PIERRE, S.D. (KELO) — Legislation that would update South Dakota’s financial-trust laws is halfway to the governor’s desk.

State senators voted 33-2 on Wednesday for SB-95 that was developed through the South Dakota Trust Association.

“It’s one of the least exciting pieces of update we’ve had,” said its prime sponsor, Republican Sen. Lee Schoenbeck.

He said the trust industry generates more than $5 million of taxes for South Dakota governments.

The bill now heads to the House, where Republican Rep. Mike Stevens is lead sponsor.

For decades there has been at least one piece of trust legislation each session. But the trust industry didn’t bring a bill in 2022, following the release of the Panama Papers in October 2021.

This year’s bill covers a range of esoteric topics such as allowing appointment of co-enforcers and allowing one trustee to have authority over other trustees.