reglab/housing_qa huggingface dataset:
SD Codified L § 51A-15-32 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-32 - Fiduciary positions of bank terminated after commencement of liquidation.

51A-15-32. Fiduciary positions of bank terminated after commencement of liquidation.As soon after the commencement of involuntary liquidation as is practicable, the director or receiver shall take the necessary steps to terminate all fiduciary positions held by a bank and take such action as may be necessary to surrender all property held by such bank as a fiduciary and to settle its fiduciary accounts. Source: SL 1969, ch 11, §13.15; SL 1970, ch 265, §70; SL 1988, ch 377, §175; SDCL, §51-27-24.
SD Codified L § 51A-15-33 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-33 - Subrogation rights of Federal Deposit Insurance Corporation in liquidation of bank.

51A-15-33. Subrogation rights of Federal Deposit Insurance Corporation in liquidation of bank.The right of any agency of the United States insuring deposits of a bank in liquidation, to be subrogated to the rights of depositors upon payment of their claim shall not be less extensive than the law of the United States requires as a condition of the authority to issue such insurance or make such payment. Source: SL 1969, ch 11, §13.16; SDCL, §51-27-25.
SD Codified L § 51A-15-34 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-34 - Notice of liquidation by director or receiver.

51A-15-34. Notice of liquidation by director or receiver.As soon after commencement of liquidation by the director or receiver as practicable, he shall proceed as in §51A-15-3 relating to voluntary liquidation by banks, except that no notice need be sent relating to fiduciary accounts as therein mentioned. Source: SL 1969, ch 11, §13.17; SL 1988, ch 377, §176; SDCL, §51-27-26.
SD Codified L § 51A-15-35 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-35 - Disposition of safe deposit boxes in liquidation by director or receiver.

51A-15-35. Disposition of safe deposit boxes in liquidation by director or receiver.Safe deposit boxes in banks being liquidated by the director, the contents of which have not been removed before the date specified, shall be disposed of by the director or receiver as in §51A-15-5. Source: SL 1969, ch 11, §13.18; SL 1988, ch 377, §177; SDCL, §51-27-27.
SD Codified L § 51A-15-36 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-36 - Settlement of claims by director or receiver in liquidation proceedings.

51A-15-36. Settlement of claims by director or receiver in liquidation proceedings.Within six months after the last day specified in the notice for the filing of claims or such longer period as may be allowed by the circuit court, the director or receiver shall:(1)Reject any claim determined to be invalid;(2)Determine the amount, if any, owing to each known creditor or depositor and the priority class of his claim under this chapter;(3)Prepare a schedule of such determinations for filing in the circuit court; and(4)Provide for legal publication in such newspapers as he shall determine, once a week for three successive weeks a notice of the time when and where the schedule of determinations will be available for inspection; and the date, not sooner than thirty days thereafter, when the director or receiver will file his schedule in court. Source: SL 1911, ch 256, §13; SL 1915, ch 102, art 1, §17; RC 1919, §8933; SDC 1939, §6.0611; SDCL, §§51-14-33, 51-14-34; SL 1969, ch 11, §13.19; SL 1970, ch 265, §71; SL 1988, ch 377, §178; SDCL, §51-27-28.
SD Codified L § 51A-15-37 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-37 - Objections to schedule of determinations in settlement of claims.

51A-15-37. Objections to schedule of determinations in settlement of claims.Within twenty days after the filing of the schedule, pursuant to subdivision 51A-15-36 (3) any creditor, depositor or stockholder may file with the circuit court an objection to any determination made. Any objections so filed shall be heard and determined by the court, upon such notice to the director or receiver and interested claimants as the court may prescribe. If the objection is sustained the court shall direct an appropriate modification of the schedule. Source: SL 1915, ch 102, art 1, §17; RC 1919, §8933; SDC 1939, §6.0611; SDCL, §51-14-35; SL 1969, ch 11, §13.20; SL 1970, ch 265, §72; SL 1988, ch 377, §179; SDCL, §51-27-29.
SD Codified L § 51A-15-38 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-38 - Partial distributions to claim holders authorized--Final distribution.

51A-15-38. Partial distributions to claim holders authorized--Final distribution.After filing his schedule the director or receiver may, from time to time, make partial distribution to the holders of claims which are undisputed or have been allowed by the court, if a proper reserve is established for the payment of disputed claims. As soon as is practicable after the determination of all objections the director or receiver shall make final distribution. Source: SL 1911, ch 256, §§16, 21, 22; SL 1915, ch 102, art 1, §§18 to 20; RC 1919, §§8934 to 8936; SL 1919, ch 118; SDC 1939, §6.0618; SDCL, §51-14-53; SL 1969, ch 11, §13.20; SL 1988, ch 377, §180; SDCL, §51-27-30.
SD Codified L § 51A-15-39 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-39 - Priority of claims in liquidation proceedings.

51A-15-39. Priority of claims in liquidation proceedings.The following claims shall have priority:(1)First, public deposits that are subject to chapter 4-6A and §51A-10-9;(2)Then, obligations incurred by the director or receiver;(3)Then, total deposits of each depositor;(4)Then, all taxes due on a pro rata basis;(5)Then, wages and salaries of officers and employees earned during the three-month period preceding the director's possession in an amount not exceeding the normal amount of compensation due;(6)Then, fees and assessments due to the division on a pro rata basis;(7)Then, all other claims on a pro rata basis exclusive of claims by holders of capital notes and debentures. Source: SL 1969, ch 11, §13.21 (1); SL 1988, ch 377, §181; SL 1989, ch 411, §5; SDCL, §51-27-31.
SD Codified L § 51A-15-40 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-40 - Payment of claims not filed within time prescribed.

51A-15-40. Payment of claims not filed within time prescribed.After the payment of all claims filed within the time prescribed by §51A-15-36 the director or receiver shall pay all other legal claims. Source: SL 1969, ch 11, §13.21 (2); SL 1988, ch 377, §182; SDCL, §51-27-32.
SD Codified L § 51A-15-41 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-41 - Prorata payment of claims authorized.

51A-15-41. Prorata payment of claims authorized.If the sum available for any class is insufficient to provide payment in full, such sum shall be distributed to the claimants in the class on a pro rata basis. Source: SL 1969, ch 11, §13.21 (3); SL 1988, ch 377, §183; SDCL, §51-27-33.
SD Codified L § 51A-15-42 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-42 - Distribution of assets remaining after liquidation.

51A-15-42. Distribution of assets remaining after liquidation.When the director or receiver has liquidated a bank, any assets remaining after all claims have been paid shall be distributed to the stockholders in accordance with their respective interests. Source: SL 1911, ch 256, §19; SL 1915, ch 102, art 1, §24; RC 1919, §8940; SDC 1939, §6.0630; SDCL, §51-14-64; SL 1969, ch 11, §13.22; SL 1988, ch 377, §184; SDCL, §51-27-34.
SD Codified L § 51A-15-43 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-43 - Disposition of unclaimed funds after liquidation.

51A-15-43. Disposition of unclaimed funds after liquidation.Unclaimed funds remaining after the completion of the liquidation shall be transferred to the state treasurer for disposal pursuant to chapter 43-41B. Source: SDC 1939, §6.0618; SDCL, §51-14-54; SL 1969, ch 11, §13.23; SL 1974, ch 301, §5; SL 1988, ch 377, §185; SDCL, §51-27-35.
SD Codified L § 51A-15-44 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 15 - Suspension And Liquidation Of Banks|Section 51A-15-44 - Accounting by director or receivers after liquidation--Cancellation of charter--Order and certificate of dissolution.

51A-15-44. Accounting by director or receivers after liquidation--Cancellation of charter--Order and certificate of dissolution.When the assets have been distributed in accordance with this chapter, the director or receiver shall file an account with the circuit court. Upon approval thereof, the director or receiver shall be relieved of liability in connection with the liquidation and the court shall cancel the charter and enter an order of dissolution. The filing of a certified copy of such order with the secretary of state shall be deemed authority for the issuance of a certificate of dissolution. Source: SL 1927, ch 58, §§10, 11; SL 1933, ch 55, §§10, 11; SDC 1939, §6.0631; SDCL, §51-14-62; SL 1969, ch 11, §13.24; SL 1970, ch 265, §73; SL 1988, ch 377, §186; SDCL, §51-27-36; SL 2005, ch 202, §18.
SD Codified L § 51A-17-2 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-2 - Permissible investments defined.

51A-17-2. Permissible investments defined.For the purposes of this chapter, the term, permissible investments, means any of the following:(1)Cash;(2)Certificates of deposit or other debt obligations of a financial institution, either domestic or foreign;(3)Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as bankers' acceptances, which are eligible for purchase by member banks of the Federal Reserve System;(4)Any investment bearing a rating of one of the three highest grades as defined by a nationally recognized organization that rates such securities;(5)Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest of the United States, or any obligations of any state, municipality, or any political subdivision thereof;(6)Shares in a money market mutual fund, interest-bearing bills or notes or bonds, debentures or stock traded on any national securities exchange or on a national over-the-counter market, or mutual funds primarily composed of such securities, or a fund composed of one or more permissible investments as set forth in this section;(7)Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange;(8)Receivables which are due to a licensee from its authorized delegates, which are not past due or doubtful of collection; or(9)Any other investments or security device approved by the director. Source: SL 2008, ch 253, §2.
SD Codified L § 51A-17-3 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-3 - Entities exempt from chapter.

51A-17-3. Entities exempt from chapter.This chapter does not apply to:(1)The United States or any department, agency, or instrumentality thereof;(2)The United States Post Office;(3)The state or any political subdivisions thereof;(4)Banks, bank holding companies, credit unions, building and loan associations, savings and loan associations, savings banks, or mutual banks organized under the laws of any state or the United States, and any subcontractor, agent, or independent contractor that sells payment instruments issued by any such entity or sells such entity's money transmission services on behalf of such entity;(5)A South Dakota chartered trust company;(6)The provision of electronic transfer of government benefits for any federal, state, or county governmental agency as defined in Federal Reserve Board Regulation E, by a contractor for and on behalf of the United States or any department, agency, or instrumentality thereof, or any state or any political subdivisions thereof;(7)An operator of a payment system to the extent that the system provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers; and(8)An agent appointed by a payee to collect and process payment as the agent of the payee, if the agent can demonstrate that:(a)A written agreement exists between the payee and the agent directing the agent to collect and process payments on the payee's behalf;(b)The payee holds the agent out to the public as accepting payments on the payee's behalf; and(c)Payment is treated as received by the payee upon receipt by the agent so there is no risk of loss to the individual initiating the transaction if the agent fails to remit the funds to the payee. Source: SL 2008, ch 253, §3; SL 2020, ch 205, § 1.
SD Codified L § 51A-17-4 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-4 - License to engage in business of money transmission required.

51A-17-4. License to engage in business of money transmission required.No person, other than a person who is exempt under §51A-17-3, may engage in the business of money transmission in this state without obtaining a license in accordance with this chapter and undergoing a criminal background investigation. A person is engaged in providing money transmission if the person provides those services to residents of this state, including any person who has no physical presence in this state. Each person subject to this section shall be licensed under and maintain a unique identifier through the nationwide mortgage licensing system and registry. Source: SL 2008, ch 253, §4; SL 2015, ch 241, §3; SL 2019, ch 206, §1.
SD Codified L § 51A-17-5 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-5 - Single license to conduct business at multiple locations--Authorized delegates.

51A-17-5. Single license to conduct business at multiple locations--Authorized delegates.If a licensee has a physical presence in this state, the licensee may conduct its business at one or more locations, directly or indirectly owned, or through one or more authorized delegates, or both, pursuant to the single license granted to the licensee.Any authorized delegate of a licensee, acting within the scope of authority conferred by a written contract as described in §51A-17-31, is not required to become licensed pursuant to this chapter. However, any such authorized delegate is subject to all other relevant portions of this chapter. Source: SL 2008, ch 253, §5.
SD Codified L § 51A-17-6 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-6 - Minimum net worth required.

51A-17-6. Minimum net worth required.Each licensee under this chapter shall at all times have a net worth of not less than one hundred thousand dollars, calculated in accordance with generally accepted accounting principles. Source: SL 2008, ch 253, §6.
SD Codified L § 51A-17-7 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-7 - Qualification to do business of corporate and noncorporate applicants and licensees.

51A-17-7. Qualification to do business of corporate and noncorporate applicants and licensees.Every corporate applicant, at the time of filing of an application for a license under this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All noncorporate applicants shall, at the time of the filing of an application for a license under this chapter and at all times after a license is issued, be registered or qualified to do business in the state. Source: SL 2008, ch 253, §7.
SD Codified L § 51A-17-8 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-8 - Security device or deposit required.

51A-17-8. Security device or deposit required.Each application shall be accompanied by a security device acceptable to the director in the amount of one hundred thousand dollars. The director may increase the amount of the security device to a maximum of five hundred thousand dollars upon the basis of the impaired financial condition of a licensee, as evidenced by a reduction in net worth, financial losses, or other relevant criteria. The security device shall be in a form satisfactory to the director and shall run to the state for the benefit of any claimants against the licensee to secure the faithful performance of the obligations of the licensee with respect to the receipt, handling, transmission, and payment of money in connection with the sale and issuance of payment instruments or the transmission of money, or both. In the case of a surety bond, the aggregate liability of the surety may not exceed the principal sum of the bond. Any claimant against the licensee may bring suit directly on the security device or the director may bring suit on behalf of any claimant, either in one action or in successive actions.In lieu of a security device or of any portion of the principal thereof, as required by this section, the licensee may deposit with the director, or with such banks in this state as the licensee may designate and the director may approve, cash, interest-bearing stocks and bonds, notes, debentures, or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of this state, or of a city, county, school district, or instrumentality of this state, or guaranteed by this state, to an aggregate amount, based upon principal amount or market value, whichever is lower, of not less than the amount of the security device or portion thereof. The securities or cash shall be deposited as provided in this section and held to secure the same obligations as would the security device, but the depositor is entitled to receive all interest and dividends thereon, has the right, with the approval of the director, to substitute other securities for those deposited, and shall be required so to do on written order of the director made for good cause shown.No security device may be cancelled without thirty days' written notice to the director. Cancellation does not affect any liability incurred or accrued during the period the security device was in effect. Source: SL 2008, ch 253, §8.
SD Codified L § 51A-17-9 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-9 - Security after licensee ceases operations.

51A-17-9. Security after licensee ceases operations.The security device shall remain in place for five years after the licensee ceases money transmission operations in the state. However, the director may permit the security device to be reduced or eliminated prior to that time to the extent that the amount of the licensee's payment instruments outstanding in this state are reduced. The director may also permit a licensee to substitute a letter of credit or other form of security device acceptable to the director for the security device in place at the time the licensee ceases money transmission operations in the state. Source: SL 2008, ch 253, §9.
SD Codified L § 51A-17-10 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-10 - Investments required--Waiver by director.

51A-17-10. Investments required--Waiver by director.Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments and stored value issued or sold by the licensee in the United States. This requirement may be waived by the director if the dollar volume of a licensee's outstanding payment instruments and stored value does not exceed the security devices posted by the licensee pursuant to §51A-17-8.Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments in the event of the bankruptcy of the licensee. Source: SL 2008, ch 253, §10.
SD Codified L § 51A-17-11 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-11 - Criminal history background check required .

51A-17-11. Criminal history background check required .Each applicant for licensure under this chapter, except publicly traded corporations and their subsidiaries, shall provide to the nationwide mortgage licensing system and registry a complete set of the applicant's fingerprints for submission to the Federal Bureau of Investigation and any other government agency authorized to receive fingerprints for the purposes of a state, national, and international criminal history background check prior to permanent licensure of the applicant. The division may require a state and federal criminal history background check for any licensee who is the subject of a disciplinary investigation by the division. The failure to submit or cooperate with the criminal history background check under this section may result in denial of an application or revocation of a license. The applicant shall pay for any fees charged for the cost of fingerprinting or the criminal history background check. Source: SL 2008, ch 253, §11; SL 2019, ch 206, §2.
SD Codified L § 51A-17-12 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-12 - Application for license--Form--Contents.

51A-17-12. Application for license--Form--Contents.Each application for a license under this chapter shall be made in writing on a form prescribed by the director that includes:(1)The exact name of the applicant, the applicant's principal address, any fictitious or trade name used by the applicant in the conduct of business, and the location of the applicant's business records;(2)The history of the applicant's material litigation for the preceding five-year period;(3)A complete set of the applicant's fingerprints and a signed waiver authorizing the division to conduct a criminal history background check of the applicant;(4)A description of the business activities conducted by the applicant and a history of operations;(5)A description of the business activities in which the applicant seeks to be engaged in the state;(6)A list identifying the applicant's proposed authorized delegates in the state, if any, at the time of the filing of the application;(7)A sample authorized delegate contract, if applicable;(8)A sample form of payment instrument, if applicable;(9)Each location at which the applicant and its authorized delegates, if any, propose to conduct the licensed activities in the state; and(10)The name and address of the clearing bank or banks on which the applicant's payment instruments will be drawn or through which the payment instruments will be payable. Source: SL 2008, ch 253, §12; SL 2019, ch 206, §3.