Licenses; permissible activities of licensees.

(1)(a) An international trust entity licensed to operate an office in this state may engage in the business authorized by this part at the office specified in such license for an indefinite period.

(b) An international trust entity may operate more than one licensed office, each at a different place of business, provided that each office is separately licensed.

(c) A license is not transferable or assignable. However, the location of a licensed office may be changed after notification to the office.

(d) A license must at all times be conspicuously displayed in the place of business specified therein.

(2) An international trust entity that proposes to terminate the operations of a licensed office in this state must surrender its license to the office and comply with such procedures as the commission may prescribe by rule.

(3) The license for an international trust company representative office in this state may be suspended or revoked by the office, with or without examination, upon its determination that the international trust entity or the licensed office does not meet all requirements for original licensing. Additionally, the office shall revoke the license of any licensed office that the office determines has been inactive for 6 months or longer. The commission may by rule prescribe additional conditions or standards under which the license of an international trust company representative office may be suspended or revoked.

(4) If any such license is surrendered by the international trust entity or is suspended or revoked by the office, all rights and privileges of the international trust entity to transact the business under the license cease. The commission shall prescribe by rule procedures for the surrender of a license and for the orderly cessation of business by an international trust entity in a manner that is not harmful to the interests of its customers or of the public.