§ 2405 - Periodic reports; examinations; cooperative agreements
§ 2405. Periodic reports; examinations; cooperative agreements
(a) Each independent trust company shall annually file a report on its financial condition with the commissioner on or before February 15 for the preceding year ending December 31 containing such information and in such format as the commissioner may prescribe. The commissioner may require additional reports from any independent trust company that is doing a trust business in this state. The commissioner may accept a copy of any report from the primary regulator of the independent trust company, if the commissioner determines that the report is substantially similar to a report required under this section.
(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 may be assessed and, if assessed, shall pay assessment and examination fees at a rate determined by the commissioner pursuant to 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.)