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Can you summarize SDCL Chapter 51A-13?
BANKS AND BANKING > Bank Records, Accounts And Reports
Short Summary
The provided legal document content pertains to the retention and preservation of bank records and supporting documents by banks. According to the South Dakota Codified Laws, every bank is required to retain and preserve its bank records and supporting documents for a period of time specified in the rules issued by the commission. Summary examinations and reports are only required for fiduciary activities subject to court accountings. Failure to make and transmit required reports can result in a civil penalty of fifty dollars per day, and the director has the authority to institute proceedings for the recovery of such penalty. Banks are also obligated to keep books and accounts as required by the director to show the true condition of the bank, and failure to do so can lead to a civil penalty of fifty dollars per day. Banks are required to make reports to the director at least once a year, as well as additional special reports as deemed necessary by the director. The director may accept copies of federal reports to comply with this requirement. The provided content does not mention any specific exemptions or penalties other than the civil penalties for failure to make and transmit required reports.
Whom does it apply to?
Banks
What does it govern?
Bank records, accounts, and reports
What are exemptions?
Exemptions are not mentioned in the provided content.
What are the Penalties?
A civil penalty of fifty dollars for each day of failure to make and transmit required reports.
Jurisdiction
South Dakota