Title 51A — BANKS AND BANKING

Source: SL 2008, ch 253 , § 1; SL 2015, ch 241 , § 1; SL 2022, ch 178 , § 1; SL 2023, ch 159 , § 1; SL 2024, ch 196 , § 72.

Source: SL 2008, ch 253 , § 10; SL 2022, ch 178 , § 5; SL 2023, ch 159 , § 9; SL 2024, ch 196 , § 89.

Source: SL 2023, ch 159 , § 10; SL 2024, ch 196 , § 90.

Source: SL 2023, ch 159 , § 11; SL 2024, ch 196 , § 91.

Source: SL 2023, ch 159 , § 12; SL 2024, ch 196 , § 92.

(1) An applicant for a money transmission license must provide, and a licensee at all times must maintain, security consisting of a surety bond in a form satisfactory to the director or, with the director's approval, a deposit instead of a bond in accordance with this section. (2…

(1) A licensee shall maintain at all times permissible investments that have a market value computed in accordance with United States generally accepted accounting principles of not less than the aggregate amount of all of its outstanding money transmission obligations. (2) Excep…

The following investments are permissible under § 51A-17-101 : (1) Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally-insured depository financial institution, and cash equivalents, includi…

The letter of credit referenced in subdivision 51A-17-102 (4) must: (1) Be issued by a federally-insured depository financial institution, a foreign bank that is authorized under federal law to maintain a federal agency or federal branch office in a state or states, or a foreign …

In the event of any notice of expiration or non-extension of a letter of credit issued under subdivision 51A-17-102 (4), the licensee shall be required to demonstrate to the satisfaction of the director, fifteen days prior to expiration, that the licensee maintains and will maint…

The letter of credit referenced in subdivision 51A-17-102 (4) shall provide that the issuer of the letter of credit will honor, at sight, a presentation made by the beneficiary to the issuer of the following documents on or prior to the expiration date of the letter of credit: (1…

The director may designate an agent to serve on the director's behalf as beneficiary to a letter of credit so long as the agent and letter of credit meet requirements established by the director. The director's agent may serve as agent for multiple licensing authorities for a sin…

The director is authorized and encouraged to participate in multistate processes designed to facilitate the issuance and administration of letters of credit, including, but not limited to, services provided by the NMLS and State Regulatory Registry, LLC. Source: SL 2024, ch 196 ,…

Unless permitted by the director, by rule or by order, to exceed the limit as set forth herein, the following investments are permissible under § 51A-17-101 to the extent specified: (1) Receivables that are payable to a licensee from its authorized delegates in the ordinary cours…

A licensee transmitting virtual currencies shall hold like-kind virtual currencies of the same volume as that held by the licensee but that is obligated to consumers, in lieu of the permissible investments otherwise required in this chapter. Source: SL 2024, ch 196 , § 58.

Source: SL 2008, ch 253 , § 11; SL 2019, ch 206 , § 2; SL 2024, ch 196 , § 93.

(1) The director may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate if: (a) The licensee violates this chapter or a rule adopted or an order issued under this chapter; (b) The licensee does not cooperate with an examination or …

(1) The director may issue an order suspending or revoking the designation of an authorized delegate, if the director finds that: (a) The authorized delegate violated this chapter or a rule adopted or an order issued under this chapter; (b) The authorized delegate did not coopera…

(1) If the director determines that a violation of this chapter or of a rule adopted or an order issued under this chapter by a licensee or authorized delegate is likely to cause immediate and irreparable harm to the licensee, its customers, or the public as a result of the viola…

The director may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized representativ…

(1) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in such a record is guilty of a Class 6 felony.…

The director may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one thousand dollars per day for each day the violation is outstanding, plus this state's costs and expenses for …

(1) If the director has reason to believe that a person has violated or is violating § 51A-17-59 , the director may issue an order to show cause why an order to cease and desist should not issue requiring that the person cease and desist from the violation of §

In applying and construing this chapter, consideration must be given to the need to promote uniformity of the law with respect to its subject matter among states that enact it. Source: SL 2024, ch 196 , § 66.

If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provision or application, and to this end, the provisio…

(1) A person licensed in this state to engage in the business of money transmission shall not be subject to the provisions of this chapter, to the extent that the provisions conflict with current law or establish new requirements not imposed under current law, until such time as …

Source: SL 2008, ch 253 , § 12; SL 2019, ch 206 , § 3; SL 2024, ch 196 , § 94.

Any person who engages in business activity regulated by this chapter in the state is deemed to have consented to the jurisdiction of the courts of South Dakota for all actions arising under this chapter. Source: SL 2024, ch 196 , § 69.

Any money coming into the custody of the division pursuant to this chapter shall be deposited with the state treasurer. The state treasurer shall credit the money to the banking special revenue fund. Any expenditure of money out of the fund may only be made by appropriation by th…

The following provisions apply to the sharing of information collected and retained by the director during the administration of this chapter: (1) The provisions of § 51A-17-55 regarding privacy or confidentiality apply to any information or material provided to the nationwide mo…

Source: SL 2008, ch 253 , § 13; SL 2019, ch 206 , § 4; SL 2024, ch 196 , § 95.

Source: SL 2008, ch 253 , § 14; SL 2019, ch 206 , § 5; SL 2024, ch 196 , § 96.

Source: SL 2008, ch 253 , § 15; SL 2024, ch 196 , § 97.

Source: SL 2008, ch 253 , § 16; SL 2024, ch 196 , § 98.

Source: SL 2008, ch 253 , § 17; SL 2020, ch 205 , § 2; SL 2024, ch 196 , § 99.

Source: SL 2008, ch 253 , § 18; SL 2024, ch 196 , § 100.

Source: SL 2008, ch 253 , § 19; SL 2024, ch 196 , § 101.

Source: SL 2008, ch 253 , § 2; SL 2023, ch 159 , § 2; SL 2024, ch 196 , § 73.

Source: SL 2022, ch 178 , § 2; SL 2024, ch 196 , § 74.

Source: SL 2022, ch 178 , § 3; SL 2024, ch 196 , § 75.

Source: SL 2023, ch 159 , § 3; SL 2024, ch 196 , § 76.

Source: SL 2023, ch 159 , § 4; SL 2024, ch 196 , § 77.

Source: SL 2023, ch 159 , § 5; SL 2024, ch 196 , § 78.

Source: SL 2023, ch 159 , § 6; SL 2024, ch 196 , § 79.

Source: SL 2023, ch 159 , § 7; SL 2024, ch 196 , § 80.

Source: SL 2023, ch 159 , § 8; SL 2024, ch 196 , § 81.

Source: SL 2008, ch 253 , § 20; SL 2015, ch 241 , § 2; SL 2019, ch 206 , § 6; SL 2024, ch 196 , § 102.

Source: SL 2008, ch 253 , § 21; SL 2024, ch 196 , § 103.

Source: SL 2008, ch 253 , § 22; SL 2022, ch 178 , § 6; SL 2023, ch 159 , § 13; SL 2024, ch 196 , § 104.

Source: SL 2023, ch 159 , § 14; SL 2024, ch 196 , § 105.