SB47 reorganizes South Dakota's money transmission licensing rules by adding a new definition of "controlling person" and renumbering the existing definitions to eliminate gaps. The bill clarifies that someone controls a money transmission company if they own or can vote at least 25 percent of its shares, and it counts ownership stakes held by their spouse, parent, or child toward that threshold. These changes make the state's money transmission regulations clearer and more consistent.
This bill does not directly amend codified state law.
Signed by the Governor S.J. 219
Delivered to the Governor S.J. 158
Signed by the Speaker H.J. 172
Signed by the President S.J. 143
House of Representatives Do Pass Passed, YEAS 68, NAYS 0. H.J. 148
Commerce and Energy Certified uncontested, placed on consent H.J. 1
Commerce and Energy Do Pass Passed, YEAS 13, NAYS 0. H.J. 1
Commerce and Energy Scheduled for hearing
First read in House and referred to House Commerce and Energy H.J. 56
Senate Do Pass Passed, YEAS 33, NAYS 0. S.J. 85
Senate Remove from Consent Calendar S.J. 76
Commerce and Energy Certified uncontested, placed on consent S.J. 1
Commerce and Energy Do Pass Passed, YEAS 9, NAYS 0. S.J. 1
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 10
Commerce and Energy — Do Pass
Do Pass
Commerce and Energy — Do Pass