Each operator or route operator that is authorized to conduct advance deposit sports wagering shall maintain an account at a state or federally chartered financial institution to hold patron deposits and payments made by the operator or route operator to the patrons for winning bets. This account shall not be used by the operator or route operator for any other purpose. This account is subject to review and audit by the commission at any time.

A person who opens an account for advance deposit sports wagering with an operator or route operator shall establish the account in person at the operator’s or route operator’s licensed gaming establishment within the city of Deadwood using an application approved by the commission. The operator or route operator shall retain the application that is used to open an account for advance deposit sports wagering, including any documents that are submitted with or reviewed with the application.

Any sports wagering may only be conducted on the premises of a licensed gaming establishment as approved by the commission within the city of Deadwood. Each operator or route operator that is authorized by the commission to conduct sports wagering shall install and maintain equipment that is approved by the commission to ensure that all bets are placed on the premises of a licensed gaming establishment as approved by the commission within the city of Deadwood.

This legal document governs the acceptance of bets on sporting events by licensees. It prohibits licensees from knowingly accepting bets from certain persons, including athletes participating in the sporting event, persons with authority or influence over the outcome of the event (such as coaches, managers, and referees), employees of sports wagering services providers, agents or proxies for bettors, and persons using false identification. Violation of this section by the person placing the bet is a Class 6 felony.

It is a Class 2 misdemeanor for any officer or employee of any bank to certify any check, draft, or order drawn upon such bank unless the person drawing the same has on deposit an amount of money equal to the amount specified therein. Any check, draft, or order so certified by a duly authorized officer of such bank shall be a good and valid obligation of such bank. Source: SL 1909, ch 222, art 2, 34; SL 1915, ch 102, art 2, 38; RC 1919, 8986; SDC 1939, 6.

The maximum amount of loans by a bank to its executive officers, its directors, and its shareholders who individually own more than ten percent of the capital stock of the bank or its parent bank holding company, shall be set by rules promulgated by the commission pursuant to chapter 1-26 . The commission rule may not be more restrictive than restrictions imposed by that bank’s primary federal regulator. Loans to any partnership or corporation in which such officers, directors, and shareholders own an aggregate interest of twenty percent or more shall be included as a loan to the officers, directors, and shareholders.

Except as to any check sent to it as a special collection item, no bank shall settle any check drawn on it otherwise than at par. Any check bearing an out - of - town endorsement shall be, at the option of the drawee bank, payable by draft drawn on the reserve deposits of the drawee bank when any such check is presented by or through any bank, banker, trust company, federal reserve bank, post office, express company, or collective agency, or agents of any of the foregoing.

Banks and trust companies authorized to do business under this title that are approved or certified by the secretary of housing and urban development or approved or certified by the administrator of veterans affairs may: (1)Make such loans and advances of credit and purchases of obligations representing loans and advances of credit as are eligible for insurance by the federal housing administration or the administrator of veterans affairs and to obtain such insurance; (2)Make such loans, secured by real property or leasehold, as the federal housing administration or the administrator of veterans affairs insures or makes a commitment to insure and to obtain such insurance.

No bank service corporation may purchase, hold or acquire the capital stock of any state or national bank or of any bank holding company. Source: SL 1970, ch 265, 41; SL 1988, ch 377, 133; SDCL, 51-21-3.1.

Any contract: (1)In which the whole or any part of the contractual consideration is money or other valuable consideration, won or lost as a result of the outcome of any game of any kind, under any name or by any means; or (2)In which the contract is for the repayment of money or other valuable consideration, lent or advanced, for the purpose of gambling in connection with any game, play, bet, or wager; is void to the extent that the consideration constitutes a gambling win or loss or is a loan or advance for the purpose of gambling.