Regulatory Alerts2019-07-01
Added · Updated
Proposed: 701 Procedures for Applications to Form a Bank, Bank and Trust Company or Limited Purpose Trust Company Pursuant to Chapter 7 of Title 5 of the Delaware Code
The State Bank Commissioner proposes to amend Regulation 701 to prohibit the approval of applications to form a new limited purpose trust company unless the entity is an affiliate of a bank, insured institution, bank holding company, or national banking association engaged primarily in trust and fiduciary activities. The regulation establishes procedures for filing a Notice of Intent, which requires a $1,150 non-refundable investigation fee and specifies required exhibits. It mandates public notice publication, a formal evidentiary hearing, and the filing of a definitive application for a determination of public convenience and advantage. Final authorization to transact business requires a $5,750 fee and, for banks, evidence of FDIC deposit insurance approval.
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