S.D. Admin. R. 20:18:26:02

Current through Register Vol. 50, page 159, June 17, 2024

Section 20:18:26:02 - Requirements for foreign financial institutions

A financial institution that is not a resident of South Dakota shall designate a person who is a resident as its conservator to protect the financial institution's interests in its loan security. The conservator must be licensed by the commission as an operator or a retail licensee to manage the foreclosed gaming devices or licensed gaming premises. After foreclosure is completed or default certified pursuant to § 20:18:26:01, the financial institution, must agree that the designated conservator be authorized, in the conservator's own name, to:

(1) Exercise possession and control of the property;

(2) Operate the gaming premises under the rules of the commission;

(3) Receive the rents and profits from the operation; and

(4) Perform acts the commission may authorize to protect the interests of the financial institution in the property and rents and profits therefrom.

The commission may grant a license to a conservator on an emergency basis, with, without, or during a background investigation, after receipt of the application and payment of fees.

S.D. Admin. R. 20:18:26:02

16 SDR 233, effective 7/1/1990; 50 SDR 145, effective 6/11/2024

General Authority: SDCL 42-7B-7.

Law Implemented: SDCL 42-7B-2.1, 42-7B-3, 42-7B-7, 42-7B-11, 42-7B-18, 42-7B-19, 42-7B-21, 42-7B-22, 42-7B-23, 42-7B-24, 42-7B-25, 42-7B-33, 42-7B-37, 42-7B-38.