Rule 20:07 BANKING
provisions, Repealed or transferred.
management of banks.
electronic banking, Repealed.
applications, and approvals.
NOW deposit accounts, Repealed.
of losses, Repealed.
of life insurance.
lenders and mortgage brokers.
Declaratory Ruling: In the matter of
the Petition of the H-D Electric Cooperative Inc., Clear Lake, South Dakota,
the Banking Commission was asked to determine if the receipt and return of
security deposits is the business of banking. The Commission determined that an
electric cooperative's receipt of a security deposit to ensure payment of a
customer's monthly bill and the subsequent return of that deposit with interest
after the customer establishes a timely payment history does not constitute the
business of banking. South Dakota Banking Commission Declaratory Ruling dated
April 20, 2004.
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