The director shall condition the approval of new banks, branch banks, mobile branch banks, bank mergers, detached drive-in facilities, and moving an office on the requirements that prior to the acceptance of any deposits by a bank it must possess federal deposit insurance corporation insurance of accounts or a similar insurance approved by the director and it must have the approval of the bank's application by the federal deposit insurance corporation or the appropriate federal reserve bank. Banks not wishing to accept deposits need not obtain deposit insurance, but in no case may such banks accept deposits without complying with the provisions of this section.

Source: 8 SDR 31, effective September 30, 1981; 11 SDR 46, effective October 9, 1984; 12 SDR 151, 12 SDR 155, effective July 1, 1986; 14 SDR 46, effective September 28, 1987; 15 SDR 28, effective August 21, 1988; 15 SDR 132, effective March 8, 1989; 34 SDR 322, effective June 30, 2008.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-2-16 , 51A-3-11 , 51A-4-8.