12 CFR 150.130 – How may I conduct multi-state operations?
Current as of: 2024 | Check for updates
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(a) Conducting fiduciary activities in more than one state. You may conduct fiduciary activities in any state, subject to the application and notice requirements in § 5.26 of this chapter.
Terms Used In 12 CFR 150.130
- Fiduciary: A trustee, executor, or administrator.
- Testator: A male person who leaves a will at death.
- Trustee: A person or institution holding and administering property in trust.
(b) Serving customers in more than one state. When you conduct fiduciary activities in a state:
(1) You may market your fiduciary services to, and act as a fiduciary for, customers located in any state, may act as a fiduciary for relationships that include property located in other states, and may act as a testamentary trustee for a testator located in other states.
(2) You may establish or utilize an office in any state to perform activities that are ancillary to your fiduciary business.