51A-6A-11.3. Approval of other office space requirements.
122 words·~1 min read·
/sd/title-51/chapter-51-6/51a-6a-11-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Upon application by a trust company, the director may approve office space that does not meet the requirements of § 51A-6A-11.2 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, the structure and business plan of the trust company approved by the division, and the number of employees or persons performing services for the trust company in South Dakota.
If the size, risk profile, or rate of growth of a trust company changes, or if a trust company's office space is insufficient to facilitate onsite examinations by the division, the director may impose additional office space requirements.