Regulatory Alerts2010-01-01
Reminder of Office Space Requirement in SDCL 51A-6A-11.2
Bret Afdahl, Director of the South Dakota Division of Banking, issued this memorandum to remind public trust companies chartered prior to July 1, 2016, that they must comply with SDCL 51A-6A-11.2 by July 1, 2018. The Division will assess compliance with these office space mandates during the first regularly scheduled examination occurring after June 30, 2018. Entities seeking clarification on acceptable office space plans or statutory requirements are directed to contact the Division directly or review the referenced statute.
DIVISION OF BANKING 1601 N. Harrison Avenue, Suite 1, Pierre, SD 57501 MEMORANDUM 605-773-3421 NUMBER: 10-006 DATE: June 30, 2017 TO: SOUTH DAKOTA PUBLIC TRUST COMPANIES FROM: BRET AFDAHL, Director RE: Reminder of Office Space Requirement in SDCL 51A-6A-11.2 The purpose of this Memorandum is to remind South Dakota public trust companies chartered prior to July 1, 2016, that the Division expects them to be in compliance with SDCL 51A6A-11.2 no later than July 1, 2018. The Division will assess the public trust company’s compliance with the mandates provided in SDCL 51A-6A-11.2 at their first regularly scheduled examination after June 30, 2018. For additional information regarding what is required by SDCL 51A-6A.11.2, please review the language in that statute at: http://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&Statute=51A6A-11.2.
If you have any questions about what is expected or if a particular plan for office space in South Dakota will be acceptable to the Division, please contact us at 605-773-3421.