(a) The Bank Commissioner may revoke the exempt status of a private trust company if the private trust company:(1) Makes a false statement under oath on a document required to be filed under this chapter or by any rule promulgated by the commissioner;(2) Fails to submit to an examination as required by § 23-51-1202(d);(3) Withholds requested information from the commissioner; or(4) Violates any provision of this section applicable to an exempt private trust company.
(1) Makes a false statement under oath on a document required to be filed under this chapter or by any rule promulgated by the commissioner;
(2) Fails to submit to an examination as required by § 23-51-1202(d);
(3) Withholds requested information from the commissioner; or
(4) Violates any provision of this section applicable to an exempt private trust company.
(b) (1) If the commissioner determines from examination or other credible evidence that a private trust company has violated any of the requirements of this section, the commissioner may by personal delivery or registered or certified mail, return receipt requested, notify the private trust company in writing that the private trust company's exempt status has been revoked.(2) The notification required under subdivision (b)(1) of this section shall:(A) State grounds for the revocation with reasonable certainty; and(B) State the effective date of the revocation, which may not be sooner than five (5) calendar days after the date the notification is mailed or delivered.
(1) If the commissioner determines from examination or other credible evidence that a private trust company has violated any of the requirements of this section, the commissioner may by personal delivery or registered or certified mail, return receipt requested, notify the private trust company in writing that the private trust company's exempt status has been revoked.
(2) The notification required under subdivision (b)(1) of this section shall:(A) State grounds for the revocation with reasonable certainty; and(B) State the effective date of the revocation, which may not be sooner than five (5) calendar days after the date the notification is mailed or delivered.
(A) State grounds for the revocation with reasonable certainty; and
(B) State the effective date of the revocation, which may not be sooner than five (5) calendar days after the date the notification is mailed or delivered.
(c) (1) A revocation under this section takes effect for the private trust company if the private trust company does not request a hearing in writing before the effective date.(2) After taking effect the revocation is final and nonappealable as to that private trust company, and the private trust company shall be subject to all of the requirements and provisions of this chapter applicable to state trust companies.
(1) A revocation under this section takes effect for the private trust company if the private trust company does not request a hearing in writing before the effective date.
(2) After taking effect the revocation is final and nonappealable as to that private trust company, and the private trust company shall be subject to all of the requirements and provisions of this chapter applicable to state trust companies.
(d) (1) A private trust company shall have five (5) calendar days after the revocation is effective to comply with the provisions of this chapter from which it was formerly exempt.(2) If, however, the commissioner determines, at the time of revocation, that the private trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud the public, the commissioner may shorten or eliminate, in the commissioner's sole discretion, the five (5) calendar days compliance period.
(1) A private trust company shall have five (5) calendar days after the revocation is effective to comply with the provisions of this chapter from which it was formerly exempt.
(2) If, however, the commissioner determines, at the time of revocation, that the private trust company has been engaging in or attempting to engage in acts intended or designed to deceive or defraud the public, the commissioner may shorten or eliminate, in the commissioner's sole discretion, the five (5) calendar days compliance period.
(e) If the private trust company does not comply with this subchapter, including the capitalization requirements as have been determined by the commissioner as necessary to assure the safety and soundness of the private trust company, within the prescribed time period, the commissioner may:(1) Institute any action or remedy prescribed by this chapter, or any applicable rule; or(2) Refer the private trust company to the Attorney General to initiate a quo warranto proceeding to revoke the charter.
(1) Institute any action or remedy prescribed by this chapter, or any applicable rule; or
(2) Refer the private trust company to the Attorney General to initiate a quo warranto proceeding to revoke the charter.