§ 53-320. Examinations; periodic reports; cooperative agreements; assessment of fees. - North Carolina Statutes

§ 53‑320.  Examinations;periodic reports; cooperative agreements; assessment of fees.

(a)        The Commissionermay examine any activity conducted through a trust office or representativetrust office maintained in this State by an out‑of‑state trustinstitution to determine whether these activities are being conducted incompliance with the laws of this State and in accordance with safe and soundpractices. The pertinent provisions of Part 4 of this Article shall apply tothese examinations.

(b)        The Commissionermay require periodic reports regarding any out‑of‑state trustinstitution that maintains a trust office or representative trust office inthis State pursuant to this Subpart. The required reports shall be provided bythe trust institution or by the home state regulator. Any reportingrequirements shall be (i) consistent, to the extent practicable, with thereporting requirements applicable to State trust companies and (ii) appropriatefor the purpose of enabling the Commissioner to carry out the Commissioner'sresponsibilities under the provisions of this Article. The pertinent provisionsof Part 4 of this Article shall apply to these reports.

(c)        The Commissionermay enter into cooperative, coordinating, and information‑sharingagreements with bank supervisory agencies, including agreements arranged by anorganization composed of, affiliated with, or representing one or more banksupervisory agencies, with respect to the periodic supervision and examinationof any trust office or representative trust office of an out‑of‑statetrust institution in this State, or any trust office or representative trustoffice of a State trust institution in any host state. The Commissioner mayaccept and rely upon a report of examination and report of investigation of abank supervisory agency in lieu of conducting a separate examination orinvestigation.

(d)        The Commissionermay enter into agreements with any bank supervisory agency supervising (i) aState trust institution engaging in trust business outside this State or (ii)an out‑of‑state trust institution maintaining a trust office orrepresentative trust office in this State to engage the services of theagency's examiners at a reasonable rate of compensation or to provide theservices of the Commissioner's examiners to the agency at a reasonable rate ofcompensation. Article 3 of Chapter 143 of the General Statutes does not applyto agreements authorized by this subsection.

(e)        The Commissionermay enter into joint examinations or joint enforcement actions with bank supervisoryagencies supervising any trust office or representative trust office maintainedin this State by an out‑of‑state trust institution or any trustoffice or representative trust office maintained by a State trust institutionin any host state; provided, that the Commissioner may at any time take actionsindependently if the Commissioner considers the actions to be necessary orappropriate to carry out the Commissioner's responsibilities under theprovisions of this Article or to ensure compliance with the laws of this State.

(f)         Each out‑of‑statetrust institution that maintains one or more trust offices or representativetrust offices in this State may be assessed and, if assessed, shall paysupervisory and examination fees as provided by rules of the Commissioner. Thefees may be shared with bank supervisory agencies or any organization composedof, affiliated with, or representing one or more bank supervisory agencies asagreed between those bank supervisory agencies and organizations and the Commissioner.(2001‑263,s. 1; 2005‑269, s. 11.)