SB43 updates South Dakota's money transmission licensing rules by revising how the state defines key terms used to regulate companies that transmit money and issue payment instruments. The bill clarifies definitions for important roles like "executive officers" and "key individuals" who oversee these businesses, and defines what counts as an "electronic instrument" (like prepaid cards with computer chips). These changes help the Division of Banking better identify and regulate the people and companies involved in money transmission services.
This bill does not directly amend codified state law.
Signed by the Governor S.J. 186
Delivered to the Governor S.J. 145
Signed by the Speaker H.J. 174
Signed by the President S.J. 128
House of Representatives Do Pass Passed, YEAS 70, NAYS 0. H.J. 98
Commerce and Energy Do Pass Passed, YEAS 12, NAYS 1.
Commerce and Energy Scheduled for hearing
First read in House and referred to House Commerce and Energy H.J. 61
Senate Do Pass Passed, YEAS 34, NAYS 0. S.J. 60
Commerce and Energy Certified uncontested, placed on consent
Commerce and Energy Do Pass Passed, YEAS 9, NAYS 0.
Commerce and Energy Scheduled for hearing
First read in Senate and referred to Senate Commerce and Energy S.J. 13
Do Pass
Commerce and Energy — Do Pass
Commerce and Energy — Do Pass