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Chapter 01 - Definitions, General Provisions And Penalties
Section 51A-1-1 - Applicability of provisions--Retention of capital structure by banks. - 51A-1-1. Applicability of provisions--Retention of capital structure by banks. Any...
Section 51A-1-2 - Definition of terms. - 51A-1-2. Definition of terms. Terms used in this title mean:...
Section 51A-1-3 - Adverse claims against bank deposits, contents of safe deposit box or property in safekeeping. - 51A-1-3. Adverse claims against bank deposits, contents of safe deposit...
Section 51A-1-4 - Disqualification of officer, employee or director for violation--Civil liability. - 51A-1-4. Disqualification of officer, employee or director for violation--Civil liability....
Section 51A-1-5 - Failure to obey director's orders--Civil liability. - 51A-1-5. Failure to obey director's orders--Civil liability. Any officer, employee,...
Section 51A-1-6 - Procedure to recover fine. - 51A-1-6. Procedure to recover fine. Any proceeding commenced to recover...
Section 51A-1-7 - Injunction against violation. - 51A-1-7. Injunction against violation. Whenever a violation of this title...
Section 51A-1-8 - Liability of bank as insurer or as guarantor or endorser of security instrument prohibited. - 51A-1-8. Liability of bank as insurer or as guarantor or...
Section 51A-1-9 - Concealment of bank transactions as misdemeanor. - 51A-1-9. Concealment of bank transactions as misdemeanor. It is a...
Section 51A-1-10 - False entries--Obstruction of examination--Felonies. - 51A-1-10. False entries--Obstruction of examination--Felonies. It is a Class 4...
Section 51A-1-11 - False filing as misdemeanor. - 51A-1-11. False filing as misdemeanor. No person may knowingly file...
Section 51A-1-12 - Payment or indemnification of person for fine, penalty or judgment unlawful--Civil liability--Exceptions--Action to recover payments. - 51A-1-12. Payment or indemnification of person for fine, penalty or...
Section 51A-1-13 - Misappropriation of funds or information by officer, director, or employee as felony. - 51A-1-13. Misappropriation of funds or information by officer, director, or...
Section 51A-1-14 - Receipt, possession, or sale of misappropriated funds or information as felony. - 51A-1-14. Receipt, possession, or sale of misappropriated funds or information...
Section 51A-1-15 - Acknowledgments by officers or employees of banks validated. - 51A-1-15. Acknowledgments by officers or employees of banks validated. No...
Section 51A-1-16 - Severability of provisions. - 51A-1-16. Severability of provisions. If any provision of this title...
Section 51A-1-17 - No duty to disclose information about customers--Exceptions. - 51A-1-17. No duty to disclose information about customers--Exceptions. Any regulated...
Section 51A-1-18 - Agreements or compacts with other jurisdictions--Administration--Filing--Availability. - 51A-1-18. Agreements or compacts with other jurisdictions--Administration--Filing--Availability. The director, with...
Chapter 02 - Division Of Banking
Section 51A-2-1 - Establishment of Division of Banking. - 51A-2-1. Establishment of Division of Banking. The Division of Banking...
Section 51A-2-2 - Department and commission as division within Department of Labor and Regulation--Direction and supervision by department--Independent functions retained by division. - 51A-2-2. Department and commission as division within Department of Labor...
Section 51A-2-3 - Director of division--Vacancy--Qualifications. - 51A-2-3. Director of division--Vacancy--Qualifications. The division shall be under the...
Section 51A-2-4 - Director of division--Appointment and removal. - 51A-2-4. Director of division--Appointment and removal. The director of the...
Section 51A-2-5 - Deputy director--Appointment--Powers and duties. - 51A-2-5. Deputy director--Appointment--Powers and duties. The secretary of labor and...
Section 51A-2-6 - Staff employees--Compensation--Dismissal--Background investigation. - 51A-2-6. Staff employees--Compensation--Dismissal--Background investigation. The division may employ examiners and...
Section 51A-2-7 - Appointment of State Banking Commission--Director as executive officer--Qualifications of members. - 51A-2-7. Appointment of State Banking Commission--Director as executive officer--Qualifications of...
Section 51A-2-8 - Terms of commission members--Vacancies--Removal for cause. - 51A-2-8. Terms of commission members--Vacancies--Removal for cause. The term of...
Section 51A-2-9 - Chairman and secretary of commission--Per diem and expenses of members. - 51A-2-9. Chairman and secretary of commission--Per diem and expenses of...
Section 51A-2-10 - Meetings of commission. - 51A-2-10. Meetings of commission. The commission shall hold at least...
Section 51A-2-11 - Quorum--Replacement of nonparticipating member. - 51A-2-11. Quorum--Replacement of nonparticipating member. A majority of the voting...
Section 51A-2-12 - Clerical, technical, and legal assistance for commission. - 51A-2-12. Clerical, technical, and legal assistance for commission. The commission...
Section 51A-2-13 - Rules promulgated by commission. - 51A-2-13. Rules promulgated by commission. The commission may promulgate necessary...
Section 51A-2-14 - Rules granting additional authority to banks to promote competitive equality. - 51A-2-14. Rules granting additional authority to banks to promote competitive...
Section 51A-2-14.1 - State chartered banks granted powers allowed federally chartered banks. - 51A-2-14.1. State chartered banks granted powers allowed federally chartered banks....
Section 51A-2-14.2 - Restrictions on federally chartered banks apply to state chartered banks. - 51A-2-14.2. Restrictions on federally chartered banks apply to state chartered...
Section 51A-2-15 - Considerations of commission in making rules and regulations. - 51A-2-15. Considerations of commission in making rules and regulations. In...
Section 51A-2-16 - Applications to organize or change control of bank, to merge, to open or close branch banks, or to change location. - 51A-2-16. Applications to organize or change control of bank, to...
Section 51A-2-17 - Forms of advertising. - 51A-2-17. Forms of advertising. No bank may engage in any...
Section 51A-2-18 - Examination of banks by director--Substitution for examination requirements. - 51A-2-18. Examination of banks by director--Substitution for examination requirements. The...
Section 51A-2-19 - Subpoena power--Witness fees and mileage. - 51A-2-19. Subpoena power--Witness fees and mileage. The director may issue...
Section 51A-2-20 - Examination by director upon application by board--Fees and expenses. - 51A-2-20. Examination by director upon application by board--Fees and expenses....
Section 51A-2-21 - Order to prohibit stockholders' action pending judicial determination. - 51A-2-21. Order to prohibit stockholders' action pending judicial determination. The...
Section 51A-2-22 - Removal of director, officer, or employee of bank--Grounds for order by director. - 51A-2-22. Removal of director, officer, or employee of bank--Grounds for...
Section 51A-2-23 - Review of removal order by commission. - 51A-2-23. Review of removal order by commission. The commission shall...
Section 51A-2-24 - Accounting practices--Valuation of assets--Required practices to protect loans. - 51A-2-24. Accounting practices--Valuation of assets--Required practices to protect loans. The...
Section 51A-2-25 - Temporary order of director against unsound practice. - 51A-2-25. Temporary order of director against unsound practice. The director...
Section 51A-2-26 - Permanent order of commission against unsound practice. - 51A-2-26. Permanent order of commission against unsound practice. The commission...
Section 51A-2-27 - Injunctive relief. - 51A-2-27. Injunctive relief. If a person or bank that is...
Section 51A-2-28 - Seal of director. - 51A-2-28. Seal of director. The director shall have a seal...
Section 51A-2-29 - Record of fees--Disposition of money collected. - 51A-2-29. Record of fees--Disposition of money collected. The division shall...
Section 51A-2-30 - Banking special revenue fund created--Disbursements. - 51A-2-30. Banking special revenue fund created--Disbursements. There is hereby created...
Section 51A-2-31 - Copies of official records and papers in office of division--Evidentiary value--Fee for certified copy. - 51A-2-31. Copies of official records and papers in office of...
Section 51A-2-32 - Oaths and bonds of commissioners, director, deputy director, examiners and special examiners, and other division personnel. - 51A-2-32. Oaths and bonds of commissioners, director, deputy director, examiners...
Section 51A-2-33 - Secrecy oath of commissioners, director and division officers and employees--Exceptions to secrecy requirements. - 51A-2-33. Secrecy oath of commissioners, director and division officers and...
Section 51A-2-34 - Interest in bank by division officers or employees prohibited--Relinquishment of interest by director or deputy for term of office. - 51A-2-34. Interest in bank by division officers or employees prohibited--Relinquishment...
Section 51A-2-35 - Records of division open to public inspection--Exceptions--Court order. - 51A-2-35. Records of division open to public inspection--Exceptions--Court order. The...
Section 51A-2-36 - Examination and supervision fees. - 51A-2-36. Examination and supervision fees. The division shall charge and...
Section 51A-2-37 - Examinations of parent corporations by director--Penalty for refusal to allow examination. - 51A-2-37. Examinations of parent corporations by director--Penalty for refusal to...
Chapter 03 - Organization, Applications, And Capital Structure Of Banking Corporations
Section 51A-3-1 - Corporation laws applicable to banks. - 51A-3-1. Corporation laws applicable to banks. All provisions of law...
Section 51A-3-1.1 - Bank organized as limited liability company--Rules. - 51A-3-1.1. Bank organized as limited liability company--Rules. A bank may...
Section 51A-3-2 - Articles of incorporation or articles of organization--Content--Name of bank--Capital stock or members' equity. - 51A-3-2. Articles of incorporation or articles of organization--Content--Name of bank--Capital...
Section 51A-3-3 - Incorporators of bank. - 51A-3-3. Incorporators of bank. The incorporators shall be any number...
Section 51A-3-4 - Minimum capital. - 51A-3-4. Minimum capital. The total capital of each newly organized...
Section 51A-3-5 - Sale price of original stock issue or original issue of members' equity--Excess credited to surplus. - 51A-3-5. Sale price of original stock issue or original issue...
Section 51A-3-6 - Transfers to surplus. - 51A-3-6. Transfers to surplus. One-tenth of the net profit for...
Section 51A-3-7 - Applications--Fee. - 51A-3-7. Applications--Fee. Any application filed pursuant to §51A-2-16 shall be...
Section 51A-3-8 - Acceptance of application for charter. - 51A-3-8. Acceptance of application for charter. The director shall notify...
Section 51A-3-9 - Conditions to be considered in ruling on application. - 51A-3-9. Conditions to be considered in ruling on application. In...
Section 51A-3-10 - Hearing on application. - 51A-3-10. Hearing on application. Within ninety days following an applicant's...
Section 51A-3-12 - Endorsement and filing of approved articles--Notice of disapproval. - 51A-3-12. Endorsement and filing of approved articles--Notice of disapproval. If...
Section 51A-3-13 - Subscription of shares--Minimum collection--Refund on disapproval of application. - 51A-3-13. Subscription of shares--Minimum collection--Refund on disapproval of application. The...
Section 51A-3-14 - Call by incorporators for full payment of subscriptions--Issuance of certificate of authority by director--Commencement of business within one year. - 51A-3-14. Call by incorporators for full payment of subscriptions--Issuance of...
Section 51A-3-15 - Applications for branch banks and detached drive-in facilities--Applicable provisions. - 51A-3-15. Applications for branch banks and detached drive-in facilities--Applicable provisions....
Section 51A-3-16 - Preferred stock, capital notes, and debentures--Director approval of issuance--Terms of issue--Director approval of retirement or payment. - 51A-3-16. Preferred stock, capital notes, and debentures--Director approval of issuance--Terms...
Section 51A-3-17 - Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends. - 51A-3-17. Preferred stock, capital notes, and debentures outstanding--Restrictions on dividends....
Section 51A-3-17.1 - Dividends--Definition. - 51A-3-17.1. Dividends--Definition. For the purposes of this chapter, dividends are...
Section 51A-3-18 - Dividends--Restrictions and requirements for declaration. - 51A-3-18. Dividends--Restrictions and requirements for declaration. Dividends to stockholders may...
Section 51A-3-19 - Approval of director required for unusually large dividends. - 51A-3-19. Approval of director required for unusually large dividends. The...
Section 51A-3-20 - Recovery of dividends paid when capital impaired. - 51A-3-20. Recovery of dividends paid when capital impaired. Dividends paid...
Section 51A-3-21 - Net profits defined. - 51A-3-21. Net profits defined. Net profits shall be equal to...
Section 51A-3-22 - Amendment of articles of incorporation--Changes requiring approval of director--Filing of amendments. - 51A-3-22. Amendment of articles of incorporation--Changes requiring approval of director--Filing...
Section 51A-3-23 - Extension of charter. - 51A-3-23. Extension of charter. Within one year prior to the...
Section 51A-3-24 - Reporting transfers of stock. - 51A-3-24. Reporting transfers of stock. All transfers of shares of...
Section 51A-3-25 - Change in control of bank. - 51A-3-25. Change in control of bank. For the purposes of...
Section 51A-3-26 - Lien on shares--Enforcement--Marking of certificates. - 51A-3-26. Lien on shares--Enforcement--Marking of certificates. Any bank has a...
Section 51A-3-27 - Purchase or purchase money loans on security of own stock prohibited--Exception. - 51A-3-27. Purchase or purchase money loans on security of own...
Section 51A-3-28 - Credit of dividends, interest, or profits on indebtedness--Foreclosure of lien. - 51A-3-28. Credit of dividends, interest, or profits on indebtedness--Foreclosure of...
Section 51A-3-30 - Adoption and approval of bylaws. - 51A-3-30. Adoption and approval of bylaws. Every bank shall adopt...
Section 51A-3-31 - Indemnification of officers, directors, or employees. - 51A-3-31. Indemnification of officers, directors, or employees. A bank may...
Section 51A-3-32 - Board of directors--Number of members--Citizenship requirements--Election. - 51A-3-32. Board of directors--Number of members--Citizenship requirements--Election. The board of...
Section 51A-3-33 - Removal of directors--Vote required. - 51A-3-33. Removal of directors--Vote required. Any director may be removed...
Section 51A-3-34 - Board of directors--Meetings. - 51A-3-34. Board of directors--Meetings. The board of directors shall hold...
Section 51A-3-35 - Election of officers--Terms--Vacancies. - 51A-3-35. Election of officers--Terms--Vacancies. The officers of every bank shall...
Section 51A-3-36 - Names of officers and information forwarded to director--Vacancy on refusal to confirm. - 51A-3-36. Names of officers and information forwarded to director--Vacancy on...
Section 51A-3-37 - Bonds of officers and employees. - 51A-3-37. Bonds of officers and employees. The directors of a...
Section 51A-3-38 - Insurance protection. - 51A-3-38. Insurance protection. The directors of a bank shall also...
Section 51A-3-39 - Amount of bonds and insurance prescribed by bank directors--Approval by director of division. - 51A-3-39. Amount of bonds and insurance prescribed by bank directors--Approval...
Chapter 04 - General Powers Of Banks
Section 51A-4-1 - Miscellaneous banking powers. - 51A-4-1. Miscellaneous banking powers. In addition to powers otherwise conferred...
Section 51A-4-1.1 - Banking with industrial hemp or marijuana licensees and associated persons authorized. - 51A-4-1.1. Banking with industrial hemp or marijuana licensees and associated...
Section 51A-4-2 - Purchase and sale of securities on order of customer--Contract with securities brokerage services allowed. - 51A-4-2. Purchase and sale of securities on order of customer--Contract...
Section 51A-4-3 - Operation of travel agency. - 51A-4-3. Operation of travel agency. A bank may operate a...
Section 51A-4-4 - Insurance business authorized. - 51A-4-4. Insurance business authorized. A bank is expressly empowered, directly...
Section 51A-4-5 - Certificate of authority required to engage in banking business--Misdemeanor. - 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. - 51A-4-6. Order to cease and desist for violation--Right to appeal....
Section 51A-4-7 - Arrest and prosecution for violation. - 51A-4-7. Arrest and prosecution for violation. The director may take...
Section 51A-4-8 - Deposit insurance required--Federal reserve system membership authorized. - 51A-4-8. Deposit insurance required--Federal reserve system membership authorized. Any bank...
Section 51A-4-9 - Real property authorized to be held by bank--Maximum book value of premises. - 51A-4-9. Real property authorized to be held by bank--Maximum book...
Section 51A-4-10 - Property authorized to be purchased to satisfy debts--Limitation on period of retention. - 51A-4-10. Property authorized to be purchased to satisfy debts--Limitation on...
Section 51A-4-12 - Checks settled at par--Payment from reserve deposits. - 51A-4-12. Checks settled at par--Payment from reserve deposits. Except as...
Section 51A-4-13 - Borrowing money by bank--Pledge of assets. - 51A-4-13. Borrowing money by bank--Pledge of assets. A bank may...
Section 51A-4-14 - "Bills payable" issued for money borrowed by bank--Record of amount borrowed. - 51A-4-14."Bills payable" issued for money borrowed by bank--Record of amount...
Section 51A-4-15 - Rediscounting of negotiable paper--Limitation on pledge of assets as security. - 51A-4-15. Rediscounting of negotiable paper--Limitation on pledge of assets as...
Section 51A-4-16 - Sale, transfer, or assignment of loan participations. - 51A-4-16. Sale, transfer, or assignment of loan participations. A bank...
Section 51A-4-17 - Sale of assets of bank. - 51A-4-17. Sale of assets of bank. A bank may sell...
Section 51A-4-18 - Grounds and procedure for nonobservance of banking hours--Extension of hours. - 51A-4-18. Grounds and procedure for nonobservance of banking hours--Extension of...
Section 51A-4-19 - Change in banking hours--Notice to division. - 51A-4-19. Change in banking hours--Notice to division. If any bank...
Section 51A-4-20 - Restriction on use of bank money to purchase other bank stock--Community investments authorized--Limitation on investment. - 51A-4-20. Restriction on use of bank money to purchase other...
Section 51A-4-20.1 - "Community development corporation" defined. - 51A-4-20.1."Community development corporation" defined. For the purposes of §§51A-4-20 to...
Section 51A-4-20.2 - Qualification of community development corporation as permissible investment. - 51A-4-20.2. Qualification of community development corporation as permissible investment. To...
Section 51A-4-20.3 - Promulgation of rules for investment in community development corporations. - 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. - 51A-4-20.4. Investments to promote public welfare authorized--Limitations. A bank may...
Section 51A-4-21 - Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as asset. - 51A-4-21. Bad debts--Maximum time allowed before charge-off--Overdraft not allowed as...
Section 51A-4-22 - Purchase of retail installment contract--Terms and effect of agreement. - 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. - 51A-4-23. Leasing of personal property by bank--Terms and conditions. A...
Section 51A-4-24 - Factoring--Applicability of lending limit provisions. - 51A-4-24. Factoring--Applicability of lending limit provisions. A bank may engage...
Section 51A-4-25 - Bank investments--Restrictions set by rule--Limitations. - 51A-4-25. Bank investments--Restrictions set by rule--Limitations. A bank may purchase...
Section 51A-4-25.1 - Annuity defined. - 51A-4-25.1. Annuity defined. For the purposes of §51A-4-25, an annuity...
Section 51A-4-26 - Exceptions to investment limitation--Purchase of federal, state, and municipal obligations and bonds or interim notes of South Dakota Building Authority. - 51A-4-26. Exceptions to investment limitation--Purchase of federal, state, and municipal...
Section 51A-4-27 - Investments in agricultural credit corporations and livestock loan companies. - 51A-4-27. Investments in agricultural credit corporations and livestock loan companies....
Section 51A-4-28 - Restricted investment in mortgage banking companies authorized. - 51A-4-28. Restricted investment in mortgage banking companies authorized. Any bank...
Section 51A-4-29 - Banks authorized to make or purchase loans secured by real estate mortgages--Sale of loans to Federal National Mortgage Association--Capital contributions. - 51A-4-29. Banks authorized to make or purchase loans secured by...
Section 51A-4-30 - Investment in federally sponsored housing loans. - 51A-4-30. Investment in federally sponsored housing loans. Banks and trust...
Section 51A-4-42 - Restrictions on purchase of cash value life insurance contracts. - 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. - 51A-4-43. Access to motor vehicle title and lien information on...
Section 51A-4-44 - Financial institution and services defined. - 51A-4-44. Financial institution and services defined. Terms used in §51A-4-45...
Section 51A-4-45 - Contracts for services. - 51A-4-45. Contracts for services. Unless prohibited by another provision of...
Section 51A-4-46 - Debt cancellation contracts and debt suspension contracts--Fee. - 51A-4-46. Debt cancellation contracts and debt suspension contracts--Fee. A bank...
Chapter 05 - Trust Business Of Banks
Section 51A-5-1 - Use of "trust" in name restricted--Exercise of trust powers restricted--Misdemeanor. - 51A-5-1. Use of "trust" in name restricted--Exercise of trust powers...
Section 51A-5-1.1 - Powers of banks engaging in trust business. - 51A-5-1.1. Powers of banks engaging in trust business. Banks engaging...
Section 51A-5-1.2 - "Trust business" defined. - 51A-5-1.2."Trust business" defined. Trust business is engaging in, or holding...
Section 51A-5-2 - Bank as trustee or custodian for retirement benefit plans. - 51A-5-2. Bank as trustee or custodian for retirement benefit plans....
Section 51A-5-3 - Fiduciary authority of bank authorized by charter to exercise trust powers. - 51A-5-3. Fiduciary authority of bank authorized by charter to exercise...
Section 51A-5-4 - Deposit required to do trust business--Amount and form of deposit--Disposition of income. - 51A-5-4. Deposit required to do trust business--Amount and form of...
Section 51A-5-5 - Deposit available for satisfaction of claims upon liquidation, abandonment of trust powers, or resignation from fiduciary positions. - 51A-5-5. Deposit available for satisfaction of claims upon liquidation, abandonment...
Section 51A-5-6 - National banks' authority to engage in trust business--Examination of trust business--Acceptance of federal examination. - 51A-5-6. National banks' authority to engage in trust business--Examination of...
Section 51A-5-7 - Foreign bank or trust company to comply with requirements to act as fiduciary in state--Violation as misdemeanor. - 51A-5-7. Foreign bank or trust company to comply with requirements...
Section 51A-5-8 - Reciprocal privileges extended to foreign bank or trust company acting as fiduciary. - 51A-5-8. Reciprocal privileges extended to foreign bank or trust company...
Section 51A-5-9 - Filing with Office of the Secretary of State by foreign bank or trust company acting as fiduciary--Designation as agent to receive process--Service of process. - 51A-5-9. Filing with Office of the Secretary of State by...
Section 51A-5-10 - Establishment of place of business not permitted or prohibited by filing requirements. - 51A-5-10. Establishment of place of business not permitted or prohibited...
Section 51A-5-11 - Investment powers of trust company. - 51A-5-11. Investment powers of trust company. A bank exercising trust...
Section 51A-5-12 - Voting of bank shares by cotrustee. - 51A-5-12. Voting of bank shares by cotrustee. Shares of its...
Section 51A-5-13 - Segregation of assets held by bank as fiduciary. - 51A-5-13. Segregation of assets held by bank as fiduciary. A...
Section 51A-5-14 - Deposit of federally guaranteed securities with federal reserve bank. - 51A-5-14. Deposit of federally guaranteed securities with federal reserve bank....
Section 51A-5-15 - Records of depositor to show ownership of securities--Transfers by book entries. - 51A-5-15. Records of depositor to show ownership of securities--Transfers by...
Section 51A-5-16 - Custodian to certify deposited securities to fiduciary--Duty of fiduciary. - 51A-5-16. Custodian to certify deposited securities to fiduciary--Duty of fiduciary....
Section 51A-5-17 - Application of provisions to fiduciaries and custodians whenever appointed. - 51A-5-17. Application of provisions to fiduciaries and custodians whenever appointed....
Section 51A-5-19 - Oath or bond not required of bank to qualify as fiduciary. - 51A-5-19. Oath or bond not required of bank to qualify...
Section 51A-5-20 - Nominees used by bank acting as fiduciary or cofiduciary. - 51A-5-20. Nominees used by bank acting as fiduciary or cofiduciary....
Section 51A-5-21 - Deposit in clearing corporation of securities held as fiduciary or custodian. - 51A-5-21. Deposit in clearing corporation of securities held as fiduciary...
Section 51A-5-22 - Ownership of stock in clearing corporation not required for deposit of securities by fiduciary or custodian. - 51A-5-22. Ownership of stock in clearing corporation not required for...
Section 51A-5-23 - Holding in bulk of securities deposited in clearing corporation--Merger of certificates. - 51A-5-23. Holding in bulk of securities deposited in clearing corporation--Merger...
Section 51A-5-24 - Records of securities deposited in clearing corporation--Transfer by book entry--Certification to interested party of securities held. - 51A-5-24. Records of securities deposited in clearing corporation--Transfer by book...
Section 51A-5-25 - Approval or ratification of acceptance or relinquishment of fiduciary accounts by board of directors or committee. - 51A-5-25. Approval or ratification of acceptance or relinquishment of fiduciary...
Section 51A-5-26 - Supervision of investment of fiduciary funds by committee designated by board of directors. - 51A-5-26. Supervision of investment of fiduciary funds by committee designated...
Section 51A-5-27 - Reports of committees designated to supervise fiduciary accounts. - 51A-5-27. Reports of committees designated to supervise fiduciary accounts. The...
Chapter 06A - Creation Of Trust Companies
Section 51A-6A-1 - Definitions. - 51A-6A-1. Definitions. Terms used in this chapter mean: (1)"Articles," in...
Section 51A-6A-2 - Confidential information. - 51A-6A-2. Confidential information. For the purposes of this chapter, confidential...
Section 51A-6A-3 - "Community" defined. - 51A-6A-3."Community" defined. For the purposes of this chapter, community shall...
Section 51A-6A-4 - Application for incorporation--Approval procedure--Emergency procedure. - 51A-6A-4. Application for incorporation--Approval procedure--Emergency procedure. No trust company may...
Section 51A-6A-5 - Considerations in ruling on application-Proceedings on application. - 51A-6A-5. Considerations in ruling on application-Proceedings on application. In ruling...
Section 51A-6A-5.1 - Notice to division of material omission in application or change in facts reported in application. - 51A-6A-5.1. Notice to division of material omission in application or...
Section 51A-6A-6 - Application fee. - 51A-6A-6. Application fee. All applications for charters under this chapter...
Section 51A-6A-7 - Organization of public and private trust companies--Submission and approval of articles--Required information. - 51A-6A-7. Organization of public and private trust companies--Submission and approval...
Section 51A-6A-7.1 - Corporation laws applied. - 51A-6A-7.1. Corporation laws applied. All provisions of law applicable to...
Section 51A-6A-8 - Amendment of articles--Extension of existence. - 51A-6A-8. Amendment of articles--Extension of existence. Prior to the expiration...
Section 51A-6A-9 - Starting date of trust company existence--Commencement of business. - 51A-6A-9. Starting date of trust company existence--Commencement of business. The...
Section 51A-6A-10 - Statement of payment of capital--Certificate of organization. - 51A-6A-10. Statement of payment of capital--Certificate of organization. When the...
Section 51A-6A-11 - Authority to transact business required--Violation as misdemeanor. - 51A-6A-11. Authority to transact business required--Violation as misdemeanor. No individual,...
Section 51A-6A-11.1 - Public trust companies to maintain office and perform trust administration in South Dakota. - 51A-6A-11.1. Public trust companies to maintain office and perform trust...
Section 51A-6A-11.2 - Office space requirements. - 51A-6A-11.2. Office space requirements. For purposes of §51A-6A-11.1, office space...
Section 51A-6A-11.3 - Approval of other office space requirements. - 51A-6A-11.3. Approval of other office space requirements. Upon application by...
Section 51A-6A-12 - List of owners--Annual submission to director--Verification of list. - 51A-6A-12. List of owners--Annual submission to director--Verification of list. Every...
Section 51A-6A-13 - Governing board--Membership--Election--Vacancies. - 51A-6A-13. Governing board--Membership--Election--Vacancies. The business of any trust company shall...
Section 51A-6A-14 - Officers of governing board--Bond required. - 51A-6A-14. Officers of governing board--Bond required. The governing board may...
Section 51A-6A-15 - Meetings of governing board--Examination and audit of books and records. - 51A-6A-15. Meetings of governing board--Examination and audit of books and...
Section 51A-6A-16 - Oath of board members. - 51A-6A-16. Oath of board members. Each board member shall take...
Section 51A-6A-17 - Persons convicted of certain crimes ineligible to serve as board member, officer, or key employee--Civil penalty--Criminal background investigation. - 51A-6A-17. Persons convicted of certain crimes ineligible to serve as...
Section 51A-6A-19 - Determining capital--Minimum--Purpose of capital--Fidelity bond and liability insurance policy. - 51A-6A-19. Determining capital--Minimum--Purpose of capital--Fidelity bond and liability insurance policy....
Section 51A-6A-19.1 - Additional capital requirements--Safety and soundness factors to be considered--Effective date of order--Hearing. - 51A-6A-19.1. Additional capital requirements--Safety and soundness factors to be considered--Effective...
Section 51A-6A-19.2 - Investments pledged to division for security of trust creditors of trust company--Amount--Income from investments--Pledge increase--Hearing. - 51A-6A-19.2. Investments pledged to division for security of trust creditors...
Section 51A-6A-19.3 - Pledge available to satisfy claims upon liquidation, abandonment of trust powers, or resignation. - 51A-6A-19.3. Pledge available to satisfy claims upon liquidation, abandonment of...
Section 51A-6A-20 - Payment of subscriptions--Reduction of common stock. - 51A-6A-20. Payment of subscriptions--Reduction of common stock. All subscriptions to...
Section 51A-6A-21 - Transferring stock and ownership units. - 51A-6A-21. Transferring stock and ownership units. The shares of stock...
Section 51A-6A-22 - Increasing capital stock or ownership units. - 51A-6A-22. Increasing capital stock or ownership units. The capital stock...
Section 51A-6A-23 - Registration of capital stock or ownership units. - 51A-6A-23. Registration of capital stock or ownership units. If the...
Section 51A-6A-24 - Issuance and retirement of preferred stock. - 51A-6A-24. Issuance and retirement of preferred stock. Any trust company...
Section 51A-6A-25 - Rights and liability of preferred stockholders--Dividends. - 51A-6A-25. Rights and liability of preferred stockholders--Dividends. The holders of...
Section 51A-6A-26 - Issuance of convertible or nonconvertible capital notes or debentures. - 51A-6A-26. Issuance of convertible or nonconvertible capital notes or debentures....
Section 51A-6A-27 - Dividends not permitted from required capital. - 51A-6A-27. Dividends not permitted from required capital. A trust company...
Section 51A-6A-28 - Dividends from undivided profits or surplus. - 51A-6A-28. Dividends from undivided profits or surplus. The governing board...
Section 51A-6A-29 - Powers of trust company. - 51A-6A-29. Powers of trust company. A trust company may exercise...
Section 51A-6A-29.1 - Permissible business of trust companies. - 51A-6A-29.1. Permissible business of trust companies. A trust company may...
Section 51A-6A-30 - Retention of records--Promulgation of rules--Reproduction of records--Duty of confidentiality. - 51A-6A-30. Retention of records--Promulgation of rules--Reproduction of records--Duty of confidentiality....
Section 51A-6A-31 - Periodic examination of trust company--Report of examination--Cooperative, coordinating and information-sharing agreements among agencies. - 51A-6A-31. Periodic examination of trust company--Report of examination--Cooperative, coordinating and...
Section 51A-6A-32 - Examination of fiduciary affairs of officers or employees--Examination of affiliated companies or corporations. - 51A-6A-32. Examination of fiduciary affairs of officers or employees--Examination of...
Section 51A-6A-33 - Examination expenses paid by trust companies--Fees. - 51A-6A-33. Examination expenses paid by trust companies--Fees. The expense of...
Section 51A-6A-34 - Annual report of trust company to director--Form of report--Request for additional reports. - 51A-6A-34. Annual report of trust company to director--Form of report--Request...
Section 51A-6A-35 - Authority of trust company revoked upon obstruction or interference with, or refusal to submit to, examination of director. - 51A-6A-35. Authority of trust company revoked upon obstruction or interference...
Section 51A-6A-36 - Service of notice of charges--Contents of notice--Temporary cease and desist order. - 51A-6A-36. Service of notice of charges--Contents of notice--Temporary cease and...
Section 51A-6A-37 - Revocation of franchise for failure to comply with lawful requirements. - 51A-6A-37. Revocation of franchise for failure to comply with lawful...
Section 51A-6A-38 - Hearing on revocation of trust authority. - 51A-6A-38. Hearing on revocation of trust authority. A trust company...
Section 51A-6A-39 - Confidentiality of information generated by examination--Disclosure--Hearing. - 51A-6A-39. Confidentiality of information generated by examination--Disclosure--Hearing. All information the...
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...
Section 51A-6A-41 - Insolvency defined. - 51A-6A-41. Insolvency defined. A trust company is insolvent if: (1)The...
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...
Section 51A-6A-43 - Plan for reorganization of insolvent trust company. - 51A-6A-43. Plan for reorganization of insolvent trust company. The owners...
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...
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....
Section 51A-6A-45.1 - Liability of receiver. - 51A-6A-45.1. Liability of receiver. No receiver, appointed pursuant to §51A-6A-44,...
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...
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...
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...
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...
Section 51A-6A-48 - Contents of notice of proposed acquisition. - 51A-6A-48. Contents of notice of proposed acquisition. A notice of...
Section 51A-6A-49 - Reason for disapproval of acquisition. - 51A-6A-49. Reason for disapproval of acquisition. The director may disapprove...
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...
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...
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...
Section 51A-6A-52 - Fiduciary capacity of successor trust company. - 51A-6A-52. Fiduciary capacity of successor trust company. Upon the merger...
Section 51A-6A-53 - Name of trust company--Name change. - 51A-6A-53. Name of trust company--Name change. No trust company may...
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...
Section 51A-6A-58 - Establishment of trust service offices--Application. - 51A-6A-58. Establishment of trust service offices--Application. After first applying for...
Section 51A-6A-61 - Membership in federal reserve bank. - 51A-6A-61. Membership in federal reserve bank. Any trust company may...
Section 51A-6A-62 - Depositing securities into federal reserve bank. - 51A-6A-62. Depositing securities into federal reserve bank. Any trust company...
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....
Section 51A-6A-64 - Common trust funds and collective investment funds. - 51A-6A-64. Common trust funds and collective investment funds. Any trust...
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...
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....
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...
Section 51A-7-2 - Examination of branches. - 51A-7-2. Examination of branches. Every branch bank or mobile branch...
Section 51A-7-3 - Capital requirements for bank operating branch. - 51A-7-3. Capital requirements for bank operating branch. Any bank operating...
Section 51A-7-4 - Establishment of branch banks. - 51A-7-4. Establishment of branch banks. A branch bank may be...
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...
Section 51A-7-7 - National banks' branching authority. - 51A-7-7. National banks' branching authority. Any national bank whose principal...
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...
Section 51A-7-9 - "Detached" defined. - 51A-7-9."Detached" defined. A drive-in facility is "detached" within the meaning...
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...
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...
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....
Section 51A-7-13 - Definition of terms. - 51A-7-13. Definition of terms. Terms used in §§51A-7-13 to 51A-7-26,...
Section 51A-7-14 - Interstate branches--Approval required. - 51A-7-14. Interstate branches--Approval required. With prior approval of the director,...
Section 51A-7-15 - Application to establish interstate branch--Fee. - 51A-7-15. Application to establish interstate branch--Fee. No South Dakota state...
Section 51A-7-16 - Restrictions on branches by other states. - 51A-7-16. Restrictions on branches by other states. To the extent...
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...
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....
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...
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...
Section 51A-7-26 - Promulgation of rules to establish fees. - 51A-7-26. Promulgation of rules to establish fees. The commission may...
Section 51A-7-28 - Prohibitions concerning bank names. - 51A-7-28. Prohibitions concerning bank names. No provision of this chapter...
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...
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...
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...
Section 51A-8-5 - Branch bank provisions inapplicable. - 51A-8-5. Branch bank provisions inapplicable. Remote service units as defined...
Chapter 09 - Bank Service Corporations
Section 51A-9-1 - "Bank service corporation" and "bank services" defined. - 51A-9-1."Bank service corporation" and "bank services" defined. Terms as used...
Section 51A-9-2 - Investment in bank service corporation. - 51A-9-2. Investment in bank service corporation. Any bank shall have...
Section 51A-9-3 - Authority of bank service corporation. - 51A-9-3. Authority of bank service corporation. No bank service corporation...
Section 51A-9-4 - Ownership of bank or bank holding company stock prohibited. - 51A-9-4. Ownership of bank or bank holding company stock prohibited....
Section 51A-9-5 - Examination of bank services. - 51A-9-5. Examination of bank services. Any bank services performed by...
Chapter 10 - Bank Deposits
Section 51A-10-1 - "Deposit" or "deposits" defined. - 51A-10-1."Deposit" or "deposits" defined. The word "deposit" or "deposits" shall...
Section 51A-10-2 - Minors' accounts. - 51A-10-2. Minors' accounts. A bank may operate its deposit account...
Section 51A-10-3 - Deposits in name of two or more persons. - 51A-10-3. Deposits in name of two or more persons. Whenever...
Section 51A-10-4 - Deposits in trust for another. - 51A-10-4. Deposits in trust for another. Whenever any deposit is...
Section 51A-10-5 - Tax liability on payments to survivors of deposits in name of two or more persons or in trust for another. - 51A-10-5. Tax liability on payments to survivors of deposits in...
Section 51A-10-6 - Statement of account between bank and depositor--Limitation on depositor's recourse after statement rendered. - 51A-10-6. Statement of account between bank and depositor--Limitation on depositor's...
Section 51A-10-7 - Duty of depositor to examine statement of account and vouchers. - 51A-10-7. Duty of depositor to examine statement of account and...
Section 51A-10-8 - Misdemeanor to certify check where drawer's funds insufficient. - 51A-10-8. Misdemeanor to certify check where drawer's funds insufficient. It...
Section 51A-10-9 - Preferential deposits. - 51A-10-9. Preferential deposits. No bank may give preference to any...
Section 51A-10-10 - Substitution or exchange of securities deposited to qualify as depository for funds of governmental subdivisions. - 51A-10-10. Substitution or exchange of securities deposited to qualify as...
Section 51A-10-11 - Loans prohibited when reserve deficient. - 51A-10-11. Loans prohibited when reserve deficient. Whenever the reserve of...
Chapter 11 - Safe Deposit And Safekeeping
Section 51A-11-1 - Definition of terms. - 51A-11-1. Definition of terms. Terms used in this chapter, unless...
Section 51A-11-2 - Regulation of safe deposit by commission. - 51A-11-2. Regulation of safe deposit by commission. The leasing of...
Section 51A-11-3 - Fiduciary's access to safe deposit. - 51A-11-3. Fiduciary's access to safe deposit. Where a safe deposit...
Section 51A-11-4 - Power of attorney. - 51A-11-4. Power of attorney. Where a lessor without knowledge of...
Section 51A-11-5 - Minor's lease of safe deposit. - 51A-11-5. Minor's lease of safe deposit. A bank may lease...
Section 51A-11-6 - Joint leaseholds in safe deposit. - 51A-11-6. Joint leaseholds in safe deposit. Joint leaseholds in and...
Section 51A-11-7 - Death of lessee--Procedures for opening and delivery of contents of safe deposit. - 51A-11-7. Death of lessee--Procedures for opening and delivery of contents...
Section 51A-11-7.1 - Death of joint lessee or other having right of access--Notification of lessor. - 51A-11-7.1. Death of joint lessee or other having right of...
Section 51A-11-8 - Corporate lessee. - 51A-11-8. Corporate lessee. If the lessee is a corporation and...
Section 51A-11-9 - Adverse claims to safe deposit. - 51A-11-9. Adverse claims to safe deposit. Adverse claims to the...
Section 51A-11-10 - Unpaid rental--Procedures for opening safe deposit and disposition of contents. - 51A-11-10. Unpaid rental--Procedures for opening safe deposit and disposition of...
Chapter 12 - Bank Loans
Section 51A-12-1 - Application to bank loans. - 51A-12-1. Application to bank loans. This chapter applies to bank...
Section 51A-12-2 - Loan or credit limitation. - 51A-12-2. Loan or credit limitation. Except as otherwise provided in...
Section 51A-12-2.1 - Application for exception to agricultural loan or credit limitation. - 51A-12-2.1. Application for exception to agricultural loan or credit limitation....
Section 51A-12-2.2 - Expiration of exception--New exception request. - 51A-12-2.2. Expiration of exception--New exception request. Any exception granted by...
Section 51A-12-2.3 - Loan defined. - 51A-12-2.3. Loan defined. For the purpose of calculating loan or...
Section 51A-12-2.4 - Derivative transaction defined. - 51A-12-2.4. Derivative transaction defined. For purposes of §51A-12-2.3, a derivative...
Section 51A-12-4 - Loan to customer used for partnership or corporation. - 51A-12-4. Loan to customer used for partnership or corporation. A...
Section 51A-12-5 - Discounting not considered as money borrowed for purposes of loan limitation. - 51A-12-5. Discounting not considered as money borrowed for purposes of...
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...
Section 51A-12-8 - Liability of officers and directors for excessive loans. - 51A-12-8. Liability of officers and directors for excessive loans. The...
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...
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...
Section 51A-12-11 - Mortgage on real estate. - 51A-12-11. Mortgage on real estate. A bank may lend on...
Section 51A-12-12 - Revolving credit authorized. - 51A-12-12. Revolving credit authorized. A bank may extend credit and...
Section 51A-12-13 - Collection of certain credit service charges by bank. - 51A-12-13. Collection of certain credit service charges by bank. Notwithstanding...
Section 51A-12-14 - Right of offset on loans. - 51A-12-14. Right of offset on loans. In addition to the...
Section 51A-12-15 - Compounding interest and service fees. - 51A-12-15. Compounding interest and service fees. A bank may compound...
Section 51A-12-16 - Security interests authorized. - 51A-12-16. Security interests authorized. A credit agreement, or any agreement...
Section 51A-12-17 - Maintenance of deposit as condition for loan. - 51A-12-17. Maintenance of deposit as condition for loan. A bank...
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...
Section 51A-13-2 - Reports to director. - 51A-13-2. Reports to director. Every bank shall make a report...
Section 51A-13-3 - Failure to report--Civil penalty. - 51A-13-3. Failure to report--Civil penalty. Any bank failing to make...
Section 51A-13-4 - Fiduciary examinations. - 51A-13-4. Fiduciary examinations. Only summary examinations and reports shall be...
Section 51A-13-5 - Preservation of records. - 51A-13-5. Preservation of records. Every bank shall retain and preserve...
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...
Section 51A-14-2 - Purchase of assets and assumption of liabilities. - 51A-14-2.Purchase of assets and assumption of liabilities. A bank may...
Section 51A-14-3 - Conversion from state bank to national bank. - 51A-14-3. Conversion from state bank to national bank. Any bank...
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...
Section 51A-14-5 - Liquidation procedures in the event of reorganization. - 51A-14-5. Liquidation procedures in the event of reorganization. If a...
Section 51A-14-6 - Emergency takeover. - 51A-14-6. Emergency takeover. If the director, pursuant to §51A-15-21, or...
Section 51A-14-7 - Valuation of dissident shareholders' stock. - 51A-14-7. Valuation of dissident shareholders' stock. The provisions of §§47-1A-1107...
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...
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...
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...
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...
Section 51A-15-5 - Disposition of safe deposit on voluntary liquidation. - 51A-15-5. Disposition of safe deposit on voluntary liquidation. The contents...
Section 51A-15-6 - Depositor's or creditor's rights not impaired by voluntary liquidation--Return of safe deposit rental. - 51A-15-6. Depositor's or creditor's rights not impaired by voluntary liquidation--Return...
Section 51A-15-7 - Distribution of assets after discharge of obligations on voluntary liquidation--Disposition of unclaimed distributions. - 51A-15-7. Distribution of assets after discharge of obligations on voluntary...
Section 51A-15-8 - Authority of director to take possession of bank in voluntary liquidation. - 51A-15-8. Authority of director to take possession of bank in...
Section 51A-15-9 - Reports of progress in voluntary liquidation--Order and certificate of dissolution. - 51A-15-9. Reports of progress in voluntary liquidation--Order and certificate of...
Section 51A-15-10 - Cancellation of voluntary liquidation. - 51A-15-10. Cancellation of voluntary liquidation. A bank may, at any...
Section 51A-15-11 - Director's authority to suspend activities and take possession of bank--Grounds. - 51A-15-11. Director's authority to suspend activities and take possession of...
Section 51A-15-12 - "Insolvent" defined. - 51A-15-12."Insolvent" defined. "Insolvent" means incapable of meeting the demands of...
Section 51A-15-13 - Receipt of deposits by insolvent bank unlawful--Felony. - 51A-15-13. Receipt of deposits by insolvent bank unlawful--Felony. No bank...
Section 51A-15-14 - Notice of suspension and possession. - 51A-15-14. Notice of suspension and possession. The director shall suspend...
Section 51A-15-15 - Management and control powers of director in possession. - 51A-15-15. Management and control powers of director in possession. When...
Section 51A-15-16 - Circuit court jurisdiction of proceedings--Venue. - 51A-15-16. Circuit court jurisdiction of proceedings--Venue. The circuit court shall...
Section 51A-15-17 - Change of venue. - 51A-15-17. Change of venue. At any time after the commencement...
Section 51A-15-18 - Director's appointment of Federal Deposit Insurance Corporation as receiver in liquidation proceedings. - 51A-15-18. Director's appointment of Federal Deposit Insurance Corporation as receiver...
Section 51A-15-19 - Powers of Federal Deposit Insurance Corporation as receiver in liquidation proceedings--Actions to recover money damages. - 51A-15-19. Powers of Federal Deposit Insurance Corporation as receiver in...
Section 51A-15-20 - Postponement of limitation periods on director's taking actions. - 51A-15-20. Postponement of limitation periods on director's taking actions. When...
Section 51A-15-21 - Director's authority to take action in emergency without majority consent of commission. - 51A-15-21. Director's authority to take action in emergency without majority...
Section 51A-15-22 - Applications to enjoin director from suspending activities and taking possession of bank. - 51A-15-22. Applications to enjoin director from suspending activities and taking...
Section 51A-15-23 - Proceedings exempt from open meetings and administrative procedure laws. - 51A-15-23. Proceedings exempt from open meetings and administrative procedure laws....
Section 51A-15-24 - Reorganization of bank by director--Distribution and effect of reorganization plan. - 51A-15-24. Reorganization of bank by director--Distribution and effect of reorganization...
Section 51A-15-25 - Execution of lien on assets of bank in director's or receiver's possession prohibited--Powers of director. - 51A-15-25. Execution of lien on assets of bank in director's...
Section 51A-15-26 - Borrowing money by director in possession. - 51A-15-26. Borrowing money by director in possession. With the approval...
Section 51A-15-27 - Expenses of director paid from assets. - 51A-15-27. Expenses of director paid from assets. All necessary and...
Section 51A-15-28 - Requirements for adoption of reorganization plan. - 51A-15-28. Requirements for adoption of reorganization plan. No plan of...
Section 51A-15-29 - Modification of reorganization plan or liquidation of bank--Grounds and notice requirements. - 51A-15-29. Modification of reorganization plan or liquidation of bank--Grounds and...
Section 51A-15-30 - Limitations on powers of director or receiver in liquidating bank. - 51A-15-30. Limitations on powers of director or receiver in liquidating...
Section 51A-15-31 - Executory contracts of bank terminated after commencement of liquidation. - 51A-15-31. Executory contracts of bank terminated after commencement of liquidation....
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....
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...
Section 51A-15-34 - Notice of liquidation by director or receiver. - 51A-15-34. Notice of liquidation by director or receiver. As soon...
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...
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...
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....
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...
Section 51A-15-39 - Priority of claims in liquidation proceedings. - 51A-15-39. Priority of claims in liquidation proceedings. The following claims...
Section 51A-15-40 - Payment of claims not filed within time prescribed. - 51A-15-40. Payment of claims not filed within time prescribed. After...
Section 51A-15-41 - Prorata payment of claims authorized. - 51A-15-41. Prorata payment of claims authorized. If the sum available...
Section 51A-15-42 - Distribution of assets remaining after liquidation. - 51A-15-42. Distribution of assets remaining after liquidation. When the director...
Section 51A-15-43 - Disposition of unclaimed funds after liquidation. - 51A-15-43. Disposition of unclaimed funds after liquidation. Unclaimed funds remaining...
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...
Chapter 17 - Money Transmission
Section 51A-17-1 - Definition of terms. - 51A-17-1. Definition of terms. Terms used in this chapter mean:...
Section 51A-17-2 - Permissible investments defined. - 51A-17-2. Permissible investments defined. For the purposes of this chapter,...
Section 51A-17-2.1 - Control defined. - 51A-17-2.1. Control defined. For purposes of this chapter, the term,...
Section 51A-17-2.2 - Passive investor defined. - 51A-17-2.2. Passive investor defined. For purposes of this chapter, the...
Section 51A-17-3 - Entities exempt from chapter. - 51A-17-3. Entities exempt from chapter. This chapter does not apply...
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....
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....
Section 51A-17-6 - Minimum net worth required. - 51A-17-6. Minimum net worth required. Each licensee under this chapter...
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...
Section 51A-17-8 - Security device or deposit required. - 51A-17-8. Security device or deposit required. Each application shall be...
Section 51A-17-9 - Security after licensee ceases operations. - 51A-17-9. Security after licensee ceases operations. The security device shall...
Section 51A-17-10 - Investments required--Waiver by director. - 51A-17-10. Investments required--Waiver by director. Each licensee under this chapter...
Section 51A-17-11 - Criminal history background check required . - 51A-17-11. Criminal history background check required . Each applicant for...
Section 51A-17-12 - Application for license--Form--Contents. - 51A-17-12. Application for license--Form--Contents. Each application for a license under...
Section 51A-17-13 - Corporate applicants--Additional requirements. - 51A-17-13. Corporate applicants--Additional requirements. In addition to the requirements of...
Section 51A-17-14 - Noncorporate applicants--Additional requirements. - 51A-17-14. Noncorporate applicants--Additional requirements. In addition to the requirements of...
Section 51A-17-15 - Waiver of license application requirements. - 51A-17-15. Waiver of license application requirements. The director may, for...
Section 51A-17-16 - Application fee. - 51A-17-16. Application fee . Each application shall be accompanied by...
Section 51A-17-17 - Applicant--Investigation by director. - 51A-17-17. Applicant--Investigation by director. Upon receiving a complete application, the...
Section 51A-17-18 - Denial of application--Request for hearing. - 51A-17-18. Denial of application--Request for hearing. Any applicant aggrieved by...
Section 51A-17-19 - Annual report and renewal fee. - 51A-17-19. Annual report and renewal fee. A licensee shall pay...
Section 51A-17-20 - Time for filing renewal application, report, and fee. - 51A-17-20. Time for filing renewal application, report, and fee. Any...
Section 51A-17-21 - Limit of licensee's liability. - 51A-17-21. Limit of licensee's liability. A licensee's responsibility to any...
Section 51A-17-22 - Amendment or notice of certain events required. - 51A-17-22. Amendment or notice of certain events required. Within fifteen...
Section 51A-17-23 - Notice of proposed change of control--Investigation--Approval of change. - 51A-17-23. Notice of proposed change of control--Investigation--Approval of change. A...
Section 51A-17-24 - Persons exempt from change of control requirements--Notice. - 51A-17-24. Persons exempt from change of control requirements--Notice. The following...
Section 51A-17-25 - Public offering of securities exempt from change of control requirements. - 51A-17-25. Public offering of securities exempt from change of control...
Section 51A-17-26 - Request for determination on change of control from director. - 51A-17-26. Request for determination on change of control from director....
Section 51A-17-27 - Examination or investigation--Acceptance of report by other examining agencies or federal government. - 51A-17-27. Examination or investigation--Acceptance of report by other examining agencies...
Section 51A-17-28 - Request for financial data or examination upon reasonable basis to believe licensee in noncompliance. - 51A-17-28. Request for financial data or examination upon reasonable basis...
Section 51A-17-29 - Records required and open to inspection. - 51A-17-29. Records required and open to inspection. Each licensee shall...
Section 51A-17-30 - Confidentiality of information--Exception. - 51A-17-30. Confidentiality of information--Exception. All information or reports obtained by...
Section 51A-17-31 - Authorized delegate--Written contract required--Contents. - 51A-17-31. Authorized delegate--Written contract required--Contents. Any licensee desiring to conduct...
Section 51A-17-32 - Standards of conduct of authorized delegate. - 51A-17-32. Standards of conduct of authorized delegate. An authorized delegate...
Section 51A-17-33 - Funds received by authorized delegate constitute trust funds. - 51A-17-33. Funds received by authorized delegate constitute trust funds. Any...
Section 51A-17-34 - Report of theft or loss. - 51A-17-34. Report of theft or loss. An authorized delegate shall...
Section 51A-17-35 - Suspension or revocation of license. - 51A-17-35. Suspension or revocation of license. The director may suspend...
Section 51A-17-36 - Suspension or revocation of authorized delegate designation. - 51A-17-36. Suspension or revocation of authorized delegate designation. The director...
Section 51A-17-37 - Cease and desist order. - 51A-17-37. Cease and desist order. If the director determines that...
Section 51A-17-38 - Administrative proceeding following cease and desist order. - 51A-17-38. Administrative proceeding following cease and desist order. The director...
Section 51A-17-39 - Consent order. - 51A-17-39. Consent order. The director may enter into a consent...
Section 51A-17-40 - Fine for violation of chapter or rule. - 51A-17-40. Fine for violation of chapter or rule. The director...
Section 51A-17-41 - Intentional misrepresentations or omissions in records--Engaging in activity without required license--Felony. - 51A-17-41. Intentional misrepresentations or omissions in records--Engaging in activity without...
Section 51A-17-42 - Order to show cause--Temporary restraining order--Cease and desist order--Administrative proceeding--Judicial review. - 51A-17-42. Order to show cause--Temporary restraining order--Cease and desist order--Administrative...
Section 51A-17-43 - Jurisdiction of the courts. - 51A-17-43. Jurisdiction of the courts. Any person who engages in...
Section 51A-17-45 - Licenses not assignable. - 51A-17-45. Licenses not assignable. No license granted pursuant to this...
Section 51A-17-46 - Funds to be deposited with state treasurer and credited to banking special revenue fund. - 51A-17-46. Funds to be deposited with state treasurer and credited...
Section 51A-17-47 - Promulgation of rules. - 51A-17-47. Promulgation of rules. The director may promulgate rules pursuant...
Section 51A-17-48 - Use of nationwide mortgage licensing system and registry as information channeling agent. - 51A-17-48. Use of nationwide mortgage licensing system and registry as...
Section 51A-17-49 - Collection and maintenance of records and processing of fees. - 51A-17-49. Collection and maintenance of records and processing of fees....
Section 51A-17-50 - Confidentiality of information provided to nationwide mortgage licensing system and registry. - 51A-17-50. Confidentiality of information provided to nationwide mortgage licensing system...
Section 51A-17-51 - Multistate supervisory processes participation. - 51A-17-51. Multistate supervisory processes participation. The director may participate in...