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Trustee Compensation (Schedule of Increased Rates) - Financial Regulation

Last reviewed/updated: August 6, 2024

Certain trustees may file a Schedule of Increased Rates (“Schedule”) with the Office of Financial Regulation (“OFR”). Trustees who file a Schedule with the OFR may periodically change and revise the Schedule by filing changes and revisions with the OFR.

A Schedule and signed cover letter may be submitted as a PDF attachment by email to financial.regulation@maryland.gov with the subject line: “Non-Depository Operations Unit –Schedule of Increased Trustee Rate Schedule”. A Schedule may also be submitted by mail to the Office of Financial Regulation, Attn: Non-Depository Operations Unit, 1100 N. Eutaw Street, Suite 611, Baltimore, Maryland 21201.

In addition to compensation rates and the effective date, the Schedule should include, as applicable, (1) name(s) of all Trustees covered by the Schedule, (2) name of the institution or firm, and (3) appropriate contact information. The OFR recommends that the Schedule and any correspondence or attachments submitted therewith not include confidential or other sensitive information unless required to comply with applicable laws and/or regulations or otherwise deemed appropriate by the trustee filing the Schedule.

NOTE: Trustees who desire to file a Schedule should carefully review applicable Maryland law to determine whether they possess the right to file a Schedule and whether the law directs them to file the schedule with OFR or another State agency. Trustees having questions on issues such as their qualification to file a Schedule, fees they may charge in the absence of a filed Schedule or minimum/maximum fees legally allowed should seek legal guidance. General questions concerning the filing of a Schedule with the OFR may be directed to the Non-Depository Operations Unit at 410-230-6019.

Additional Information and Documents

Laws, Rules, and Regulations

A trustee is expected to be knowledgeable about and in compliance with its obligations under Maryland law regarding trust administration and trustee compensation, and any other applicable State or Federal statutes, rules, and regulations.

Maryland laws, rules, and regulations can be found by accessing the Annotated Code of Maryland and Rules and Code of Maryland Regulations (COMAR). Certain relevant Maryland laws, rules, and/or regulations include, but are not necessarily limited to: