Bill Summary for S 407 (2011-2012)

Summary date: 

Apr 11 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 407 (Public) Filed Wednesday, March 23, 2011
TO AMEND THE LAWS GOVERNING TRUSTS, ESTATE PLANNING, AND TRUST COMPANIES.
Intro. by Hartsell.

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Bill summary

Senate committee substitute makes the following changes to 1st edition.
Amends GS 53-160 to delete language specifying that the annual license fee of $500 paid by the licensee to the Commissioner of Banks is required by rule of the State Banking Commission. Also provides that the fee is $500 (was, and may not exceed $500). Amends GS 53-161 to exempt federally chartered trust institutions from those trust institutions licensed by or applying for licensing from the Commissioner of Banks (Commissioner) that the Commissioner may examine at the institutions expense as to solvency. Deletes amendments to GS 53-315 (Establishing an interstate trust office) and GS 53-316 (Acquiring an interstate trust office).

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