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State of South Dakota
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SEVENTY-SECOND
SESSION
LEGISLATIVE ASSEMBLY, 1997 |
| 924A0455 |
HOUSE BILL
NO.
1067
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| Introduced by: Representative Broderick and Senator Munson (David) |
FOR AN ACT ENTITLED, An Act
to revise the period of time a bank is allowed to hold
overdrafts as an asset.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 51A-4-21 be amended to read as follows:
51A-4-21. Any debt due to any bank on which the interest is past due and unpaid for a period of six months unless the debt is well secured or in process of collection, shall be considered a bad debt and be charged to the reserve for loan and lease losses. In no case may an overdraft
of more than sixty calendar days standing be allowed as an asset of any bank
be
held as an asset by any bank for a period of time longer than that set by the rules of the
commission
.
750 copies of this document were printed by the South Dakota
Legislative Research Council at a cost of $.015 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated byoverstrikes.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 51A-4-21 be amended to read as follows:
51A-4-21. Any debt due to any bank on which the interest is past due and unpaid for a period of six months unless the debt is well secured or in process of collection, shall be considered a bad debt and be charged to the reserve for loan and lease losses. In no case may an overdraft
Legislative Research Council at a cost of $.015 per page. . Insertions into existing statutes are indicated by underscores.
Deletions from existing statutes are indicated by
