51A-9-1."Bank service corporation" and "bank services" defined.
Terms as used in this chapter mean:
(1)"Bank service corporation," any corporation organized to perform bank services for one or more banks, each of which owns part of the capital stock of such corporation.
(2)"Bank services," activities which are a part of the business of banking or incidental thereto, including the servicing of mortgages and loans; the leasing of personal property; the operation of travel agencies; the operation of credit bureaus or collection or billing agencies; check and deposit sorting and posting; computation and posting of interest and other charges; preparation and mailing of checks, statements, notices and similar items; any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank; or such other related activities as the commission may by rule determine to be part of the business of banking, provided that the receipt of deposits and the making of loans are not bank services for the purpose of this chapter.
Source: SL 1963, ch 29, §1; SDCL, §51-9-1; SL 1969, ch 11, §7.1; SL 1970, ch 265, §40; SL 1988, ch 377, §132; SDCL, §51-21-1.
Structure South Dakota Codified Laws
Chapter 09 - Bank Service Corporations
Section 51A-9-1 - "Bank service corporation" and "bank services" defined.
Section 51A-9-2 - Investment in bank service corporation.
Section 51A-9-3 - Authority of bank service corporation.
Section 51A-9-4 - Ownership of bank or bank holding company stock prohibited.