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Legislative Update with Jay Kruse By Jay Kruse, Chief Advocacy Officer Good morning, The South Dakota legislative session continues in Pierre this week, even with 17 members forced to participate remotely on Tuesday due to COVID-19 precautions. Today is legislative day 23 of 37, and the countdown to Crossover Day continues with only six legislative days remaining for bills and resolutions to be passed by their house of origin and “crossover” to the other chamber. As you can imagine with the deadline quickly approaching, committee work has picked up with most committees tackling a larger number of bills each day. Dakota Credit Union Association along with the South Dakota Governmental Affairs Committee is currently tracking and monitoring 22 industry-related bills. You can see the full list of bills, including links and details, on our website at: https://www.dakcu.org/bill-tracking.html. Be sure to select South Dakota in the “Key Legislation” drop down box to display the state-specific bills we are tracking. We are paying special attention to several bills this week: HB 1091 – Adds a new section to the SD "Property" statutes addressing virtual currency and the perfection of security interests in digital assets as well as custodial serviced provided by banks. A House Commerce and Energy Committee hearing will take place today at 10:00. We do not believe this is the most well written legislation and anticipate both the bankers and SD Division of Banking to testify in opposition. I will also be in attendance for the hearing this morning to monitor the developments. SB 193 – This legislation would allow notarial officers in this state, while located in this state, to perform a notarial act with a person not in the physical presence of the notarial officer but observed by the notarial officer through means of video communication technology. We are working with the bill sponsor to clean up some language referencing “personal knowledge” of notaries. We believe this will help avoid any confusion in the way the rule is interpreted. HB 1203 – Authorizes state regulated banks to engage in business with industrial hemp or marijuana and associated persons. This legislation changes SDCL section 51A which only applies to state banks. Federal credit unions are exempt from this legislation; however, we are monitoring discussions on the topic of cannabis banking and will keep a close eye on this bill. The House Commerce and Energy Committee will be hearing this bill today at 10:00am. As always, feel free to contact me with any questions or comments.
Legislative Update with Jay Kruse
By Jay Kruse, Chief Advocacy Officer
Good morning,
The South Dakota legislative session continues in Pierre this week, even with 17 members forced to participate remotely on Tuesday due to COVID-19 precautions. Today is legislative day 23 of 37, and the countdown to Crossover Day continues with only six legislative days remaining for bills and resolutions to be passed by their house of origin and “crossover” to the other chamber. As you can imagine with the deadline quickly approaching, committee work has picked up with most committees tackling a larger number of bills each day.
Dakota Credit Union Association along with the South Dakota Governmental Affairs Committee is currently tracking and monitoring 22 industry-related bills. You can see the full list of bills, including links and details, on our website at: https://www.dakcu.org/bill-tracking.html. Be sure to select South Dakota in the “Key Legislation” drop down box to display the state-specific bills we are tracking.
We are paying special attention to several bills this week:
HB 1091 – Adds a new section to the SD "Property" statutes addressing virtual currency and the perfection of security interests in digital assets as well as custodial serviced provided by banks. A House Commerce and Energy Committee hearing will take place today at 10:00. We do not believe this is the most well written legislation and anticipate both the bankers and SD Division of Banking to testify in opposition. I will also be in attendance for the hearing this morning to monitor the developments.
SB 193 – This legislation would allow notarial officers in this state, while located in this state, to perform a notarial act with a person not in the physical presence of the notarial officer but observed by the notarial officer through means of video communication technology. We are working with the bill sponsor to clean up some language referencing “personal knowledge” of notaries. We believe this will help avoid any confusion in the way the rule is interpreted.
HB 1203 – Authorizes state regulated banks to engage in business with industrial hemp or marijuana and associated persons. This legislation changes SDCL section 51A which only applies to state banks. Federal credit unions are exempt from this legislation; however, we are monitoring discussions on the topic of cannabis banking and will keep a close eye on this bill. The House Commerce and Energy Committee will be hearing this bill today at 10:00am.
As always, feel free to contact me with any questions or comments.