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Can you summarize SDAR Chapter 20:07:23?
BANKING (LABOR AND REGULATION) > Mobile branch banks.
Short Summary
The provided legal document content pertains to the establishment and termination of mobile branch banks in South Dakota. According to the document, banks are required to submit a letter of notice to the director at least 30 days before terminating an existing mobile branch bank. The letter should include a statement of the area that will no longer be served, the impact of discontinuance within the previously served area, and the reasons for termination. It is important to note that any change in the locations to which a mobile vehicle travels does not constitute the termination of an existing mobile branch bank. Additionally, if a bank desires to establish a mobile branch bank outside the municipality where it has an existing permanent bank or branch bank facility, it must file a written application with the director. The application should follow the established procedure and be evaluated according to specific criteria. Similarly, if a bank wants to establish a mobile branch bank in a municipality or county without a permanent bank or branch bank facility, a letter of notice must be submitted to the director, including a statement of the area in which the mobile branch bank will operate and a description of its operation. The document also clarifies that the use of a third party unaffiliated courier service does not constitute a mobile branch bank. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Banks
What does it govern?
Establishment and termination of mobile branch banks
What are exemptions?
The use of a third party unaffiliated courier service does not constitute a mobile branch bank.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
South Dakota