Vermont Statutes Title 8 Sec. 2405
Terms Used In Vermont Statutes Title 8 Sec. 2405
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Company: means corporation or limited liability company. See
- following: when used by way of reference to a section of the law shall mean the next preceding or following section. See
- Independent trust company: means a company formed in this or any other state, that is chartered to act as a fiduciary or engages in a trust business, but is neither a depository institution nor a foreign bank as defined in Section 1(b)(7) of the International Banking Act of 1978. See
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
- Trust business: means the holding out by a person to the public by advertising, solicitation or other means that the person is available to act as a fiduciary in this or another state for hire or compensation. See
§ 2405. Periodic reports; examinations; cooperative agreements
(a) The Commissioner may require reports from any independent trust company doing a trust business in this State, containing such information, including on its financial condition, at such times and in such format as the Commissioner may prescribe.
(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; 2021, No. 25, § 5, eff. May 12, 2021.)