"New Private Trust Company Instruction Letter" - Tennessee

New Private Trust Company Instruction Letter is a legal document that was released by the Tennessee Department of Financial Institutions - a government authority operating within Tennessee.

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STATE OF TENNESSEE
DEPARTMENT OF FINANCIAL INSTITUTIONS
th
Tennessee Tower, 26
Floor
312 Rosa L. Parks Avenue
Nashville, TN 37243
(615)741-2236 FAX(615)253-7794
www.tn.gov/tdfi
Formation of a Private Trust Company in Tennessee
A private trust company is a company acting as a fiduciary in Tennessee that does not transact a
trust business with the general public. All individuals who control the private trust company as well
as those who control or establish entities that control the private trust company must be "family
members" as defined in Tenn. Code Ann. § 45-2-2001.
The Tennessee statutes specifically applicable to private trust companies may be found at Tenn.
et seq.
Code Ann. §§ 45-2-2001,
and allow a private trust company applicant to request exemption
from certain provisions of the Tennessee Banking Act. To obtain exempt status as a private trust
company operating in Tennessee, an applicant should submit a letter application addressed to the
Commissioner of the Department of Financial Institutions containing the following information:
1. The name (or proposed name) of the private trust company.
2.
A nonrefundable application fee in the amount of one thousand dollars ($1,000), as
required by Tenn. Code Ann.§ 45-2-2002(a)(1 )(A) & Rule 0180-7.08(1 )(m) of the Rules of
the Department of Financial Institutions. Checks should be made payable to the
Tennessee Department of Financial Institutions and mailed directly to the Department of
Financial Institutions at the above address.
3. A detailed statement under oath showing the private trust company's assets and
liabilities as of the end of the month previous to filing the application, as required by
Tenn. Code Ann. § 45-2-2002(a)(1 )(B).
4. A statement under oath of the reason for requesting the exemption and listing of the
specific provisions of the Tennessee Banking Act from which the company is requesting
an exemption, including the reason(s) for each requested exemption, as required by
Tenn. Code Ann.§§ 45-2-2002(a)(1 )(C) and (F).
5.
A statement under oath that the private trust company is not currently transacting
business with the public and that the company will not conduct business with the public
without the prior written permission of the Commissioner of the Department of
Financial Institutions, as required by Tenn. Code Ann.§ 45-2-2002(a)(1 )(D).
6. The current street mailing address and telephone number of the physical location in this
state at which the private trust company will be located and maintains its books and
records, together with a statement under oath that the address given is true and correct
and is not a United States postal service post office box or a private mail box, postal box
or mail drop; as required by Tenn. Code Ann. § 45-2-2002(a)(1 )(E).
STATE OF TENNESSEE
DEPARTMENT OF FINANCIAL INSTITUTIONS
th
Tennessee Tower, 26
Floor
312 Rosa L. Parks Avenue
Nashville, TN 37243
(615)741-2236 FAX(615)253-7794
www.tn.gov/tdfi
Formation of a Private Trust Company in Tennessee
A private trust company is a company acting as a fiduciary in Tennessee that does not transact a
trust business with the general public. All individuals who control the private trust company as well
as those who control or establish entities that control the private trust company must be "family
members" as defined in Tenn. Code Ann. § 45-2-2001.
The Tennessee statutes specifically applicable to private trust companies may be found at Tenn.
et seq.
Code Ann. §§ 45-2-2001,
and allow a private trust company applicant to request exemption
from certain provisions of the Tennessee Banking Act. To obtain exempt status as a private trust
company operating in Tennessee, an applicant should submit a letter application addressed to the
Commissioner of the Department of Financial Institutions containing the following information:
1. The name (or proposed name) of the private trust company.
2.
A nonrefundable application fee in the amount of one thousand dollars ($1,000), as
required by Tenn. Code Ann.§ 45-2-2002(a)(1 )(A) & Rule 0180-7.08(1 )(m) of the Rules of
the Department of Financial Institutions. Checks should be made payable to the
Tennessee Department of Financial Institutions and mailed directly to the Department of
Financial Institutions at the above address.
3. A detailed statement under oath showing the private trust company's assets and
liabilities as of the end of the month previous to filing the application, as required by
Tenn. Code Ann. § 45-2-2002(a)(1 )(B).
4. A statement under oath of the reason for requesting the exemption and listing of the
specific provisions of the Tennessee Banking Act from which the company is requesting
an exemption, including the reason(s) for each requested exemption, as required by
Tenn. Code Ann.§§ 45-2-2002(a)(1 )(C) and (F).
5.
A statement under oath that the private trust company is not currently transacting
business with the public and that the company will not conduct business with the public
without the prior written permission of the Commissioner of the Department of
Financial Institutions, as required by Tenn. Code Ann.§ 45-2-2002(a)(1 )(D).
6. The current street mailing address and telephone number of the physical location in this
state at which the private trust company will be located and maintains its books and
records, together with a statement under oath that the address given is true and correct
and is not a United States postal service post office box or a private mail box, postal box
or mail drop; as required by Tenn. Code Ann. § 45-2-2002(a)(1 )(E).
Formation of a Private Trust Company in Tennessee, continued
7. A statement under oath of the name of the individual who will be the "designated
ancestor'' of the private trust company as defined in Tenn. Code Ann.
45-2-
§
2001 (b)(2)(B), and as required by Tenn. Code Ann.
45-2-2002(a)(1 )(G). Please provide
§
the individual's birth date and if deceased, please provide their date of death.
8. A statement of general purpose describing the nature of the private trust company's
proposed fiduciary activities, as well as, the persons that the company intends to serve.
9. A description of how the company is or will be structured, including, but not limited to:
a) The identity of each individual who will have an ownership interest in the company,
and the extent of each ownership interest;
b) Copy of proposed Charter; Articles of Organization; or other organizing documents;
c) Copy of the proposed By-Laws or Operating Agreement; and
d) The company's capital structure.
10. The names of the directors and officers of the company.
11. An Affirmation page signed by an individual competent to attest to the truthfulness of
(attached to this letter).
the application
As set forth in Item 4 above, a private trust company must list the provisions of the Banking Act and
the rules thereof from which it is requesting an exemption and include the reason for requesting
each exemption. Pursuant to Tenn. Code Ann.
45-2-2001 (b)(1 ), the Commissioner may grant an
§
exemption in whole or in part if the Commissioner finds that the private trust company does not
and will not transact business with the general public. Additionally the Commissioner, in granting an
exemption, may, pursuant to Tenn. Code Ann.
45-2-2001(d), impose limitations or conditions
§
consistent with Chapter 2 of the Tennessee Banking Act. In order to provide guidance to private
trust company applicants in requesting exemptions, a chart is attached.
In addition to the foregoing, and pursuant to Tenn. Code Ann.
45-2-2001 (c), the Commissioner
§
reserves the right to request any additional information deemed necessary in order to complete the
review of the application.
Any questions may be directed to Chad Holbert, Chief Administrator-Trust, at (865) 347-4635 or
chad.holbert@tn.gov.
(615) 741-6013 or via email at
Applications should be addressed as follows:
Tennessee Department of Financial Institutions
Attn : Chad Holbert, Chief Administrator-Trust
th
Tennessee Tower, 26
Floor
312 Rosa L. Parks Avenue
Nashville, Tennessee 37243
AFFIRMATION
Having been duly sworn, I hereby affirm that I have reviewed the information submitted to the
Tennessee Department of Financial Institutions relative to application of _ ________ to
et
form a private trust company under the Tennessee Banking Act, Tenn. Code Ann. §§ 45-2-101,
seq.,
and that all of the information contained therein is true and correct to the best of my
knowledge, information and belief.
BY:
Signature
Printed Name
Title
Sworn to and subscribed before me this __ day of _____ � 201_.
Notary Public
M y commission expires: ______ _ _ _
_
The Department carefully considers each requested exemption on a case-by-case basis and
recommends that each applicant request exemptions only from statutes and rules that are relevant
to the applicant or its activities.
Subject to the exceptions set forth below, Tenn. Code Ann. Title 45, Chapters 1 and 2 and the rules
thereof apply to Tennessee private trust companies.
The Department recommends that each
applicant review the chart below in determining its requests for exemption.
The chart is divided into three categories:
1. Statutes and rules that are generally inapplicable or have been repealed (generally, no
requests for exemption are necessary);
2. Statutes and rules with respect to which the Department generally does not grant
exemptions; and
Statutes and rules with respect to which the Department commonly grants exemptions.
3.
CATEGORY 1: Statutes and rules that are generally inapplicable or repealed (generally, no
requests for exemption are necessary):
Inapplicable pursuant to Tenn. Code Ann.§ 45-2-2101
§ 45-2-106
§ 45-2-401
§ 45-2-107
§ 45-2-402 (a) through (c)
§§ 45-2-201 through 45-2-207
§ 45-2-403
§§ 45-2-212 through 45-2-214
Title 45, Chapter 2, Parts 5, 7 and 8
§ 45-2-215(a)
§§ 45-2-1401 through 45-2-1407
§ 45-2-216
§ 45-2-1412
§§ 45-2-302 through 45-2-304
Title 45, Chapter 2, Part 19
§ 45-2-307
Rule 0180-07-.1 0
Generally inapplicable to Tennessee private trust companies
§ 45-1-126
Rules 0180-07-.02 through 0180-07-.04
§ 45-2-618
Rule 0180-07-.06
§ 45-2-620
Rule 0180-07-.09
Title 45, Chapter 2, Part 9
Chapters 0180-09 through 0180-12
§ 45-2-1408 through § 45-2-1411
Chapters 0180-16 through 0180-18
§ 45-2-1807
Chapter 0180-21
§ 45-2-1808
Chapters 0180-24 through 29
Chapter 0180-05
Chapters 0180-31 through 33
Repealed statutes and rules
§ 45-1-110
§ 45-2-406
§ 45-1-128
§ 45-2-615
§§ 45-1-201 through 45-1-208
§ 45-2-617
§ 45-2-101
§ 45-2-908
§ 45-2-102
§§ 45-2-1201 through 45-2-1203
§ 45-2-209
§ 45-2-1312
§45-2-210
§ 45-2-1809
§ 45-2-301
Chapter 0180-01
Repealed statutes and rules (continued)
Chapter 0180-03
§ 45-2-305
§ 45-2-306
Chapter 0180-04
CATEGORY 2: The Department generally does not grant exemptions from the following
statutes and rules:
§§ 45-1-101 through 45-1-109
§ 45-2-1601
§§ 45-1-111 through 45-1-123
§ 45-2-1603
§45-1-129
Title 45, Chapter 2, Part 17
§ 45-1-130
§ 45-2-1801
§ 45-2-1803
§ 45-2-104
§ 45-2-105
§ 45-2-1804
§ 45-2-217
§ 45-2-1806
§ 45-2-219
Title 45, Chapter 2, Part 20
§ 45-2-220
§ 45-2-2101
§ 45-2-1002
§ 45-2-2109
§ 45-2-1009
Rule 0180-07-.01
§45-2-1010
Rule 0180-07-.07
§ 45-2-1012 (a)
Rule 0180-07-.08
Chapter 0180-20
§45-2-1015
§45-2-1016
Chapter 0180-30
CATEGORY 3: When requested, the Department commonly grants exemptions (with
limitations or other conditions in certain cases) from the following statutes and rules:
Title 45, Chapter 1, Part 3
§45-2-1019
§ 45-2-1602
§ 45-2-208
§ 45-2-218
§ 45-2-1604
§ 45-2-404
§ 45-2-1805
§ 45-2-604
Rule 0180-02-01
§ 45-2-607
Rule 0180-07-.05
§ 45-2-611
Chapter 0180-13
§ 45-2-1004
Chapter 0180-15
§ 45-2-1008
Chapter 0180-19
§ 45-2-1012(b)
Chapter 0180-22
§45-2-1013
The chart contains general suggestions.
Notwithstanding any statements contained within the
chart, the Department considers each request for exemption on a case-by-case basis.
Each
provision of Tenn. Code Ann., Title 45, Chapters 1 and 2 and the rules thereof not listed in the chart
may apply to applicants and/or their activities.
Applicants may request exemption from any
provision of Tenn. Code Ann., Title 45, Chapters 1 and 2 and the rules thereof, regardless of whether
listed in the chart.
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