Any subsidiary of a bank formed for the sole purpose of holding, receiving, or operating real or personal property repossessed by a bank through foreclosure proceedings or other proceedings in lieu of debts previously contracted in the ordinary course of the bank's business is exempt from the requirements of this chapter.

Source: 12 SDR 106, effective January 1, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986.

General Authority: SDCL 51A-2-13 to 51A-2-15.

Law Implemented: SDCL 51A-4-1.