§ 13-5-425 — Establishment of trust company branches; application; fee; activities; examination; criteria

(a) With prior approval of the commissioner a supervised
trust company may establish and operate one (1) or more branches
at any location in this state.
(b) All applications for establishing and operating a
branch shall be filed with the commissioner and be accompanied
by a filing fee established by rule of the commissioner. The
application shall be signed by the chief executive officer of
the applicant supervised trust company and contain and be
accompanied by the following information:
(i) Name and address of the applicant supervised
trust company;
(ii) Exact location of the proposed branch;
(iii) Certification of publication of notice of the
application at least one (1) time in a newspaper of general
circulation in the county in which the proposed branch will be
located;
(iv) Other information as the commissioner may
require in order to determine if the requirements of this
section are met.
(c) The commissioner shall issue a certificate of
authority for the branch to the applicant supervised trust
company within twenty (20) days after receipt of the complete
application and fee unless he finds:
(i) Establishment or operation of the proposed branch
would pose undue risk to the safety and soundness of the
supervised trust company;
(ii) The name of the proposed branch does not
reasonably identify the branch as a branch of the applicant
supervised trust company or is likely to unduly confuse the
public; or
(iii) The applicant supervised trust company has
failed to substantially comply with applicable law governing its
operation.
(d) The certificate of authority expires one (1) year
after its issuance unless the branch has opened and business has
begun in good faith.
(e) The application fee provided by subsection (b) of this
section shall be deposited by the commissioner with the state
treasurer and credited to the financial institutions
administration account. Expenditures shall be made from the
account by warrants drawn by the state auditor, upon vouchers
issued and signed by the commissioner. Funds from the account
shall be expended only to carry out the duties of the
commissioner under this chapter. If the application expenses are
less than the amount of the fee, the unexpended amount shall
remain within the account.
(f) Every branch of a supervised trust company in this
state shall be licensed by the commissioner before operating,
engaging in or conducting trust company business.
(g) The commissioner shall fix the amount of the initial
license fee and annual renewal fee by rule.
(h) An application for an initial branch license shall be
submitted to the commissioner in writing in the form and
containing the information required by the commissioner. Each
licensed branch of a supervised trust company chartered under
the laws of this state or of any other state is subject to
compliance examinations as the commissioner deems necessary.
(j) The activities and operations of a branch are
attributable to the applicant supervised trust company for
purposes of determining qualification for authority to do
business in this state.