Chairperson Dietrich opened the hearing on SB 300. Revisor Eileen Ma provided an overview and stood for questions from the Committee. (Attachment 1)

Brock Roehler, General Counsel for the Office of the State Bank Commissioner (OSBC) spoke as a proponent of the bill. (Attachment 2) He testified that although the state has only one Technology Enabled Fiduciary Financial Institution (TEFFI) and it is not insolvent, there is a concern on how to wind down such a unique business model for a trust company should it fail. This bill ensures that the state does not become appointed as the receiver should that ever happen. Mr. Roehler answered questions from the Committee.

There was no opponent nor neutral testimony. The hearing on SB 300 was closed by Chairperson Dietrich.