2005 Idaho Code - 26-3404 — 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.