Title XXXV, Banks and Banking; Loan Associations; Credit Unions

A trust company that voluntarily dissolves by means of liquidation shall comply with the procedures for a voluntary dissolution set forth in the applicable the Organizational Acts, but any filing required by applicable law to be submitted to the secretary of state instead shall b…

A trust company that voluntarily dissolves by means of a reorganization into an entity that is not authorized to engage in trust business shall be subject to the provisions of this article and the procedures for a reorganization into the type of entity as set forth in the provisi…

(a) Before a trust company may dissolve its charter under RSA 383-C:10-1002 or RSA 383-C:10-1003, the trust company shall file with the commissioner an application for dissolution. (b) The application shall include a comprehensive plan of dissolution setting forth the proposed di…

After receipt of an application for dissolution under RSA 383-C:10-1004, the commissioner shall make a determination under RSA 383-A:6-604.

(a) Upon issuance of the commissioner's decision approving a trust company's application for dissolution, the trust company may dissolve in accordance with the terms of its application for dissolution and plan for dissolution. (b) Upon completion of all actions required under the…

After the commissioner issues a certificate of dissolution under RSA 383-C:10-1006, the applicant shall file with the secretary of state the certificate of dissolution and shall pay to the secretary of state any filing a fee required by the applicable Organizations Act. In the ca…

(a) A foreign trust company may engage in trust business in this state. (b) A foreign trust company that engages in trust business in this state is subject to RSA 383-A and this chapter.

(a) Before opening or relocating a trust office within this state, a foreign trust company shall submit notice to the commissioner describing the opening or relocation under RSA 383-A:6-602. A foreign trust company may only proceed with the opening or relocation of a trust office…

(a) The commissioner may examine a foreign trust company's trust offices either on-site or off-site for purposes of confirming the foreign trust company's safety and soundness, including its compliance with applicable laws. (b) The commissioner may enter into a cooperative or inf…

(a) A foreign trust company shall file with the commissioner (i) a true and complete copy of each document that the foreign trust company submits for filing with this state's secretary of state, and (ii) a copy of any notice or other document that the foreign trust company receiv…

(a) With the commissioner's prior approval, a foreign trust company organized as a corporation or a limited liability company may become a trust company through domestication in accordance with the applicable Organization Act and this section. (b) A foreign trust company that pro…

For purposes of this article, the following definitions shall apply: (a) "Limited-scope discretionary power" means discretionary power with respect to a trust if: (i) the terms of the trust confer simultaneous, discretionary authority on two or more persons; (ii) the power repres…

(a) A qualified trust advisor that acts as a trust advisor or trust protector in this state, either by acting in such capacity from an office in this state or by acting in such capacity for a trust administered in this state, is not a bank and shall not be required to obtain a ch…

(a) A trust company shall file with the commissioner reports of condition as required under RSA 383-A:5-510 and copies of other documents as required under RSA 383-A:5-511. (b) A trust company shall, at the same time it files the annual report of condition pursuant to RSA 383-A:5…

I. Subject to RSA 383-C:14-1402, the commissioner shall examine the condition and management of a trust company every 18 months, or more often when necessary in his or her judgment. II. For trust companies that qualify under paragraph III, the commissioner may alternate every 18 …

(a) A trust company may apply for an exemption from one regular examination under RSA 383-C:14-1401 by filing with the commissioner an application for exemption. (b) In accordance with RSA 383-A:6-604, the commissioner shall make a determination as to whether the trust company qu…

(a) Each term defined under RSA 383-A shall have the same meaning for purposes of this chapter. (b) For purposes of this chapter, the following definitions shall also apply: [Paragraph (b)(1) effective until October 1, 2026; see also paragraph (b)(1) set out below.] (1) "Change o…

Consistent with a business plan and capital plan approved by the commissioner and for so long as it is authorized to transact business in this state and holds a valid charter as a trust company, a trust company shall have power: (a) To execute all the powers and possess all the p…

A trust company shall not have the power to accept deposits, and a trust company's organizational instrument shall include a statement that the trust company does not have the power to accept deposits.

Unless required by the order of a court with proper jurisdiction, no trust company authorized to act as trustee or executor in this state shall be required to give bond to secure performance of the trust company's duties as trustee or executor.

Any trust company while acting in a fiduciary or custodial capacity, either alone or jointly with a person or persons, may cause any stock or other securities to be registered and held in the name of a nominee without mention of the fiduciary or custodial relationship.

Any trust company while acting in a fiduciary capacity, or as an agent or custodian or any fiduciary acting for itself, is authorized to deposit or arrange for the deposit of securities with a bank or other regulated financial-service entity. At all time, the records of any trust…

No person shall be granted a charter to transact business as a trust company if the commissioner determines that the applicant for a charter will not conduct the proposed trust business by the applicant in a safe and sound manner.

A trust company's board of directors shall adopt a business plan that specifies (i) the trust business and other business in which the trust company will engage, (ii) the trust company's management and operation structures, including information technology, (iii) the trust compan…

A trust company's board of directors shall adopt a capital plan that specifies (i) the amount of the trust company's capital, (ii) including its required capital, the quality, liquidity, and sources of the trust company's capital, (iii) the proposed investment of the trust compan…

No trust company shall engage in trust business that is materially different from, or inconsistent with, the business plan or capital plan approved by the commissioner. A trust company may effect a material amendment to the trust company's business plan or capital plan under RSA …

For purposes of determining the safety or soundness of a trust company or any act that a trust company has taken or proposes to take, the commissioner shall consider the following factors: (a) The nature and type of fiduciary activities that the trust company conducts or proposes…

The commissioner shall consider the safety and soundness of a trust company and may make findings relative to a trust company's safety and soundness: (i) when considering any application or notice submitted by a trust company or by any person proposing to be chartered as a trust …

A trust company shall maintain the level of capital required under RSA 383-C:5-502, a fidelity bond under RSA 383-A:4-405, an errors and omissions liability insurance policy under RSA 383-A:4-406, and a liquidation pledge under RSA 383-C:5-503. The commissioner shall consider a t…

(a) The minimum required capital of a trust company is $500,000. The commissioner may require a trust company to maintain required capital in excess of the minimum required capital. (b) After a trust company is granted authority to transact business, a trust company shall maintai…

(a) To defray the costs of liquidation of a trust company by the commissioner under RSA 395, a trust company shall pledge to the commissioner cash or securities in accordance with this section. In the event of a liquidation of a trust company under RSA 395 and without regard to a…

(a) The board of directors of a trust company shall be composed of at least 5 directors. A director need not be a resident of New Hampshire or a citizen of the United States, unless otherwise required by the commissioner in consideration of the trust company's safety and soundnes…

A trust company's board of directors shall meet on a regular basis no less than once each calendar quarter or with greater frequency as the board determines is necessary or as the commissioner requires in consideration of the trust company's safety and soundness.

(a) In the case of a trust company organized as a corporation, the trust company shall have a president, a treasurer, and a secretary and may appoint one or more other officers. (b) In the case of a trust company organized as a limited liability company, the trust company shall h…

In addition to the grounds for removal set forth in RSA 383-A:9-902, the commissioner may also remove a director or officer of a trust company if, in the opinion of the commissioner, the director or officer does not possess the experience, ability, standing, competence, trustwort…

A trust company may operate out of one or more trust offices and other offices located within the state or in any other state or jurisdiction consistent with the trust company's business plan.

Before opening or relocating a trust office, a trust company that has been transacting business for more than 3 years shall submit a notice to establish a trust office under RSA 383-A:6-602. During the first 3 years of transacting business, a company shall submit an application t…

At least 10 days before closing a trust office, a trust company shall provide notice of the closure to the commissioner under RSA 383-A:6-602 and may proceed to close the trust office after filing the notice without further action by the commissioner.

The commissioner may enter into agreements with any regulatory authority having jurisdiction to examine out-of-state trust offices of trust companies. For those examinations, the cost shall be the same as that provided in RSA 383:11.

(a) Before the effective date of any material, proposed change to the business plan or the capital plan of a trust company, the trust company shall file an application with the commissioner describing the material, proposed amendment to its business plan or capital plan as requir…

(a) Before consummation of any proposed change of ownership of a trust company, the new owner or new owners of trust company equity shall file an application with the commissioner describing the proposed change of ownership of the trust company as required under RSA 383-A:6-602 a…

(a) Before consummation of any proposed change of control of a trust company, the trust company, either alone or with the acquirer or acquirers of control, shall file an application with the commissioner describing the proposed change of control of the trust company as required u…

After receipt of an application under RSA 383-C:8-801, RSA 383-C:8-802, or RSA 383-C:8-803 that is deemed substantially complete under RSA 383-A:6-603, the commissioner shall make a determination under RSA 383-A:6-604.

(a) If the proposed change would adversely affect the safety and soundness of the trust company, then the commissioner may make a decision under RSA 383-A:6-604 to disapprove a proposed change to a capital plan or business plan, a proposed change of ownership of a trust company, …

The acquisition or transfer of the equity or indirect ownership of a trust company between entities under common control that are affiliated with the trust company, so that, after giving effect to the acquisition or transfer, the ultimate, indirect ownership of the trust company …