S.D. Codified Laws § 51A-15-30 — SD Code / Title 51A / Chapter 15 / Section 51A-15-30
Limitations on powers of director or receiver in liquidating bank
Status: in_force

In liquidating a bank the director or receiver may exercise any power thereof but he may not, without the approval of the circuit court:

(1) Sell any asset of the bank having an appraised value in excess of five thousand dollars;

(2) Compromise or release any claim which exceeds five thousand dollars, exclusive of interest; or

(3) Make any payment on any claim, other than a claim upon an obligation incurred by the director or receiver, before preparing and filing a schedule of his determinations in accordance with subdivision 51A-15-36 (3).

Source: SL 1925, ch 103, §§ 1 to 3; SDC 1939, § 6.0614; SDCL, § 51-14-37; SL 1969, ch 11, § 13.13; SL 1988, ch 377, § 173; SDCL, § 51-27-22.
S.D. Codified Laws § 51A-5-20 — SD Code / Title 51A / Chapter 5 / Section 51A-5-20
Nominees used by bank acting as fiduciary or cofiduciary
Status: in_force

Any bank, when acting as a fiduciary or a cofiduciary with others, or as an agent for other fiduciaries, may, with the consent of its cofiduciary or cofiduciaries, if any, who are hereby authorized to give such consent, or the fiduciaries for whom it is acting, cause any investment held in any such capacity to be registered and held in the name of a nominee or nominees of such bank. Such bank shall be liable for the acts of any such nominee with respect to any investment so registered. The records of such bank shall at all times show the trust for which any such investment is held and the securities shall be in the possession and control of such bank and be kept separate and apart from the assets of such bank.

Source: SL 1969, ch 11, § 5.9; SDCL, § 51-19-10.
S.D. Codified Laws § 51A-7-2 — SD Code / Title 51A / Chapter 7 / Section 51A-7-2
Examination of branches
Status: in_force

Every branch bank or mobile branch bank is subject to examination by the director as provided in §§ 51A-2-18 and 51A-2-20 and shall pay the fees prescribed therefor.

Source: SDC 1939, § 6.0402 as added by SL 1957, ch 11; SDCL § 51-8-5; SL 1969, ch 11, § 6.2; SL 1988, ch 377, § 126; SDCL § 51-20-2; SL 2008, ch 252, § 29.
S.D. Codified Laws § 51A-3-2 — SD Code / Title 51A / Chapter 3 / Section 51A-3-2
Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity
Status: in_force

For a bank organized as a corporation, the articles of incorporation of a bank shall state, and for a bank organized as a limited liability company, the articles of organization of a bank shall state:

(1) That the corporation or limited liability company is formed for the purpose of engaging in the business of banking, or as a bank and trust company, or as a bank and trust department;

(2) The period for which such corporation or limited liability company is organized, not exceeding twenty years.

The capital stock of a bank organized as a corporation shall be divided into shares of not less than ten nor more than one hundred dollars each. The members' equity of a bank organized as a limited liability company shall be divided into units of not less than ten nor more than one hundred dollars each.

The name of a bank organized under this title shall be different from the name of any other bank or trust company in the county of its place of business. However, the name of the bank is not required to be different if the majority of the bank's outstanding stock is owned by a bank holding company that also owns a majority of the outstanding stock of another bank or trust company in the county of the bank's place of business and such other bank or trust company has given its prior written consent.

Source: SDC 1939, § 6.0301; SL 1941, ch 15; SL 1957, ch 10; SDCL §§ 51-3-1, 51-3-3, 51-3-4; SL 1969, ch 11, § 3.2; SL 1970, ch 265, § 16; SDCL § 51-17-2; SL 1995, ch 268, § 64; SL 2004, ch 289, § 7; SL 2009, ch 250, § 1.
S.D. Codified Laws § 51A-15-15 — SD Code / Title 51A / Chapter 15 / Section 51A-15-15
Management and control powers of director in possession
Status: in_force

When the director has taken possession he shall be vested with the full and exclusive power of management and control, including the power to assess outstanding capital stock, continue or to discontinue the business, to stop or to limit the payment of its obligations, to employ any necessary assistants, to execute any instrument in the name of the bank, to commence, defend and conduct in its name any action or proceeding in which it may be a party, to terminate his possession by restoring the bank to its board of directors and to reorganize or liquidate the bank in accordance with this chapter. As soon as practicable after taking possession the director shall make an inventory of the assets and file a copy thereof with the circuit court.

Source: SL 1911, ch 256, §§ 11, 14; SL 1915, ch 102, art 1, §§ 12, 15; RC 1919, §§ 8928, 8931; SL 1931, ch 88; SDC 1939, §§ 6.0607, 6.0608; SDCL, §§ 51-14-19, 51-14-22; SL 1969, ch 11, § 13.6 (2); SDCL, § 51-27-12.
S.D. Codified Laws § 51A-17-96 — SD Code / Title 51A / Chapter 17 / Section 51A-17-96
Receipt for money received for transmission--Requirements for receipt
Status: in_force

Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission.

(1) The receipt shall contain the following information, as applicable:

(a) The name of the sender;

(b) The name of the designated recipient;

(c) The date of the transaction;

(d) The unique transaction or identification number;

(e) The name of the licensee, NMLS Unique ID, the licensee's business address, and the licensee’s customer service telephone number;

(f) The amount of the transaction in United States dollars;

(g) Any fee charged by the licensee to the sender for the transaction; and

(h) Any taxes collected by the licensee from the sender for the transaction.

(2) The receipt required by this section must be in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English.

Source: SL 2024, ch 196, § 45.
S.D. Codified Laws § 51A-5-9 — SD Code / Title 51A / Chapter 5 / Section 51A-5-9
Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary--Designation as agent to receive process--Service of process
Status: in_force

Before qualifying or serving in this state in any fiduciary capacity, as defined in § 51A-5-8 , the bank or trust company shall file in the Office of the Secretary of State of South Dakota, a copy of its charter certified by its secretary under its corporate seal, and a power of attorney designating the secretary of state or the secretary of state's successor in office as the person upon whom all notices and processes issued by any court of this state may be served in any action or proceeding relating to any trust, estate, or matter within this state in respect of which the bank or trust company is acting in any fiduciary capacity with like effect as personal service on the bank or trust company. The power of attorney is irrevocable so long as any liability remains outstanding against the bank or trust company in this state. Service of process under this section may be made in the manner provided in chapter 59-11 .

Source: SL 1973, ch 292, § 2; SDCL, § 51-19-5.3; SL 1995, ch 268, § 69; SL 1997, ch 272, § 7; SL 2005, ch 202, § 22; SL 2021, ch 204, § 1.
S.D. Codified Laws § 51A-3-15 — SD Code / Title 51A / Chapter 3 / Section 51A-3-15
Applications for branch banks and detached drive-in facilities--Applicable provisions
Status: in_force

The provisions of §§ 51A-3-7 to 51A-3-14 , inclusive, insofar as they are by their terms applicable, govern applications for branch banks and detached drive - in facilities.

Source: SL 1969, ch 11, § 3.18; SL 1981, ch 346, § 24; SL 1988, ch 377, § 68; SDCL, § 51-17-20.
S.D. Codified Laws § 51A-6A-24 — SD Code / Title 51A / Chapter 6A / Section 51A-6A-24
Issuance and retirement of preferred stock
Status: in_force

Any trust company in corporate form may issue preferred stock of one or more classes in amounts approved by the director. The holders of two-thirds of the common stock of the trust company shall approve the issuance at a meeting held for that purpose. Notice shall be given by registered mail to each stockholder at least five days before the date of the meeting under this section. An issuance of preferred stock is not valid until the par value of all stock so issued is paid in. Preferred stock may be retired only if the trust company is in compliance with the capital requirements under § 51A-6A-19 following retirement of the preferred stock and if two-thirds of the holders of common stock of the trust company and the director approve the retirement.

Source: SL 1995, ch 268, § 22; SL 2012, ch 252, § 18; SL 2019, ch 205, § 3.
S.D. Codified Laws § 51A-13-4 — SD Code / Title 51A / Chapter 13 / Section 51A-13-4
Fiduciary examinations
Status: in_force

Only summary examinations and reports shall be required with respect to fiduciary activities which are subject to court accountings.

Source: SL 1969, ch 11, § 11.5; SDCL, § 51-25-5.
S.D. Codified Laws § 51A-7-15 — SD Code / Title 51A / Chapter 7 / Section 51A-7-15
Application to establish interstate branch--Fee
Status: in_force

No South Dakota state bank may establish or maintain a branch in another state until the application and appropriate fee has been submitted and approved as provided in § 51A-2-16 . In acting on an application, the director or commission, as the case may be, may consider the views of the appropriate bank supervisory agencies.

Source: SL 1996, ch 280, § 3; SL 2008, ch 252, § 36.
S.D. Codified Laws § 51A-2-36 — SD Code / Title 51A / Chapter 2 / Section 51A-2-36
Examination and supervision fees
Status: in_force

The division shall charge and collect a fee from all banks to cover the cost of examining and supervising banks based upon asset size and other factors as established by the commission. The commission shall set the fee and the other factors by rules promulgated pursuant to chapter 1-26 .

Source: SL 1989, ch 409; SDCL § 51-16-37.1; SL 2008, ch 252, § 10.
S.D. Codified Laws § 51A-3-5 — SD Code / Title 51A / Chapter 3 / Section 51A-3-5
Sale price of original stock issue or original issue of members' equity--Excess credited to surplus
Status: in_force

For a bank organized as a corporation, the original issue of bank stock, and for a bank organized as a limited liability company, the original issue of members' equity, shall be sold at a price of not less than twenty percent in excess of its par value and paid for in full in lawful money of the United States. The excess over the par value shall be credited on the books of the bank to the surplus.

Source: SL 1915, ch 102, art 2, § 2; SL 1917, ch 145, § 1; RC 1919, § 8949; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, § 6.0305; SDCL, § 51-4-4; SL 1969, ch 11, § 3.5; SL 1970, ch 265, § 17; SL 1988, ch 377, § 57; SDCL, § 51-17-5; SL 2004, ch 289, § 8.
S.D. Codified Laws § 51A-13-1 — SD Code / Title 51A / Chapter 13 / Section 51A-13-1
Books and accounts required by director--Civil penalty
Status: in_force

Every bank shall keep such books and accounts as the director may require for the purpose of showing the true condition of the bank, and shall keep accurate, convenient, and complete records of such transactions and accounts in permanent form. Any bank which fails or refuses to open and keep such books or accounts shall be subject to a civil penalty of fifty dollars for each day it violates this section, and the director shall have authority to institute legal proceedings for the recovery of such penalty.

Source: SL 1915, ch 102, art 2, § 21; RC 1919, § 8968; SDC 1939, § 6.0434; SDCL, § 51-12-1; SL 1969, ch 11, § 11.1; SL 1970, ch 265, § 56; SL 1980, ch 24, § 87; SDCL, § 51-25-1.
S.D. Codified Laws § 51A-17-87 — SD Code / Title 51A / Chapter 17 / Section 51A-17-87
Report of bankruptcy, administrative proceeding, or revocation or suspension of license
Status: in_force

(1) A licensee must file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events:

(a) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. § 101-110 (January 1, 2024) for bankruptcy or reorganization;

(b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or

(c) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.

(2) A licensee must file a report with the director within three business day after the licensee has reason to know of the occurrence of any of the following events:

(a) A charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony; or

(b) A charge or conviction of an authorized delegate for a felony.

Source: SL 2024, ch 196, § 36.
S.D. Codified Laws § 51A-3-38 — SD Code / Title 51A / Chapter 3 / Section 51A-3-38
Insurance protection
Status: in_force

The directors of a bank shall also direct and require suitable insurance protection to the bank against robbery, burglary, theft and other insurable hazards to which the bank may be exposed in the operation of its business on the premises or elsewhere.

Source: SL 1969, ch 11, § 3.29; SDCL, § 51-17-37.
S.D. Codified Laws § 51A-2-10 — SD Code / Title 51A / Chapter 2 / Section 51A-2-10
Meetings of commission
Status: in_force

The commission shall hold at least two regular meetings each year. Special meetings, to be held on such notice as the director may direct, may be called at any time upon the written request of two members or by the director. All meetings shall be held at the office of the director unless another location in the state is designated by the director for the meeting. The commission shall keep an official record of all its proceedings.

Source: SL 1933, ch 47, § 4; SDC 1939, § 6.0204; SDCL § 51-2-14; SL 1969, ch 11, § 2.10; SL 1970, ch 265, § 5; SL 1981, ch 346, § 4; SL 1988, ch 377, § 24; SDCL § 51-16-10; SL 2008, ch 252, § 4.
S.D. Codified Laws § 51A-6A-43 — SD Code / Title 51A / Chapter 6A / Section 51A-6A-43
Plan for reorganization of insolvent trust company
Status: in_force

The owners of any insolvent trust company and its creditors may formulate a plan for the reorganization of the trust company while the trust company is in the charge of the director or a special assistant or a receiver at any time before a dividend has been paid. The creditors of the insolvent trust company may formulate a plan for the reorganization of the trust company. If the plan is subscribed to in writing by creditors having not less than eighty percent of the known claims against the trust company, a copy of the plan is filed with the director, and the director approves the plan, the plan is legal, valid, and binding upon all creditors of the insolvent trust company to the same extent and with the same effect as if all of the creditors had joined in the execution of the plan.

Source: SL 1995, ch 268, § 41; SL 2015, ch 239, § 7.
S.D. Codified Laws § 51A-18-13 — SD Code / Title 51A / Chapter 18 / Section 51A-18-13
Fraud prevention software--Certain transfers blocked
Status: in_force

A licensee shall employ software that analyzes data from publicly accessible distributed ledgers and traces addresses capable of sending or receiving virtual currency to identify risk indicators, including any address used to access or transfer virtual currency for fraudulent or other illicit purposes.

The software must prevent the initiation of any transaction if, at the time of the transaction, the destination address is reasonably likely or known to be connected to fraudulent activity.

The licensee shall block transfers to addresses associated with overseas platforms that do not permit access by users in the United States.

Source: SL 2026, ch 193, § 13.
S.D. Codified Laws § 51A-17-100 — SD Code / Title 51A / Chapter 17 / Section 51A-17-100
Surety bond--Amount of surety bond required
Status: in_force

(1) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director or, with the director's approval, a deposit instead of a bond in accordance with this section.

(2) The amount of the required security shall be:

(a) The greater of one hundred thousand dollars or an amount equal to one hundred percent of the licensee's average daily money transmission liability in this state calculated for the most recently completed three-month period, up to a maximum of five hundred thousand dollars; or

(b) In the event that the licensee's tangible net worth exceeds ten percent of total assets, the licensee shall maintain a surety bond of one hundred thousand dollars.

(3) A licensee that maintains a bond in the maximum amount provided for in subsection 2(a) or (b) of this section, as applicable, shall not be required to calculate its average daily money transmission liability in this state for purposes of this section.

(4) A licensee may exceed the maximum required bond amount pursuant to subdivision 51A-17-102 (5).

Source: SL 2024, ch 196, § 49.
S.D. Codified Laws § 51A-17-115 — SD Code / Title 51A / Chapter 17 / Section 51A-17-115
Civil penalty
Status: in_force

The director may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one thousand dollars per day for each day the violation is outstanding, plus this state's costs and expenses for the investigation and prosecution of the matter, including reasonable attorney's fees.

Source: SL 2024, ch 196, § 64.
S.D. Codified Laws § 51A-1-6 — SD Code / Title 51A / Chapter 1 / Section 51A-1-6
Procedure to recover fine
Status: in_force

Any proceeding commenced to recover any civil fine under § 51A-1-5 shall be conducted in accordance with the provisions of chapter 1-26 .

Source: SL 1988, ch 377, § 4; SDCL, § 51-15-4.1.
S.D. Codified Laws § 51A-17-108 — SD Code / Title 51A / Chapter 17 / Section 51A-17-108
Additional permissible investments described
Status: in_force

Unless permitted by the director, by rule or by order, to exceed the limit as set forth herein, the following investments are permissible under § 51A-17-101 to the extent specified:

(1) Receivables that are payable to a licensee from its authorized delegates in the ordinary course of business that are less than seven days old, up to fifty percent of the aggregate value of the licensee's total permissible investments;

(2) Of the receivables permissible under subdivision (1) of this section, receivables that are payable to a licensee from a single authorized delegate in the ordinary course of business may not exceed ten percent of the aggregate value of the licensee's total permissible investments;

(3) The following investments are permissible up to twenty percent per category and combined up to fifty percent of the aggregate value of the licensee's total permissible investments:

(a) A short-term investment, an investment lasting up to six months, bearing an eligible rating;

(b) Commercial paper bearing an eligible rating;

(c) A bill, note, bond, or debenture bearing an eligible rating;

(d) U.S. tri-party repurchase agreements collateralized at one hundred percent or more with U.S. government or agency securities, municipal bonds, or other securities bearing an eligible rating;

(e) Money market mutual funds rated less than "AAA" and equal to or higher than "A-" by S&P or the equivalent from any other eligible rating service; and

(f) A mutual fund or other investment fund composed solely and exclusively of one or more permissible investments listed in subdivisions 51A-17-102 (1) to (3), inclusive;

(4) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers, at foreign depository institutions are permissible up to ten percent of the aggregate value of the licensee's total permissible investments if the licensee has received a satisfactory rating in its most recent examination and the foreign depository institution:

(a) Has an eligible rating;

(b) Is registered under the Foreign Account Tax Compliance Act;

(c) Is not located in any country subject to sanctions from the Office of Foreign Asset Control; and

(d) Is not located in a high-risk or non-cooperative jurisdiction as designated by the Financial Action Task Force.

Source: SL 2024, ch 196, § 57.
S.D. Codified Laws § 51A-17-84 — SD Code / Title 51A / Chapter 17 / Section 51A-17-84
License report of condition--Requirements of report
Status: in_force

(1) Each licensee must submit a report of condition within forty-five days of the end of the calendar quarter, or within any extended time as the director may prescribe.

(2) The report of condition must include:

(a) Financial information at the licensee level;

(b) Nationwide and state-specific money transmission transaction information in every jurisdiction in the United States where the licensee is licensed to engage in money transmission;

(c) Permissible investments report;

(d) Transaction destination country reporting for money received for transmission, if applicable; and

(e) Any other information the director reasonably requires with respect to the licensee. The director is authorized and encouraged to utilize NMLS for the submission of the report required by subdivision (1) of this section and is authorized to change or update as necessary the requirements of this section to carry out the purposes of this chapter and maintain consistency with NMLS reporting.

(3) The information required by subsection 2(d) of this section shall only be included in a report of condition submitted within forty-five days of the end of the fourth calendar quarter.

Source: SL 2024, ch 196, § 33.
S.D. Codified Laws § 51A-2-28 — SD Code / Title 51A / Chapter 2 / Section 51A-2-28
Seal of director
Status: in_force

The director shall have a seal of office containing the words "Director of the Division of Banking of South Dakota" in the form of a circle and the word "Seal" inside the circle.

Source: SL 1909, ch 222, art 1, § 3; SL 1911, ch 256, § 3; SL 1915, ch 102, art 1, § 3; RC 1919, § 8919; SDC 1939, § 6.0214; SDCL, § 51-2-29; SL 1969, ch 11, § 2.18; SL 1988, ch 377, § 44; SDCL, § 51-16-28.
S.D. Codified Laws § 51A-3-19 — SD Code / Title 51A / Chapter 3 / Section 51A-3-19
Approval of director required for unusually large dividends
Status: in_force

The approval of the director is required before a dividend is declared if the total of all dividends, including the proposed dividend, declared by the directors of a bank in any calendar year exceeds the total of its net profits of that year to date combined with its retained net profits of the preceding two years, less any required transfers to surplus or a fund for the retirement of any preferred stock.

Source: SL 1969, ch 11, § 3.10; SDCL, §§ 51-17-11, 51-17-20.4; SL 1991, ch 390, § 2.
S.D. Codified Laws § 51A-15-31 — SD Code / Title 51A / Chapter 15 / Section 51A-15-31
Executory contracts of bank terminated after commencement of liquidation
Status: in_force

Within six months of the commencement of involuntary liquidation, the director or receiver may by his election terminate any executory contract for services or advertising to which a bank is a party or any obligation of a bank as a lessee. A lessor who receives sixty days' notice of the director's or receiver's election to terminate such a lease shall have no claim for rent other than rent accrued to the date of termination nor for damages for such termination.

Source: SL 1969, ch 11, § 13.14; SL 1970, ch 265, § 69; SL 1988, ch 377, § 174; SDCL, § 51-27-23.
S.D. Codified Laws § 51A-3-4 — SD Code / Title 51A / Chapter 3 / Section 51A-3-4
Minimum capital
Status: in_force

The total capital of each newly organized bank shall be in an amount as the director determines adequate provided that the total capital required be at least six percent of the total projected assets of the bank during its first three years of operation.

Source: SL 1909, ch 222, art 2, § 1; SL 1911, ch 255, § 3; SL 1915, ch 102, art 2, § 2; SL 1917, ch 145, § 1; RC 1919, §§ 8949, 9034; SL 1925, ch 95; SL 1927, ch 60; SDC 1939, § 6.0303; SL 1943, ch 15; SL 1959, ch 15; SDCL §§ 51-4-1, 51-4-2; SL 1969, ch 11, § 3.4; SL 1981, ch 346, § 20; SL 1982, ch 334, § 3; SL 1988, ch 377, § 56; SDCL § 51-17-4; SL 2015, ch 239, § 1.
S.D. Codified Laws § 51A-12-2.1 — SD Code / Title 51A / Chapter 12 / Section 51A-12-2.1
Application for exception to agricultural loan or credit limitation
Status: in_force

A state chartered bank in satisfactory condition, with the consent of its governing board, may request an exception to the loan or credit limitation as provided in § 51A-12-2 from the director. The bank shall apply for such an exception on forms prescribed by the director. The director may approve the exception if the loan is not on the loan watch list or problem loan report of the bank, or classified at the most recent regulatory examination, and the loan shall be:

(1) Fully secured by the fair market value of the collateral and may not exceed one hundred percent of the discounted value assigned by the bank to the collateral;

(2) An agricultural loan in the bank's normal trade area; and

(3) Originated by the requesting bank.

No loan approved under this section may exceed an amount greater than the sum of twenty-five percent of the bank's capital stock or members' equity, surplus, and undivided profits. Such limit shall be determined on the basis of the bank's quarterly report of condition for the immediately previous calendar quarter and remain in effect until the loan expires as provided in § 51A-12-2.2 . The aggregate balance of all loans or extensions of credit made by a bank pursuant to this section may not exceed one hundred percent of the bank's tier one leverage capital.

Source: SL 2012, ch 234, § 1.
S.D. Codified Laws § 51A-17-58 — SD Code / Title 51A / Chapter 17 / Section 51A-17-58
Conflict with federal law
Status: in_force

(1) In the event state money transmission jurisdiction is conditioned on a federal law, any inconsistencies between a provision of this chapter and the federal law governing money transmission shall be governed by the applicable federal law to the extent of the inconsistency.

(2) In the event of any inconsistencies between this chapter and a federal law that governs pursuant to this section, the director may provide interpretive guidance that:

(a) Identifies the inconsistency; and

(b) Identifies the appropriate means of compliance with federal law.

Source: SL 2024, ch 196, § 7.
S.D. Codified Laws § 51A-5-6 — SD Code / Title 51A / Chapter 5 / Section 51A-5-6
National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination
Status: in_force

It is lawful for any national bank to engage in trust business in this state to the extent authorized by the laws of the United States, without incorporating or organizing under the laws of this state, but a national bank shall otherwise comply with and be subject to all laws of this state which are applicable to state banks engaged in trust business including such examinations as may be deemed necessary, except that the authority of the commission and the director shall apply to their trust business only. The director may accept in lieu of an examination conducted under the director's direction, any report of examination conducted by the appropriate federal regulatory agency.

Source: SL 1915, ch 105; RC 1919, § 8985; SL 1929, ch 76; SDC 1939, § 6.0503; SDCL, § 51-7-3; SL 1969, ch 11, § 5.4; SL 1970, ch 265, § 37; SL 1988, ch 377, § 113; SDCL, § 51-19-5; SL 2004, ch 289, § 10.
S.D. Codified Laws § 51A-18-2 — SD Code / Title 51A / Chapter 18 / Section 51A-18-2
License to operate
Status: in_force

Any operator of a virtual currency kiosk in this state must be licensed pursuant to chapter 51A-17 . The provisions of this chapter are in addition to those in chapter 51A-17 .

Source: SL 2026, ch 193, § 2.
S.D. Codified Laws § 51A-12-14 — SD Code / Title 51A / Chapter 12 / Section 51A-12-14
Right of offset on loans
Status: in_force

In addition to the general lien created by § 44-11-11 in favor of a bank on all property in possession of the bank belonging to its customers, a bank may offset against all loan balances, whether principal or interest, owed to the bank by a customer, all or any portion of the bank's obligation to the customer in the form of certificates of deposit, time savings certificates and any other form of deposit.

Source: SL 1981, ch 346, § 61; SDCL, § 51-24-15.
S.D. Codified Laws § 51A-1-12 — SD Code / Title 51A / Chapter 1 / Section 51A-1-12
Payment or indemnification of person for fine, penalty or judgment unlawful--Civil liability--Exceptions--Action to recover payments
Status: in_force

It is unlawful for a bank to pay a fine or penalty imposed by law upon any other person or to reimburse directly or indirectly any person by whom such fine or penalty has been paid. Any bank that makes an unlawful payment is subject to the imposition of a civil fine by the director or commission not to exceed one hundred dollars for each unlawful payment. A bank may reimburse any person in settlement of its own liability or in connection with the acquisition of property against which the judgment is a lien, or as provided in § 51A-3-31 . Any payments made by a bank in violation of this section are recoverable for the bank in an action instituted pursuant to the provisions of chapter 1-26 by the division from the person who benefited from such payment.

Source: SL 1969, ch 11, § 1.10; SL 1980, ch 24, § 78; SL 1988, ch 377, § 8; SDCL, § 51-15-10.
S.D. Codified Laws § 51A-12-6 — SD Code / Title 51A / Chapter 12 / Section 51A-12-6
Maximum amount of loans by bank to its executive officers, directors, and certain shareholders
Status: in_force

The maximum amount of loans by a bank to its executive officers, its directors, and its shareholders who individually own more than ten percent of the capital stock of the bank or its parent bank holding company, shall be set by rules promulgated by the commission pursuant to chapter 1-26 . The commission rule may not be more restrictive than restrictions imposed by that bank's primary federal regulator.

Loans to any partnership or corporation in which such officers, directors, and shareholders own an aggregate interest of twenty percent or more shall be included as a loan to the officers, directors, and shareholders.

Source: SDC 1939, § 6.0429; SDCL, § 51-11-12; SL 1969, ch 11, § 10.5; SL 1979, ch 321, § 2; SL 1981, ch 346, § 53; SL 1988, ch 377, § 147; SDCL, § 51-24-8; SL 1994, ch 365, § 1.
S.D. Codified Laws § 51A-6A-50.1 — SD Code / Title 51A / Chapter 6A / Section 51A-6A-50.1
Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company
Status: in_force

If a trust company has been acquired, merged, or consolidated with another trust company or financial institution, or its assets have been purchased and its liabilities assumed by another trust company or financial institution, in any instance other than an emergency, within thirty days thereafter, the directors of the trust company shall institute proceedings to legally dissolve its charter in the same manner as provided for voluntary liquidation in chapter 51A-15 . However, no notice need be given pursuant to § 51A-15-3 .

Source: SL 2015, ch 240, § 8.
S.D. Codified Laws § 51A-6A-53 — SD Code / Title 51A / Chapter 6A / Section 51A-6A-53
Name of trust company--Name change
Status: in_force

No trust company may take the name of any other trust company incorporated in the state or a name so similar to another as to be easily confused with it. No trust company may change its name until the name change has been submitted to and approved by the director. The director may refuse authority to any trust company violating this provision.

Source: SL 1995, ch 268, § 51.
S.D. Codified Laws § 51A-17-105 — SD Code / Title 51A / Chapter 17 / Section 51A-17-105
Documents issuer of letter of credit required to present prior to expiration of letter of credit
Status: in_force

The letter of credit referenced in subdivision 51A-17-102 (4) shall provide that the issuer of the letter of credit will honor, at sight, a presentation made by the beneficiary to the issuer of the following documents on or prior to the expiration date of the letter of credit:

(1) The original letter of credit, including any amendments; and

(2) A written statement from the beneficiary stating that any of the following events have occurred:

(a) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. § 101 to 110 (January 1, 2024) for bankruptcy or reorganization;

(b) The filing of a petition by or against the licensee for receivership or the commencement of any other judicial or administrative proceeding for its dissolution or reorganization;

(c) The seizure of assets of a licensee by a director pursuant to an emergency order issued in accordance with applicable law, on the basis of an action, violation, or condition that has caused or is likely to cause the insolvency of the licensee; or

(d) The beneficiary has received notice of expiration or non-extension of a letter of credit and the licensee failed to demonstrate to the satisfaction of the beneficiary that the licensee will maintain permissible investments in accordance with subdivision 51A-17-101 (1) upon the expiration or non-extension of the letter of credit.

Source: SL 2024, ch 196, § 54.
S.D. Codified Laws § 51A-3-35 — SD Code / Title 51A / Chapter 3 / Section 51A-3-35
Election of officers--Terms--Vacancies
Status: in_force

The officers of every bank shall be elected by the board of directors at the board meeting held in January of each year. The president or chief executive officer shall be appointed by the elected board members to the board of directors. The officers shall hold office for one year and until their successors are elected and qualified, subject to removal by the board at any time. Vacancies may be filled by appointment of successors by the board of directors at any regular or special meeting, to hold office until the next regular election and until successors qualify.

Source: SDC 1939, § 6.0317; SL 1963, ch 24; SDCL, § 51-3-18; SL 1969, ch 11, § 3.28; SL 1988, ch 377, § 77; SDCL, § 51-17-34; SL 1996, ch 279, § 2.
S.D. Codified Laws § 51A-1-10 — SD Code / Title 51A / Chapter 1 / Section 51A-1-10
False entries--Obstruction of examination--Felonies
Status: in_force

It is a Class 4 felony for an officer, director, employee, or agent of a bank:

(1) With intent to deceive, to make any false or misleading statement or entry or omit any statement or entry that should be in any book, account, report, or statement of the bank; or

(2) To obstruct or endeavor to obstruct a lawful examination of the bank by an officer or employee of the division.

Source: SL 1969, ch 11, § 1.9; SL 1970, ch 265, § 3; SL 1980, ch 24, § 82; SDCL, § 51-15-9; SL 2006, ch 130, § 18.
S.D. Codified Laws § 51A-18-3 — SD Code / Title 51A / Chapter 18 / Section 51A-18-3
Renewal report requirements
Status: in_force

In addition to the requirements of § 51A-17-70 , the renewal report of a licensee must contain:

(1) The number, dollar amount of, and gross revenue attributable to, virtual currency transactions conducted via each of the licensee's virtual currency kiosks located in this state;

(2) A copy of any complaint filed by a user against the licensee with the Better Business Bureau or any state or federal agency, together with a description of the outcome, if any;

(3) The number and dollar amount of refunds requested by users, together with the number of requests granted, the number of requests denied, and the dollar amount of refunds issued by the licensee;

(4) The contact details of the licensee's compliance officer;

(5) The number of physical locations in which the licensee operates a kiosk; and

(6) The number and dollar amount of suspicious activity reports filed by the licensee pursuant to the Bank Secrecy Act.

Source: SL 2026, ch 193, § 3.
S.D. Codified Laws § 51A-5-14 — SD Code / Title 51A / Chapter 5 / Section 51A-5-14
Deposit of federally guaranteed securities with federal reserve bank
Status: in_force

Any bank, when holding securities as custodian for a fiduciary may deposit, or arrange for the deposit, with the federal reserve bank in its district of any securities the principal and interest of which the United States or any department, agency, or instrumentality of the United States has agreed to pay, or has guaranteed payment, to be credited to one or more accounts on the books of the federal reserve bank in the name of the bank. Any account used for this purpose shall be designated as a fiduciary or safekeeping account, and other similar securities may be credited. A bank depositing securities with a federal reserve bank is subject to such rules and regulations with respect to the making and maintenance of such deposit, as, in the case of state chartered institutions, the commission, and, in the case of national banking associations, the comptroller of the currency, may from time to time issue.

Source: SDCL, § 51-19-7 as added by SL 1975, ch 292, § 1; SL 1988, ch 377, § 115; SDCL, § 51-19-7.1; SL 1995, ch 268, § 71; SL 1997, ch 272, § 9; SL 2021, ch 203, § 2.
S.D. Codified Laws § 51A-2-17 — SD Code / Title 51A / Chapter 2 / Section 51A-2-17
Forms of advertising
Status: in_force

No bank may engage in any form of advertising which is false, misleading or deceptive.

Source: SL 1969, ch 11, § 2.13 (8); SL 1988, ch 377, § 33; SDCL, § 51-16-20.
S.D. Codified Laws § 51A-6A-46 — SD Code / Title 51A / Chapter 6A / Section 51A-6A-46
Periodic examination of trust company in the hands of a receiver
Status: in_force

At least once each six months the director shall examine each trust company in the hands of a receiver and shall file a copy of the examination report with the clerk of the circuit court of the county in which the trust company is located. Each receiver shall submit the records and affairs of the trust company to an examination by the director.

Source: SL 1995, ch 268, § 44.
S.D. Codified Laws § 51A-15-45 — SD Code / Title 51A / Chapter 15 / Section 51A-15-45
Instruments affecting real estate executed on behalf of insolvent banks validated
Status: in_force

All real estate mortgages, assignments and satisfactions of real estate mortgages and all assignments of sheriff's certificates of sale and all sales made and deeds executed by a receiver of an insolvent suspended national bank, by the board of trustees or local liquidation committee or corporation of an insolvent suspended state bank, or by the director, in charge of an insolvent suspended state bank or by a duly appointed, qualified and acting examiner in charge, either in the name of the director, or in his own name as examiner in charge of such insolvent suspended state bank, are hereby legalized, cured and validated.

Source: SL 1949, ch 20; SDC Supp 1960, § 65.0327; SDCL, §§ 51-14-66, 51-27-39.
S.D. Codified Laws § 51A-2-18 — SD Code / Title 51A / Chapter 2 / Section 51A-2-18
Examination of banks by director--Substitution for examination requirements
Status: in_force

The director shall examine, at least once in every two calendar years, and at such other times that he may deem necessary, all of the affairs of each bank and its subsidiaries. In order to determine how frequently to examine a bank, he may establish a system of classifying banks, based on their current examination, and examine different classes with varying frequency. The director may substitute an examination conducted by the Federal Deposit Insurance Corporation or the federal reserve system for an examination required by this section.

Source: SL 1909, ch 222, art 1, § 4; SL 1911, ch 256, § 4; SL 1915, ch 102, art 1, § 4; RC 1919, § 8920; SL 1935, ch 56; SDC 1939, § 6.0215; SDCL, §§ 51-12-7, 51-12-10; SL 1969, ch 11, § 2.14; SL 1970, ch 265, § 8; SL 1978, ch 350, § 4; SL 1981, ch 346, § 8; SL 1988, ch 377, § 34; SDCL, § 51-16-21.
S.D. Codified Laws § 51A-12-11 — SD Code / Title 51A / Chapter 12 / Section 51A-12-11
Mortgage on real estate
Status: in_force

A bank may lend on the security of a first or subsequent mortgage on real estate.

Source: SL 1969, ch 11, § 10.7; SL 1981, ch 346, § 56; SL 1988, ch 377, § 150; SDCL, § 51-24-10.
S.D. Codified Laws § 51A-6A-66 — SD Code / Title 51A / Chapter 6A / Section 51A-6A-66
Exclusion of entity from chapters51A-5and 51A-6A--Governing documents--Notice to director
Status: in_force

An entity may be excluded from the provisions of chapters 51A-5 and 51A-6A if:

(1) The entity is established for the exclusive purpose of acting as a trust protector, investment trust advisor, or distribution trust advisor, as defined by § 55-1B-1 , or any combination of such purposes;

(2) The entity is acting in such capacity under a trust instrument that names a South Dakota trust company, a South Dakota bank with trust powers, or a national bank with trust powers as trustee;

(3) The entity is not engaged in trust company business with the general public as a public trust company or with any family as a private trust company;

(4) The entity does not hold itself out as being in the business of acting as a fiduciary for hire as either a public or private trust company;

(5) The entity files an annual report with the South Dakota secretary of state and provides a copy to the Division of Banking;

(6) The entity agrees to be subject to examination by the Division of Banking at the discretion of the director; and

(7) The entity does not use the word, trust, in the entity's name in any manner.

The governing documents of any such excluded entity must limit its authorized activities to the functions permitted to a trust protector, investment trust advisor, or distribution trust advisor pursuant to chapter 55-1B , or any combination of such purposes, and limit the performance of those functions with respect to a specifically named trust or family of trusts.

An entity complying with this section shall notify the director of its existence, capacity to act, and the name of the trustee for the trust or family of trusts.

Source: SL 2011, ch 212, § 7; SL 2013, ch 239, § 11; SL 2018, ch 270, § 2; SL 2021, ch 203, § 32.
S.D. Codified Laws § 51A-1-14 — SD Code / Title 51A / Chapter 1 / Section 51A-1-14
Receipt, possession, or sale of misappropriated funds or information as felony
Status: in_force

Any person who receives, possesses, conceals, stores, barters, sells or disposes of any money, funds, credits, data, information or property, knowing the same to have been wrongfully diverted or taken from the bank, is guilty of a Class 5 felony.

Source: SL 1988, ch 377, § 10; SDCL, § 51-15-11.1.
S.D. Codified Laws § 51A-19-1 — SD Code / Title 51A / Chapter 19 / Section 51A-19-1
Definitions
Status: in_force

Terms used in this chapter mean:

(1) "Account," a contract for the deposit of funds between the depositor and a financial institution, provided:

(a) The account is owned by a consenting, senior, or vulnerable adult, whether individually or with one or more other individuals; or

(b) A consenting, senior, or vulnerable adult is a beneficiary of the account;

(2) "Consenting adult," any account holder who consents, in writing, to the financial institution and its employees responding to any reasonable concern regarding financial exploitation;

(3) "Financial exploitation," the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property, or the identifying information of a consenting, senior, or vulnerable adult, by any individual or an act or omission by an individual, including through the use of a power of attorney on behalf of, or as the conservator or guardian of, a consenting, senior, or vulnerable adult, to:

(a) Obtain control, through deception, intimidation, fraud, or undue influence over the consenting, senior, or vulnerable adult's money, assets, or other property, to deprive the consenting, senior, or vulnerable adult of the ownership, use, benefit, or possession of the property; or

(b) Convert the money, assets, or other property of a consenting, senior, or vulnerable adult to deprive the adult of the ownership, use, benefit, or possession of the property;

(4) "Financial institution," a bank, savings bank, building and loan association, savings and loan association, or credit union; any other similar organization that is covered by federal deposit insurance; a subsidiary or affiliate of any entity listed in this subdivision; or a trust company;

(5) "Senior adult," an individual age sixty-five or older;

(6) "Transaction," any of the following as applicable to services provided by a financial institution:

(a) A transfer or request to transfer or disburse funds or assets in an account;

(b) A request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check;

(c) A request to negotiate a check or other negotiable instrument;

(d) A request to change the ownership of, or access to, an account;

(e) A request for a loan, guarantee of a loan, extension of credit, or draw on a line of credit;

(f) A request to encumber any movable or immovable property, including real property, personal property, or fixtures; and

(g) A request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right for a consenting, senior, or vulnerable adult at death; and

(7) "Vulnerable adult," an individual age eighteen or older who has a substantial mental or functional impairment or for whom a guardian or conservator has been appointed.

Source: SL 2026, ch 194, § 1.
S.D. Codified Laws § 51A-9-3 — SD Code / Title 51A / Chapter 9 / Section 51A-9-3
Authority of bank service corporation
Status: in_force

No bank service corporation may engage in any activity other than the performance of bank services for banks.

Source: SL 1963, ch 29, § 3; SDCL, § 51-9-2; SL 1969, ch 11, § 7.3; SDCL, § 51-21-3.
S.D. Codified Laws § 51A-1-18 — SD Code / Title 51A / Chapter 1 / Section 51A-1-18
Agreements or compacts with other jurisdictions--Administration--Filing--Availability
Status: in_force

The director, with the approval of the commission, may enter into any agreement or compact with authorized representatives of other jurisdictions to provide for the administration of banking laws under the provisions of a signed agreement or compact. In administering any agreement on behalf of this state, the director may adopt the policies, principles, and guidelines contained within the agreement. Copies of the agreement or compact, procedures manual, and guidelines shall be filed within fifteen days after execution of the agreement or compact or the effective date of the agreement or compact, whichever is the later, at the Department of Labor and Regulation. The director shall make any agreement or compact available to interested parties, upon request.

Source: SL 2005, ch 251, § 1; SL 2008, ch 252, § 3; SL 2011, ch 1 (Ex. Ord. 11-1 ), § 162, eff. Apr. 12, 2011.
S.D. Codified Laws § 51A-17-119 — SD Code / Title 51A / Chapter 17 / Section 51A-17-119
Effective date
Status: in_force

(1) A person licensed in this state to engage in the business of money transmission shall not be subject to the provisions of this chapter, to the extent that the provisions conflict with current law or establish new requirements not imposed under current law, until such time as the licensee renews its current license or for six months after the effective date of this chapter, whichever is later.

(2) Notwithstanding subdivision (1) of this section, a licensee shall only be required to amend its authorized delegate contracts for contracts entered into or amended after the effective date or the completion of any transition period contemplated under this section. Nothing herein shall be construed as limiting an authorized delegate’s obligations to operate in full compliance with this chapter as required by subdivision 51A-17-90 (3).

Source: SL 2024, ch 196, § 68.
S.D. Codified Laws § 51A-3-39 — SD Code / Title 51A / Chapter 3 / Section 51A-3-39
Amount of bonds and insurance prescribed by bank directors--Approval by director of division
Status: in_force

The directors of a bank shall be responsible for prescribing at least once in each year the amount or penal sum of such bonds or policies and the sureties or underwriters thereon, after giving due and careful consideration to all known elements and factors constituting such risk or hazard. Such action shall be recorded in the minutes of the board of directors and thereafter be reported to the director and be subject to his approval.

Source: SL 1969, ch 11, § 3.29; SDCL, § 51-17-38.
S.D. Codified Laws § 51A-6A-41 — SD Code / Title 51A / Chapter 6A / Section 51A-6A-41
Insolvency defined
Status: in_force

A trust company is insolvent if:

(1) The actual cash market value of its assets is insufficient to pay its creditor liabilities except that for this purpose unconditional evidence of indebtedness of the United States of America may be valued, at the discretion of the director, at par, cost or fair market value, whichever is the lesser; or

(2) It is unable to meet the demands of its creditors in the usual and customary manner.

Source: SL 1995, ch 268, § 39.
S.D. Codified Laws § 51A-5-22 — SD Code / Title 51A / Chapter 5 / Section 51A-5-22
Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian
Status: in_force

Sections 51A-5-21 to 51A-5-24 , inclusive, apply to any fiduciary holding securities in its fiduciary capacity, and to any bank holding securities as a custodian, managing agent or custodian for a fiduciary, regardless of the date of the agreement, instrument, or court order by which it is appointed and regardless of whether or not the fiduciary, custodian, managing agent, or custodian for a fiduciary owns capital stock of the clearing corporation.

Source: SL 1978, ch 357, § 4; SDCL, § 51-19-10.2; SL 2021, ch 203, § 6.
S.D. Codified Laws § 51A-7-6 — SD Code / Title 51A / Chapter 7 / Section 51A-7-6
Closing branch--Approval required--Violation as misdemeanor
Status: in_force

No branch bank may close without the approval of the director. If a branch is closed the branch certificate shall be surrendered to the division. A violation of this section is a Class 2 misdemeanor.

Source: SL 1984, ch 316; SL 1988, ch 377, § 128; SDCL § 51-20-4.2; SL 2008, ch 252, § 32.
S.D. Codified Laws § 51A-3-28 — SD Code / Title 51A / Chapter 3 / Section 51A-3-28
Credit of dividends, interest, or profits on indebtedness--Foreclosure of lien
Status: in_force

While any indebtedness under § 51A-3-26 exists, all dividends, interest, or profits on such stock, if any, shall be credited by the bank on such indebtedness in the event the bank has exercised its rights to acquire or purchase the stock. The lien hereby created in favor of the bank may be foreclosed by such bank in the manner provided by law for the foreclosure of liens.

Source: SL 1909, ch 222, art 2, § 43; SL 1911, ch 255, § 22; SL 1915, ch 102, art 2, § 47; RC 1919, §§ 8995, 9052; SDC 1939, § 6.0310; SDCL, §§ 51-4-18, 51-4-19; SL 1969, ch 11, § 3.22; SL 1970, ch 265, § 23; SL 1988, ch 377, § 72; SDCL, § 51-17-25.
S.D. Codified Laws § 51A-5-3 — SD Code / Title 51A / Chapter 5 / Section 51A-5-3
Fiduciary authority of bank authorized by charter to exercise trust powers
Status: in_force

A bank authorized to exercise trust powers may act as fiduciary in any capacity, including, but without limitation, registrar or transfer agent, fiscal agent or attorney in fact, and as having the power to receive and apply sinking funds.

Source: SL 1911, ch 255, § 17; RC 1919, § 9047; SDC 1939, § 6.0501 (1) to (4), (6); SDCL, §§ 51-7-4 to 51-7-8; SL 1969, ch 11, § 5.2; SL 1988, ch 377, § 111; SDCL, § 51-19-2.
S.D. Codified Laws § 51A-14-3 — SD Code / Title 51A / Chapter 14 / Section 51A-14-3
Conversion from state bank to national bank
Status: in_force

Any bank may make application for reorganization as a national bank under the laws of the United States. The bank shall forward to the director a copy of a resolution of the board of directors to convert to a national bank. In the event such bank secures a certificate from the comptroller of the currency authorizing it to transact business as a national bank, such national bank shall take and hold all the assets, real and personal, of such state bank, subject to all liabilities existing against such bank at the time of such reorganization, and shall immediately notify the director of such reorganization and transfer. At the time of reorganization, the directors of such bank shall institute proceedings to dissolve legally the old state bank charter in the same manner as provided herein for dissolution under voluntary liquidation.

Source: SL 1909, ch 222, art 2, § 22; SL 1915, ch 102, art 2, § 25; RC 1919, § 8972; SDC 1939, § 6.0406; SDCL, § 51-13-2; SL 1969, ch 11, § 12.2; SL 1988, ch 377, § 157; SDCL, § 51-26-2.
S.D. Codified Laws § 51A-10-11 — SD Code / Title 51A / Chapter 10 / Section 51A-10-11
Loans prohibited when reserve deficient
Status: in_force

Whenever the reserve of any bank shall fall below the legal amount required, such bank shall not increase its loans or discounts otherwise than by discounting or purchasing bills of exchange payable at sight or on demand.

Source: SL 1909, ch 222, art 2, § 28; SL 1915, ch 102, art 2, § 32; RC 1919, § 8979; SDC 1939, § 6.0427; SDCL, § 51-10-8; SL 1969, ch 11, § 8.14; SDCL, § 51-22-17.
S.D. Codified Laws § 51A-11-7 — SD Code / Title 51A / Chapter 11 / Section 51A-11-7
Death of lessee--Procedures for opening and delivery of contents of safe deposit
Status: in_force

If only one lessee is named in the lease agreement covering a safe deposit box rental and such lessee shall die, the safe deposit box may be opened at any time thereafter and all contents may be delivered, without inventory, to the personal representative or special administrator of a deceased lessee, and without liability to the lessor.

In the alternative, after the lessee's death, the safe deposit box may be opened at any time, in the presence of those persons presenting the key thereto and claiming to be interested in the contents thereof, by two employees of the lessor, one of whom shall be an officer of the lessor. The employees may remove all instruments of a testamentary nature and personally deliver or forward them by registered or certified mail to the probate court having apparent jurisdiction. The employees may deliver life insurance policies contained in the box to the beneficiary named in the policies. Any and all other contents of the box so opened shall be kept and retained by the lessor and shall be delivered only to the parties legally entitled to the same.

If no person presents the key to the safe deposit box within six months after the death of the lessee, the lessor, by two employees, one of whom shall be an officer of said lessor, may open the box by forcible entry and remove the contents and deliver the same to the probate court, subject to the payment of rentals, of expenses, and the repairs.

This section applies if all of the lessees under a joint leasehold agreement are deceased.

Source: SL 1969, ch 11, § 9.7; SL 1970, ch 265, § 49; SDCL 51-23-7; SL 2000, ch 229, § 18.
S.D. Codified Laws § 51A-4-44 — SD Code / Title 51A / Chapter 4 / Section 51A-4-44
Financial institution and services defined
Status: in_force

Terms used in § 51A-4-45 mean:

(1) "Financial institution," a National Banking Association, Federal Savings and Loan Association having its main office in this state, or a bank established and operated under the laws of this state;

(2) "Services," receiving deposits, renewing time deposits, closing loans, servicing loans, and receiving payments on loans and other obligations.

Source: SL 1995, ch 267, § 1; SL 2015, ch 239, § 3.
S.D. Codified Laws § 51A-17-70 — SD Code / Title 51A / Chapter 17 / Section 51A-17-70
Annual renewal of license--Fee--Renewal term--Renewal report
Status: in_force

(1) A license under this chapter shall be renewed annually.

(a) The director shall establish an annual renewal fee, not to exceed one thousand dollars, by rule promulgated pursuant to chapter 1-26 .

(b) The annual renewal fee must be paid no more than sixty days before the license expiration.

(c) The renewal term shall be for a period of one year and shall begin on January first of each year after the initial license term and shall expire on December thirty-first of the year the renewal term begins.

(2) A licensee shall submit a renewal report with the renewal fee in a form and in a medium prescribed by the director. The renewal report must state or contain a description of each material change in information submitted by the licensee in its original license application which has not been reported to the director.

(3) The director for good cause may grant an extension of the renewal date.

(4) The director is authorized and encouraged to utilize NMLS to process license renewals provided that such functionality is consistent with this section.

Source: SL 2024, ch 196, § 19.