Regulatory Alerts2020-01-01
South Dakota Division of Banking Memorandum on House Bill 1047
The South Dakota Division of Banking issued Memorandum 20-018 to inform regulated entities of changes enacted by House Bill 1047. This legislation reduces the public comment period for bank and trust company applications from 30 to 15 days and shortens the Director's decision period from 45 to 30 days. These adjustments aim to minimize delays between federal and state approval processes while maintaining existing public notice and objection opportunities.
DIVISION OF BANKING 1601 N. Harrison Avenue, Suite 1, Pierre, SD 57501 MEMORANDUM 605-773-3421 NUMBER: 20-018 DATE: June 30, 2017 TO: SOUTH DAKOTA BANKS AND TRUST COMPANIES FROM: BRET AFDAHL, Director RE: HOUSE BILL 1047 House Bill 1047 (HB 1047) shortens the comment period for bank and trust company applications provided in SDCL 51A-2-16 from 30 days to 15 days. HB 1047 also shortens the decision period for applications provided to the Director of the Division of Banking in SDCL 51A2-16 from 45 days to 30 days. The provisions of HB 1047 will help reduce the delay between federal approval and state approval of applications. Notice of bank and trust company applications will continue to be published as they are currently, and the public will still have an opportunity to comment on or object to bank and trust company applications. If you would like additional information regarding this bill, or if you have any questions, please do not hesitate to contact the South Dakota Division of Banking at 605-773-3421.