A financial institution that is not a resident of South Dakota shall designate a person who is a resident as its conservator to protect the financial institution's interests in its loan security. The conservator must be licensed by the commission as an operator or a retail licensee to manage the foreclosed gaming devices or licensed gaming premises. After foreclosure is completed or default certified pursuant to § 20:18:26:01, the financial institution must agree that the designated conservator be authorized, in the conservator's own name, to:

1. (1) Exercise possession and control of the property;
2. (2) Operate the gaming premises under the rules of the commission;
3. (3) Receive the rents and profits from the operation; and

4. (4) Perform acts the commission may authorize to protect the interests of the financial institution in the property and rents and profits therefrom.

   The commission may grant a license to a conservator on an emergency basis, with, without, or during a background investigation, after receipt of the application and payment of fees.

Source: 16 SDR 233, effective July 1, 1990 ; 50 SDR 145, effective June 11, 2024 .

General Authority: SDCL 42-7B-7 .

Law Implemented: SDCL 42-7B-2.1 , 42-7B-3 , 42-7B-7 , 42-7B-11 , 42-7B-18 , 42-7B-19 , 42-7B-21 , 42-7B-22 , 42-7B-23 , 42-7B-24 , 42-7B-25 , 42-7B-33 , 42-7B-37 , 42-7B-38 .

Prior versions effective: 1990-07-01.