Establishes interest rates, approves opening of new banks, and regulates state banks.
Administered under the Department of Revenue and Regulation
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
Bret Afdahl, Director
Division of Banking
SD Department of Labor and Regulation
1601 N. Harrison Avenue, Suite 1
Pierre, SD 57501