Application for authorization to engage in trust business -- Criteria for granting -- Authority of trust company

(1) A person seeking authorization to become a trust company and engage in trust business in this state shall: (a) file an application with the commissioner in the manner provided in Section 7-1-704; and (b) pay the fee described in Section 7-1-401. (2) When deciding whether to approve an application described in Subsection (1), the commissioner shall consider: (a) the character and condition of the applicant's assets; (b) the adequacy of the applicant's capital; (c) the applicant's earnings record; (d) the quality of the applicant's management; (e) the qualifications of an individual the applicant proposes to be an officer in charge of the trust operations; (f) the needs of the community for fiduciary services; (g) the volume of business that the applicant will probably do; and (h) any other relevant facts and circumstances, including the availability of legal counsel to advise and pass upon matters relating to the trust business. (3) The commissioner may not apply criteria that makes the process to obtain approval to engage in trust business in this state more difficult for a state chartered depository institution than for a federally chartered depository institution of the same class. (4) Notwithstanding Subsection (3), the commissioner may impose criteria the commissioner considers appropriate to protect the public interest when authorizing a person to engage in trust business. (5) Upon receiving authorization from the commissioner to become a trust company and engage in trust business, the trust company may act as fiduciary in any capacity without bond.