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

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

Duncan Campbell, PA Bankers’ president and CEO, said SB 1231 will clarify the powers and responsibilities of trust directors, enhancing the commonwealth’s competitiveness.

The law will take effect in 90 days.

PA Bankers advocate for pro-banking policies at the state and federal levels.