South Dakota § 51A-4-28 Restricted investment in mortgage banking companies authorized.

South Dakota Statutes

§ 51A-4-28 — Restricted investment in mortgage banking companies authorized.

South Dakota § 51A-4-28

Title 51ABANKS AND BANKING

Ch. 51A-2GENERAL POWERS OF BANKS

This text of South Dakota § 51A-4-28 (Restricted investment in mortgage banking companies authorized.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-4-28 (2026).

Text

Any bank may purchase and own stock and capital notes or other evidence of debt issued by a mortgage banking company, or its affiliate, the principal business of which is the extension of short, intermediate or long - term credit to individuals, partnerships and corporations, which credit is secured by real estate mortgages. A bank shall own at least eighty percent of the stock of any such mortgage banking company and may not obligate more than thirty percent of its capital stock and surplus and undivided profits for such purpose.

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Any bank may purchase and own stock and capital notes or other evidence of debt issued by a mortgage banking company, or its affiliate, the principal business of which is the extension of short, intermediate or long - term credit to individuals, partnerships and corporations, which credit is secured by real estate mortgages. A bank shall own at least eighty percent of the stock of any such mortgage banking company and may not obligate more than thirty percent of its capital stock and surplus and undivided profits for such purpose.