reglab/housing_qa huggingface dataset:
SD Codified L § 51A-12-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-6 - Maximum amount of loans by bank to its executive officers, directors, and certain shareholders.

51A-12-6. Maximum amount of loans by bank to its executive officers, directors, and certain shareholders.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.
SD Codified L § 51A-12-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-8 - Liability of officers and directors for excessive loans.

51A-12-8. Liability of officers and directors for excessive loans.The issuing officer, the chief executive or managing officer and the board of directors of a bank shall be held personally liable for all excessive loans, until they are in compliance, including overdrafts which could create excess. Such liability shall remain in effect for so long as any such loans may be in excess of the amount limited by law. Source: SL 1909, ch 222, art 2, §38; SL 1915, ch 102, art 2, §42; RC 1919, §8990; SDC 1939, §6.0431; SDCL, §51-11-11; SL 1969, ch 11, §10.6; SL 1981, ch 346, §55; SL 1988, ch 377, §149; SDCL, §51-24-9.
SD Codified L § 51A-12-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-9 - Nonrisk and government guaranteed loans not included in loan limits.

51A-12-9. Nonrisk and government guaranteed loans not included in loan limits.For the purpose of determining whether a loan is within the loan limits established by this chapter, that portion of a loan described in subdivisions (1), (2) and (3) of this section may not be considered as part of the loan:(1)That portion of a loan which is secured by a certificate of deposit, time savings certificate or prior evidence of obligation from the bank to the borrower, which obligation is not payable on demand by the borrower;(2)That portion of a loan secured by bonds, notes, certificates of indebtedness or treasury bills of the United States or by other such obligations, which are backed by the full faith and credit of any department, agency, bureau, board, commission or establishment of the United States or any corporation owned directly or indirectly by the United States;(3)That portion of a loan secured by unconditional takeout commitments or guarantees of any department, agency, bureau, board, commission or establishment of the state of South Dakota, or of the United States or any corporation owned directly or indirectly by the United States. Source: SL 1981, ch 346, §60; SL 1986, ch 402; SDCL, §51-24-14; SL 1988, ch 377, §152; SL 1989, ch 411, §3; SDCL, §51-24-9.1.
SD Codified L § 51A-12-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-10 - Sale of surplus federal reserve funds and excess bank funds not loan.

51A-12-10. Sale of surplus federal reserve funds and excess bank funds not loan.The sale of surplus federal reserve funds and excess bank funds is not considered loans or obligations and are not subject to any limitation based on capital stock and surplus. Source: SL 1969, ch 11, §10.4; SDCL, §51-24-7; SL 1988, ch 377, §146; SDCL, §51-24-9.2.
SD Codified L § 51A-12-11 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-11 - Mortgage on real estate.

51A-12-11. Mortgage on real estate.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.
SD Codified L § 51A-12-12 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-12 - Revolving credit authorized.

51A-12-12. Revolving credit authorized.A bank may extend credit and collect a credit service charge through a revolving loan account arrangement with a debtor which permits the debtor to obtain loans from time to time by cash advances, by the purchase or satisfaction by the bank of obligations of the debtor incurred pursuant to a credit transaction, or otherwise under a credit card, check-credit, overdraft checking or other similar credit plan. A revolving loan account arrangement between a bank located in the State of South Dakota and a debtor shall be governed by the laws of the State of South Dakota. Source: SL 1969, ch 11, §10.8; SL 1981, ch 346, §58; SL 1987, ch 360, §1; SL 1988, ch 377, §151; SDCL §51-24-12; SL 2014, ch 227, §1.
SD Codified L § 51A-12-13 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-13 - Collection of certain credit service charges by bank.

51A-12-13. Collection of certain credit service charges by bank. Notwithstanding any other provisions of law, a bank may contract for and collect the following credit service charges in connection with the extensions of credit made pursuant to §51A-12-12, in an amount agreed to by the bank and the debtor either initially or pursuant to a change in terms authorized in § 54-11-12:(1)Membership fees, whether assessed on an annual or other periodic basis;(2)Transaction fees;(3)Interest charges permitted by §54-3-1.1;(4)Charges for exceeding a designated credit limit;(5)Charges for stopping payment;(6)Charges for each return of a dishonored check, negotiable order of withdrawal or draft; and(7)Other charges made in connection with the revolving loan or charge account arrangement.All of the fees and charges permitted by this section shall be deemed interest. No fee, expense or other charge whatsoever may be taken or received by a bank under a revolving loan or charge account arrangement except as provided in this section. Source: SL 1987, ch 360, §2; SDCL, §51-24-12.1; SL 2021, ch 204, § 6.
SD Codified L § 51A-12-14 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-14 - Right of offset on loans.

51A-12-14. Right of offset on loans.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.
SD Codified L § 51A-12-15 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-15 - Compounding interest and service fees.

51A-12-15. Compounding interest and service fees.A bank may compound the interest or service fees charged on loans when disclosed in writing to the borrower. Source: SL 1981, ch 346, §62; SDCL, §51-24-16.
SD Codified L § 51A-12-16 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-16 - Security interests authorized.

51A-12-16. Security interests authorized.A credit agreement, or any agreement executed in connection therewith, may provide for the creation of a security interest in any personal or real property, including any goods under such agreement, to secure payment of a debtor's outstanding indebtedness under such agreement. Source: SL 1983, ch 359, §1; SDCL, §51-24-17.
SD Codified L § 51A-12-17 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 12 - Bank Loans|Section 51A-12-17 - Maintenance of deposit as condition for loan.

51A-12-17. Maintenance of deposit as condition for loan.A bank may require a borrower to maintain funds on deposit as a condition precedent to the granting of credit or any loan. Source: SL 1983, ch 359, §2; SDCL, §51-24-18.
SD Codified L § 51A-13-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 13 - Bank Records, Accounts And Reports|Section 51A-13-1 - Books and accounts required by director--Civil penalty.

51A-13-1. Books and accounts required by director--Civil penalty.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.
SD Codified L § 51A-13-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 13 - Bank Records, Accounts And Reports|Section 51A-13-2 - Reports to director.

51A-13-2. Reports to director.Every bank shall make a report to the director at least once during each calendar year at such times as the director shall require, on forms which he shall prescribe. The director may require additional special reports as frequently as the director deems necessary. The director may accept copies of federal reports to comply with this section. Source: SDC 1939, §6.0435; SDCL, §§51-12-2, 51-12-5; SL 1969, ch 11, §11.2; SL 1981, ch 346, §63; SL 1988, ch 377, §153; SDCL, §51-25-2; SL 1995, ch 269, §1.
SD Codified L § 51A-13-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 13 - Bank Records, Accounts And Reports|Section 51A-13-3 - Failure to report--Civil penalty.

51A-13-3. Failure to report--Civil penalty.Any bank failing to make and transmit to the director any report as required by this title, is subject to a civil penalty of fifty dollars for each day during which such failure continues; and if any bank fails or refuses to pay such penalty, the director shall institute proceedings for the recovery thereof. Source: SDC 1939, §6.0435; SDCL, §51-12-6; SL 1969, ch 11, §11.4; SL 1970, ch 265, §58; SL 1980, ch 24, §88; SDCL, §51-25-4; SL 1995, ch 269, §2.
SD Codified L § 51A-13-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 13 - Bank Records, Accounts And Reports|Section 51A-13-4 - Fiduciary examinations.

51A-13-4. Fiduciary examinations.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.
SD Codified L § 51A-13-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 13 - Bank Records, Accounts And Reports|Section 51A-13-5 - Preservation of records.

51A-13-5. Preservation of records.Every bank shall retain and preserve its bank records and supporting documents for a period of time set forth in rules issued by the commission. Source: SL 1969, ch 11, §11.6; SL 1970, ch 265, §59; SL 1988, ch 377, §155; SDCL, §51-25-6.
SD Codified L § 51A-14-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 14 - Reorganization Of Banks|Section 51A-14-1 - Merger or consolidation of banks.

51A-14-1.Merger or consolidation of banks.A bank authorized under this title may merge or consolidate with another state bank, national bank or savings and loan association organized pursuant to 12 U.S. C. §1464 as amended as of January 1, 1990. The provisions of §§51A-2-16 and 51A-3-7 to 51A-3-12, inclusive, govern applications for mergers and consolidations. Source: SL 1909, ch 222, art 2, §24; SL 1911, ch 255, §31; SL 1915, ch 102, art 2, §27; RC 1919, §§8974, 9061; SDC 1939, §6.0404; SDCL §51-13-1; SL 1969, ch 11, §12.1; SL 1979, ch 325; SL 1981, ch 346, §64; SL 1988, ch 377, §156; SL 1990, ch 383, §1; SDCL §51-26-1; SL 2012, ch 252, §22.
SD Codified L § 51A-14-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 14 - Reorganization Of Banks|Section 51A-14-2 - Purchase of assets and assumption of liabilities.

51A-14-2.Purchase of assets and assumption of liabilities.A bank may purchase the assets and assume the liabilities of another state bank, national bank or savings and loan association organized pursuant to 12 U.S. C. §1464 as amended as of January 1, 1990. The provisions of §§51A-2-16 and 51A-3-7 to 51A-3-12, inclusive, govern such applications. Source: SL 1981, ch 346, §65; SDCL §51-26-4; SL 1988, ch 377, §159; SL 1990, ch 383, §2; SDCL §51-26-1.1; SL 2012, ch 252, §23.
SD Codified L § 51A-14-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 14 - Reorganization Of Banks|Section 51A-14-3 - Conversion from state bank to national bank.

51A-14-3. Conversion from state bank to national bank.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.
SD Codified L § 51A-14-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 14 - Reorganization Of Banks|Section 51A-14-4 - Conversion from national bank, federal savings association, or federal savings bank to state bank.

51A-14-4. Conversion from national bank, federal savings association, or federal savings bank to state bank.Any national bank, federal savings association, or federal savings bank that desires to take the necessary steps to effect dissolution as a national bank, a federal savings association or a federal savings bank with the federal regulatory authority having jurisdiction may make application to the director to reorganize as a state bank. An application for conversion to a state bank shall consist of a letter of intent signed by a majority of the institution's board of directors together with any additional information required by the director. The stockholders of the national bank, federal savings association, or federal savings bank shall make, execute, and acknowledge articles of incorporation as required by this title. Upon receipt of an application for approval of a conversion, the director shall conduct such investigation as he may deem necessary to ascertain whether:(1)The letter of intent and supporting items satisfy the requirements of this title;(2)The plan of conversion adequately protects the interests of depositors;(3)The requirements for a conversion under all applicable laws have been satisfied, and the resulting state bank would satisfy the requirements for banks authorized by this title; and(4)The resulting state bank will possess an adequate capital structure.Upon filing and approval of such articles as provided by this title, and upon the issuance of a certificate of authority by the director as provided herein, the institution may transact business as a state bank, and thereupon all assets, real and personal, of the dissolved national bank, federal savings association, or federal savings bank shall be vested in and become the property of the state bank. Source: SDC 1939, §6.0407; SDCL §51-13-3; SL 1969, ch 11, §12.3; SL 1988, ch 377, §158; SDCL §51-26-3; SL 1993, ch 352; SL 2012, ch 252, §24.
SD Codified L § 51A-14-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 14 - Reorganization Of Banks|Section 51A-14-5 - Liquidation procedures in the event of reorganization.

51A-14-5. Liquidation procedures in the event of reorganization.If a bank has been merged or consolidated with another bank or the bank's assets have been purchased and the bank's liabilities assumed by another bank, in any instance other than an emergency, within thirty days thereafter, the directors of the bank shall institute proceedings to legally dissolve the bank's 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. Approval by the director of the merger, consolidation, or purchase of assets and assumption of liabilities constitutes approval of the voluntary liquidation as provided in §51A-15-1. However, the approval is subject to approval of the proposal to liquidate and dissolve by a vote of two-thirds of the outstanding stock of the liquidating bank at a meeting called for the purpose of considering such action. Source: SL 1981, ch 346, §66; SL 1988, ch 377, §160; SL 1989, ch 411, §4; SDCL §51-26-5; SL 2015, ch 239, §8.
SD Codified L § 51A-14-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 14 - Reorganization Of Banks|Section 51A-14-6 - Emergency takeover.

51A-14-6. Emergency takeover.If the director, pursuant to §51A-15-21, or if the commission deems it necessary that a state bank, national bank, or savings and loan association organized pursuant to 12 U.S.C. §1464 as amended as of January 1, 1990, be merged, consolidated, or its assets purchased and its liabilities assumed in order to protect the depositors and the public from unsound practices, and another bank is willing to merge, consolidate, or purchase the assets and assume the liabilities of such financial institution, the commission may declare that such merger, consolidation, or purchase of assets and assumption of liabilities shall constitute an emergency takeover. The commission may waive any requirement, whether by law or by rule, relative to required application materials, thoroughness of the director's investigation, and length of time before the commission may act. Nothing in this section limits in any way the rights of shareholders of either financial institution to approve the transaction and the manner required by state or federal law. Source: SL 1981, ch 346, §67; SL 1988, ch 377, §161; SL 1990, ch 383, §3; SDCL §51-26-6; SL 2012, ch 252, §25.
SD Codified L § 51A-14-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 14 - Reorganization Of Banks|Section 51A-14-7 - Valuation of dissident shareholders' stock.

51A-14-7. Valuation of dissident shareholders' stock.The provisions of §§47-1A-1107 to 47-1A-1107.4, inclusive, and §§47-1A-1302 to 47-1A-1331.2, inclusive, apply when establishing the valuation of shares of bank stock owned by dissident shareholders. Source: SL 1984, ch 317; SL 1988, ch 377, §162; SDCL, §51-26-7; SL 2005, ch 202, §17.
SD Codified L § 51A-15-1 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-1 - Voluntary liquidation--Requirements for approval.

51A-15-1. Voluntary liquidation--Requirements for approval.Any bank may file an application with the commission to voluntarily liquidate and dissolve. Such application may be approved by the commission upon finding:(1)The proposal to liquidate and dissolve has been approved by a vote of two-thirds of the outstanding voting stock at a meeting called for the purpose of considering such action.(2)The bank is solvent and has sufficient liquid assets to forthwith pay off depositors and creditors. Source: SL 1969, ch 11, §13.1; SL 1970, ch 265, §60; SL 1988, ch 377, §163; SDCL, §51-27-1.
SD Codified L § 51A-15-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-2 - Ceasing to do business and winding up affairs on voluntary liquidation.

51A-15-2. Ceasing to do business and winding up affairs on voluntary liquidation.Upon approval by the commission, pursuant to §51A-15-1, a bank shall forthwith cease to do business, shall have only the powers necessary to effect an orderly liquidation and shall proceed to pay its depositors and creditors and to wind up its affairs. Source: SL 1969, ch 11, §13.2; SDCL, §51-27-2.
SD Codified L § 51A-15-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-3 - Notice of voluntary liquidation--Manner of publication--Contents.

51A-15-3. Notice of voluntary liquidation--Manner of publication--Contents.Within thirty days of the approval, a notice of voluntary liquidation shall be:(1)Mailed to the last known post-office address of each depositor, creditor, person interested in funds held as a fiduciary, lessee of a safe deposit box or bailor of property;(2)Posted conspicuously on the premises of the bank; and(3)Published as the director shall require.The bank shall mail with the notice a statement of the amount shown on its books to be the claim of the depositor or creditor. The notice shall also demand that property held by the bank as bailee or in a safe deposit box be withdrawn by the person entitled thereto within thirty days. The notice shall direct that objections of depositors and creditors, if the amount claimed differs from that in such statement be filed with the bank before a specified date which shall not be less than sixty days from the date of first publication in accordance with the procedure described therein. The notice shall also include such other information as the director or the bank may deem pertinent. Source: SL 1969, ch 11, §13.2 (2); SL 1970, ch 265, §61; SDCL, §51-27-3.
SD Codified L § 51A-15-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-4 - Resignation of fiduciary positions and settlement of accounts on voluntary liquidation.

51A-15-4. Resignation of fiduciary positions and settlement of accounts on voluntary liquidation.As soon after approval as may be practicable the bank shall resign all fiduciary positions and take such action as may be necessary to settle its fiduciary accounts. Source: SL 1969, ch 11, §13.2 (3); SDCL, §51-27-4.
SD Codified L § 51A-15-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-5 - Disposition of safe deposit on voluntary liquidation.

51A-15-5. Disposition of safe deposit on voluntary liquidation.The contents of safe deposit boxes which have not been removed within thirty days after demand shall be opened and the contents dealt with in the manner provided for boxes upon which the payment of rental is in default and the sealed packages containing the contents and the certificates together with any other unclaimed property held by the bank as bailee and certified inventories thereof shall be transferred to the state treasurer who shall retain it for one year unless sooner claimed by the person entitled thereto. After one year the state treasurer shall dispose of the property pursuant to chapter 43-41B. Source: SL 1969, ch 11, §13.2 (4); SL 1974, ch 301, §3; SDCL, §51-27-5.