Bill Commons

DE SB 327

enacted

AN ACT TO AMEND TITLE 5 AND TITLE 12 OF THE DELAWARE CODE RELATING TO FAMILY TRUST COMPANIES.

Delaware · 2025-2026 Regular Session (153rd General Assembly) · upper

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Quick answers

Did DE SB 327 pass?

Yes. DE SB 327 has been enacted into law. Latest recorded action (2026-07-13): Signed by Governor

What is DE SB 327 about?

This Act builds upon the reputation of Delaware’s trust laws and trust services infrastructure by creating a trust company charter designed for families desiring a family trust company. This Act authorizes the formation of a new type of Delaware regulated trust company, a “family trust company,” serving a single family and its related trusts, entities, and charities. This Act further authorizes and directs the State Bank Commissioner to establish regulations, application forms, and practices that distinguish the regulatory requirements for a family trust company from commercial trust companies serving the public, based on their differing risk profiles. A principal purpose of the supervision and examination of family trust companies by the Office of the State Bank Commissioner under this Act will be to address and facilitate record-keeping, auditing and reporting, and risk management, in significant part by assisting management of family trust companies in understanding and performing their fiduciary and other legal obligations owed to the family members they serve. This Act limits family trust companies to exercising the trust company powers permitted to other State-chartered trust companies and defines the family members it may serve based on their being descended from or otherwise related to a single family member (either alone or together with their spouse) designated by the family. This Act provides for the organization, minimum capital and surplus requirements, and permissible range of license fees of a family trust company, as well as the criteria for approval of an application for a certificate of authority to establish a family trust company, and additional criteria to consider for the capital and surplus requirements of family trust companies, in order to assure their safe, sound, and effective operation. It also encourages family trust companies to be audited, requires certain insurance coverages, and provides for supervision, examination, and enforcement of their compliance with the Act and safe and sound trust company practices. This Act also requires that material trust administration occur in Delaware in instances in which the laws of Delaware are intended to govern the administration of the trust administered by a family trust company. This Act requires a greater than majority vote for passage because § 1 of Article IX of the Delaware Constitution requires the affirmative vote of two-thirds of the members elected to each house of the General Assembly to amend the general corporation law.

Who sponsors DE SB 327?

Kerri Evelyn Harris, William J. Carson, Bryan Townsend and 3 others are the primary sponsors of DE SB 327.

Description

This Act builds upon the reputation of Delaware’s trust laws and trust services infrastructure by creating a trust company charter designed for families desiring a family trust company. This Act authorizes the formation of a new type of Delaware regulated trust company, a “family trust company,” serving a single family and its related trusts, entities, and charities. This Act further authorizes and directs the State Bank Commissioner to establish regulations, application forms, and practices that distinguish the regulatory requirements for a family trust company from commercial trust companies serving the public, based on their differing risk profiles. A principal purpose of the supervision and examination of family trust companies by the Office of the State Bank Commissioner under this Act will be to address and facilitate record-keeping, auditing and reporting, and risk management, in significant part by assisting management of family trust companies in understanding and performing their fiduciary and other legal obligations owed to the family members they serve. This Act limits family trust companies to exercising the trust company powers permitted to other State-chartered trust companies and defines the family members it may serve based on their being descended from or otherwise related to a single family member (either alone or together with their spouse) designated by the family. This Act provides for the organization, minimum capital and surplus requirements, and permissible range of license fees of a family trust company, as well as the criteria for approval of an application for a certificate of authority to establish a family trust company, and additional criteria to consider for the capital and surplus requirements of family trust companies, in order to assure their safe, sound, and effective operation. It also encourages family trust companies to be audited, requires certain insurance coverages, and provides for supervision, examination, and enforcement of their compliance with the Act and safe and sound trust company practices. This Act also requires that material trust administration occur in Delaware in instances in which the laws of Delaware are intended to govern the administration of the trust administered by a family trust company. This Act requires a greater than majority vote for passage because § 1 of Article IX of the Delaware Constitution requires the affirmative vote of two-thirds of the members elected to each house of the General Assembly to amend the general corporation law.

Introduced
2026-05-19
Latest action
2026-07-13 — Signed by Governor
Bill type
bill
Last updated
—

Sponsors

  • Kerri Evelyn Harrisprimary
  • William J. Carsonprimary
  • Bryan Townsendprimary
  • William Bushprimary
  • Brian Pettyjohnprimary
  • Spiros Mantzavinosprimary

Committees

Not provided by source.

Action timeline

Newest first

  1. 2026-07-13

    Signed by Governor

    executive-signature

  2. 2026-06-18

    Passed By House. Votes: 41 YES

    passage

  3. 2026-06-16

    Reported Out of Committee (Economic Development/Banking/Insurance & Commerce) in House with 8 On Its Merits

    committee-passage

  4. 2026-06-10

    Assigned to Economic Development/Banking/Insurance & Commerce Committee in House

    introduction,referral-committee

  5. 2026-06-09

    Passed By Senate. Votes: 20 YES 1 ABSENT

    passage

  6. 2026-05-20

    Reported Out of Committee (Banking, Business, Insurance & Technology) in Senate with 1 Favorable, 6 On Its Merits

    committee-passage,committee-passage-favorable

  7. 2026-05-19

    Introduced and Assigned to Banking, Business, Insurance & Technology Committee in Senate

    introduction,referral-committee

Versions

Documents

Votes

  • 2/3

    2026-06-09 · pass · 20-0

    Member-level votes (21)
    • Darius J. Brown: other
    • Eric Buckson: yes
    • Daniel Cruce: yes
    • Stephanie L. Hansen: yes
    • Gerald W. Hocker: yes
    • Kyra L. Hoffner: yes
    • Russell Huxtable: yes
    • Dave G. Lawson: yes
    • S. Elizabeth Lockman: yes
    • Spiros Mantzavinos: yes
    • Trey Paradee: yes
    • Brian Pettyjohn: yes
    • Marie Pinkney: yes
    • Nicole Poore: yes
    • Bryant L. Richardson: yes
    • Ray Seigfried: yes
    • David P. Sokola: yes
    • Laura V. Sturgeon: yes
    • Bryan Townsend: yes
    • John "Jack" Walsh: yes
    • David L. Wilson: yes

  • 3/4

    2026-06-18 · pass · 41-0

    Member-level votes (41)
    • Alonna Berry: yes
    • Stephanie T. Bolden: yes
    • Frank Burns: yes
    • William Bush: yes
    • William J. Carson: yes
    • Nnamdi O. Chukwuocha: yes
    • Richard G. Collins: yes
    • Franklin D. Cooke: yes
    • Daniel B. Short: yes
    • Timothy D. Dukes: yes
    • Mara Gorman: yes
    • Ronald E. Gray: yes
    • Krista Griffith: yes
    • Kerri Evelyn Harris: yes
    • Debra Heffernan: yes
    • Kevin S Hensley: yes
    • Jeff Hilovsky: yes
    • Valerie Jones Giltner: yes
    • Kendra Johnson: yes
    • Kimberly Williams: yes
    • Kamela T Smith: yes
    • Larry Lambert: yes
    • Sean M. Lynn: yes
    • Michael F. Smith: yes
    • Melissa Minor-Brown: yes
    • Shannon Morris: yes
    • Eric Morrison: yes
    • DeShanna U Neal: yes
    • Josue O Ortega: yes
    • Edward S. Osienski: yes
    • Sophie Phillips: yes
    • Charles S Postles Jr.: yes
    • Cyndie Romer: yes
    • Melanie Ross Levin: yes
    • Sherae'a Moore: yes
    • Bryan W. Shupe: yes
    • Claire Snyder-Hall: yes
    • Jeffrey N. Spiegelman: yes
    • Jesse R. Vanderwende: yes
    • Madinah Wilson-Anton: yes
    • Lyndon D. Yearick: yes

Related bills

No related bills recorded for this bill.

Official source

https://legis.delaware.gov/BillDetail?LegislationId=143356

Attribution

Data from openstates_api_sync, retrieved 2026-10-21T20:32:26.024345Z

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