Minnesota Legislature
Office of the Revisor of Statutes
2007 Minnesota Statutes
This is an historical version of this statute chapter. Also view the most recent published version.
48A.22 ENFORCEMENT.
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.
History: 1998 c 331 s 35
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.
History: 1998 c 331 s 35
Official Publication of the State of Minnesota
Revisor of Statutes