SD Banking Commission to Hold Public Hearing to Adopt Rules

The South Dakota Banking Commission will hold a public hearing via phone on Oct. 29 at 1:30 p.m. CDT to consider the adoption and amendment of proposed rules numbered 20:07:10:02, 20:07:10:03 and 20:07:22:04.

The first two proposed rules would reduce certain fees charged for various bank applications to reflect changes made to the application payment process during the 2020 Legislative Session in HB 1015 and to reduce the number of copies of each application submitted to the Division of Banking. The reason for adopting the proposed rules is to adjust certain application fees downward to account for applicant banks paying publication costs directly as required following changes made in HB 1015. The processing of applications has moved to an electronic process, and paper application documents are no longer necessary.

The third proposed rule would provide public trust companies in South Dakota an additional option to meet their obligation for activities which must be performed in South Dakota. 

Those interested in presenting data, opinions and arguments for or against the proposed rules may do so via phone at the hearing or mail them to the South Dakota Division of Banking, 1601 N. Harrison Avenue, Suite 1, Pierre, SD 57501. Material sent by mail must reach the Division by Oct. 29 to be considered. To participate in the public hearing, call 605.679.7263, use conference code 860838999 and press #. Learn more.

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