§ 2405. Periodic reports; examinations; cooperative agreements
(a) The Commissioner may require reports from any independent trust company doing a trust
business in this State, containing such information, including on its financial condition,
at such times and in such format as the Commissioner may prescribe.
(b) The Commissioner may make such examination of any person or location as the Commissioner
may deem necessary to determine whether an independent trust company is being operated
in compliance with the laws of this State and in accordance with safe and sound business
and trust practices, to the extent consistent with subsection (c) of this section.
(c) The Commissioner may enter into cooperative, coordinating, and information-sharing
agreements with any other supervisory agencies or any organization affiliated with
or representing one or more supervisory agencies with respect to the periodic examination
or other supervision of any independent trust company not formed in this State or
any office of an independent trust company in any state. The Commissioner may accept
reports of examination or investigation from such agencies in lieu of conducting an
independent examination or investigation.
(d) The Commissioner may enter into joint examinations or joint enforcement actions with
other supervisory agencies having concurrent jurisdiction over any independent trust
company or any office of an independent trust company established and maintained in
this State; provided, that the Commissioner may at any time take such actions independently
if the Commissioner deems such actions to be necessary or appropriate to carry out
the responsibilities under this chapter or to ensure compliance with the laws of this
State.
(e) The independent trust company shall provide the Commissioner with written notice of
any regulatory action taken against it in any other jurisdiction within 30 days of
receipt of such action by the independent trust company.
(f) Any independent trust company that maintains one or more offices in this State shall
be assessed by the following applicable method:
(1) an independent trust company whose primary activity is transactional shall pay to
the Department an annual assessment equal to $0.0001 per dollar volume of activity
performed for the most recent year ending December 31, which assessment shall not
be less than $2,000.00 or greater than $50,000.00, and which shall be paid on or before
April 1 of each year; or
(2) an independent trust company whose primary activity in the State is asset management
shall pay to the Department an assessment based on assets under management in this
State on the preceding June 30 as provided under subsection 19(d) of this title.
(g) An independent trust company assessed pursuant to subdivision (f)(1) of this section
shall pay to the Department the costs and expenses of all examinations, including
both regular examinations and special or expanded scope examinations as provided under
section 18 of this title. An independent trust company assessed pursuant to subdivision (f)(2) of this section
shall not be billed for regular examinations, but shall pay to the Department the
costs and expenses of all special or expanded scope examinations as provided under
sections 18 and 19 of this title. (Added 1997, No. 98 (Adj. Sess.), § 8b; amended 1999, No. 153 (Adj. Sess.), § 20, eff. Jan. 1, 2001; 2011, No. 21, § 5, eff. May 11, 2011; 2011, No. 78 (Adj. Sess.), § 9, eff. April 2, 2012; 2013, No. 29, § 8, eff. May 13, 2013; 2021, No. 25, § 5, eff. May 12, 2021.)