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.
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*.
The following Executive Orders established and amended the Task Force's authority.
The following are minutes from the Trust Task Force's most recent meetings.
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.
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