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Can you summarize SDCL Chapter 51A-8?
BANKS AND BANKING > Remote Service Banking
Short Summary
The provided legal document content pertains to the use of remote service units in the banking industry. It states that remote service units, defined as automated teller machines (ATMs) located separate and apart from a bank or branch bank, are not considered branch banks. The documents specify that only national banks, banks organized under the laws of any state, savings and loan associations or savings banks organized under the laws of the United States or any state, and credit unions organized under the laws of the United States are allowed to accept deposits through the use of remote service units. The term ‘remote service unit’ refers to an ATM that electronically stores and transmits information relating to banking services to a bank, providing cash withdrawals and the depositing of funds. The documents do not mention any specific exemptions or penalties related to the use of remote service units in banking.
Whom does it apply to?
The documents apply to national banks, banks organized under the laws of any state, savings and loan associations or savings banks organized under the laws of the United States or any state, and credit unions organized under the laws of the United States.
What does it govern?
The provided legal document content governs the use of remote service units in the banking industry.
What are exemptions?
No specific exemptions are mentioned in the documents.
What are the Penalties?
No penalties are mentioned in the documents.
Jurisdiction
South Dakota