RSA 383-D:7-702 · Grant of Exemptions

383-D:7-702 Grant of Exemptions. –

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(a)

Subject to subsection (b), the commissioner may exempt a family trust company from any one or more requirements of RSA 383-A, RSA 383-C, and this chapter.

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(b)

The commissioner shall not have the power to exempt a family trust company from any of the following requirements:

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(1)

the qualifications of a family trust company under RSA 383-D:3-301;

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(2)

the requirements for organization under article 5 of this chapter;

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(3)

the requirement to maintain capital that equals or exceeds the minimum required capital under RSA 383-D:6-602;

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(4)

the requirement to maintain an errors and omissions liability insurance policy under RSA 383-A:4-406; and

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(5)

the prohibition against accepting deposits under RSA 383-C:3-302.

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(c)

In the application under RSA 383-D:5-502, a family trust company's organizer may request one or more exemptions. After obtaining its certificate of authority to exercise trust powers, a family trust company may request one or more exemptions by filing with the commissioner an application for exemption.

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(d)

The commissioner may grant or deny, in whole or in part, any requested exemption, and the commissioner may impose one or more reasonable conditions or limitations on any exemption that the commissioner grants. Source. 2015, 272:16, eff. Oct. 1, 2015.

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