<html> <head> <title>Rule 20:07:16:02 Exemption.</title> <META NAME="Keywords" Content="Administrative Rules 20:07:16:02"> <META NAME="Description" Content="Administrative Rules 20:07:16:02 Exemption."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>20:07:16:02.&nbsp;&nbsp;Exemption.</b> Any subsidiary of a bank formed for the sole purpose of holding, receiving, or operating real or personal property repossessed by a bank through foreclosure proceedings or other proceedings in lieu of debts previously contracted in the ordinary course of the bank's business is exempt from the requirements of this chapter.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 12 SDR 106, effective January 1, 1986; 12 SDR 151, 12 SDR 155, effective July 1, 1986.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-13">51A-2-13</A> to <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-2-15">51A-2-15.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=51A-4-1">51A-4-1.</A></p> </div> </body> </html>