S.D. Codified Laws § 51A-2-14.1

Current through the 2024 Legislative Session

Section 51A-2-14.1 - State chartered banks granted powers allowed federally chartered banks

Notwithstanding any restrictions, limitations, and requirements of law, in addition to all powers, expressed or implied, that a state bank has under the laws of this state, a state bank shall have the powers and authorities conferred as of January 1, 2008, upon federally chartered banks doing business in this state. A state bank may exercise the powers and authorities conferred on a federally chartered bank after this date only if the director finds that the exercise of such powers and authorities:

(1) Serves the convenience and advantage of depositors, borrowers, or the general public; and

(2) Maintains the fairness of competition and parity between state chartered and federally chartered banks.

If the director finds that the before-mentioned conditions have been met, the director shall make a declaratory ruling allowing state banks the same powers and authorities.

As used in this section, powers and authorities, include, without limitation, powers and authorities in corporate governance and operational matters.

SDCL 51A-2-14.1

SL 1999, ch 233, §1; SL 2008, ch 252, §6.