§ 1608 Trust Business Withdrawal Rules

• •The company must give proof that all its trust obligations are cleared before quitting.
• •The commissioner will then revoke the company’s authority to do trust business.
• •The State Treasurer returns any securities the company had deposited.
• •After that, the company cannot use the word “trust” in its name or in any business description.

A credit union that runs a trust department decides to close that department.

The credit union must show the commissioner that it has finished all the trusts it was handling. Once the commissioner is satisfied, the credit union’s trust license is cancelled, any securities it deposited with the state are returned, and it can no longer call itself a “trust” credit union or use “trust” in any of its services.