51A-6A-5.1. Notice to division of material omission in application or change in facts reported in application.
145 words·~1 min read·
/sd/title-51/chapter-51-6/51a-6a-5-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any trust company shall immediately notify the division of any material omission from the application or any material change in the facts reported in an application, either of which could have led to an unfavorable finding with respect to the criteria established in § 51A-6A-5 . Failure to so notify the division of the material omission from the application or the existence of the material change in facts as reported in the application, either of which could have led to an unfavorable finding with respect to the criteria established in § 51A-6A-5 , may subject the trust company to revocation proceedings or other regulatory action as provided in this title.
The director shall give notice of the revocation or other regulatory action to the president or other managing officer of the trust company, and any revocation action shall thereupon proceed according to § 51A-6A-38 .