Private trusts and private trust companies exempt—Exception for change of control

(1) A private trust or private trust company is exempt from the requirement of a certificate of authority or regulation under this title.(2) Notwithstanding subsection (1) of this section, a transfer or change of control of a private trust or private trust company to a person or persons other than family members constitutes unauthorized trust activity unless the resulting private trust company is a trust institution authorized to do business in this state.