51A-17-102. Permissible investments described.The following investments are permissible under §51A-17-101:(1)Cash, including demand deposits, savings deposits, and funds in such accounts held for the benefit of the licensee's customers in a federally-insured depository financial institution, and cash equivalents, including ACH items in transit to the licensee and ACH items or international wires in transit to a payee, cash in transit via armored car, cash in smart safes, cash in licensee-owned locations, debit card or credit card-funded transmission receivables owed by any bank, or money market mutual funds rated 'AAA' by S&P, or the equivalent from any eligible rating service;(2)Certificates of deposit or senior debt obligations of an insured depository institution, as defined in section 3 of the Federal Deposit Insurance Act, 12 U.S.C. §1813 (January 1, 2024) or as defined under the federal Credit Union Act, 12 U.S.C. §1781 (January 1, 2024);(3)An obligation of the United States or a commission, agency, or instrumentality thereof; an obligation that is guaranteed fully as to principal and interest by the United States; or an obligation of a state or a governmental subdivision, a commission, agency, or instrumentality thereof; an obligation that is guaranteed fully as to principal and interest by the United States; or an obligation of a state or a governmental subdivision, agency, or instrumentality thereof;(4)The full drawable amount of an irrevocable standby letter of credit for which the stated beneficiary is the director that stipulates that the beneficiary need only draw a sight draft under the letter of credit and present it to obtain funds up to the letter of credit amount within seven days of presentation of the items required by §51A-17-105; and(5)One hundred percent of the surety bond or deposit provided for under §51A-17-100 that exceeds the average daily money transmission liability in this state. Source: SL 2024, ch 196, §51.
South Dakota Legal Code