Section 4-6A-13 – Losses in depositories–Assessment against public depositories.
4-6A-13. Losses in depositories–Assessment against public depositories. If a loss occurs in a qualified public depository, upon receipt of statements furnished pursuant to §4-6A-12, the Public Deposit Protection Commission shall ascertain and fix the amount of such public deposit accounts net after deduction of deposit insurance and assess the same against that qualified public depository. […]
Section 4-6A-14 – Payment of assessments by depositories–Liquidation of collateral on failure to pay.
4-6A-14. Payment of assessments by depositories–Liquidation of collateral on failure to pay. Assessments made by the Public Deposit Protection Commission pursuant to §4-6A-13 shall be payable on the second business day following demand, and in case of the failure of any qualified public depository so to pay, the commission shall forthwith take possession of the […]
Section 4-6A-15 – Reimbursement of public depositors from proceeds of assessments.
4-6A-15. Reimbursement of public depositors from proceeds of assessments. Upon receipt of assessment payments under §4-6A-14, the Public Deposit Protection Commission shall reimburse the public depositors of the qualified public depository in which the loss occurred to the extent of the depository’s net deposit liability to them. Source: SL 1974, ch 39, §9 (5); SL […]
Section 4-6A-16 – Actions for protection or settlement of claims.
4-6A-16. Actions for protection or settlement of claims. The Public Deposit Protection Commission shall have the power to take such action as the commission deems best for the protection, collection, compromise, or settlement of any claim arising in case of loss. Source: SL 1974, ch 39, §5 (3).
Section 4-6A-17 – Fixing date of loss.
4-6A-17. Fixing date of loss. The Public Deposit Protection Commission may fix the official date on which any loss is considered to have occurred for purposes of this chapter taking into consideration the orders, rules, and regulations of supervisory authority as they affect the failure or inability of a qualified public depository to repay public […]
Section 4-6A-19 – Subrogation of commission to depositors’ claims–Apportionment of amounts recovered–Refund of assessments–Expenses of liquidation.
4-6A-19. Subrogation of commission to depositors’ claims–Apportionment of amounts recovered–Refund of assessments–Expenses of liquidation. Upon payment to any public depositor, the public deposit protection commission is subrogated to all of such depositor’s right, title and interest against the qualified public depository in which the loss occurred. If the commission incurs expense in enforcing any such […]
Section 4-6A-20 – Rules of commission.
4-6A-20. Rules of commission. The Public Deposit Protection Commission may make and enforce rules necessary and proper to the full and complete performance of the commission’s functions under this chapter, including the authority to provide by rule for a sum less than one hundred percent if the depositor of public funds contracts with a qualified […]
Section 4-6A-21 – Citation of chapter.
4-6A-21. Citation of chapter. This chapter may be cited as the Public Deposit Insurance Act. Source: SL 1974, ch 39, §1.
Section 4-6A-12 – Depositors’ statements of deposits to commission.
4-6A-12. Depositors’ statements of deposits to commission. Within ten days after receipt of certification pursuant to §4-6A-11, each public depositor shall furnish to the Public Deposit Protection Commission verified statements of its deposits in the depository as disclosed by its records. Source: SL 1974, ch 39, §9 (2).
Section 4-6A-2 – Public deposit protection commission established–Function.
4-6A-2. Public deposit protection commission established–Function. The South Dakota Public Deposit Protection Commission shall be the state treasurer and the director of the Division of Banking, and shall supervise insuring of all public funds. Source: SL 1974, ch 39, §4; SL 1991, ch 391, §15.