South Dakota Administrative Rules
Title 20 - PUBLIC SAFETY
Article 20:07 - BANKING
Chapter 20:07:10 - Fees, applications, and approvals
Section 20:07:10:05 - Conditions of approval

Universal Citation: SD Admin Rules 20:07:10:05
Current through Register Vol. 50, page 114, March 25, 2024

The director shall condition the approval of new banks, branch banks, mobile branch banks, bank mergers, detached drive-in facilities, and moving an office on the requirements that prior to the acceptance of any deposits by a bank it must possess federal deposit insurance corporation insurance of accounts or a similar insurance approved by the director and it must have the approval of the bank's application by the federal deposit insurance corporation or the appropriate federal reserve bank. Banks not wishing to accept deposits need not obtain deposit insurance, but in no case may such banks accept deposits without complying with the provisions of this section.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-2-16, 51A-3-11, 51A-4-8.

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