Regulated lenders, disclosure of customer information regulated.
ENTITLED, An Act
provide that a regulated lender has no duty to provide information about its
customers unless required by legal process.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
That chapter 51A-1 be amended by adding thereto a NEW SECTION to read as
Any regulated lender as defined in
54-3-14 has no duty to disclose information about its
customers and has no duty to provide an opinion about the creditworthiness of its customers unless
such information or opinion is required pursuant to a valid subpoena, court order, statute, or other
legal process, or unless the customer authorizes the release of such information or opinion. A
regulated lender may restrict the dissemination of information and creditworthiness of its customers
by written policy or agreement.
Signed February 28, 2000.