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1999 SESSION

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HB 2251 Multistate trust institutions.

Introduced by: Clifton A. Woodrum | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Multistate trust institutions. Enables Virginia trust companies, trust subsidiaries and state banks to open trust offices in other states and permits out-of-state trust institutions and national banks whose home state is other than Virginia to open trust offices in Virginia. An out-of-state trust institution or national bank whose home state is other than Virginia can begin to engage in providing trust services in Virginia, either through acquisition of an existing Virginia trust company or by establishing its own trust offices or bank branches. The home state of the out-of-state trust company or bank seeking to enter Virginia must offer reciprocity to Virginia trust companies and banks. Applications for Virginia trust companies and banks to open offices in other states and for out-of-state trust companies and banks planning to open offices in Virginia must be approved by the State Corporation Commission. The State Corporation Commission is authorized to examine the records of an out-of-state trust company or bank in Virginia. The State Corporation Commission will promulgate regulations to implement the provisions of this bill.

SUMMARY AS PASSED HOUSE:

Multistate trust institutions. Enables Virginia trust companies, trust subsidiaries and state banks to open trust offices in other states and permits out-of-state trust institutions and national banks whose home state is other than Virginia to open trust offices in Virginia. An out-of-state trust institution or national bank whose home state is other than Virginia can begin to engage in providing trust services in Virginia, either through acquisition of an existing Virginia trust company or by establishing its own trust offices or bank branches. The home state of the out-of-state trust company or bank seeking to enter Virginia must offer reciprocity to Virginia trust companies and banks. Applications for Virginia trust companies and banks to open offices in other states and for out-of-state trust companies and banks planning to open offices in Virginia must be approved by the State Corporation Commission. The State Corporation Commission is authorized to examine the records of an out-of-state trust company or bank in Virginia. The State Corporation Commission will promulgate regulations to implement the provisions of this bill.

SUMMARY AS INTRODUCED:

Multistate trust institutions. Authorizes Virginia trust companies and state banks to open trust offices in other states and out-of-state trust companies and banks to open trust offices in Virginia. An out-of-state trust company can begin to engage in providing trust services in Virginia either through acquisition of an existing Virginia trust company or by establishing its own trust offices or bank branches. The home state of the out-of-state trust company or bank seeking to enter Virginia must offer reciprocity to Virginia trust companies and banks. Applications for Virginia trust companies and banks to open offices in other states and for out-of-state trust companies and banks planning to open offices in Virginia must be approved by the State Corporation Commission. The State Corporation Commission is authorized to examine the records of an out-of-state trust company or bank in Virginia. The State Corporation Commission will promulgate regulations to implement the provisions of this bill.