§ 53-327. Enforcement.
§ 53‑327. 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 or representative trust office maintained by a foreign trustinstitution in this State are being conducted in violation of the laws of thisState or any rule, order, or declaratory ruling issued by the Commissioner, orin an unsafe and unsound manner, or that the foreign trust institution does notmeet or no longer meets the requirements of this Subpart for maintaining atrust office or representative trust office in this State; or
(2) That a foreign trustinstitution is engaged in unauthorized trust activity.
In either event, theCommissioner may take any enforcement actions the Commissioner would beauthorized to take if the foreign trust institution were a State trust companyand may issue an order temporarily or permanently prohibiting the foreign trustinstitution from engaging in trust business or trust marketing 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 a foreigntrust 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 request to rescind the action taken.
(d) The Commissionershall promptly give notice to the home country regulator and any other banksupervisory agency supervising the foreign trust institution of eachenforcement action taken against a foreign trust institution and may consultand cooperate with bank supervisory agencies in pursuing and resolving theenforcement action. (2001‑263, s. 1; 2005‑269, s. 17.)