Vermont § 2405 - Periodic reports; examinations; cooperative agreements

§ 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.)