South Dakota Codified Laws 51A-9-1. “Bank service corporation” and “bank services” defined
Terms as used in this chapter mean:
(1) “Bank service corporation,” any corporation organized to perform bank services for one or more banks, each of which owns part of the capital stock of such corporation.
Terms Used In South Dakota Codified Laws 51A-9-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
(2) “Bank services,” activities which are a part of the business of banking or incidental thereto, including the servicing of mortgages and loans; the leasing of personal property; the operation of travel agencies; the operation of credit bureaus or collection or billing agencies; check and deposit sorting and posting; computation and posting of interest and other charges; preparation and mailing of checks, statements, notices and similar items; any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a bank; or such other related activities as the commission may by rule determine to be part of the business of banking, provided that the receipt of deposits and the making of loans are not bank services for the purpose of this chapter.
Source: SL 1963, ch 29, § 1; SDCL, § 51-9-1; SL 1969, ch 11, § 7.1; SL 1970, ch 265, § 40; SL 1988, ch 377, § 132; SDCL, § 51-21-1.