Department of Labor and Regulation

Title - Banking

Governor's Task Force on Trust Administration Review and Reform

Currently, the Task Force operates under the authority of Executive Order 2011-14. It is a body comprised of representatives from the trust industry, recognized as experts in their field; three members of the South Dakota Banking Commission; and three ex-official members appointed by the Governor. This body has been assembled with the goal of establishing and maintaining South Dakota's stature as the premier trust jurisdiction in the United States. Members of the Task Force were instrumental in crafting South Dakota's Trust Company Act, South Dakota Codified Law (SDCL) 51A-6A, which helped establish South Dakota as a leader in the fiduciary services industry.

Members are appointed by the Governor to terms of three years. Responsibilities of the Task Force include reviewing and making recommendations for changing South Dakota's trust administration statutes. The primary goals of the Task Force are to provide the most efficient and effective environment for the administration of trusts, and to provide a timely response to ongoing innovation and evolution in fiduciary services. The Task Force meets periodically, and provides the Governor with an annual report detailing its recommendations, by October 1 each year.

Membership

The current Chair of the Task Force is David S. Lust. The full composition of the Task Force is available in an Adobe .pdf file*.

Executive Orders

The following Executive Orders established and amended the Task Force's authority.

Meeting Minutes

The following are minutes from the Trust Task Force's most recent meetings.

September 27, 2012

August 23, 2012

July 17, 2012

July 27, 2011

September 22, 2011

Legislative Process

Following the annual report and recommendations from the Task Force, the Department of Labor and Regulation will forward any approved recommendations to the Governor's Legislative Task Force (LTF) for review. Any recommended changes approved by the LTF and the Governor will be submitted to the Legislature by the Department for consideration. Once submitted, bills can be tracked through the Legislative Research Council website.

*Opening and printing Adobe .pdf files requires Adobe Acrobat Reader. Click here as needed to download the free Adobe Acrobat Reader.

 


Marcia Hultman, Secretary
700 Governors Drive
Pierre, SD 57501-2291
Tel. 605.773.3101
Fax. 605.773.6184