2006 Minnesota Statutes

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