20:07:22:03. Private trust company defined. A private trust company is one that does not engage in trust company business with the general public or otherwise hold itself out as a trustee or fiduciary for hire by advertising, solicitation, or other means and instead operates for the benefit of a family or families, regardless of whether compensation is received or anticipated.
Source: 36 SDR 208, effective June 30, 2010.
General Authority: SDCL 51A-2-13.
Law Implemented: SDCL 51A-6A-1.
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