51A-4-21. Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset.
Any debt due to any bank on which the interest is past due and unpaid for a period of six months unless the debt is well secured or in process of collection, shall be considered a bad debt and be charged to the reserve for loan and lease losses. In no case may an overdraft be held as an asset by any bank for a period of time longer than that set by the rules of the commission.
Source: SDC 1939, §6.0432; SDCL, §51-11-14; SL 1969, ch 11, §4.16; SL 1981, ch 346, §35; SL 1988, ch 377, §93; SDCL, §51-18-17; SL 1991, ch 390, §6; SL 1997, ch 271, §1.
Structure South Dakota Codified Laws
Chapter 04 - General Powers Of Banks
Section 51A-4-1 - Miscellaneous banking powers.
Section 51A-4-3 - Operation of travel agency.
Section 51A-4-4 - Insurance business authorized.
Section 51A-4-5 - Certificate of authority required to engage in banking business--Misdemeanor.
Section 51A-4-6 - Order to cease and desist for violation--Right to appeal.
Section 51A-4-7 - Arrest and prosecution for violation.
Section 51A-4-8 - Deposit insurance required--Federal reserve system membership authorized.
Section 51A-4-9 - Real property authorized to be held by bank--Maximum book value of premises.
Section 51A-4-12 - Checks settled at par--Payment from reserve deposits.
Section 51A-4-13 - Borrowing money by bank--Pledge of assets.
Section 51A-4-14 - "Bills payable" issued for money borrowed by bank--Record of amount borrowed.
Section 51A-4-15 - Rediscounting of negotiable paper--Limitation on pledge of assets as security.
Section 51A-4-16 - Sale, transfer, or assignment of loan participations.
Section 51A-4-17 - Sale of assets of bank.
Section 51A-4-18 - Grounds and procedure for nonobservance of banking hours--Extension of hours.
Section 51A-4-19 - Change in banking hours--Notice to division.
Section 51A-4-20.1 - "Community development corporation" defined.
Section 51A-4-20.2 - Qualification of community development corporation as permissible investment.
Section 51A-4-20.3 - Promulgation of rules for investment in community development corporations.
Section 51A-4-20.4 - Investments to promote public welfare authorized--Limitations.
Section 51A-4-22 - Purchase of retail installment contract--Terms and effect of agreement.
Section 51A-4-23 - Leasing of personal property by bank--Terms and conditions.
Section 51A-4-24 - Factoring--Applicability of lending limit provisions.
Section 51A-4-25 - Bank investments--Restrictions set by rule--Limitations.
Section 51A-4-25.1 - Annuity defined.
Section 51A-4-27 - Investments in agricultural credit corporations and livestock loan companies.
Section 51A-4-28 - Restricted investment in mortgage banking companies authorized.
Section 51A-4-30 - Investment in federally sponsored housing loans.
Section 51A-4-42 - Restrictions on purchase of cash value life insurance contracts.
Section 51A-4-43 - Access to motor vehicle title and lien information on state's computer system.
Section 51A-4-44 - Financial institution and services defined.
Section 51A-4-45 - Contracts for services.
Section 51A-4-46 - Debt cancellation contracts and debt suspension contracts--Fee.