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Can you summarize SDCL Chapter 51A-17?
BANKS AND BANKING > Money Transmission
Short Summary
This legal document, part of the South Dakota Codified Laws, governs the business of money transmission. It defines various terms used in this chapter, including applicant, authorized delegate, controlling person, director, division, electronic instrument, executive officer, key individual, key shareholder, licensee, material litigation, monetary value, money transmission, nationwide mortgage licensing system and registry, outstanding payment instrument, payment instrument, remit, security device, stored value, and tangible net worth. The document provides definitions for each term and clarifies their meanings within the context of money transmission. It does not specify any exemptions or penalties. The purpose of this document is to establish a clear understanding of the terms and concepts related to money transmission for the application of relevant laws and regulations.
Whom does it apply to?
Entities engaged in money transmission activities in South Dakota.
What does it govern?
The legal document pertains to the regulation of money transmission in South Dakota.
What are exemptions?
Exemptions include the United States and its departments, agencies, or instrumentalities, the United States Post Office, the state and its political subdivisions, banks, credit unions, savings and loan associations, and other financial institutions organized under state or federal laws. Additionally, South Dakota chartered trust companies, contractors providing electronic transfer of government benefits, operators of payment systems, and agents appointed by payees to collect and process payments are also exempted.
What are the Penalties?
Penalties for non-compliance or violation of the provisions include the suspension or revocation of the license.
Jurisdiction
South Dakota