2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 17 - Money Transmission
§ 51A-17-10 Investments required--Waiver by director.
51A-17-10. Investments required--Waiver by director. Each licensee under this chapter shall at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments and stored value issued or sold by the licensee in the United States. This requirement may be waived by the director if the dollar volume of a licensee's outstanding payment instruments and stored value does not exceed the security devices posted by the licensee pursuant to § 51A-17-8.
Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments in the event of the bankruptcy of the licensee.
Source: SL 2008, ch 253, § 10.
