4-6A-1. Definitions. Terms as used in this chapter mean: (1)”Commission,” the South Dakota Public Deposit Protection Commission created under §4-6A-2; (2)”Deposit insurance,” insurance provided by the Federal Deposit Insurance Corporation or the National Credit Union Administration; (3)”Eligible collateral,” collateral which is eligible as security for public deposits pursuant to §§51A-10-9, 51A-4-25, and 51A-4-26 and also […]
4-6A-10. Payment to public officers after loss determined–Procedures. When the Public Deposit Protection Commission determines that a loss has occurred, the commission shall, as soon as possible, make payment to the proper public officers of all funds subject to such loss, pursuant to the procedures set forth in §§4-6A-11 to 4-6A-15, inclusive. Source: SL 1974, […]
4-6A-11. Ascertainment of public deposits and insurance when depository restrained or taken in possession–Certification to public depositors. For the purposes of determining the sums to be paid pursuant to §4-6A-10, the Public Deposit Protection Commission shall, within twenty days after issuance of a restraining order or the taking of possession of any qualified public depository, […]
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).
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. […]
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 […]
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 […]
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).
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 […]
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 […]
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.
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 […]
4-6A-21. Citation of chapter. This chapter may be cited as the Public Deposit Insurance Act. Source: SL 1974, ch 39, §1.
4-6A-3. Segregation of collateral by public depository–Value–Deposit and designation–Letters of credit and surety bonds. Every qualified public depository shall at all times maintain, segregated from its other assets, eligible collateral having a value at least equal to its maximum liability under this chapter. Such collateral shall be segregated by deposit in such manner as the […]
4-6A-4. Valuation of collateral–Substitution of securities. Securities eligible as collateral shall be valued at face value or market value, whichever is less. A qualified public depository may make substitutions of eligible collateral at any time and shall notify the public deposit protection commission of such change immediately. Source: SL 1923, ch 281, §1; SL 1925, […]
4-6A-5. Income from collateral. The income from the securities which have been segregated as collateral shall belong to the qualified public depository without restriction. Source: SL 1974, ch 39, §8; SL 1982, ch 45, §1B; SL 1986, ch 44, §4.
4-6A-6. Information required of depository–Disqualification on failure to provide information. The public deposit protection commission may require any qualified public depository to furnish such information dealing only with public deposits as the commission shall request. Any public depository which refuses or neglects to give any information so requested may no longer be a qualified public […]
4-6A-7. Reports of public deposits and segregated collateral–False statement as perjury. On each call report date, or more often as determined by the public deposit protection commission, each qualified public depository shall render to the commission a written report, certified under oath, indicating the total amount of public deposits held by it and the amount […]
4-6A-8. Treasurer not liable for loss from authorized deposits. When deposits are made in accordance with this chapter, a treasurer shall not be liable for any loss thereof resulting from the failure or default of any depository without fault or neglect on his part or on the part of his assistants or clerks. Source: SL […]
4-6A-9. Public deposits protected by chapter. All public deposits, including accrued interest thereon, in qualified public depositories shall be protected against loss, to the extent provided in this chapter. Source: SL 1974, ch 39, §3; SL 1982, ch 45, §1E; SL 1986, ch 44, §7; SL 1986, ch 45, §6; SL 1987, ch 45, §6.
