§ 51A-17-1 Definition of terms
§ 51A-17-2 Permissible investments defined
§ 51A-17-3 Entities exempt from chapter
§ 51A-17-4 License to engage in business of money transmission required
§ 51A-17-5 Single license to conduct business at multiple locations–Authorized delegates
§ 51A-17-6 Minimum net worth required
§ 51A-17-7 Qualification to do business of corporate and noncorporate applicants and licensees
§ 51A-17-8 Security device or deposit required
§ 51A-17-9 Security after licensee ceases operations
§ 51A-17-10 Investments required–Waiver by director
§ 51A-17-11 Criminal background investigation required
§ 51A-17-12 Application for license–Form–Contents
§ 51A-17-13 Corporate applicants–Additional requirements
§ 51A-17-14 Noncorporate applicants–Additional requirements
§ 51A-17-15 Waiver of license application requirements
§ 51A-17-16 Application fee
§ 51A-17-17 Investigation of applicant by director
§ 51A-17-18 Denial of application–Request for hearing
§ 51A-17-19 Annual report and renewal fee
§ 51A-17-20 Time for filing renewal application, report, and fee
§ 51A-17-21 Limit of licensee’s liability
§ 51A-17-22 Written report of certain events required
§ 51A-17-23 Notice of proposed change of control–Investigation–Approval of change
§ 51A-17-24 Persons exempt from change of control requirements–Notice
§ 51A-17-25 Public offering of securities exempt from change of control requirements
§ 51A-17-26 Request for determination on change of control from director
§ 51A-17-27 On-site examinations–Acceptance of report by other examining agency–Waiver with self-examination
§ 51A-17-28 Request for financial data or on-site examination upon reasonable basis to believe licensee in noncompliance
§ 51A-17-29 Records required and open to inspection
§ 51A-17-30 Confidentiality of information–Exception
§ 51A-17-31 Authorized delegate–Written contract required–Contents
§ 51A-17-32 Standards of conduct of authorized delegate
§ 51A-17-33 Funds received by authorized delegate constitute trust funds
§ 51A-17-34 Report of theft or loss
§ 51A-17-35 Suspension or revocation of license
§ 51A-17-36 Suspension or revocation of authorized delegate designation
§ 51A-17-37 Cease and desist order
§ 51A-17-38 Administrative proceeding following cease and desist order
§ 51A-17-39 Consent order
§ 51A-17-40 Fine for violation of chapter or rule
§ 51A-17-41 Intentional misrepresentations or omissions in records–Engaging in activity without required license–Felony
§ 51A-17-42 Order to show cause–Temporary restraining order–Cease and desist order–Administrative proceeding–Judicial review
§ 51A-17-43 Jurisdiction of the courts
§ 51A-17-45 Licenses not assignable
§ 51A-17-46 Funds to be deposited with state treasurer and credited to banking special revenue fund
§ 51A-17-47 Promulgation of rules
§ 51A-17-48 Use of nationwide mortgage licensing system and registry as information channeling agent
§ 51A-17-49 Collection and maintenance of records and processing of fees
§ 51A-17-50 Confidentiality of information provided to nationwide mortgage licensing system and registry

Terms Used In South Dakota Codified Laws > Title 51A > Chapter 17

  • Applicant: any person filing an application for a license under this chapter. See South Dakota Codified Laws 51A-17-1
  • Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Authorized delegate: any entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See South Dakota Codified Laws 51A-17-1
  • Bank: any corporation or limited liability company, organized pursuant to chapter 47-34A, authorized under this title to engage in the business of banking or in the combined business of a bank and trust company or in the combined business of a bank with trust powers. See South Dakota Codified Laws 51A-1-2
  • Banking: the business of receiving deposits, discounting commercial paper, or buying and selling exchange, and any other activity authorized by this title. See South Dakota Codified Laws 51A-1-2
  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • By-laws: by-laws for a bank organized by incorporators as a corporation pursuant to chapter 47-1A and operating agreement for a bank organized by organizers or members as a limited liability company pursuant to chapter 47-34A. See South Dakota Codified Laws 51A-1-2
  • Commission: the State Banking Commission. See South Dakota Codified Laws 51A-1-2
  • Contract: A legal written agreement that becomes binding when signed.
  • Control: ownership of, or the power to vote, twenty-five percent or more of the outstanding voting securities of a licensee or controlling person. See South Dakota Codified Laws 51A-17-1
  • Conviction: A judgement of guilt against a criminal defendant.
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Day: the period from midnight to midnight. See South Dakota Codified Laws 2-14-2
  • Devise: To gift property by will.
  • Director: the director of the Division of Banking. See South Dakota Codified Laws 51A-1-2
  • Director: the director of the Division of Banking. See South Dakota Codified Laws 51A-17-1
  • Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
  • Dividends: distributions for a corporation organized pursuant to chapter 47-1A and distributions for a limited liability company organized pursuant to chapter 47-34A. See South Dakota Codified Laws 51A-1-2
  • Division: the Division of Banking of the Department of Labor and Regulation. See South Dakota Codified Laws 51A-1-2
  • Division: the Division of Banking. See South Dakota Codified Laws 51A-17-1
  • Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
  • Executive officer: every officer who participates or has authority to participate, otherwise than in the capacity of a director, in major policy-making functions of the bank, regardless of whether the officer has an official title or whether the officer's title contains a designation of assistant and regardless of whether the officer is serving without salary or other compensation. See South Dakota Codified Laws 51A-1-2
  • Executive officer: the licensee's president, chair of the executive committee, senior officer responsible for the licensee' s business, chief financial officer, and any other person who performs similar functions. See South Dakota Codified Laws 51A-17-1
  • Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Key shareholder: any person, or group of persons acting in concert, who is the owner of twenty-five percent or more of any voting class of an applicant's stock. See South Dakota Codified Laws 51A-17-1
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Licensee: any person licensed pursuant to this chapter. See South Dakota Codified Laws 51A-17-1
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Money transmission: engagement in the business of the sale or issuance of payment instruments or stored value or of receiving money or monetary value for transmission to a location within or outside the United States by any means, including wire, facsimile, or electronic transfer. See South Dakota Codified Laws 51A-17-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC
  • Municipality: any municipality organized as provided in Title 9. See South Dakota Codified Laws 2-14-2
  • Nationwide mortgage licensing system and registry: a licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators and other regulated entities. See South Dakota Codified Laws 51A-17-1
  • Oath: includes affirmation. See South Dakota Codified Laws 2-14-2
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Payment instrument: any electronic or written check, draft, money order, travelers check, or other electronic or written instrument or order for the transmission or payment of money, sold or issued to one or more persons, whether or not such instrument is negotiable. See South Dakota Codified Laws 51A-17-1
  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
  • Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
  • Remit: either the direct payment of the funds to the licensee or its representatives authorized to receive those funds, or the deposit of the funds in a bank, credit union, savings and loan association, or other similar financial institution in an account specified by the licensee. See South Dakota Codified Laws 51A-17-1
  • Security device: any surety bond, irrevocable letter of credit, or similar security device. See South Dakota Codified Laws 51A-17-1
  • State: the State of South Dakota. See South Dakota Codified Laws 2-14-2
  • Statute: A law passed by a legislature.
  • Stock: shares for a bank organized by incorporators as a corporation pursuant to chapter 47-1A and member equity for a bank organized as a limited liability company pursuant to chapter 47-34A. See South Dakota Codified Laws 51A-1-2
  • Stored value: monetary value that is evidenced by an electronic record. See South Dakota Codified Laws 51A-17-1
  • Subpoena: A command to a witness to appear and give testimony.
  • Temporary restraining order: Prohibits a person from an action that is likely to cause irreparable harm. This differs from an injunction in that it may be granted immediately, without notice to the opposing party, and without a hearing. It is intended to last only until a hearing can be held.
  • Trustee: A person or institution holding and administering property in trust.
  • Writing: and "written" include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
  • written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
  • Year: a calendar year. See South Dakota Codified Laws 2-14-2