Subdivision 1. General authority of commissioner. (a) Consistent with hearing provisions of sections 46.23 to 46.33, if the commissioner finds that:
(1) an office maintained by an out-of-state trust institution in this state is being operated in violation of the laws of this state or in an unsafe and unsound manner; or
(2) a company is engaged in an unauthorized trust activity,
the commissioner may take any enforcement action the commissioner could take if the office or the company were a state trust company including, but not limited to, issuing an order temporarily or permanently prohibiting the company from engaging in a trust business in this state.
(b) The commissioner may determine by order that an out-of-state trust institution engaging in or proposing to engage in a trust business in this state does not meet the requirements for establishing a representative trust office in this state according to section 48A.19, the order is effective on the date of issuance or another date the commissioner determines.
Subd. 2. Immediate enforcement action; subsequent hearing. In cases involving extraordinary circumstances requiring immediate action, the commissioner may take any action permitted by subdivision 1 without notice or opportunity for hearing but shall promptly upon application of the out-of-state trust institution afford a subsequent hearing to rescind the action taken. The commissioner shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action.
1998 c 331 s 35
Structure Minnesota Statutes
Section 48A.01 — Organization Of A State Trust Company.
Section 48A.02 — Application For State Trust Company Charter.
Section 48A.03 — Capital And Surplus Requirements Of Trust Companies.
Section 48A.04 — Certain Trust Companies May Assume Powers Of State Banks.
Section 48A.05 — National Associations; Powers.
Section 48A.06 — Prohibited Dealings And Indebtedness.
Section 48A.07 — Trust Company Or Bank; Special Powers And Duties As Fiduciary.
Section 48A.08 — Incidental Investments, Powers, And Limitations.
Section 48A.10 — Substitution; Procedure.
Section 48A.11 — National Banks As Fiduciaries.
Section 48A.13 — State Trust Company Principal Office.
Section 48A.14 — State Trust Institutions; Representative Trust Offices.
Section 48A.15 — State Banks And Trust Companies; Trust Service Offices.
Section 48A.16 — Detached Facilities.
Section 48A.17 — Authority For Out-of-state Trust Offices; Prior Written Notice.
Section 48A.18 — Out-of-state Trust Institution Trust Offices.
Section 48A.19 — Out-of-state Trust Institution Representative Trust Offices.
Section 48A.20 — Supervision Of Out-of-state Trust Institutions.