Conditions For Approval

TITLE 26 BANKS AND BANKING CHAPTER 34 TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES 26-3404. Conditions for approval. (1) No trust office of an out-of-state trust institution may be acquired or established in this state under this chapter unless: (a)  The out-of-state trust institution shall have confirmed in writing to the director that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state; (b)  The out-of-state trust institution shall have provided satisfactory evidence to the director of compliance with: (i)   Any applicable requirements of part 15, chapter 1, title 30 , Idaho Code, and (ii)  The applicable requirements of its home state regulator for acquiring or establishing and maintaining such office. (c)  The director, acting within sixty (60) days after receiving notice under section 26-3403 , Idaho Code, shall have certified to the home state regulator that the requirements of this chapter have been met and the notice has been approved or, if applicable, that any conditions imposed by the director pursuant to subsection (2) of this section have been satisfied. (2)  The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the director receives the notice unless the director specifies an earlier or later date, provided, with respect to an out-of-state trust institution that is not a depository institution and for which the director shall have conditioned such approval on the satisfaction by the out-of-state trust institution of any requirement applicable to a state trust company pursuant to this act, such institution shall have satisfied such conditions and provided to the director satisfactory evidence thereof. (3)  The sixty (60) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the director. (4)  The director may deny approval of the office if the director finds that the out-of-state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies.