(a) A trust office of an out-of-state trust institution shall not be acquired or established in this state under this chapter unless:(1) The out-of-state trust institution has confirmed in writing to the Bank Commissioner that for as long as the out-of-state trust institution maintains a trust office in this state, the out-of-state trust institution will comply with all applicable laws of this state;(2) The applicant has provided satisfactory evidence to the commissioner of compliance with any applicable requirements of § 4-27-1501 et seq. and the applicable requirements of the applicant's home state regulator for acquiring or establishing and maintaining the trust office; and(3) The commissioner, acting within sixty (60) days after receiving a notification under § 23-51-906, has certified to the home state regulator that the requirements of this chapter have been met and the application has been approved or, if applicable, that any conditions imposed by the commissioner under subsection (b) of this section have been satisfied.
(1) The out-of-state trust institution has confirmed in writing to the Bank Commissioner that for as long as the out-of-state trust institution maintains a trust office in this state, the out-of-state trust institution will comply with all applicable laws of this state;
(2) The applicant has provided satisfactory evidence to the commissioner of compliance with any applicable requirements of § 4-27-1501 et seq. and the applicable requirements of the applicant's home state regulator for acquiring or establishing and maintaining the trust office; and
(3) The commissioner, acting within sixty (60) days after receiving a notification under § 23-51-906, has certified to the home state regulator that the requirements of this chapter have been met and the application has been approved or, if applicable, that any conditions imposed by the commissioner under subsection (b) of this section have been satisfied.
(b) The out-of-state trust institution may commence business at the trust office sixty (60) days after the date the commissioner receives the application required under this chapter unless the commissioner specifies another date, if, with respect to an out-of-state trust institution that is not a depository institution and for which the commissioner has conditioned the approval on the satisfaction by the applicant of any requirement applicable to a state trust company under § 23-51-403 or § 23-51-406(b), the institution has satisfied the conditions and provided to the commissioner satisfactory evidence that the conditions have been satisfied.
(c) (1) The sixty-day period of review under subsection (b) of this section may be extended by the commissioner on a determination that the application raises issues that require additional information or additional time for analysis.(2) If the period of review is extended, the out-of-state trust institution may establish the trust office only on prior written approval by the commissioner.
(1) The sixty-day period of review under subsection (b) of this section may be extended by the commissioner on a determination that the application raises issues that require additional information or additional time for analysis.
(2) If the period of review is extended, the out-of-state trust institution may establish the trust office only on prior written approval by the commissioner.
(d) (1) The commissioner may deny approval of the trust office under this section if the commissioner finds that the applicant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest.(2) In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.
(1) The commissioner may deny approval of the trust office under this section if the commissioner finds that the applicant lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest.
(2) In acting on the notice, the commissioner shall consider the views of the appropriate bank supervisory agencies.