51A-6A-11.2Office space requirements.

For purposes of § 51A-6A-11.1, office space in South Dakota for each public trust company shall:

(1)    Be in premises distinct and divided from the office space of any other entity;

(2)    Have the name, charter, and certificate of authority of the trust company prominently displayed;

(3)    Have access to premises in or adjacent to the office space sufficient to facilitate onsite examinations by the division;

(4)    To the extent the trust company maintains hard copies of any documents required to be maintained pursuant to § 51A-6A-30, have a secure fireproof file cabinet that contains all such hard copies; and

(5)    To the extent the trust company maintains any record electronically, have a secure computer terminal or other secure electronic device that provides access to such records, including account information, as necessary to facilitate an efficient and effective examination.

For public trust companies chartered in South Dakota prior to July 1, 2016, the division shall determine full compliance with the provisions of this section at the first regular examination after June 30, 2018.

Source: SL 2016, ch 231, § 5.