Charge -off requirements. Within 30 days after receipt of a report of examination, a bank shall charge off 100 percent of all assets classified as loss. If an asset has been collected or put in a bankable condition, the bank may apply within those 30 days to the director for a waiver of the charge-off requirements of this section.

Source: 11 SDR 46, effective October 9, 1984; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 13 SDR 37, effective October 9, 1986; 14 SDR 116, effective March 20, 1988; 15 SDR 28, effective August 21, 1988; 19 SDR 85, effective December 14, 1992; 34 SDR 322, effective June 30, 2008.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-2-13.