Trustee Compensation (Schedule of Increased Rates) - Financial Regulation
Certain trustees may file a Schedule of Increased Rates (“Schedule”) with the Office of the Commissioner of Financial Regulation (“OCFR”). Trustees who file a Schedule with the OCFR may periodically change and revise the Schedule by filing changes and revisions with the OCFR.
A Schedule and signed cover letter may be submitted as a PDF attachment by email to DLFRFinReg-LABOR@maryland.gov noting; “Non-Depository Operations Unit –Schedule of Increased Trustee Rate Schedule” in the subject line. A Schedule may also be submitted by mail to the Office of the Commissioner of Financial Regulation, Attn: Non-Depository Operations Unit, 500 N. Calvert Street, Suite 402, Baltimore, Maryland 21202.
In addition to compensation rates and 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 OCFR 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 OCFR 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 OCFR may be directed 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 their 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:
- Maryland Code, Estates and Trusts Article, Title 14.5, Subtitle 7, Section 708 (Right of trustee to commissions from administration of trust)