1. (1) Before accepting a fiduciary account, a trust company shall review the prospective account to determine whether the trust company can properly administer the account.
2. (2) Upon the acceptance of a fiduciary account for which a trust company has investment discretion, the trust company shall conduct a prompt review of all assets of the account to evaluate whether the assets are appropriate for the account.
3. (3) At least once during every calendar year, a trust company shall conduct a review of all assets of each fiduciary account for which the trust company has investment discretion to evaluate whether the assets are appropriate, individually and collectively, for the account.
4. (4) The board shall promulgate rules regarding what assets are appropriate for purposes of subsections (2) and (3) of this section.

Source: L. 2024: Entire section added, (HB 24-1351), ch. 461, p. 3199, § 12, effective August 7.