Kentucky 2010 Legislative Update 1 – UPMIFA

We’re 36 days into the 60-day 2010 Regular Session of the Kentucky Legislature that began on January 5.  (For the legislative calendar, click here.) It’s a good time for Kentucky Estates to begin reporting on the status of some of the bills that are relevant to our readers.

After failing to pass both houses in the 2009 session, the Uniform Prudent Management of Institutional Funds Act, like Harold Stassen, is back. A summary of the statute, prepared by NCCUSL, is available here.  The bill (SB 76) passed unanimously in the Senate, and has been referred to the House Banking & Insurance Committee.  You can obtain the full text of the bill and track its status here.  As reported by NCCUSL here, Kentucky is one of only five jurisdictions, including Mississippi, that hadn’t enacted UPMIFA prior to the 2010 session.  It would be terrific not to be the last jurisdiction in the U.S. to adopt the statute.  A list of House Banking & Insurance Committee members is available here.  Please click on the link, and if your legislator or another legislator you know is on the committee, consider giving them a call about the bill.

KYEstate$ will cover other pending legislation relevant to our readers, including 10RS HB 188, in upcoming posts.