HB3272 SFA Martin #1 2-17

Childs  7949

Senator Martin moved to amend the amendment on page 7, section 4, lines 11 through 26, by striking out all of subsection (c), and inserting in lieu thereof a new subsection (c), to read as follows:

(c) No person shall engage in business as a private trust company or licensed private trust company without first giving written notice to the State Auditor. The notice shall identify at least one designated relative for any private trust company, and up to three designated relatives for any licensed private trust company, whose relationship to other individuals determines whether the individuals are family members. The notice shall identify the location of the principal office and additional office, if any, within this state. The notice shall be accompanied by an operating plan and such other books, records, documents, or information as the State Auditor may require. The notice shall also certify that:

(1) All provisions of law have been complied with;

(2) The private trust company or licensed private trust company is formed for no other reason than to engage in the private trust business; and

(3) Family members have subscribed for capital stock, surplus, and a reserve for operation in an amount equal to or in excess of $250,000.

And,

On page 12, by striking out section 10 in its entirety and renumbering the remaining sections.

Adopted

Rejected