CHAPTER 224

(SB 111)

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:

     Section  1.  That chapter 51A-1 be amended by adding thereto a NEW SECTION to read as follows:

     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.

_______________

Session Laws Menu | LRC Menu

This page is maintained by the Legislative Research Council