An Act to authorize banks to engage in business with industrial hemp or marijuana licensees and associated persons.

Be it enacted by the Legislature of the State of South Dakota:

Section 1. That a NEW SECTION be added:

51A-4-1.1. Banking with industrial hemp or marijuana licensees and associated persons authorized--Promulgation of rules.

A bank may, directly or through subsidiaries, carry on the business of banking, pursuant to § 51A-4-1, with any person licensed in this state to engage in the business of industrial hemp or marijuana, or with any person engaging in business dealings with such licensee. The commission shall promulgate rules, pursuant to chapter 1-26, to facilitate a bank carrying on the business of banking with a person described in this section.