TCA § 45-2-2002 — Requirements to apply for and maintain status as a private trust company

Application. A private trust company requesting an exemption from provisions of the Banking Act shall file an application with the commissioner containing the following: A nonrefundable application fee as set by the department; A detailed statement under oath showing the private trust company's assets and liabilities as of the end of the month previous to the filing of the application; A statement under oath of the reason for requesting the exemption; A statement under oath that the private trust company is not currently transacting business with the public and that the company will not conduct business with the public without the prior written permission of the commissioner; The current street mailing address and telephone number of the physical location in this state at which the private trust company will maintain its books and records, together with a statement under oath that the address given is true and correct and is not a United States postal service post office box or a private mail box, postal box, or mail drop; A listing of the specific provisions for which the request for exemption is made; and A statement under oath of the name of the individual who will be the designated ancestor of the private trust company. The commissioner shall not approve a private trust company exemption unless the application is completed as required in this section. Requirements. To maintain status as an exempt private trust company under this chapter, the private trust company shall comply with the following: An exempt private trust company shall not transact business with the public; An exempt private trust company shall file an annual certification that it is maintaining the conditions and limitations of its exempt status. This annual certification shall be filed on a form provided by the commissioner and be accompanied by a fee determined by the department. The annual certification shall be filed on or before June 30 of each year. The commissioner may examine or investigate the private trust company, at the company's expense, periodically as necessary to verify the certification; and An exempt private trust company shall comply with the principal office provisions, address and telephone requirements of this section. Change of Control. Control of an exempt private trust company may not be transferred or sold with exempt status. In any change of control, the acquiring control person must comply with this chapter, and the exempt status of the private trust company shall automatically terminate upon the effective date of the transfer. A separate application for exempt status must be filed if the acquiring person wishes to obtain or continue an exemption pursuant to this section. For the purposes of this part, a transfer of control of an exempt private trust company to a family member shall not be a change of control resulting in the termination of private trust company's exempt status regardless of whether the transfer is: Direct or indirect; Inter vivos; or A result of death.