Marcia Hultman

Cabinet Secretary

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Banking Commission

The Division of Banking is administered under the direction of the Department of Labor and Regulation. The Division is under the administrative control and supervision of the Director of Banking, Bret Afdahl. In addition to the Director, the Governor appoints a Banking Commission consisting of five members.

The Banking Commission is authorized by South Dakota Codified Law (SDCL) 51A-2.

The Director of Banking is the executive officer of the Commission and complies with and enforces orders and directions of the Commission. The Director is responsible to act on applications to organize a bank, change control, merge, change location, and establish or close branch banks. The Commission is required to hear appeals of application decisions or disputes and also acts on Administrative Rules of South Dakota (ARSD) necessary for the management and administration of banks and trust companies over which it has jurisdiction.

Interested in receiving updates?

If you would like to be added to the Division's interested party list to be notified of new applications filed with the Division, please email your name, address and email address to the Division at

Declaratory Rulings

H-D Electric Cooperative, Inc.

Northern Beef Packers Limited Partnership and Epoch Star Limited

PayServices, Inc. March 4, 2022, Petition

PayServices, Inc. March 30, 2022, Petition