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

(a) In addition to filing an annual report in accordance with RSA 383-A:5-510(a), a family trust company shall file with the commissioner an annual certification certifying that the family trust company is in compliance with: (1) the provisions of this chapter; and (2) the condit…

(a) A family trust company may change its designated relative by filing with the commissioner notice in which the family trust company designates a new designated relative. (b) Except with the commissioner's prior approval, a family trust company cannot change its designated rela…

(a) For purposes of determining family members, a family trust company may elect to use the method described in RSA 383-D:4-402(a) or the alternate method described in RSA 383-D:4-402(b). The family trust company may change its election by filing with the commissioner a notice of…

In connection with any matter subject to the procedural rules under article 6 of RSA 383-A, the commissioner shall not order a public hearing. To the extent that RSA 383-A:6-604 authorizes the commissioner to hold a public hearing, RSA 383-A:6-604 shall not apply to a family trus…

(a) A family trust company may apply for an exemption from RSA 383-A:5-509 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 to grant to the family trust company an exemp…

(a) The commissioner shall examine a family trust company every 36 months, or more often when necessary in his or her judgment. (b) RSA 383-C:14-1401 and RSA 383-C:14-1402 shall not apply to a family trust company.

A family trust company may voluntarily dissolve in accordance with RSA 383-C:10-1001 through RSA 383-C:10-1007.

(a) If the commissioner determines that a family trust company is or has engaged in any activity that jeopardizes its safety or soundness, then the commissioner may revoke the family trust company's authority to conduct trust business. (b) The commissioner shall issue a notice to…

(a) The commissioner or any interested person may commence a judicial proceeding for purposes of seeking the dissolution of a family trust company. Each interested person shall be a party to that judicial proceeding. For purposes of this section, "interested person" means a perso…

(a) A foreign family trust company may engage in trust business in this state. A foreign family trust company that exercises trust powers in this state is subject to this chapter and, except as otherwise provided in this chapter, RSA 383-A and RSA 383-C. RSA 383-C:11-1101 shall n…

In accordance with RSA 383-C:11-1102, a foreign family trust company may open, close, or relocate any trust office at which it exercises trust powers or otherwise transacts business.

The commissioner may examine a foreign family trust company as provided in RSA 383-D:11-1101. RSA 383-C:11-1103 shall not apply to foreign family trust companies.

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

A foreign family trust company may domesticate in accordance with RSA 383-C:11-1104 if, upon its domestication, it will qualify as a family trust company under RSA 383-D:3-301.

(a) Except as provided in subsection (b), each term defined under RSA 383-A and RSA 383-C shall have the same meaning for purposes of this chapter. (b) For purposes of this chapter, the following definitions shall apply: (1) "Affiliate" means an entity that controls, is controlle…

A family trust company shall provide trust, investment, and other services only to family clients. A family trust company's organizational documents shall prohibit the family trust company from transacting business with the general public.

(a) For purposes of determining the safety or soundness of a family trust company or any act that a family trust company has taken or proposes to take, the following shall apply: (1) Subject to subsection (b), the commissioner shall consider the factors described in RSA 383-C:4-4…

(a) With the commissioner's prior approval, a family trust company may designate a person as a family client if that person has a close and continuous relationship with one or more family clients. (b) A person is a family client for one year after an involuntary event that otherw…

(a) Subject to subsections (a) and (b), "family member" means any of the following individuals: (1) The designated relative; (2) Except as otherwise provided in subsection (b), an individual who is within (i) the fifth degree of lineal kinship to the designated relative or (ii) t…

(a) For purposes of RSA 383-D:2-201(b)(10)(A), an individual who solely performs clerical, secretarial, or administrative functions for the family trust company, eligible trust, family entity, or family charitable organization does not participate in trust services or the entity'…

(a) After an individual becomes a former key employee, that individual does not qualify as a former key employee with respect to any new trust, investment, or other service, except as otherwise provided in subsection (b). (b) An individual is a former key employee only to the ext…

A trust is not an eligible trust if the commissioner determines that the trust was formed or is administered for the primary purpose of evading the limitations of this chapter.

An entity is not a family client if the commissioner determines that the entity was organized or is operated for the primary purpose of evading the limitations of this chapter.

A charitable organization is not a family client if the commissioner determines that it was organized or is operated for the primary purpose of evading the limitations of this chapter.

Except as otherwise provided in this chapter, a family trust company shall be organized in accordance with RSA 383-A.

(a) A family trust company may be organized as: (1) A corporation under the Corporation Act; (2) A limited liability company under the LLC Act; or (3) A foundation under RSA 564-F. (b) RSA 383-A:3-303(a) shall not apply to family trust companies.

In addition to any other information that the application may or must contain under RSA 383-A:3-305, the application shall include (i) the designated relative's name and date of birth and (ii) any request for exemption under RSA 383-D:7-702. For purposes of determining family mem…

(a) In considering whether to approve or deny an application for a family trust company charter, the commissioner shall consider the trust company's safety and soundness in accordance with RSA 383-D:3-302. (b) During the course of his or her review of an application, the commissi…

(a) The organizer of a family trust company is exempt from publishing any notice of their application for a family trust company charter. RSA 383-A:3-305(b)(2) shall not apply to the organizer of a family trust company. (b) The commissioner shall not order a hearing in connection…

Upon the completion of his or her review of the application, the commissioner shall issue a notice of decision and a charter in accordance with RSA 383-A:3-308(a) or a notice of denial in accordance with RSA 383-A:3-308(b). If the commissioner approves the application, then, in a…

A family trust company may apply to convert to a trust company that is authorized to transact business with the general public by filing an application for a trust company charter in accordance with article 3 of RSA 383-A. RSA 383-A and RSA 383-C shall govern the application, and…

A family trust company shall maintain the required capital under RSA 383-D:6-602, a fidelity bond under RSA 383-A:4-405, and an errors and omissions liability insurance policy under RSA 383-A:4-406. For purposes of determining the appropriate amounts of required capital, fidelity…

(a) The minimum required capital of a family trust company is $200,000. The commissioner may require a family trust company to maintain additional capital. From time to time, the commissioner may reduce or increase the amount of additional capital that a family trust company is r…

A family trust company is exempt from RSA 383-C:5-503.

A family trust company shall have the powers granted to a trust company under RSA 383-C, excluding the power to transact business with the general public. A family trust company shall not transact business with the general public.

(a) Subject to subsection (b), the commissioner may exempt a family trust company from any one or more requirements of RSA 383-A, RSA 383-C, and this chapter. (b) The commissioner shall not have the power to exempt a family trust company from any of the following requirements: (1…

The commissioner may modify or revoke any exemption granted to a family trust company under RSA 383-D:7-702 if (i) the commissioner determines that, based upon the safety and soundness of the family trust company or any action that the family trust company has taken or proposes t…

(a) Any action by a family trust company in its capacity as a trustee or other fiduciary shall not be void or voidable solely by reason of the entity transacting business with the general public. (b) To the extent that a family trust company transacts business with the general pu…

(a) A family trust company shall have a board of directors, and that board of directors must have not less than three members. 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 t…

(a) Except as provided in subsections (b) and (c), RSA 383-A:5-505 applies to a director or officer of a family trust company. (b) A director or officer of a family trust company shall not be personally liable to any person to the extent that, in the performance of his or her dut…

In accordance with RSA 383-C:7-701 through RSA 383-C:7-703, a family trust company may open, close, or relocate any trust office at which it exercises trust powers or otherwise transacts business.