that took effect on January 5th, 2015.
TIMA provides guidance to the Department of Financial Institutions (DFI) on whether a Trustee or Trust Company is required to be registered as a Trust under the new law. Some of you may now be required to undergo Trust Chartering, a process of regular oversight and supervision of your activities by DFI. Other’s may be exempt, and still others may be able to obtain a private ruling as to your status.
The definition of a Trustee under Title is listed above. Below is a list of exemptions:
For more information please review this document developed by the Department of Financial Institutions or contact DFI. Contact info is provided in the document located at https://www.dropbox.com/s/cwtuuuwu5kobcne/Trust%20Institutions%20Modernization%20Act.pdf?dl=0