State of South Dakota  
EIGHTY-EIGHTH SESSION
LEGISLATIVE ASSEMBLY, 2013  

400U0304   HOUSE BILL   NO.  1053  

Introduced by:    The Committee on State Affairs at the request of the Department of Labor and Regulation
 

        FOR AN ACT ENTITLED, An Act to revise the lending limit for state chartered banks.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
    Section 1. That chapter 51A-12 be amended by adding thereto a NEW SECTION to read as follows:
    For the purpose of calculating loan or credit limitations pursuant to § 51A-12-2, a loan includes any credit exposure to a borrower arising from a derivative transaction, repurchase agreement, reverse repurchase agreement, securities lending transaction, or securities borrowing transaction between a bank and that borrower.
    Section 2. That chapter 51A-12 be amended by adding thereto a NEW SECTION to read as follows:
    For purposes of section 1 of this Act, a derivative transaction is any transaction that is a contract, agreement, swap, warrant, note, or option that is based in whole, or in part, on the value of any interest in, or any quantitative measure or the occurrence of any event relating to interest rates.


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Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by overstrikes.