S.D. Admin. R. 20:07:03:16

Current through Register Vol. 51, page 67, December 16, 2024

Section 20:07:03:16 - Charge-off requirements

Within 30 days after receipt of a report of examination, a bank shall charge off 100 percent of all assets classified as loss. If an asset has been collected or put in a bankable condition, the bank may apply within those 30 days to the director for a waiver of the charge-off requirements of this section.

11 SDR 46, effective 10/9/1984; 12 SDR 151, 12 SDR 155, effective 7/1/1986; 13 SDR 37, effective 10/9/1986; 14 SDR 116, effective 3/20/1988; 15 SDR 28, effective 8/21/1988; 19 SDR 85, effective 12/14/1992; 34 SDR 322, effective 6/30/2008.

General Authority: SDCL 51A-2-13.

Law Implemented: SDCL 51A-2-13.