1. (1) Only the following may be a trust company:

   1. (a) a Utah depository institution or the Utah depository institution's wholly owned subsidiary;
   2. (b) an out-of-state depository institution authorized to engage in business as a depository institution in this state or the out-of-state depository institution's wholly owned subsidiary;
   3. (c) a corporation, including a credit union service organization, owned entirely by one or more federally insured depository institutions as defined in Subsection 7-1-103(8);
   4. (d) a direct or indirect subsidiary of a depository institution holding company that also has a direct or indirect subsidiary authorized to engage in business as a depository institution in this state; and
   5. (e) any other corporation continuously and lawfully engaged in the trust business in this state since before July 1, 1981.
2. (2) Only a trust company may engage in the trust business in this state.

3. (3) The requirements of this chapter do not apply to:

   1. (a) an institution authorized to engage in trust business in another state that engages in trust activities in this state solely to fulfill the institution's duties as a trustee of a trust created and administered in another state;
   2. (b) a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, or a wholly owned subsidiary of a national bank, federal savings bank, federal savings and loan association, or federal credit union authorized to engage in business as a depository institution in this state, to the extent the institution is authorized by the institution's primary federal regulator to engage in trust business in this state; or
   3. (c) a state agency that is otherwise authorized by statute to act as a conservator, receiver, guardian, trustee, or in any other fiduciary capacity.

Enacted by Chapter 112, 2026 General Session