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:
be amended by adding thereto a NEW SECTION to read as
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