A.  One or more natural persons, the majority of whom must be domiciled in this state, desiring to incorporate and operate a trust company shall file with the commissioner an application for a certificate of authority to operate a trust company upon such form as the commissioner may prescribe.  At the time the application is filed, the commissioner shall also collect a nonrefundable filing fee as prescribed by rules or regulations.

B.  All trust companies organized under this Chapter shall be subject to the supervision, regulation, and examination of the commissioner, and the Office of Financial Institutions shall have all enforcement powers with respect thereto as provided in this Chapter.  Fees for performing examinations and other administrative functions  of the trust company shall be governed by rules and regulations promulgated by the commissioner.

C.  The commissioner shall have the power to promulgate rules and regulations implementing the provisions of this Chapter.

D.  A trust company may establish additional offices with the commissioner’s approval.  Application for such offices shall be submitted on a form prescribed by the commissioner and shall be accompanied by any applicable fee.

Acts 2003, No. 573, §1, eff. June 27, 2003.