Opinion No. 71-36

STATE OF SOUTH DAKOTA OFFICE OF THE ATTORNEY GENERAL September 10, 1971 W. E. Wintrode Superintendent of Banks Pierre , South Dakota 57501 OFFICIAL OPINION NO. 71-36 Permissibility of a savings and loan association to do business under Chapter 54-7 "Motor Vehicle Retail Installment Sales Law." Dear Mr. Wintrode: You have asked my opinion as follows: An application has been received by this office from a savings and loan association for a license to do business under Chapter 54-7 "Motor Vehicle Retail Installment Sales Law." Is it permissible for this department to grant a license to a federal or state chartered savings and loan association to do business under Chapter 54-7 SDCL "Motor Vehicle Retail Installment Sales Law"? It is my opinion that it would not be permissible. SDCL 52-1-2 states: No person shall engage in or transact the business of a savings and loan association in South Dakota without first complying with the applicable provisions of this title. I can find no provision in Chapter 52 SDCL authorizing a savings and loan association to engage in motor vehicle installment sales. It is further my opinion that a specific grant of authority would have to be enacted by the Legislature in order for a savings and loan association to engage in the practices contemplated by SDCL 54-7 "Motor Vehicle Retail Installment Sales Law." Respectfully submitted, Gordon Mydland Attorney General