CHAPTER 251

(SB 48)



The director of the Division of Banking may
enter into interstate agreements.


         ENTITLED, An Act to  authorize the director of the Division of Banking to enter into certain interstate agreements and to establish certain procedures regarding those agreements.

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:

     The director, with the approval of the commission, may enter into any interstate agreement or compact with authorized representatives of other jurisdictions to provide for the administration of state banking laws under the provisions of a signed interstate agreement or compact. In administering any interstate agreement on behalf of this state, the director may adopt the policies, principles, and guidelines contained within the interstate agreement. Copies of the interstate agreement or compact, procedures manual, and guidelines shall be filed within fifteen days after execution of the agreement or compact or the effective date of the agreement or compact, whichever is the later, at the Department of Revenue and Regulation. The director shall make any agreement or compact available to interested parties, upon request.

     Signed March 2, 2005
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