(a) A private trust company engaging in the trust business in this state shall comply with the provisions of this chapter applicable to a trust company unless expressly exempted from those provisions in writing by the Bank Commissioner under this section or by rule adopted by the commissioner.
(b) (1) A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of §§ 23-51-110, 23-51-403(a), 23-51-405(b)(11), 23-51-406(b)(1), 23-51-407, 23-51-501, 23-51-503, and 23-51-506(b)-(d).(2) The commissioner may grant the exemption in whole or in part if the commissioner finds that the private trust company does not and will not transact business with the general public.
(1) A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of §§ 23-51-110, 23-51-403(a), 23-51-405(b)(11), 23-51-406(b)(1), 23-51-407, 23-51-501, 23-51-503, and 23-51-506(b)-(d).
(2) The commissioner may grant the exemption in whole or in part if the commissioner finds that the private trust company does not and will not transact business with the general public.
(c) An exemption granted under this section may be made subject to conditions or limitations imposed by the commissioner consistent with this subchapter.
(d) (1) At the expense of the private trust company, the commissioner may examine or investigate the private trust company in connection with an application for exemption.(2) Unless the application presents novel or unusual questions, the commissioner shall approve the application for exemption or set the application for hearing not later than sixty (60) days after the date the commissioner considers the application complete and accepted for filing.(3) The commissioner may require the submission of additional information as considered necessary to an informed decision.
(1) At the expense of the private trust company, the commissioner may examine or investigate the private trust company in connection with an application for exemption.
(2) Unless the application presents novel or unusual questions, the commissioner shall approve the application for exemption or set the application for hearing not later than sixty (60) days after the date the commissioner considers the application complete and accepted for filing.
(3) The commissioner may require the submission of additional information as considered necessary to an informed decision.