State Auditor rule relating to private trust companies

SB 375 authorizes the West Virginia State Auditor to implement a legislative rule (155 CSR 12) governing private trust companies. This rule, previously drafted and modified by the State Auditor, establishes regulatory requirements for private trust companies operating in the state. The bill formally approves the rule's adoption after it was filed in the State Register on August 13, 2024, and revised in response to legislative committee feedback. The rule will directly affect private trust companies by defining their compliance obligations under state oversight.