ARSD 20:18:26:02. Requirements for foreign financial institutions

A financial institution that is not a resident of South Dakota shall designate a person who is a resident as its conservator to protect the financial institution's interests in its loan security. The conservator must be licensed by the commission as an operator or a retail licensee to manage the foreclosed gaming devices or licensed gaming premises. After foreclosure is completed or default certified pursuant to § 20:18:26:01, the financial institution must agree that the designated conservator be authorized, in the conservator's own name, to: (1) Exercise possession and control of the property; (2) Operate the gaming premises under the rules of the commission; (3) Receive the rents and profits from the operation; and (4) Perform acts the commission may authorize to protect the interests of the financial institution in the property and rents and profits therefrom. The commission may grant a license to a conservator on an emergency basis, with, without, or during a background investigation, after receipt of the application and payment of fees.