§ 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 shall be assessed by the following applicable method:
(1) an independent trust company whose primary activity is transactional shall pay to the Department an annual assessment equal to $0.0001 per dollar volume of activity performed for the most recent year ending December 31, which assessment shall not be less than $2,000.00 or greater than $50,000.00, and which shall be paid on or before April 1 of each year; or
(2) an independent trust company whose primary activity in the State is asset management shall pay to the Department an assessment based on assets under management in this State on the preceding June 30 as provided under subsection 19(d) of this title.
(g) An independent trust company assessed pursuant to subdivision (f)(1) of this section shall pay to the Department the costs and expenses of all examinations, including both regular examinations and special or expanded scope examinations as provided under section 18 of this title. An independent trust company assessed pursuant to subdivision (f)(2) of this section shall not be billed for regular examinations, but shall pay to the Department the costs and expenses of all special or expanded scope examinations as provided under 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; 2011, No. 21, § 5, eff. May 11, 2011; 2011, No. 78 (Adj. Sess.), § 9, eff. April 2, 2012; 2013, No. 29, § 8, eff. May 13, 2013.)