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

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…

(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 credit union may receive the money of its members on deposit and in payment of shares, upon such terms and in such amounts as its board of directors may prescribe. It may make loans to its members on such terms and upon such security, real or personal, as its written lending po…

This article sets forth the rights and duties of persons with respect to certain deposit accounts.

A depository bank doing business in this state may continue to recognize the power of an attorney-in-fact authorized in writing to make withdrawals either in whole or in part from the account of a depositor, whether a minor or adult, until it receives written notice or is on actu…

(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…

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 …

After it is organized, a state bank shall maintain a minimum level of capital required by the commissioner to operate in a safe and sound manner based upon his or her examination of the bank. The commissioner may require any state bank to increase its capital from time to time as…

While awaiting call of its members for loans, a credit union may make use of its funds as described in and according to the limitations of the following subsections: (a) It may deposit its money in any corporate credit union whose shares and deposits are insured by the National C…

For the purpose of strengthening its financial condition, subject to the approval of its board of directors, a state bank may receive contributions to its capital funds and in consideration for those funds may issue capital debentures to any person. The board of directors may not…

(a) No assignment of a deposit which is evidenced by a passbook or certificate of deposit shall be a valid transfer of the deposit unless the passbook or certificate of deposit is delivered to the assignee accompanied by a written assignment or order for transfer. (b) No assignme…

The following limitations shall be observed with respect to the investments of credit unions: (a) Not exceeding 5 percent of total assets shall be invested in preferred or common stock. (b) Not exceeding 5 percent of total assets shall be invested in bonds of the Dominion of Cana…

(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 state bank may redeem shares of its capital stock if (i) the redemption is conducted in accordance with the provisions of its organizational documents, (ii) the remaining capital exceeds the minimum capital required by this chapter, and (iii) the board of directors determines t…

(a) A "payable on death" deposit account is created by a deposit in a depository bank in the name of an owner or several joint owners with a designation that the account is payable on death to one or more payees, or is in trust for another, and no other or further notice of the e…

The following described securities are legal investments: (a) The authorized bonds and notes of the state of New Hampshire or of any municipal government in New Hampshire, including all authorities, commissions, districts or similar divisions of state or municipal government, pro…

(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 person or persons may establish a deposit account at a state or foreign depository bank doing business in this state pursuant to a written agreement. The written agreement shall govern the rights of any person who is named as an owner of the account. In the absence of a written…

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.

(a) A state bank or credit union shall maintain a fidelity bond that provides protection against losses from (i) any dishonest or criminal act of any person, including any of its directors, officers, employees, and agents, and (ii) any act such as robbery, burglary, or forgery by…

The following described securities are legal investments: (a) Obligations in the form of bonds and notes issued, assumed, or guaranteed by entities incorporated in the United States of America. The obligations shall be among the 3 highest ratings of any NRSRO. Convertible bonds o…

Depository banks may pay to a minor deposits to his or her credit as if he or she were of age, and the receipt by the minor shall discharge the depository bank of any liability for any payment so made. A minor shall have the power of a person of lawful age to pledge a deposit acc…

The following described securities are legal investments: (a) The securities of any bank or bank holding company incorporated in the United States, provided that: (1) Such bank or bank holding company shall have a total capital and surplus of at least $50,000,000. (2) The capital…

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) A state bank or credit union shall maintain a liability policy that insures against losses that any of its customers incurs by reason of the errors and omissions of the state bank or credit union or any of its directors, officers, employees, and agents. (b) Except as provided…

The following described shares or units are legal investments if listed on an exchange or authorized for sale in this state by the bureau of securities regulation of the secretary of state: (a) The shares of any management type investment company, either open-end or close-end, pr…

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.

The provisions of this section shall also apply to deposits maintained in this state by foreign banks.

The following described securities are legal investments: (a) Acceptances of member banks of the Federal Reserve System of the times and maturities made eligible for rediscount and purchased by Federal Reserve Banks. (b) Advances of federal funds to banks which also qualify as ca…

In order to increase income from investment securities, any credit union may loan to brokerage firms which are members of an exchange any stocks, bonds or other securities in which the credit union has invested under this chapter provided that: (a) Each loan shall be executed thr…

Any security held under RSA 383-E:4-404 through 409 which becomes nonlegal because of changes in the law relating to legal investments or because of conditions arising subsequent to the purchase of such security, may be retained upon application to the commissioner for approval t…

A credit union shall have and may exercise any power, right, benefit or privilege, now or hereafter authorized for federal credit unions by federal legislation, regulation or ruling, provided that, if federal law requires a federal credit union to apply to the National Credit Uni…

Shares may be issued and deposits received in the name of a minor, and such shares and deposits may, in the discretion of the directors, be withdrawn by such minor, or by his parent or guardian, and in either case payments made on such withdrawals shall be valid, and shall releas…

Deposits of a credit union shall be subject to Article 4 of RSA 383-B.

A credit union may act as trustee of pension and profit-sharing plans. A credit union may also act as trustee or custodian of: (a) Individual retirement accounts authorized by federal and state law; (b) Pension funds of self-employed individuals or of an entity or organization sp…

Escrow accounts of credit unions, federal credit unions and foreign credit unions having escrow accounts in this state shall be subject to RSA 383-B:3-303(a)(7)(E).

Safe deposit boxes of credit unions, federal credit unions, and foreign credit unions having safe deposit boxes in this state shall be subject to Article 5 of RSA 383-B.

A credit union may purchase assets from and assume liabilities of, or sell assets and transfer liabilities to, a bank, state credit union, federal credit union, or foreign credit union if it files an application with the commissioner under RSA 383-A:6-602, subject to other federa…

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

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) If the amount due for the rent or use of a safe deposit box has not been paid for 6 consecutive months, or if the renter thereof shall not have removed the contents thereof within 30 days from the termination of the lease therefor for any reason other than for the non-payment…

The business and affairs of a credit union shall be managed by a board of not less than 5 directors elected by the members, a credit committee, if established, of not less than 3 members appointed by the board of directors, and a supervisory committee of not less than 3 members t…

This article sets forth general provisions that apply to state banks and credit unions as specified and is supplemented by other provisions in the Banking Acts and the Credit Union Act. The commissioner shall have the power to adopt rules relating to the forms and procedures rela…

(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.

(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…