PA bankers welcome updated trust laws

HARRISBURG, PA — The Pennsylvania Bankers Association (PA Bankers) praised Governor Josh Shapiro for signing Senate Bill 1231, which modernizes Pennsylvania’s trust laws.

The new law aims to reduce the administrative costs and burdens associated with directed trusts and trust termination. PA Bankers also thanked PA Sen. Lisa Baker (R, 20) for sponsoring the crucial issue.

Duncan Campbell, president and CEO of PA Bankers, said SB 1231 will clarify the powers and responsibilities of trust administrators, increasing the state’s competitiveness.

The law will come into effect in 90 days.

PA bankers advocate for pro-bank policies at the state and federal levels.