A private trust company engaging in the trust business in this state shall comply with each and every provision of this chapter applicable to a trust company unless expressly exempted therefrom in writing by the commissioner pursuant to this section, by rule or regulation adopted by the commissioner or under a predecessor statute.
A private trust company or proposed private trust company may request in writing that it be exempted from specified provisions of Sections 81-27-2.105(b), 81-27-4.102(k), 81-27-4.104(a), 81-27-4.106(a), 81-27-5.002, 81-27-5.101(b), (c) and (d), 81-27-5.105 and 81-27-5.201. The commissioner may grant the exemption in whole or in part if the commissioner finds that the private trust company does not and will not transact business with the general public. For purposes of this section:
At the expense of the private trust company, the commissioner may examine or investigate the private trust company in connection with an application for exemption. Unless the application presents novel or unusual questions, the commissioner shall approve the application for exemption or set the application for hearing not later than the sixty-first day after the date the commissioner considers the application complete and accepted for filing. The commissioner may require the submission of additional information as considered necessary to an informed decision.
Any exemption granted under this section may be made subject to conditions or limitations imposed by the commissioner consistent with this chapter.
The commissioner may adopt rules and regulations defining other circumstances that do not constitute transaction of business with the public, specifying the provisions of this chapter that are subject to an exemption request, and establishing procedures and requirements for obtaining, maintaining, or revoking exempt status.