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Can you summarize SDCL Chapter 51A-9?
BANKS AND BANKING > Bank Service Corporations
Short Summary
The provided legal document, found in the South Dakota Codified Laws, governs bank service corporations and bank services. A bank service corporation refers to a corporation that is organized to perform bank services for one or more banks, with each bank owning part of the corporation’s capital stock. Bank services encompass activities that are part of the business of banking or incidental to it, such as servicing mortgages and loans, leasing personal property, operating travel agencies, credit bureaus, collection or billing agencies, check and deposit sorting and posting, computation and posting of interest and other charges, preparation and mailing of checks, statements, notices, and similar items, as well as other clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank. The document also mentions that the receipt of deposits and the making of loans are not considered bank services for the purpose of this chapter. The document does not specify any exemptions or penalties related to bank service corporations or bank services.
Whom does it apply to?
Bank service corporations, banks
What does it govern?
Bank service corporations, bank services
What are exemptions?
No specific exemptions are mentioned in this document.
What are the Penalties?
No specific penalties are mentioned in this document.
Jurisdiction
South Dakota