§ 53-321. Enforcement.
§ 53‑321. Enforcement.
(a) Consistent withArticle 3A of Chapter 150B of the General Statutes, after notice andopportunity for hearing, the Commissioner may determine:
(1) That activities of atrust office maintained by an out‑of‑state trust institution inthis State are being conducted in violation of the laws of this State or anyrule, order, or declaratory ruling issued by the Commissioner, or in an unsafeand unsound manner, or that the out‑of‑state trust institution doesnot meet or no longer meets the requirements of this Subpart for maintaining atrust office in this State; or
(2) That an out‑of‑statetrust institution is engaged in unauthorized trust activity.
In either event, theCommissioner may take any enforcement actions the Commissioner would beauthorized to take if the trust office or the out‑of‑state trustinstitution were a State trust company and may issue an order temporarily orpermanently prohibiting the out‑of‑state trust institution fromengaging in trust business in this State.
(b) Consistent withArticle 3A of Chapter 150B of the General Statutes, after notice andopportunity for hearing, the Commissioner may determine by order that an out‑of‑statetrust institution maintaining a representative trust office in this State doesnot meet or no longer meets the requirements of this Subpart for maintaining arepresentative trust office in this State. The order shall be effective on thedate of issuance or any other date the Commissioner determines.
(c) In cases involvingextraordinary circumstances requiring immediate action, the Commissioner maytake any action permitted by subsection (a) or (b) of this section withoutnotice or opportunity for hearing but shall promptly afford a subsequenthearing upon an application to rescind the action taken.
(d) The Commissionershall promptly give notice to the home state regulator and any other banksupervisory agency supervising the out‑of‑state trust institutionof each enforcement action taken against an out‑of‑state trustinstitution and may consult and cooperate with other bank supervisory agenciesin pursuing and resolving the enforcement action. (2001‑263, s. 1; 2005‑269,s. 12.)