reglab/statecodes huggingface dataset:
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-40 - Correction of unsafe or unsound condition or operation--Appointment of special assistant--Appeal of appointment.

51A-6A-40. Correction of unsafe or unsound condition or operation--Appointment of special assistant--Appeal of appointment.
If the director determines that the business of any trust company is being conducted in an unsafe or unsound manner, the director may appoint a special assistant who shall immediately take charge of the operation of the trust company for the purpose of correcting any unsafe or unsound condition or operation. After appointment, the special assistant shall continue to serve under the direction of the director for a period of time as the director determines is reasonable and necessary or until relieved by order of the commission or of a court of competent jurisdiction. The special assistant's salary, which shall be determined by the director, and expenses shall be borne by the trust company under supervision. After an appointment of a special assistant, a trust company may, within thirty days from the date of the notice of the appointment, appeal in writing to the commission. If a trust company appeals, the commission shall fix a date for a hearing which shall be within thirty days from the date of the appeal. The hearing shall be conducted in accordance with the provisions of chapter 1-26. The commission shall render an order as to the correctness or incorrectness of the director's decision to take over the conduct of the trust company, and the order of such commission is subject to review under chapter 1-26.
Source:
SL 1995, ch 268, §38.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-41 - Insolvency defined.

51A-6A-41. Insolvency defined.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-42 - Director to take charge of insolvent trust company--Appointment of special assistant.

51A-6A-42. Director to take charge of insolvent trust company--Appointment of special assistant.
If it appears upon the examination of any trust company or from any report made to the director that any trust company is insolvent, the director shall take charge of the trust company and all of its property and assets. In so doing the director may appoint a special assistant to take charge temporarily of the affairs of the insolvent trust company until a receiver is appointed. The assistant shall qualify, give bond, and receive compensation the same as the regular examiner, but the compensation shall be paid by the insolvent trust company, or in case of the appointment of a receiver, allowed by the court as costs in the case. No trust company may continue in the charge of a special assistant for a longer period than six months.
Source:
SL 1995, ch 268, §40; SL 2012, ch 252, §19.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-43 - Plan for reorganization of insolvent trust company.

51A-6A-43. Plan for reorganization of insolvent trust company.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-44 - Appointment of receiver--Bond--Qualifications--Report--Removal.

51A-6A-44. Appointment of receiver--Bond--Qualifications--Report--Removal.
When the director takes charge of any trust company, the director shall ascertain its actual condition as soon as possible by making a thorough investigation into its affairs and condition. If the director is satisfied that the trust company cannot resume business or liquidate its indebtedness to the satisfaction of its creditors, the director shall appoint a receiver and require the receiver to give such bond as the director considers proper. The director also shall fix reasonable compensation for the receiver, but the compensation for the receiver is subject to the approval of the circuit court of the county in which the trust company is located upon the application of any party in interest.
Any receiver shall have had at least five years of experience with financial institutions. However, upon written application made within thirty days after the findings of insolvency, the director shall appoint as receiver any person whom the holders of more than sixty percent of the claims against the trust company agree upon in writing. The creditors may also agree upon the compensation and charges to be paid the receiver. Any receiver so appointed shall make a complete report to the director covering the receiver's acts and proceedings as a receiver. The director may remove for cause any receiver and appoint the receiver's successor.
Source:
SL 1995, ch 268, §42; SL 2005, ch 260, §10.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-45 - Powers and duties of receiver--Order of payment of liabilities.

51A-6A-45. Powers and duties of receiver--Order of payment of liabilities.
The receiver, under the direction of the director, shall take charge of any insolvent trust company and all of its assets and property and liquidate the affairs and business for the benefit of clients, creditors, and owners. The receiver may sell or compound all bad and doubtful debts and sell all the property of the trust company upon such terms as the circuit court of the county in which the trust company is located approves. The receiver shall pay over all moneys received to the creditors of the trust company as ordered by the director. In distributing assets of an insolvent trust company in payment of its liabilities, the order of payment, if its assets are insufficient to pay in full all of its liabilities, shall be by category as follows:
(1)The costs and expenses of the receivership and real and personal property taxes assessed against the trust company pursuant to applicable law;
(2)Claims which are secured or given priority by applicable law;
(3)Claims of unsecured creditors;
(4)All other claims exclusive of claims on capital notes and debentures; and
(5)Claims on capital notes and debentures.
If the assets are insufficient for the payment in full of all claims within a category, the claims shall be paid in the order provided by other applicable law or, in the absence of such applicable law, pro rata.
Source:
SL 1995, ch 268, §43.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-45.1 - Liability of receiver.

51A-6A-45.1. Liability of receiver.
No receiver, appointed pursuant to §51A-6A-44, is liable to any person for good faith compliance with any law, statute, rule, or judgment, decree, or order of a court. Nor is any receiver liable to any person for any action taken or omitted unless a court finds that the receiver acted or failed to act as a result of misfeasance, bad faith, gross negligence, or reckless disregard of duty.
Source:
SL 2005, ch 260, §11.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-46 - Periodic examination of trust company in the hands of a receiver.

51A-6A-46. Periodic examination of trust company in the hands of a receiver.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-46.1 - Suspension, liquidation, order against unsound practice, removal of director or officer, or injunction.

51A-6A-46.1. Suspension, liquidation, order against unsound practice, removal of director or officer, or injunction.
In addition to the powers granted to the director and the commission in §§51A-6A-35 to 51A-6A-46, inclusive, the powers granted to the director and commission pursuant to §§51A-15-11 to 51A-15-44, inclusive, 51A-2-22, and 51A-2-25 to 51A-2-27, inclusive, may be utilized by the director and the commission with regard to trust companies. The powers granted by §§51A-15-11 to 51A-15-44, inclusive, 51A-2-22, and 51A-2-25 to 51A-2-27, inclusive, may be used by the director and the commission in connection with a trust company as a supplement to or as an independent alternative to the powers granted in §§51A-6A-35 to 51A-6A-46, inclusive.
Source:
SL 2004, ch 312, §4; SL 2010, ch 232, §22.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-46.2 - Disclosure of confidential information in certain actions.

51A-6A-46.2. Disclosure of confidential information in certain actions.
The provisions of §§51A-6A-2 and 51A-6A-39 do not apply to the disclosure of information by the director or the commission in connection with the institution and prosecution of an action against an individual pursuant to the provisions of §51A-2-22 or against a trust company pursuant to the provisions of §§51A-15-11 to 51A-15-44, inclusive, or 51A-2-25 to 51A-2-27, inclusive, or 51A-6A-35 to 51A-6A-46, inclusive. Disclosure of confidential information may be made only to formal governmental regulatory bodies which have a need for the confidential information.
Source:
SL 2004, ch 312, §5; SL 2015, ch 240, §7.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-47 - Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.

51A-6A-47. Acquisition of trust company--Notice to director--Approval--Order of disapproval--Hearing.
A person acquiring control through direct or indirect ownership by an owner or an affiliated group of owners shall give the director at least sixty days prior written notice of any proposed trust company acquisition. If the director does not issue an order disapproving the proposed acquisition within that time or extend the period during which a disapproval may be issued, the proposed acquisition is approved. The period for disapproval shall be thirty days after notice is received by the director and may be further extended only if the director determines that any acquiring person has not furnished all the information required under §51A-6A-48 or if in the director's judgment, any material information submitted is substantially inaccurate. An acquisition may be made prior to expiration of the disapproval period if the director issues written notice of the director's intent not to disapprove the action.
If the director disapproves an acquisition, the director shall serve the acquiring person with an order of disapproval. The order shall provide a statement of the basis for the disapproval. Within thirty days after service of an order of disapproval, the acquiring person may request a hearing on the proposed acquisition with the commission. Upon receipt of a timely request, the commission shall conduct a hearing in accordance with the provisions of chapter 1-26. Any disapproval by the commission of a proposed acquisition is subject to review in accordance with chapter 1-26.
Actual expenses incurred by the director or commission in carrying out any investigation that may be necessary or required by statute shall be paid by the person submitting the proposed acquisition.
Source:
SL 1995, ch 268, §45; SL 2013, ch 239, §6.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-48 - Contents of notice of proposed acquisition.

51A-6A-48. Contents of notice of proposed acquisition.
A notice of a proposed trust company acquisition shall contain, in the form prescribed by the director, the following information:
(1)The identity, personal history, business background, and experience of any person by whom or on whose behalf the acquisition is to be made, including the person's material business activities and affiliations during the past five years and a description of any material pending legal or administrative proceedings in which the person is a party and any criminal indictment or conviction of the person by a state or federal court;
(2)A statement of the assets and liabilities of any person by whom or on whose behalf the acquisition is to be made, as of the end of the fiscal year for each of the five fiscal years immediately preceding the date of the notice, together with related statements of income and source and application of funds for each of the fiscal years then concluded and an interim statement of the assets and liabilities for any person, together with related statements of income and source and application of funds, as of a date not more than ninety days prior to the date of the notice;
(3)The terms and conditions of the proposed acquisition and the manner in which the acquisition is to be made;
(4)The identity, source, and amount of the funds or other considerations used or to be used in making the acquisition and, if any part of these funds or other considerations has been or is to be borrowed or otherwise obtained for the purpose of making the acquisition, a description of the transaction, the names of the parties to the transaction, and any arrangements, agreements, or understandings with such persons;
(5)Any plans or proposals which any acquiring person making the acquisition may have to liquidate the trust company, to sell its assets or merge it with any company, or to make any other major change in its business or corporate structure or management;
(6)The identification of any person employed, retained, or to be compensated by the acquiring person or by any person on the acquiring person's behalf to make solicitations or recommendations to owners for the purpose of assisting in the acquisition and a brief description of the terms of the employment, retainer, or arrangement for compensation;
(7)Copies of all invitations or tenders or advertisements making a tender offer to owners for purchase of their stock or ownership units to be used in connection with the proposed acquisition; and
(8)Any additional relevant information in such forms as the directors may require by specific request in connection with any particular notice.
Source:
SL 1995, ch 268, §46.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-49 - Reason for disapproval of acquisition.

51A-6A-49. Reason for disapproval of acquisition.
The director may disapprove any proposed acquisition if:
(1)The proposed acquisition of control would result in a monopoly or would be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the trust business in any part of this state;
(2)The financial condition of any acquiring person is such as might jeopardize the financial stability of the trust company or prejudice the interests of the clients of the trust company;
(3)The competence, experience, or integrity of any acquiring person or of any of the proposed management personnel indicates that it would not be in the interest of the clients of the trust company or in the interest of the public to permit such person to control the trust company; or
(4)Any acquiring person neglects, fails, or refuses to furnish the director all the information required by the director.
Source:
SL 1995, ch 268, §47.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-50 - Procedure for merger, consolidation, conversion, or transfer of assets and liabilities to another bank or trust company.

51A-6A-50. Procedure for merger, consolidation, conversion, or transfer of assets and liabilities to another bank or trust company.
Before any trust company can merge, consolidate with, convert from a corporation to a limited liability company or from a limited liability company to a corporation under §47-1A-950 or 47-1A-950.1, or transfer its assets and liabilities to another trust company or bank, it shall file with the director, certified copies of all proceedings of its governing board and owners relating to the merger, consolidation, conversion, or transfer. The owners' proceedings shall show that a majority of the owners voted in favor of the merger, consolidation, conversion, or transfer. The owners' proceedings shall contain a complete copy of the agreement made and entered into, with reference to the merger, consolidation, conversion, or transfer. Upon the filing of the owners' and governing board's proceedings, the director shall make an investigation to determine whether:
(1)The interests of the clients, creditors, and owners of each are protected;
(2)The merger, consolidation, conversion, or transfer is in the public interest; and
(3)The merger, consolidation, conversion, or transfer is made for legitimate purposes.
The director's consent to or rejection of a merger, consolidation, conversion, or transfer shall be based upon the investigation. No merger, consolidation, conversion, or transfer may be made without the consent of the director. The expense of the investigation shall be paid by the persons filing the request.
Source:
SL 1995, ch 268, §48; SL 2012, ch 252, §20.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-50.1 - Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company.

51A-6A-50.1. Proceedings to legally dissolve charter of acquired, merged, or consolidated trust company.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-51 - Necessity of execution or delivery of deed for merger or consolidation.

51A-6A-51. Necessity of execution or delivery of deed for merger or consolidation.
When a merger or consolidation of any trust company occurs, the successor consolidated trust company or bank becomes the owner of, and entitled to, the possession of all rights, franchises, and interests, real estate, and personal property as is covered by the merger or consolidation agreement without the necessity of the execution or delivery of a deed or other form of transfer.
Source:
SL 1995, ch 268, §49.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-52 - Fiduciary capacity of successor trust company.

51A-6A-52. Fiduciary capacity of successor trust company.
Upon the merger or consolidation of any trust company, the successor trust company, upon acquiring trust authority, may be appointed to act as trustee, personal representative, conservator, or any other fiduciary capacity to the same extent and with the same authority as the trust company to which it succeeds.
Source:
SL 1995, ch 268, §50.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-53 - Name of trust company--Name change.

51A-6A-53. Name of trust company--Name change.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-54 - Approval required for changing place of business--Examination and investigation by director.

51A-6A-54. Approval required for changing place of business--Examination and investigation by director.
No trust company incorporated under the laws of this state may change its place of business, from one city or town to another or from one location to another within the same city or town, without the prior approval of the director. Any trust company desiring to change its place of business shall file a written application with the director in the form and containing the information as the director requires. The director shall examine and investigate the application and approve or disapprove the application. The expenses of the examination and investigation shall be paid by the trust company.
Source:
SL 1995, ch 268, §52; SL 2008, ch 258, §10.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-58 - Establishment of trust service offices--Application.

51A-6A-58. Establishment of trust service offices--Application.
After first applying for and obtaining the approval of the director, one or more trust service offices may be established and operated by a trust company incorporated under the laws of this state or by an out-of-state trust institution, if and to the extent that the state, territory, or district in which the out-of-state trust institution is chartered or licensed to engage in a trust company business grants authority for a trust company organized and doing business under the laws of this state to establish an office in that state, territory, or district. An application to establish and operate a trust service office or to relocate an existing trust service office shall be submitted and approved in the manner set forth in §51A-6A-4.
A trust company may establish a trust service office in another state, territory, or district and may conduct any activities at that office that are permissible for a trust company under the laws of that state, territory, or district subject to the laws of this state and subject to the rules, orders, or declaratory rules of the commission or the director.
The provisions of this section do not apply to a private trust company unless the governing board decides to establish a trust service office in another state, territory, or district.
Source:
SL 1995, ch 268, §56; SL 2005, ch 260, §14; SL 2008, ch 258, §11; SL 2016, ch 231, §8.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-61 - Membership in federal reserve bank.

51A-6A-61. Membership in federal reserve bank.
Any trust company may become a stockholder in and a member of the federal reserve bank of the federal reserve district where the trust company is located.
Source:
SL 1995, ch 268, §59.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-62 - Depositing securities into federal reserve bank.

51A-6A-62. Depositing securities into federal reserve bank.
Any trust company when acting as fiduciary, and any trust company 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 trust company. Any account used for this purpose shall be designated as a fiduciary or safekeeping account, and other similar securities may be credited to the account. A trust company depositing securities with a federal reserve bank is subject to any rules with respect to the making and maintenance of the deposits as the director may promulgate pursuant to chapter 1-26. The records of the trust company shall always show the ownership of the securities held in the account.
Source:
SL 1995, ch 268, §60.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-63 - Registering investments in name of nominee--Liability of trust company.

51A-6A-63. Registering investments in name of nominee--Liability of trust company.
Any trust company, when acting in this state as a fiduciary or a co-fiduciary with others, may with the consent of its co-fiduciary or co-fiduciaries, if any, cause any investment held in any such capacity, to be registered and held in the name of a nominee or nominees of the trust company. The trust company is liable for the acts of any nominee with respect to any investment so registered.
Source:
SL 1995, ch 268, §61.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-64 - Common trust funds and collective investment funds.

51A-6A-64. Common trust funds and collective investment funds.
Any trust company qualified to act as a fiduciary in this state may establish common trust funds or collective investment funds for the purpose of furnishing investments to itself as fiduciary, or to itself and others, as co-fiduciaries. Any trust company qualified to act as fiduciary in this state may, as such fiduciary or co-fiduciary, invest funds that it lawfully holds for investment in the common trust funds or collective investment funds, if the investment is not prohibited by the instrument, judgment, decree, or order creating the fiduciary relationship. Any common trust fund or collective investment funds shall be established and maintained according to the provisions of chapter 55-6.
Source:
SL 1995, ch 268, §62; SL 2011, ch 212, §22; SL 2014, ch 226, §2.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-66 - Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director.

51A-6A-66. Exclusion of entity from chapters 51A-5 and 51A-6A--Governing documents--Notice to director.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 06A - Creation Of Trust Companies › Section 51A-6A-67 - Trust company receivership and liquidation captive insurance company fund.

51A-6A-67. Trust company receivership and liquidation captive insurance company fund.
There is hereby established in the state treasury the trust company receivership and liquidation captive insurance company fund. The Department of Labor and Regulation may enter into an agreement with a captive insurance company for the management of the fund. Money in the fund may be used to pay for trust company receivership and liquidation costs for trust companies chartered and regulated by the Division of Banking as well as administrative and reinsurance costs for the fund. Interest earned on money in the fund shall be deposited into the fund. Unexpended money and any interest that may be credited to the fund shall remain in the fund. Any money in the trust company receivership and liquidation captive insurance company fund is continuously appropriated. Any money deposited into and distributed from the fund shall be set forth in an informational budget as described in §4-7-7.2.
Source:
SL 2016, ch 228, §4; SDCL §51A-6-23.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-1 - Operation of branches.

51A-7-1. Operation of branches.
A branch bank or mobile branch bank may be operated by a bank only as authorized by this title and by the director under such rules as the commission shall require.
Source:
SL 1933 (SS), ch 2, §2; SL 1935, ch 54; SDC 1939, §6.0402; SL 1957, ch 11; SDCL §§51-8-2, 51-8-3; SL 1969, ch 11, §6.1; SL 1988, ch 377, §125; SDCL §51-20-1; SL 2008, ch 252, §28.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-2 - Examination of branches.

51A-7-2. Examination of branches.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-3 - Capital requirements for bank operating branch.

51A-7-3. Capital requirements for bank operating branch.
Any bank operating a branch bank or banks shall have total capital of not less than the minimum amount required by rule of the commission.
Source:
SL 1933 (SS), ch 2, §2; SDC 1939, §6.0402; SL 1957, ch 11; SDCL, §51-8-4; SL 1969, ch 11, §6.3; SL 1982, ch 334, §2; SL 1988, ch 377, §127; SDCL, §51-20-3.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-4 - Establishment of branch banks.

51A-7-4. Establishment of branch banks.
A branch bank may be established de novo or by consolidating or merging with or purchasing the assets of another state bank, national bank or savings and loan association, or another federally insured financial institution.
Source:
SL 1933 (SS), ch 2, §2; SDC 1939, §6.0402; SL 1957, ch 11; SDCL §51-8-1; SL 1969, ch 11, §6.4; SL 1978, ch 351; SL 1981, ch 346, §41; SL 1990, ch 381; SDCL §51-20-4; SL 2008, ch 252, §30.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-6 - Closing branch--Approval required--Violation as misdemeanor.

51A-7-6. Closing branch--Approval required--Violation as misdemeanor.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-7 - National banks' branching authority.

51A-7-7. National banks' branching authority.
Any national bank whose principal place of business is in this state is hereby authorized to do all things and perform all acts which state banks are permitted to do or perform under this chapter, subject to the conditions and restrictions provided for state banks as to exercise of like privileges.
Source:
SL 1933 (SS), ch 2, §2; SDC 1939, §6.0402; SL 1957, ch 11; SDCL, §51-8-6; SL 1969, ch 11, §6.5; SDCL, §51-20-5.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-8 - Detached drive-in facility--Requirements for construction and operation.

51A-7-8. Detached drive-in facility--Requirements for construction and operation.
Construction and operation of one detached drive-in facility for each bank and branch bank is authorized so long as such bank or branch bank shall comply with all the provisions of this chapter.
Source:
SL 1965, ch 21, §1; SDCL, §51-8-8; SL 1969, ch 11, §6.6; SDCL, §51-20-6.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-9 - "Detached" defined.

51A-7-9."Detached" defined.
A drive-in facility is "detached" within the meaning of this chapter when any part of any structure in which any of the services of the drive-in facility are carried on is located at least fifty feet from the building in which the main banking room of the bank or branch bank operating the drive-in facility is located.
Source:
SL 1965, ch 21, §2; SDCL, §51-8-10; SL 1969, ch 11, §6.7; SL 1981, ch 346, §43; SDCL, §51-20-7.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-10 - Limitation on functions of detached drive-in facility.

51A-7-10. Limitation on functions of detached drive-in facility.
The only banking services which may be offered or rendered to the public at any detached drive-in facility are services comparable to those customarily performed by a bank teller in a bank. No loan or discount services shall be offered or rendered to the public at any detached drive-in facility except that loan payments may be made and accepted at such facility.
Source:
SL 1965, ch 21, §6; SDCL, §51-8-13; SL 1969, ch 11, §6.11; SDCL, §51-20-11.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-11 - Construction or operation of detached drive-in facility--Approval required.

51A-7-11. Construction or operation of detached drive-in facility--Approval required.
No detached drive-in facility may be constructed or operated without the prior written approval of the director, in the case of a state bank, or the appropriate federal regulatory authority in the case of a national bank.
Source:
SL 1965, ch 21, §7; SDCL §51-8-9; SL 1969, ch 11, §6.12; SDCL §51-20-12; SL 2008, ch 252, §33.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-12 - Indication of parent bank on branches and drive-in facilities.

51A-7-12. Indication of parent bank on branches and drive-in facilities.
A branch bank, mobile branch bank, or drive-in facility shall clearly indicate the identity of its parent bank.
Source:
SL 1981, ch 346, §70; SDCL §51-20-13; SL 2008, ch 252, §34.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-13 - Definition of terms.

51A-7-13. Definition of terms.
Terms used in §§51A-7-13 to 51A-7-26, inclusive, mean:
(1)"Acquisition of a branch," the acquisition of a branch located in a host state;
(2)"Bank," a bank as defined in 12 U.S.C. §1813(h) as of January 1, 1996. The term does not include any foreign bank as defined in §12 U.S.C. 3101(7) as of January 1, 1996. However, the term includes any foreign bank organized under the laws of a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal Deposit Insurance Corporation;
(3)"Bank supervisory agency," any agency of another state with primary responsibility for chartering and supervising banks, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, or any successor to these agencies;
(4)"Branch," a branch bank as defined by subdivision 51A-1-2(7);
(5)"Director," the director of the Division of Banking;
(6)"Control," control as construed consistently with the provisions of 12 U.S.C. §1841(a)(2) as of January 1, 1996;
(7)"Home state," for a state bank, the state by which the bank is chartered; for a national bank, the state in which the main office of the bank is located; and for a foreign bank, the state determined to be the home state of the foreign bank pursuant to 12 U.S.C. §3103(c) as of January 1, 1996;
(8)"Home state regulator," for an out-of-state state bank, the bank supervisory agency of the state in which the bank is chartered;
(9)"Host state," a state, other than the home state of a bank, in which the bank maintains, or seeks to establish and maintain a branch;
(10)"Out-of-state bank," a bank whose home state is a state other than South Dakota;
(11)"Out-of-state state bank," a bank chartered under the laws of any state other than South Dakota;
(12)"State," any state of the United States, the District of Columbia, any territory of the United States, Puerto Rico, Guam, American Samoa, the Trust Territory of the Pacific Islands, the Virgin Islands, and the Northern Mariana Islands;
(13)"South Dakota state bank," a bank chartered under the laws of South Dakota; and
(14)"Commission," the State Banking Commission for South Dakota.
Source:
SL 1996, ch 280, §1; SL 2021, ch 204, § 2.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-14 - Interstate branches--Approval required.

51A-7-14. Interstate branches--Approval required.
With prior approval of the director, any South Dakota state bank may establish and maintain a branch or acquire a branch in a state other than South Dakota. A South Dakota state bank may conduct any activities at a branch outside of South Dakota that are permissible for a bank chartered by the host state where the branch is located.
Source:
SL 1996, ch 280, §2; SL 2008, ch 252, §35.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-15 - Application to establish interstate branch--Fee.

51A-7-15. Application to establish interstate branch--Fee.
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.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-16 - Restrictions on branches by other states.

51A-7-16. Restrictions on branches by other states.
To the extent another state imposes a restriction on the ability of a South Dakota bank to establish, acquire, or retain a branch in that state, the other state's restriction shall apply to the establishment, acquisition, or retention of a branch in South Dakota by a bank from that state.
Source:
SL 1996, ch 280, §4; SL 2008, ch 252, §37.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-19 - Examination of out-of-state bank's South Dakota branch.

51A-7-19. Examination of out-of-state bank's South Dakota branch.
The director may make such examinations of any branch established and maintained in South Dakota pursuant to §§51A-7-13 to 51A-7-26, inclusive, by an out-of-state state bank as the director may deem necessary to determine whether the branch is operated in compliance with the laws of South Dakota and in accordance with safe and sound banking practices. The provisions of §51A-2-18 apply to the examinations.
Source:
SL 1996, ch 280, §7; SL 2021, ch 204, § 3.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-20 - Reports required from out-of-state bank with South Dakota branch.

51A-7-20. Reports required from out-of-state bank with South Dakota branch.
The director may require periodic reports regarding any out-of-state bank that has established and maintained a branch in South Dakota. The required reports may be provided by the bank or by the bank supervisory agency having primary responsibility for the bank. Any reporting requirements prescribed by the director under this section shall be consistent with the reporting requirements applicable to South Dakota state banks.
Source:
SL 1996, ch 280, §8.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-23 - Joint examinations of joint enforcement actions by commission and bank supervisory agencies.

51A-7-23. Joint examinations of joint enforcement actions by commission and bank supervisory agencies.
The commission may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any branch established and maintained in South Dakota by an out-of-state bank or any branch established and maintained by a South Dakota state bank in any host state. The director may at any time take any actions independently if the director deems such actions to be necessary or appropriate to carry out the commission's responsibilities under §§51A-7-13 to 51A-7-26, inclusive, or to ensure compliance with the laws of South Dakota. However, in the case of an out-of-state state bank, the director shall recognize the exclusive authority of the home state regulator with respect to matters of safety and soundness.
Source:
SL 1996, ch 280, §11; SL 2021, ch 204, § 4.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-25 - Authority of director in case of violation by South Dakota branch of out-of-state bank.

51A-7-25. Authority of director in case of violation by South Dakota branch of out-of-state bank.
If it is determined that a branch maintained by an out-of-state state bank in South Dakota is being operated in violation of any provision of the laws of South Dakota or is being operated in an unsafe and unsound manner, the director has the authority to take any enforcement action as though the branch were a South Dakota state bank if the director gives notice to the home state regulator of the enforcement action.
Source:
SL 1996, ch 280, §13.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-26 - Promulgation of rules to establish fees.

51A-7-26. Promulgation of rules to establish fees.
The commission may promulgate rules pursuant to chapter 1-26 to establish the fees provided by §§51A-7-13 to 51A-7-15, inclusive, and to provide the necessary forms to administer §§51A-7-13 to 51A-7-25, inclusive.
Source:
SL 1996, ch 280, §14; SL 2021, ch 204, § 5.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-28 - Prohibitions concerning bank names.

51A-7-28. Prohibitions concerning bank names.
No provision of this chapter permits any person, partnership, association, or corporation to identify a newly formed bank, to rename an existing bank, or to open a branch of a newly formed or existing bank, if the effect of such formation, opening, or renaming would be likely to create confusion between the trade name, trademark, service mark, or trade identity of such bank or branch and an existing bank or branch having prior trade name, trademark, service mark, or trade identity rights in the trade area sought to be entered by such newly formed or renamed bank or branch.
Source:
SL 1996, ch 281.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 07 - Branch Banks And Drive-In Facilities › Section 51A-7-29 - Intentional misleading as to source of product, service, or communication prohibited.

51A-7-29. Intentional misleading as to source of product, service, or communication prohibited.
No person may use the word, bank, or any variation of the word, bank, or logo of an existing bank, trust company, savings association, savings bank, or affiliate in a manner that intentionally misleads a person about the source of origin, affiliation, or sponsorship of a product or service or about the true identity source of a communication regardless of the nature of the communication.
Source:
SL 2008, ch 252, §44.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 08 - Remote Service Banking › Section 51A-8-1 - "Remote service unit" defined.

51A-8-1."Remote service unit" defined.
The term, remote service unit, as used in this chapter means an automated teller machine or ATM which is a manned or unmanned device located separate and apart from a bank or branch bank through or by means of which information relating to banking services rendered to the public is electronically stored and transmitted, whether instantaneously or otherwise, to a bank and which provides for cash withdrawals and the depositing of funds.
Source:
SL 1976, ch 305, §1; SL 1988, ch 377, §129; SDCL, §51-20A-1; SL 1996, ch 282, §1.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 08 - Remote Service Banking › Section 51A-8-1.1 - Deposits through use of remote service units--Limited to certain financial institutions.

51A-8-1.1. Deposits through use of remote service units--Limited to certain financial institutions.
No person other than a national bank, a bank organized under the laws of this or any state, a savings and loan association or savings bank organized under the laws of the United States or this or any state, or a credit union organized under the laws of the United States, may accept deposits through the use of remote service units.
Source:
SL 2005, ch 253, §1.
2023 South Dakota Codified Laws › Title 51A - Banks and Banking › Chapter 08 - Remote Service Banking › Section 51A-8-5 - Branch bank provisions inapplicable.

51A-8-5. Branch bank provisions inapplicable.
Remote service units as defined in this chapter are not branch banks as provided by chapter 51A-7.
Source:
SL 1976, ch 305, §4; SL 1988, ch 377, §131; SDCL, §51-20A-5.