<html xmlns="http://www.w3.org/1999/xhtml"><head><meta charset="UTF-8" /><meta http-equiv='content-language' content='en-us'/><title>SDLRC - Codified Law 43-41B-40 - Open-loop prepaid cards exempt. </title><meta name="Generator" content="PowerTools for Open XML" /><style>span { white-space: pre-wrap; } p.s2065740Normal { text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2065740SENU { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2065740CL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } p.s2065740Normal-000000 { text-indent: 0.50in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-left: 0; margin-right: 0; margin-bottom: .001pt; } span.s2065740DefaultParagraphFont { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } p.s2065740Normal-000001 { margin-left: 0.70in; text-indent: -0.45in; text-align: justify; font-family: 'Times New Roman', 'serif'; font-size: 12pt; line-height: 108%; margin-top: 0; margin-right: 0; margin-bottom: .001pt; } span.s2065740000002 { font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } span.s2065740SCL { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: bold; margin: 0; padding: 0; } span.s2065740SCL-000003 { font-family: 'Times New Roman', 'serif'; font-size: 12pt; font-style: normal; font-weight: normal; margin: 0; padding: 0; } body { text-decoration-skip-ink: none; } </style></head><body><div><p dir="ltr" class="s2065740Normal"><a href="https://sdlegislature.gov/Statutes/Codified_Laws/DisplayStatute.aspx?Type=Statute&amp;Statute=43-41B-40"><span class="s2065740SENU">43-41B-40</span></a><span xml:space="preserve" class="s2065740SENU">. </span><span class="s2065740CL">Open-loop prepaid cards exempt.</span></p><p dir="ltr" class="s2065740Normal-000000"><span class="s2065740DefaultParagraphFont">The provisions of this chapter do not apply to open-loop prepaid cards for which the underlying funds do not expire and the records of the depository institution do not disclose the identity of the actual owner. For the purposes of this section, an open-loop prepaid card is an electronic payment device that meets the following conditions:</span></p><p dir="ltr" class="s2065740Normal-000001"><span class="s2065740DefaultParagraphFont">(1)    Is purchased or loaded, or both, on a prepaid basis for the future purchase or delivery of any goods or services; and</span></p><p dir="ltr" class="s2065740Normal-000001"><span class="s2065740DefaultParagraphFont">(2)    Can be used to purchase goods and services at multiple unaffiliated merchants or service providers.</span></p><p dir="ltr" class="s2065740Normal"><span xml:space="preserve" class="s2065740000002"> </span></p><p dir="ltr" class="s2065740Normal"><span class="s2065740SCL">Source:</span><span xml:space="preserve" class="s2065740SCL-000003"> SL 2010, ch 215, § 1.</span></p></div></body></html>