This bill establishes a framework for the creation and operation of land banks in South Dakota, which are nonprofit entities designed to manage and rehabilitate abandoned, blighted, delinquent, or vacant properties. The legislation outlines the definitions of key terms, including "land bank," "district," and "board," and specifies the process by which a political subdivision can create a land bank through an ordinance. The bill details the governance structure, including the appointment of a board of directors, the adoption of bylaws, and the powers and responsibilities of the land bank, such as acquiring real property, entering contracts, and managing assets.

Additionally, the bill provides for the financial operations of land banks, allowing them to receive grants and loans, issue bonds, and maintain tax-exempt status for their properties and income. It also includes provisions for the dissolution of a land bank and the establishment of temporary land banks in response to natural disasters. The legislation emphasizes the importance of public transparency and accountability, requiring public notice for certain actions and allowing for the conversion of temporary land banks into permanent entities under specified conditions.