A. An application for a certificate shall be in writing, in such form as the director prescribes, verified under oath and supported by such information, data and records as the director may require.

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B. Each application for a certificate shall be accompanied by an application fee of one thousand dollars ($1,000), made payable to the division. No portion of the application fee shall be refunded.

C. An application for a certificate shall be accompanied by an oath sworn by each proposed member of the board of directors of the trust company stating that the board member will diligently and honestly administer the affairs of the trust company and will not knowingly violate or knowingly permit to be violated any state or federal laws or any rules promulgated pursuant to those laws, including the Trust Company Act, the Uniform Probate Code [N.M. Stat. Ann. Chapter 45], the Uniform Prudent Investor Act [45- 7-601 to 45-7-612 N.M. Stat. Ann.] or the Uniform Trust Code [N.M. Stat. Ann. Chapter 46A]. The oath shall be in such form as the director prescribes and shall be certified by a notary public.

D. On and after July 1, 2018, any board member newly elected or appointed to the board of directors of a trust company certified under the Trust Company Act shall, immediately upon election to the board, swear and cause to be transferred to the director the oath of a trust company board member as set forth in Subsection C of this section.