reglab/housing_qa huggingface dataset:
SD Codified L § 51A-4-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-7 - Arrest and prosecution for violation.

51A-4-7. Arrest and prosecution for violation.The director may take such action as necessary to cause the arrest and prosecution of any person in violation of §51A-4-5. The state's attorney shall prosecute any violation in the county where such person, partnership or corporation is located; and upon his request or the request of the director, the attorney general shall assist in such prosecution. Source: SL 1988, ch 377, §82; SDCL, §51-18-2.2.
SD Codified L § 51A-4-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-8 - Deposit insurance required--Federal reserve system membership authorized.

51A-4-8. Deposit insurance required--Federal reserve system membership authorized.Any bank authorized to engage in business under this title may obtain insurance of its deposits by the United States or any agency thereof. The commission may, by rule promulgated pursuant to chapter 1-26, establish requirements for insurance coverage of deposits. Any bank is authorized to acquire and hold membership in the federal reserve system. Such bank shall nevertheless be subject to the supervision and examination required by the laws of this state relating to banks. Source: SL 1915, ch 102, art 2, §36; RC 1919, §8983; SL 1919, ch 125; SL 1933 (SS), ch 1, §1; SL 1935, ch 61, §1; SDC 1939, §§6.0405, 6.0408; SDCL, §§51-6-12, 51-6-13; SL 1969, ch 11, §4.3; SL 1988, ch 377, §83; SDCL, §51-18-3.
SD Codified L § 51A-4-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-9 - Real property authorized to be held by bank--Maximum book value of premises.

51A-4-9. Real property authorized to be held by bank--Maximum book value of premises.Except as provided in §§51A-4-10, a bank may lease, purchase, hold, and convey in its own name, or through investment in a corporation organized solely to lease such property to it, only the following real property:(1)That which it occupies or intends to occupy for the transaction of its business or which it partly so occupies and partly rents or leases to others;(2)That which is used for accommodation in the transaction of the bank's business, including parking, storage and preservation of records, and data processing facilities; or(3)That which is used for housing or recreation accommodations for attracting and retaining employees.All such accommodations shall be of a reasonable nature.The book value of a bank's premises may not exceed in the aggregate one hundred percent of the bank's capital stock and surplus. However, the director may authorize a larger investment, upon formal application and after an investigation, if the sound conduct of banking will not be adversely affected by the larger investment. For the purposes of this section, book value includes those amounts which are to be reported as premises and fixed assets according to the instructions for consolidated reports of condition filed with the division. Source: SDC 1939, §§6.0410 (1), 6.0430; SL 1964, ch 12; SDCL §§51-11-17, 51-11-18; SL 1969, ch 11, §4.4; SL 1981, ch 346, §29; SL 1986, ch 400, §13; SL 1988, ch 377, §84; SDCL §51-18-4; SL 1991, ch 390, §5; SL 1999, ch 235, §1; SL 2012, ch 252, §13; SL 2020, ch 4, § 27.
SD Codified L § 51A-4-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-10 - Property authorized to be purchased to satisfy debts--Limitation on period of retention.

51A-4-10. Property authorized to be purchased to satisfy debts--Limitation on period of retention.A bank may, by itself or through a subsidiary, acquire, hold and convey property of any kind to satisfy debts previously contracted in good faith and in the ordinary course of business at a purchase price which is no greater than the aggregate of the debt, interest and other costs, provided that such property shall be held subject to the following limitations:(1)Personal property held by the bank shall be sold within six months or such additional period not exceeding one year as the director may allow;(2)Real property shall be sold within five years, unless an extension be granted by the director. Source: SL 1891, ch 27, §5; RCivC 1903, §851; SL 1909, ch 222, art 2, §16; SL 1915, ch 102, art 2, §18; RC 1919, §8965; SDC 1939, §6.0410 (2), (3); SDCL, §51-11-19; SL 1969, ch 11, §4.5; SL 1970, ch 265, §27; SL 1981, ch 346, §30; SL 1988, ch 377, §85; SDCL, §51-18-5.
SD Codified L § 51A-4-12 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-12 - Checks settled at par--Payment from reserve deposits.

51A-4-12. Checks settled at par--Payment from reserve deposits.Except as to any check sent to it as a special collection item, no bank shall settle any check drawn on it otherwise than at par. Any check bearing an out-of-town endorsement shall be, at the option of the drawee bank, payable by draft drawn on the reserve deposits of the drawee bank when any such check is presented by or through any bank, banker, trust company, federal reserve bank, post office, express company, or collective agency, or agents of any of the foregoing. Source: SL 1920 (SS), ch 31, §1; SDC 1939, §6.0421; SL 1947, ch 26; SDCL, §51-6-8; SL 1968, ch 7, §1; SL 1969, ch 11, §4.8; SDCL, §51-18-8.
SD Codified L § 51A-4-13 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-13 - Borrowing money by bank--Pledge of assets.

51A-4-13. Borrowing money by bank--Pledge of assets.A bank may borrow money and pledge assets for terms, and upon conditions, established by the Banking Commission in rules promulgated pursuant to chapter 1-26. Source: SDC 1939, §6.0423; SDCL, §51-6-14; SL 1969, ch 11, §4.9; SL 1981, ch 346, §31; SDCL, §51A-4-13; SL 1999, ch 236, §1.
SD Codified L § 51A-4-14 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-14 - "Bills payable" issued for money borrowed by bank--Record of amount borrowed.

51A-4-14."Bills payable" issued for money borrowed by bank--Record of amount borrowed.A bank shall issue its "bills payable" for any money borrowed by it, and shall show on its books and in all reports and statements made by it, the true amount of money borrowed by it. Source: SL 1909, ch 222, art 2, §33; SL 1915, ch 102, art 2, §37; SL 1918 (SS), ch 29; RC 1919, §8984; SL 1919, ch 124; SL 1925, ch 92; SL 1927, ch 53; SL 1933, ch 50; SDC 1939, §6.0424; SDCL, §51-6-15; SL 1969, ch 11, §4.9; SDCL, §51-18-10.
SD Codified L § 51A-4-15 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-15 - Rediscounting of negotiable paper--Limitation on pledge of assets as security.

51A-4-15. Rediscounting of negotiable paper--Limitation on pledge of assets as security.A bank may rediscount in good faith and endorse any of its negotiable paper. However, no bank may pledge any of its assets as collateral security for the payment thereof, except as required by rules of the federal reserve bank. The director may require such bank to repay any such rediscounts. Source: SL 1909, ch 222, art 2, §33; SL 1915, ch 102, art 2, §37; SL 1918 (SS), ch 29; RC 1919, §8984; SL 1919, ch 124; SL 1925, ch 92; SL 1927, ch 53; SL 1933, ch 50; SDC 1939, §6.0425; SDCL §51-6-17; SL 1969, ch 11, §4.10; SDCL §51-18-11; SL 2012, ch 252, §14.
SD Codified L § 51A-4-16 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-16 - Sale, transfer, or assignment of loan participations.

51A-4-16. Sale, transfer, or assignment of loan participations.A bank may sell, transfer or assign participations in mortgage loans and other loans made by a bank to agencies of the state or federal government, to public instrumentalities, or to financial institutions of any type including, but not limited to, banks, savings and loan associations, finance companies, bank holding companies, insurance companies and other financial institutions, whether such institution is incorporated or chartered in the state of South Dakota or in another state. Source: SL 1981, ch 346, §39; SDCL, §§51-18-11.1, 51-18-29.
SD Codified L § 51A-4-17 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-17 - Sale of assets of bank.

51A-4-17. Sale of assets of bank.A bank may sell any asset in the ordinary course of business, or, with the approval of the director in any other circumstance, but the sale of all or substantially all of the assets of a bank or a department thereof is considered a voluntary liquidation and governed by chapters 51A-14 and 51A-15. Source: SL 1969, ch 11, §4.11; SL 1970, ch 265, §29; SL 1981, ch 346, §32; SL 1988, ch 377, §88; SDCL, §51-18-12.
SD Codified L § 51A-4-18 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-18 - Grounds and procedure for nonobservance of banking hours--Extension of hours.

51A-4-18. Grounds and procedure for nonobservance of banking hours--Extension of hours.In the event of a legal holiday, power failure, fire, act of God, riot, strike, robbery or attempted robbery, epidemic, interruption of communication facilities, or for such other reason as the director may determine to be good cause, or in the event of the declaration of the existence of an emergency by the Governor or such other person lawfully exercising the power and duties of the office of Governor, a bank, in the reasonable and proper exercise of its discretion, may determine not to open its main office or any branch on any business or banking day, or, if having opened, to close such main office or any branch during the continuation of any such occurrence or emergency.Except for legal holidays, the bank shall, as soon as practicable, notify the director of the nonopening or closing period. In no case may the bank be required to comply with any other provision of law regarding the closing or reopening of banks or financial institutions. Any act, which could not be executed because of the closing, may be performed on the next succeeding business day that the main office or branch is reopened for business. Any other provision or rule of law notwithstanding, no liability or loss of rights of any kind on the part of any person, firm, or corporation, or of such bank, may accrue or result by virtue of the nonopening or closing.In the event of an emergency or natural disaster affecting a bank's community, a bank may, without notice or advance permission from the director, temporarily extend its banking hours for the public convenience during the term of the emergency and disaster. In the event of an emergency or natural disaster, the director may waive any provision under this Title to provide for the continued access to banking facilities by the citizens of this state.The right of a bank not to open or close under this section and the protections afforded with respect thereto are in addition to and not in lieu of any rights or protections granted under §57A-4-108. Source: SL 1969, ch 11, §4.12; SL 1981, ch 346, §33; SL 1986, ch 27, §53; SL 1988, ch 377, §89; SDCL §51-18-13; SL 2008, ch 252, §17.
SD Codified L § 51A-4-19 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-19 - Change in banking hours--Notice to division.

51A-4-19. Change in banking hours--Notice to division.If any bank adopts new hours of operation for its daily business to customers, it shall inform the division prior to the effective date of the change. Source: SL 1969, ch 11, §4.13; SL 1981, ch 346, §34; SL 1988, ch 377, §90; SDCL, §51-18-14.
SD Codified L § 51A-4-20 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-20 - Restriction on use of bank money to purchase other bank stock--Community investments authorized--Limitation on investment.

51A-4-20. Restriction on use of bank money to purchase other bank stock--Community investments authorized--Limitation on investment.No bank may employ its money, directly or indirectly, in the purchase of the stock of any other bank. However, a bank, or branch bank, may make reasonable contributions to local community agencies or groups to further the physical, economic, and social development of the bank's community. Such contribution may take the form of an investment in a corporation organized to carry on such activities and development. A bank may invest in a community development corporation and like entities and carry such investment as an asset on its books. However, the bank's investment in any one community development corporation or like entity may not exceed two percent of the bank's capital, surplus and undivided profits and the aggregate of all such investments held by the bank may not exceed five percent of the bank's capital, surplus, and undivided profits. Source: SDC 1939, §6.0430; SL 1964, ch 12; SDCL, §51-11-15; SL 1969, ch 11, §4.14; SL 1970, ch 265, §30; SL 1986, ch 400, §15; SL 1988, ch 377, §91; SDCL, §51-18-15; SL 1992, ch 334, §1.
SD Codified L § 51A-4-20.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-20.1 - "Community development corporation" defined.

51A-4-20.1."Community development corporation" defined.For the purposes of §§51A-4-20 to 51A-4-20.3, inclusive, the term "community development corporation" is limited to those community development corporations that are substantially invested in South Dakota communities. Source: SL 1992, ch 334, §1A.
SD Codified L § 51A-4-20.2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-20.2 - Qualification of community development corporation as permissible investment.

51A-4-20.2. Qualification of community development corporation as permissible investment.To qualify as a permissible investment for banks pursuant to §51A-4-20, a community development corporation shall be of a predominantly civic, community, or public nature and not merely private and entrepreneurial. Any project or entity which has been approved as a community development corporation by the Office of the Comptroller of the Currency, the Federal Reserve Board, or any other federal bank regulatory authority shall be eligible for investment by a bank, subject to the limitations of §§51A-4-20 to 51A-4-20.3, inclusive. Source: SL 1992, ch 334, §1B.
SD Codified L § 51A-4-20.3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-20.3 - Promulgation of rules for investment in community development corporations.

51A-4-20.3. Promulgation of rules for investment in community development corporations.The Banking Commission may, by rule promulgated pursuant to chapter 1-26, establish additional requirements concerning a bank's investment in community development corporations and may establish criteria for permissible community development corporation investments. Source: SL 1992, ch 334, §1C.
SD Codified L § 51A-4-20.4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-20.4 - Investments to promote public welfare authorized--Limitations.

51A-4-20.4. Investments to promote public welfare authorized--Limitations.A bank may make investments designed primarily to promote the public welfare, including the welfare of low and moderate income communities or families. A bank may make such investments directly or by purchasing interests in an entity primarily engaged in making such investments. No bank may make any such investment if the investment would expose the bank to unlimited liability. The director shall limit a bank's investments in any one project and a bank's aggregate investments under this section. A bank's aggregate investments under this section may not exceed an amount equal to the sum of five percent of the bank's capital, surplus, and undivided profits, unless the director determines by order that the higher amount will not pose a significant risk to the bank and the bank is adequately capitalized. In no case may a bank's aggregate investments under this section exceed an amount equal to the sum of ten percent of the bank's capital stock actually paid in and unimpaired and ten percent of the bank's unimpaired surplus fund. Source: SL 2002, ch 218, §1; SL 2015, ch 239, §2.
SD Codified L § 51A-4-21 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-21 - Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset.

51A-4-21. Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset.Any debt due to any bank on which the interest is past due and unpaid for a period of six months unless the debt is well secured or in process of collection, shall be considered a bad debt and be charged to the reserve for loan and lease losses. In no case may an overdraft be held as an asset by any bank for a period of time longer than that set by the rules of the commission. Source: SDC 1939, §6.0432; SDCL, §51-11-14; SL 1969, ch 11, §4.16; SL 1981, ch 346, §35; SL 1988, ch 377, §93; SDCL, §51-18-17; SL 1991, ch 390, §6; SL 1997, ch 271, §1.
SD Codified L § 51A-4-22 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-22 - Purchase of retail installment contract--Terms and effect of agreement.

51A-4-22. Purchase of retail installment contract--Terms and effect of agreement.A bank may purchase or acquire or agree to purchase or acquire, from any seller, any retail installment contract on such terms and conditions and for such price as may be agreed upon between them. Any such agreement does not give rise to any agency relationship between the bank and such seller, neither being agent nor principal of the other. Source: SL 1969, ch 11, §4.17; SL 1988, ch 377, §94; SDCL, §51-18-18.
SD Codified L § 51A-4-23 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-23 - Leasing of personal property by bank--Terms and conditions.

51A-4-23. Leasing of personal property by bank--Terms and conditions.A bank may, on its own behalf or through a designated subsidiary, acquire and lease to others, personal property with the approval of the director or in accordance with rules adopted by the commission, upon the following terms and conditions:(1)The original lease shall be in writing and shall be entered into prior to the acquisition of the property to be leased; and(2)The terms of such lease shall require payment to the bank or subsidiary of rentals during the minimum period of the lease which in the aggregate will exceed the total expenditures by the bank for or in connection with the acquisition, ownership, and protection of the property, less residual value of the property. Source: SL 1969, ch 11, §4.18; SL 1970, ch 265, §31; SL 1988, ch 377, §95; SDCL, §51-18-19.
SD Codified L § 51A-4-24 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-24 - Factoring--Applicability of lending limit provisions.

51A-4-24. Factoring--Applicability of lending limit provisions.A bank may engage in the business of purchasing open accounts. Where a bank purchases open accounts but the seller agrees to repurchase such accounts upon default, the seller's obligation to repurchase shall be taken into consideration in computing the bank's lending limit to the seller under §51A-12-2. Such obligation shall be measured by the total unpaid balance of the open accounts owned by the bank less the applicable seller's reserves against defaulted open accounts, if any. Where the seller's obligation to repurchase is limited, it shall be measured by the total amount of the open accounts which the seller may ultimately be obligated to repurchase.Where no more than the agreed percentage of the price paid for such open accounts is retained and credited to a reserve to be held as a form of collateral security, and where the bank has no direct or indirect recourse against the seller for uncollectibility, neither the reserve nor the obligations of the parties liable on such accounts constitute obligations of the seller subject to the lending limit under §51A-12-2. Source: SL 1969, ch 11, §4.20; SL 1970, ch 265, §33; SDCL, §51-18-21.
SD Codified L § 51A-4-25 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-25 - Bank investments--Restrictions set by rule--Limitations.

51A-4-25. Bank investments--Restrictions set by rule--Limitations.A bank may purchase for its own account investment securities and registered mutual funds that invest exclusively in securities of the United States or its agencies and annuities as defined in §51A-4-25.1 under such limits and restrictions as the commission may prescribe by rule, promulgated pursuant to chapter 1-26. In no event may the total amount of the investment securities of any one obligor or maker held by the bank for its own account exceed twenty percent of the capital stock and surplus and ten percent of the undivided profits of such bank except as provided in §51A-4-26. Source: SL 1969, ch 11, §4.21; SL 1986, ch 400, §14; SL 1988, ch 377, §96; SDCL, §51-18-22; SL 1994, ch 362; SL 2002, ch 219, §1; SL 2020, ch 4, § 28.
SD Codified L § 51A-4-25.1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 04 - General Powers Of Banks|Section 51A-4-25.1 - Annuity defined.

51A-4-25.1. Annuity defined.For the purposes of §51A-4-25, an annuity is an investment that credits interest from the inception of the contract, has an interest guarantee period that may be from thirty days to one year in length, and is backed by the assets of the insurer. The insurer shall be rated in the top three categories of both Standard and Poor's Corporation and Moody's Investors Service. The annuity shall be fully liquid, unless otherwise provided for by Title 58. The annuity may not be subject to any surrender charge. Source: SL 2002, ch 219, §2; SL 2005, ch 252, §1.