South Dakota Form 870 2017-2024

South Dakota Form 870: What You Should Know

Effective with regulations effective July 25, 2002. S.D. Codified Laws 23H-10 SECTION 23H-10-8. ELECTRONIC RETURN OF INTEREST (WeTransfer TO 23H-10-7). 7-19-065. Definitions. Any person who makes an electronic deposit or transfer of funds with a bank of the State of South Dakota is presumed, in the absence of sufficient evidence to the contrary, to have made the transaction in compliance with the rules of the bank. Any person who: (1) Commits the offense of fraud in relation to a deposit or transfer subject to a check-draft fee, or any fraudulent practice in relation to a check; (2) Makes a false or misleading return or statement with respect to the existence of an instrument or agreement if the instrument or agreement has already been recorded in the books or records of the bank; (3) Commits the offense of misrepresentation, in relation to a record on deposit or a record on electronic storage; and (4) Makes a false or misleading return or statement by failing to make, retain, or forward with the return or statement for deposit with the bank any necessary bank account statements; commits the crime of falsification of statements or falsification of records. 7-19-066. Penalties for violations. Any person who commits the offense of falsification of the statements or falsification of records is guilty of a misdemeanor, if: (1) The person knowingly makes or uses a false or misleading report of the existence or contents of an instrument or agreement, or uses a false or misleading report of the manner of recording the existence of an instrument or agreement or the manner of making, recording, or transferring of funds: (A) By the person or a corporation, trust, or other entity related to the person; (B) For the benefit of the person; or (C) With the intent to conceal the existence or contents of the instrument or agreement from the owner of the instrument; or (D) By the person or a corporation, trust, or other entity related to the person and (I) is false; or (II) has been falsified for any purpose other than the sole purpose of obtaining or trying to acquire, directly or indirectly, a benefit; or (III) consists of the fraudulent use of a false or misleading record on deposit with a bank of the State of South Dakota.

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