Authorization:
Chapter 51A-2
Activities:
Establishes interest rates, approves opening of new banks, and regulates state banks.
Organization:
Administered under the Department of Revenue and Regulation
Composition:
Five members appointed by the Governor: (1) Three members shall be officers or directors of a state or national bank at the time of and during their appointment. Not more than one member may be an officer or director of a national bank at the time of appointment. (2) Two members need not be officers or directors of a bank, nor associated in any way with the business of banking.
Term of Appointment:
Terms shall expire on October 30 on the third year of appointment. Terms that end June 30, 2012, are extended to October 30, 2012. * No term limits

Contact Info:
Bret Afdahl, Director Division of Banking SD Department of Labor and Regulation 1601 N. Harrison Avenue, Suite 1 Pierre, SD 57501 Phone: 605.773.3421 Fax: 866.326.7504 email: banking@state.sd.us

Mission Statement: