T26CH34
Title 26 > T26CH34
Sections (7)
26-3401
TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3401. Trust business at a branch or trust office or representative trust office. (1) An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business in this state if it maintains a trust office in this state as permitted by this chapter, or a branch in this state. (2) An out-of-state trust institution may not act as a fiduciary, but may otherwise engage in a trust business, at a representative trust office as permitted by this chapter. History: [26-3401, added 2000, ch. 288, sec. 10, p. 982.]
26-3402
TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3402. Establishing or acquiring an interstate trust office or representative office. (1) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may establish or acquire, and maintain, a trust office in this state. (2) An out-of-state trust institution may establish or acquire, and maintain, a representative trust office in this state. History: [26-3402, added 2000, ch. 288, sec. 8, p. 983.]
26-3403
TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3403. Requirement of notice. An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this chapter shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the director on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish or acquire, and maintain, the trust office. The filing of such notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and the filing fee, if any, prescribed by the director. History: [26-3403, added 2000, ch. 288, sec. 10, p. 983.]
26-3404
TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3404. Conditions for approval. (1) No trust office of an out-of-state trust institution may be acquired or established in this state under this chapter unless: (a) The out-of-state trust institution shall have confirmed in writing to the director that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state; (b) The out-of-state trust institution shall have provided satisfactory evidence to the director of compliance with: (i) Any applicable requirements of part 15, chapter 1, title 30 , Idaho Code, and (ii) The applicable requirements of its home state regulator for acquiring or establishing and maintaining such office. (c) The director, acting within sixty (60) days after receiving notice under section 26-3403 , Idaho Code, shall have certified to the home state regulator that the requirements of this chapter have been met and the notice has been approved or, if applicable, that any conditions imposed by the director pursuant to subsection (2) of this section have been satisfied. (2) The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the director receives the notice unless the director specifies an earlier or later date, provided, with respect to an out-of-state trust institution that is not a depository institution and for which the director shall have conditioned such approval on the satisfaction by the out-of-state trust institution of any requirement applicable to a state trust company pursuant to this act, such institution shall have satisfied such conditions and provided to the director satisfactory evidence thereof. (3) The sixty (60) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the director. (4) The director may deny approval of the office if the director finds that the out-of-state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies. History: [26-3404, added 2000, ch. 288, sec. 10, p. 983.]
26-3405
TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3405. Registration of representative trust office. (1) An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire, and maintain a representative trust office shall file a notice with the director on a form prescribed by the director which shall set forth the name of the out-of-state trust institution and the location of the proposed office and satisfactory evidence that the out-of-state trust institution is a trust institution, furnish a copy of the resolution adopted by the board authorizing the representative trust office, and pay the filing fee, if any, prescribed by the director. (2) The out-of-state trust institution may commence business at the representative trust office on the thirty-first day after the date the director receives the notice, unless the director specifies an earlier or later date. (3) The thirty (30) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the representative trust office only on prior written approval by the director. (4) The director may deny approval of the representative trust office if the director finds that the out-of-state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interests. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies. History: [26-3405, added 2000, ch. 288, sec. 10, p. 984.]
26-3406
TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3406. Additional trust offices. An out-of-state trust institution that maintains a trust office in this state under this chapter may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institution may establish or acquire additional offices in this state pursuant to the procedures for establishing or acquiring such offices set forth in section 26-3304 , Idaho Code. History: [26-3406, added 2000, ch. 288, sec. 10, p. 984.]
26-3407
TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3407. Notice of subsequent merger, transfer, or closing. Each out-of-state trust institution that maintains an office in this state pursuant to this act, or the home state regulator of such trust institution, shall give at least thirty (30) days’ prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the director of: (1) Any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, with the result that an application would be required to be filed pursuant to the federal change in bank control act of 1978, as amended, 12 U.S.C. 1817(j), or the federal bank holding company act of 1956, as amended, 12 U.S.C. 1841 et seq., or any successor statutes thereto; (2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or (3) The closing or disposition of any office in this state. History: [26-3407, added 2000, ch. 288, sec. 10, p. 984.]