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Can you summarize SDCL Chapter 51A-1?
BANKS AND BANKING > Definitions, General Provisions And Penalties
Short Summary
The legal document content reviewed pertains to various aspects of banks and banking in South Dakota. It covers topics such as the duty of regulated lenders to disclose customer information and provide creditworthiness opinions under certain circumstances, the disqualification of public officers from taking acknowledgments or proofs of written instruments in which a bank is interested, the misappropriation of bank funds or information as a Class 5 felony, the prohibition of banks paying fines or penalties imposed on others, the reimbursement of banks for unlawful payments made in violation of the law, the concealment of bank transactions as a Class 1 misdemeanor, the director’s authority to seek injunctions or other remedies in case of threatened or pending violations, the recovery of civil fines in actions instituted by the division, the imposition of civil fines for non-compliance with lawful orders, the filing of false statements or entries with the director or commission as a Class 1 misdemeanor, the prohibition of banks assuming liability as insurers or guarantors of securities without property interest, the authority of the director to enter into agreements or compacts with other jurisdictions for the administration of banking laws, the disqualification of bank officers, employees, or directors convicted of violating the law, the requirements for adverse claims against bank deposits or safe deposit boxes, and the making of false or misleading statements or obstruction of bank examinations as a Class 4 felony. The legal document content applies to regulated lenders, public officers qualified to take acknowledgments or proofs of written instruments, persons who receive, possess, conceal, store, barter, sell, or dispose of wrongfully diverted or taken bank funds or information, banks that pay fines or penalties imposed on others, officers, directors, employees, or agents of banks, and persons who file false statements or entries with the director or commission. Violation of certain provisions may result in penalties such as Class 5 felony, Class 1 misdemeanor, Class 4 felony, civil fines not exceeding one hundred dollars per unlawful payment, civil fines not exceeding one thousand dollars per violation per day of non-compliance with a lawful order, and Class 1 misdemeanor.
Whom does it apply to?
The legal document content applies to regulated lenders, public officers qualified to take acknowledgments or proofs of written instruments, persons who receive, possess, conceal, store, barter, sell, or dispose of wrongfully diverted or taken bank funds or information, banks that pay fines or penalties imposed on others, officers, directors, employees, or agents of banks, officers, directors, employees, or agents of banks who make false or misleading statements or entries or obstruct bank examinations, and persons who file false statements or entries with the director or commission.
What does it govern?
The legal document content pertains to various aspects of banks and banking in South Dakota, including disclosure of customer information, creditworthiness opinions, disqualification of public officers, misappropriation of bank funds, unlawful payments, concealment of bank transactions, injunctions, civil fines, false statements or entries, liability of banks as insurers or guarantors, agreements with other jurisdictions, disqualification of bank officers, adverse claims against bank deposits, and false statements or obstruction of bank examinations.
What are exemptions?
No specific exemptions are mentioned in the legal document content.
What are the Penalties?
Violation of certain provisions may result in penalties such as Class 5 felony, Class 1 misdemeanor, Class 4 felony, civil fines not exceeding one hundred dollars per unlawful payment, civil fines not exceeding one thousand dollars per violation per day of non-compliance with a lawful order, and Class 1 misdemeanor.
Jurisdiction
South Dakota