§ 45-2-2003 — Remedies

(a) If a private trust company violates any provisions of this chapter, the commissioner may: (1) Institute any action or remedy prescribed by this chapter and chapter 1 of this title, or any applicable rule; or (2) Refer the private trust company to the attorney general and reporter for institution of a quo warranto proceeding to revoke the charter. (b) After notice and an opportunity for a hearing pursuant to the Uniform Administrative Procedures Act, compiled in title 4, chapter 5, the commissioner shall have authority to revoke the exempt status of a private trust company in the following circumstances: (1) The exempt private trust company makes a false statement under oath on any document required to be filed by the department; (2) The exempt private trust company fails to submit to an examination as required by this chapter; (3) The exempt private trust company withholds requested information from the commissioner; or (4) The exempt private trust company violates any provision applicable to exempt private trust companies. (c) After taking effect, the revocation is final and nonappealable as to that private trust company. The private trust company shall then be subject to all of the requirements and provisions applicable to non-exempt state trust companies within the period of time that the commissioner determines reasonable and circumstances warrant.

Legislative History

Acts 1999, ch. 112, § 18.