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Change 1
As published
13-5-410. Powers of the commissioner.
(a) In addition to other powers conferred by this chapter, the commissioner shall:
(i) Supervise and examine all supervised trust companies organized under the provisions of this chapter and all supervised trust companies shall be subject to the laws of this state governing banks and other financial institutions in all cases where the laws do not conflict with the provisions of this chapter. The commissioner or a duly appointed examiner shall visit and examine each supervised trust company pursuant to the provisions of this chapter. All supervised trust companies shall file with the commissioner an annual report of the supervised trust company's assets in a form prescribed by the commissioner and other reports as required by the commissioner;
(ii) In the exercise of the power to make orders and regulations to implement the provisions of this chapter, the commissioner shall act in the interests of promoting and maintaining a sound trust company system, the security of assets and trust accounts, and the protection of other customers;
(iii) Collect from each supervised trust company an amount equal to the total cost of examinations conducted under the authority of this section. The fees and expenses collected shall be remitted to the state treasurer and deposited as provided in subsection (b) of this section and may be expended as provided in that subsection;
(iv) On or before January 31 of each year, each supervised trust company shall compute and pay supervisory fees to the commissioner as set forth in the rules and regulations of the commissioner. Except as provided in subsection (b) of this section, the supervisory fees shall provide for the general administration of the laws and regulations governing the supervised trust company industry. The fees shall be established by regulation of the commissioner and shall be adjusted by regulations issued by the commissioner to assure consistency with the cost of supervision. Other fees assessed for administrative services related to activities attributable to a specific supervised trust company shall be used to pay the costs of special services rendered by or at the direction of the commissioner and shall be recovered from the supervised trust company which required the special services.
(b) A trust company resolution fund account is established. A portion of each supervisory fee paid pursuant to paragraph (a)(iv) of this section shall be paid to the resolution fund account and shall be used by the commissioner in the event of an involuntary dissolution of a supervised trust company. The amount paid to the resolution fund account shall be established by regulation of the commissioner. All amounts paid shall be remitted to the state treasurer and deposited and credited to the trust company resolution fund account. Expenditures from the account shall be made using warrants drawn by the state auditor, upon vouchers issued and signed by the director of the department of audit or commissioner. Funds from the account shall be expended only to carry out the duties of the commissioner in the involuntary dissolution of a supervised trust company.
Your change, as a redline
13-5-410. Powers of the commissioner.
(a) In addition to other powers conferred by this chapter, the commissioner shall:
(i) Supervise and examine all supervised trust companies organized under the provisions of this chapter and all supervised trust companies shall be subject to the laws of this state governing banks and other financial institutions in all cases where the laws do not conflict with the provisions of this chapter. The commissioner or a duly appointed examiner shall visit and examine each supervised trust company pursuant to the provisions of this chapter. All supervised trust companies shall file with the commissioner an annual report of the supervised trust company's assets in a form prescribed by the commissioner and other reports as required by the commissioner;
(ii) In the exercise of the power to make orders and regulations to implement the provisions of this chapter, the commissioner shall act in the interests of promoting and maintaining a sound trust company system, the security of assets and trust accounts, and the protection of other customers;
(iii) Collect from each supervised trust company an amount equal to the total cost of examinations conducted under the authority of this section. The fees and expenses collected shall be remitted to the state treasurer and deposited as provided in subsection (b) of this section and may be expended as provided in that subsection;
(iv) On or before January 31 of each year, each supervised trust company shall compute and pay supervisory fees to the commissioner as set forth in the rules and regulations of the commissioner. Except as provided in subsection (b) of this section, the supervisory fees shall provide for the general administration of the laws and regulations governing the supervised trust company industry. The fees shall be established by regulation of the commissioner and shall be adjusted by regulations issued by the commissioner to assure consistency with the cost of supervision. Other fees assessed for administrative services related to activities attributable to a specific supervised trust company shall be used to pay the costs of special services rendered by or at the direction of the commissioner and shall be recovered from the supervised trust company which required the special services.
(b) A trust company resolution fund account is established. A portion of each supervisory fee paid pursuant to paragraph (a)(iv) of this section shall be paid to the resolution fund account and shall be used by the commissioner in the event of an involuntary dissolution of a supervised trust company. The amount paid to the resolution fund account shall be established by regulation of the commissioner. All amounts paid shall be remitted to the state treasurer and deposited and credited to the trust company resolution fund account. Expenditures from the account shall be made using warrants drawn by the state auditor, upon vouchers issued and signed by the director of the department of audit or commissioner. Funds from the account shall be expended only to carry out the duties of the commissioner in the involuntary dissolution of a supervised trust company.
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