Trust Companies
Trust Companies
|
Pursuant to Arizona Administrative Code R20-4-104, the Superintendent has the discretion to accept alternative application forms, but it does not limit the Superintendent's power to require additional information necessary to complete an application. Please refer to Arizona Revised Statutes §6-851 through 6-870.2 and Arizona Administrative Code R20-4-801 through 816 for Arizona Law. You can contact Greg Dunn l at 602-771-2822 for specific questions to Arizona statutes and rules. |
Forms and Fees
Arizona Revised Statues §6-126 et seq.
| Description | Fees | Forms |
| To apply for a trust company certificate. | $1,000.00 | |
| Uniform Application for Interstate Trust Activities of State-Chartered Trust institutions | $1,000.00 | |
| To acquire control of a financial institution, other than a consumer lender, five thousand dollars | $5,000.00 | |
| To apply for a branch office of an Arizona trust company five hundred dollars. | $500.00 | |
| To apply for approval of the articles of incorporation of a business development corporation, five hundred dollars. | $500.00 | |
| To apply for approval for the merger or consolidation of two or more financial institutions, five thousand dollars per institution. | $5,000.00 | |
| To change the licensee name on a financial institution or enterprise license, two hundred fifty dollars. | $250.00 | |
|
Background Check |
$64.95 |
|
|
Certificate Renewal: Renewal fee $1,000, each branch (Arizona locations only) $250. License Year: January 1, through December 31. Renewal Package Due: January 1 through January 15: Without Penalty January 16 and after: With Penalty. You may now use your credit/debit card to pay your renewal fee at AZDFI. If you mail your renewal, you may pay by telephone using your credit/debit card after the renewal has been received. Please call 602-771-2800 Option #2 and let them know that you are paying your renewal fee by credit card for your trust certificate which is maintained in the Financial Institutions Division. |
$1,000 H.O $250 For each branch | |
| Change of Officer | $0.00 | |
| Branch Manager Change | $0.00 | |
| Address Change | $0.00 | |
| Annual Report of Trust Assets and Liabilities |
Annual Reports
A.R.S. §6-861. Reports
A. The superintendent may require reports of financial condition and relevant information concerning the business operations of each trust company, shall fix and extend the time for the filing of such reports and shall assess a penalty of fifty dollars for each day the trust company is delinquent
A.A.C. R20-4-805. Reports
A. Within 90 days following each December 31, each trust department and trust company shall file an annual report of trust assets with the Superintendent on the form prescribed by the Superintendent. The annual report shall include the current market value of all trust assets held by the trust department or trust company as of December 31. The report shall also identify and briefly describe all transactions conducted in the report period that are regulated by R20-4-812(E) through R20-4-812(G).
B. Each trust company shall deliver a copy of its annual report and certificate of disclosure to the Superintendent within 10 days of filing the report and certificate at the Arizona Corporation Commission. A report or certificate covered by this subsection is one filed under the authority of A.R.S. §§ 10-202 or 10-1622. A copy delivered to the Superintendent, as required in this subsection, shall be date-stamped by the Arizona Corporation Commission to confirm the actual filing date.
C. Each trust company shall notify the Superintendent of any change in the directors or officers of the company within 10 days of the change. Any trust company with more than 25 officers may, after obtaining the Superintendent's written approval, limit the officers covered by this subsection to those with substantial involvement in the trust company's corporate operations or in the trust company's trust business in this state.
LAWS, RULES, SUBSTANTIVE POLICY STATEMENT AND REGULATORY ALERTS
Arizona Revised Statutes Title 6
Chapter 8 TRUST COMPANIES
Article 1 General Provisions
6-851 Definitions
6-852 Exemptions and permitted activities
6-853 Certificate required; exceptions
6-854 Application for certificate
6-854.01 Articles of incorporation; approval; changes
6-854.02 Board of directors; number; bylaws
6-855 Fees
6-856 Minimum capital; dividends; other requirements
6-857 Issuance of certificate; hearing
6-859 Records; audits; preservation of records; protection; insurance; bond; contingency plan
6-860 Duty of trustee, escrow officer or agent to produce trust or escrow records for inspection; violation; classification
6-861 Reports
6-862 Trust funds
6-863 Suspension or revocation of certificate
6-864 Continuing jurisdiction
6-865 Unsafe condition; receivership
6-866 Limit of legal action
6-867 Trust company name
6-868 Fidelity bond; requirements
6-869 Meetings; reports; report of examination; response; penalties
6-870 Trust committee
6-870.01 Acceptance of other examinations; cooperative agreements
6-870.02 Prohibited acts
Article 2 Uniform Common Trust Fund Act
6-871 Establishment of common trust funds
6-872 Court accountings
6-873 Uniformity of interpretation
6-874 Short title
Article 3 Authorization to Accept Savings Accounts and Time Deposits
6-881 Definitions
6-882 Savings accounts and time deposits; insurance; withdrawal; notice
Arizona Administrative Code Title 20
ARTICLE 1. GENERAL
Section
R20-4-101. Scope of Article
R20-4-102. Definitions
R20-4-103. Fingerprints
ARTICLE 8. TRUST COMPANIES
R20-4-104. Acceptance of Other Forms
R20-4-105. Claims Against a Deposit in Place of Bond
R20-4-106. Bankruptcy
R20-4-107. Licensing Time-frames
Table A. Licensing Time-frames
Section
R20-4-801. Definitions
R20-4-802. Reserved
R20-4-803. Reserved
R20-4-804. Repealed
R20-4-805. Reports
R20-4-806. Records
R20-4-807. Unsafe or Unsound Condition
R20-4-808. Administration of Fiduciary Powers
R20-4-809. Fiduciary Duties
R20-4-810. Funds Awaiting Investment or Distribution
R20-4-811. Investment of Trust Funds
R20-4-812. Self-dealing
R20-4-813. Custody of Investments
R20-4-814. Compensation
R20-4-815. Collective Investments
R20-4-816. Termination of Trust or Fiduciary Powers and Duties
App. A. Repealed
App. B. Repealed
Substantive Policy Statements
| ARTICLE 7. TRUST COMPANIES | |
| Repealed - LIQUID CAPITAL REQUIREMENT | TC-1 Repealed |
| AUDIT REQUIREMENTS | TC-2 |
Regulatory Alerts -
Certificate Renewal
Before January 15 of each year, each licensee may obtain a renewal of a certificate by filing an application in the form prescribed by the Superintendent and paying the fee prescribed in A.R.S. §6-126.
License Year: January 1 through December 31.
Renewal Package Due: January 1 through January 15: Without Penalty
Certificate Requirements
You must submit to AZDFI, Financial Institutions Division, a completed application package along with the applicable application fee.
Examinations
It is the policy of AZDFI to select the most effective and efficient methods of conducting examinations so that significant risks affecting safety and soundness, as well as substantive statutory compliance, can be identified and, if necessary, appropriate supervisory action taken. Judgment must be utilized to ensure that necessary procedures are performed and ineffective activities are avoided.
The examination fee in accordance with A.R.S. 6-125 is not more than sixty-five dollars per hour for each examiner. The assessment late penalty is fifty dollars for each day after the thirty day period the enterprise fails to remit the assessment not to exceed the examination assessment amount.
Pursuant to A.R.S. §6-122(B)(1) examination frequency is at least once in every year and more frequently if the superintendent considers it necessary.
ENCRYPTED EMAIL
AZDFI has adopted a new internet-based encryption e-mail system called Virtru. Virtru will keep your submissions confidential. Click HERE for more information.
