ARSD 20:07:22:04. Trust administration defined

For purposes of SDCL 51A-6A-11.1, trust administration means that at least three of the following are performed wholly or partly in this state for accounts under the management, administration, or custody of the trust company: (1) Annual account reviews; (2) Annual investment reviews; (3) Trust accountings; (4) Account correspondence; (5) Completing trust account tax returns; (6) Distributing account statements; or (7) Depositing uninvested customer funds into a bank chartered under SDCL title 51A or into another federally insured bank or credit union, headquartered in this state or having a branch located in this state. Notwithstanding the definition above, trust administration as set forth in SDCL subdivision 51A-6A-11.1(4) may be satisfied by other means if the director determines the nature and degree of risks presented by the trust company are low, based upon a review of the size, nature, and number of accounts administered by the trust company and the number of employees or persons performing services for the trust company in this state. If the size, risk profile, or rate of growth of a trust company changes, the director may require that additional administration be performed in this state to satisfy SDCL subdivision 51A-6A-11.1(4).