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Can you summarize SDAR Chapter 20:18:26?
GAMING COMMISSION -- DEADWOOD GAMBLING (REVENUE) > Foreclosures.
Short Summary
This provision in the Administrative Rules of South Dakota under the Gaming Commission’s regulations for Deadwood gambling revenue governs the designation of a resident conservator by foreign financial institutions that are not residents of South Dakota. The conservator must be licensed by the commission as an operator or a retail licensee to manage foreclosed gaming devices or licensed gaming premises. Once foreclosure is completed or default is certified, the financial institution must authorize the conservator to exercise possession and control of the property, operate it under the commission’s rules, receive rents and profits, and perform acts authorized by the commission to protect the institution’s interests. The commission may grant a license to a conservator on an emergency basis, with or without a background investigation, upon receipt of the application and payment of fees. The commission may also place conditions on the license of a financial institution conservator and may limit the amount of time the financial institution or conservator may hold the license.
Whom does it apply to?
Foreign financial institutions that are not residents of South Dakota
What does it govern?
Foreign financial institutions that are not residents of South Dakota
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
South Dakota