A. No company shall act as a fiduciary in this state except:
1. A state trust company;
2. A state bank;
3. A savings association organized under the laws of this state and authorized to act as a fiduciary pursuant to state law;
4. A national bank having its principal office in this state and authorized by the Comptroller of the Currency to act as a fiduciary pursuant to 12 U.S.C., Section 92a;
5. A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
6. An out-of-state bank with a branch in this state established or maintained pursuant to the laws of this state or a trust office licensed by the Commissioner pursuant to this act;
7. An out-of-state trust company with a trust office licensed by the Commissioner pursuant to this act; or
8. A foreign bank with a trust office licensed by the Commissioner pursuant to this act.
B. No company shall engage in an unauthorized trust activity.
Added by Laws 1998, c. 104, § 5, eff. Nov. 1, 1998.