TITLE XXXV
BANKS AND BANKING; LOAN ASSOCIATIONS; CREDIT UNIONS

CHAPTER 383-D
FAMILY TRUST COMPANY ACT

ARTICLE 4
Family Clients

Section 383-D:4-401

    383-D:4-401 Family Client. –
(a) With the commissioner's prior approval, a family trust company may designate a person as a family client if that person has a close and continuous relationship with one or more family clients.
(b) A person is a family client for one year after an involuntary event that otherwise would cause the person to cease to qualify as a family client. If, as the result of an involuntary event, a person becomes a client of the family trust company but does not otherwise qualify as a family client, then the person is a family client for one year after the involuntary event. For purposes of this subsection, an involuntary event means an event that is not within the reasonable control of the family trust company or a family client, including the divorce or death of a family member, a former family member, a key employee, or former key employee. The revocation of an individual's designation as a key employee under RSA 383-D:4-403(b) is not an involuntary event.
(c) If a person who, immediately before a change of the designated relative as provided in RSA 383-D:10-1002 or a change of the method of determining family members as provided in RSA 383-D:10-1003, was a family client and a client of the family trust company, then that person is a family client for one year after the effective date of the change.
(d) In the case of a family trust company that makes an election under RSA 383-D:4-402(b), "family client" includes any person to whom the family trust company could provide services if the family trust company qualified as a family office under 15 U.S.C. section 80b-2(a)(11)(G).

Source. 2015, 272:16, eff. Oct. 1, 2015. 2017, 257:40, eff. July 18, 2017.