HB1248

HB1248 clarifies which state's laws apply to securities transactions by specifying that South Dakota law governs security entitlements handled through securities intermediaries (like brokers or banks), rather than leaving it to the intermediary's home jurisdiction. The bill also keeps existing rules for direct securities issued by companies and for physical security certificates. This change makes it clearer and more predictable for South Dakota residents and businesses dealing with securities held through intermediaries.