20:07:22:01.  Supervision fee schedule. A state-chartered trust company shall pay an annual fee for supervision at the rate of seven cents per $10,000 of total assets under management, administration, or custody, as reported as of the end of December. However, the minimum annual fee is $3,750 and the maximum annual fee is $20,000 for private trust companies and the minimum annual fee is $4,500 and the maximum annual fee is $30,000 for public trust companies. Trust companies shall also pay the actual cost for each on-site examination and the additional supervision costs for any trust company operating under an enforcement action. For purposes of this section, the term enforcement action does not include a resolution adopted by a trust company to implement findings identified through an examination conducted by the division.

          The division shall maintain on its website a separate fee calculator for public and private trust companies to be used for the purpose of calculating the annual supervision fee owed by each trust company. The formulas used to operate the fee calculator shall be available upon request.

          Source: 30 SDR 193, effective June 15, 2004; 31 SDR 87, effective December 19, 2004; 36 SDR 99, effective December 10, 2009; 39 SDR 55, effective October 8, 2012.

          General Authority: SDCL 51A-2-36, 51A-6A-33.

          Law Implemented: SDCL 51A-6A-33.