S.D. Admin. R. 20:07:16:02

Current through Register Vol. 50, page 162, June 24, 2024

Section 20:07:16:02 - Exemption

Any subsidiary of a bank formed for the sole purpose of holding, receiving, or operating real or personal property repossessed by a bank through foreclosure proceedings or other proceedings in lieu of debts previously contracted in the ordinary course of the bank's business is exempt from the requirements of this chapter.

S.D. Admin. R. 20:07:16:02

12 SDR 106, effective 1/1/1986; 12 SDR 151, 12 SDR 155, effective 7/1/1986.

General Authority: SDCL 51A-2-13 to 51A-2-15.

Law Implemented: SDCL 51A-4-1.