reglab/housing_qa huggingface dataset:
SD Codified L § 51A-17-13 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-13 - Corporate applicants--Additional requirements.

51A-17-13. Corporate applicants--Additional requirements.In addition to the requirements of §51A-17-12, an applicant that is a corporation shall provide:(1)The date of the applicant's incorporation and state of incorporation;(2)A certificate of good standing from the state in which the applicant was incorporated;(3)A description of the corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and the disclosure of whether any parent or subsidiary is publicly traded on any stock exchange;(4)The name, business and residence address, and employment history for the preceding five years of the applicant's executive officers and any officer or manager who will be in charge of the applicant's activities to be licensed;(5)The name, business and residence address, and employment history for the preceding five years of any key shareholder of the applicant;(6)The history of material litigation for the preceding five-year period of every executive officer or key shareholder of the applicant;(7)A complete set of fingerprints and a signed waiver authorizing the division to conduct a criminal history background check of each executive officer or key shareholder of the applicant;(8)A copy of the applicant's most recent audited financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder equity, and statement of changes in financial position, and, if available, the applicant's audited financial statements for the preceding two-year period. For an applicant that is a wholly owned subsidiary of another corporation, the applicant may submit either the parent corporation's consolidated audited financial statements for the current year and for the preceding two-year period, or the parent corporation's Form 10K reports filed with the United States Securities and Exchange Commission for the preceding three years in lieu of the applicant's financial statements. For an applicant that is a wholly owned subsidiary of a corporation having its principal place of business outside the United States, similar documentation filed with the parent corporation's regulator outside the United States may be submitted to satisfy the requirements of this subdivision; and(9)A copy of all filings, if any, made by the applicant with the United States Securities and Exchange Commission, or with a similar regulator in a country other than the United States, within the preceding year. Source: SL 2008, ch 253, §13; SL 2019, ch 206, §4.
SD Codified L § 51A-17-14 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-14 - Noncorporate applicants--Additional requirements.

51A-17-14. Noncorporate applicants--Additional requirements.In addition to the requirements of §51A-17-12, an applicant that is not a corporation shall provide:(1)The name, business and residence address, personal financial statement, and employment history for the preceding five years, of each principal of the applicant and the name, business and residence address, and employment history for the preceding five years of any other person who will be in charge of the applicant's activities to be licensed;(2)The place and date of the applicant's registration or qualification to do business in this state;(3)The history of material litigation for the preceding five-year period for each individual having any ownership interest in the applicant and each person who exercises supervisory responsibility with respect to the applicant's business activities;(4)A complete set of fingerprints and a signed waiver authorizing the division to conduct a criminal history background check for each person having any ownership interest in the applicant and each person who exercises supervisory responsibility with respect to the applicant's business activities; and(5)A copy of the applicant's audited financial statements, including balance sheet, statement of income or loss, and statement of changes in financial position, for the current year and, if available, for the preceding two-year period. Source: SL 2008, ch 253, §14; SL 2019, ch 206, §5.
SD Codified L § 51A-17-15 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-15 - Waiver of license application requirements.

51A-17-15. Waiver of license application requirements.The director may, for good cause shown, waive any requirement with respect to any license application or permit a license applicant to submit substituted information in its license application in lieu of the information required. The director may, if the circumstances dictate, require an applicant to provide additional information with respect to any license application. Source: SL 2008, ch 253, §15.
SD Codified L § 51A-17-16 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-16 - Application fee.

51A-17-16. Application fee .Each application shall be accompanied by a nonrefundable application fee not to exceed five hundred dollars and a licensee fee not to exceed one thousand dollars. The license fee shall be refunded if the application is denied. The director shall establish the application and license fees by rules promulgated pursuant to chapter 1-26. Source: SL 2008, ch 253, §16.
SD Codified L § 51A-17-17 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-17 - Applicant--Investigation by director.

51A-17-17. Applicant--Investigation by director.Upon receiving a complete application, the director shall investigate the financial condition and responsibility, financial and business experience, character, and general fitness of the applicant. The director may conduct an on-site investigation of the applicant, the reasonable cost of which shall be paid by the applicant. If the director finds that the applicant's business will be conducted honestly, fairly, and in a manner commanding the confidence and trust of the community and that the applicant has fulfilled the requirements imposed by this chapter and has paid the required license fee, the director shall issue a license to the applicant authorizing the applicant to engage in the licensed activities in this state until the license expires on the following January first. If these requirements have not been met, the director shall deny the application in writing setting forth the reasons for the denial. Source: SL 2008, ch 253, §17; SL 2020, ch 205, § 2.
SD Codified L § 51A-17-18 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-18 - Denial of application--Request for hearing.

51A-17-18. Denial of application--Request for hearing.Any applicant aggrieved by a denial issued by the director under this chapter may, at any time within thirty days from the date of written notice of the denial, request a hearing pursuant to chapter 1-26. Any request for hearing shall be made in writing and postmarked within the thirty-day period if sent by way of United States postal mail or actually received by the division within the thirty-day period if sent by way of electronic mail or facsimile. Source: SL 2008, ch 253, §18.
SD Codified L § 51A-17-19 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-19 - Annual report and renewal fee.

51A-17-19. Annual report and renewal fee.A licensee shall pay an annual renewal fee not to exceed one thousand dollars. The director shall establish the renewal fee by rules promulgated pursuant to chapter 1-26. The renewal fee shall be accompanied by a report, in a form prescribed by the director, which shall include:(1)A copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity, and statement of changes in financial position, or, in the case of a licensee that is a wholly owned subsidiary of another corporation, the consolidated audited annual financial statement of the parent corporation may be filed in lieu of the licensee's audited annual financial statement;(2)The licensee shall provide the number of payment instruments sold by the licensee in the state, the dollar amount of those instruments, and the dollar amount of those instruments currently outstanding, for the calendar year or fiscal year immediately preceding the renewal period, or as much of this information as is available at the time of filing the renewal application;(3)Any material changes to any of the information submitted by the licensee on its original application which have not previously been reported to the director on any other report required to be filed under this chapter;(4)A list of the licensee's permissible investments; and(5)A list of the locations, if any, within this state at which business regulated by this chapter is being conducted by either the licensee or its authorized delegates. Source: SL 2008, ch 253, §19.
SD Codified L § 51A-17-20 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-20 - Time for filing renewal application, report, and fee.

51A-17-20. Time for filing renewal application, report, and fee.Any application for renewal of a license in accordance with this chapter shall be filed with the director by December first and shall be accompanied by a fee and report as required under §51A-17-19. Any application for renewal filed with the director after December first and before January first of the next calendar year is subject to the renewal fee and a late fee equal to twenty-five percent of the renewal fee. The director may not issue a license for any application for renewal filed after December thirty-first unless an application is filed in accordance with §51A-17-12.  Source: SL 2008, ch 253, §20; SL 2015, ch 241, §2; SL 2019, ch 206, §6.
SD Codified L § 51A-17-21 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-21 - Limit of licensee's liability.

51A-17-21. Limit of licensee's liability.A licensee's responsibility to any person for a money transmission conducted on that person's behalf by the licensee or the licensee's authorized delegate is limited to the amount of money transmitted or the face amount of the payment instrument or stored value purchased. Source: SL 2008, ch 253, §21.
SD Codified L § 51A-17-22 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-22 - Written report of certain events required.

51A-17-22. Written report of certain events required.Within fifteen business days of the occurrence of any one of the events listed in this section, a licensee shall file a written report with the director describing the event and its expected impact on the licensee's activities in the state. Such events include:(1)Any material changes in information provided in a licensee's application or renewal report;(2)The filing for bankruptcy or reorganization by the licensee;(3)The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensees' money transmission activities;(4)Any felony indictment of the licensee or any of its key officers or directors related to money transmission activities; and(5)Any felony conviction of the licensee or any of its key officers or directors related to money transmission activities. Source: SL 2008, ch 253, §22.
SD Codified L § 51A-17-23 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-23 - Notice of proposed change of control--Investigation--Approval of change.

51A-17-23. Notice of proposed change of control--Investigation--Approval of change.A licensee shall give the director written notice of a proposed change of control within fifteen days after learning of the proposed change of control and request approval of the acquisition. After review of a request for approval, the director may require the licensee to provide additional information concerning the proposed persons in control of the licensee. The additional information shall be limited to the same types required of the licensee or persons in control of the licensee as part of its original license or renewal application. The director shall approve a request for change of control if, after investigation, the director determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the interests of the public will not be jeopardized by the change of control. Source: SL 2008, ch 253, §23.
SD Codified L § 51A-17-24 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-24 - Persons exempt from change of control requirements--Notice.

51A-17-24. Persons exempt from change of control requirements--Notice.The following persons are exempt from the requirements of §51A-17-23, but the licensee shall notify the director of any such change of control:(1)A person that acts as a proxy for the sole purpose of voting at a designated meeting of the security holders or holders of voting interests of a licensee or person in control of a licensee;(2)A person that acquires control of a licensee by devise or descent;(3)A person that acquires control as a personal representative, custodian, guardian, conservator, or trustee, or as an officer appointed by a court of competent jurisdiction or by operation of law; and(4)A person that the director by rule or order exempts in the public interest. Source: SL 2008, ch 253, §24.
SD Codified L § 51A-17-25 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-25 - Public offering of securities exempt from change of control requirements.

51A-17-25. Public offering of securities exempt from change of control requirements.Section 51A-17-23 does not apply to public offerings of securities. Source: SL 2008, ch 253, §25.
SD Codified L § 51A-17-26 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-26 - Request for determination on change of control from director.

51A-17-26. Request for determination on change of control from director.Before filing a request for approval to acquire control, a person may request in writing a determination from the director as to whether the person would be considered a person in control of a licensee upon consummation of a proposed transaction. If the director determines that the person would not be a person in control of a licensee, the director shall enter an order to that effect and the proposed person and transaction is not subject to the requirements of §51A-17-23. Source: SL 2008, ch 253, §26.
SD Codified L § 51A-17-27 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-27 - On-site examinations--Acceptance of report by other examining agency--Waiver with self-examination.

51A-17-27. On-site examinations--Acceptance of report by other examining agency--Waiver with self-examination.The director may conduct an annual on-site examination of a licensee upon reasonable notice to the licensee. The director may examine a licensee without prior notice if the director has a reasonable basis to believe that the licensee is in noncompliance with this chapter. If the director concludes that an on-site examination of a licensee is necessary, the licensee shall pay all reasonably incurred costs of such examination. The on-site examination may be conducted in conjunction with examinations to be performed by representatives of any governmental agency. The director, in lieu of an on-site examination, may accept the examination report of any governmental agency, and reports so accepted are considered for all purposes as an official report of the director. The director may waive an on-site examination and only require a self-examination or a report prepared by an independent accounting firm. If a licensee conducts a self-examination, the licenses shall provide any information requested under oath and on forms provided by the division. The reasonable expenses incurred by the division, any governmental agency, or an independent licensed or certified public accountant in making such examination or report shall be borne by the licensee. Source: SL 2008, ch 253, §27.
SD Codified L § 51A-17-28 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-28 - Request for financial data or on-site examination upon reasonable basis to believe licensee in noncompliance.

51A-17-28. Request for financial data or on-site examination upon reasonable basis to believe licensee in noncompliance.The director may request financial data from a licensee in addition to that required under §51A-17-19, or conduct an on-site examination of any authorized delegate or location of a licensee within this state without prior notice to the authorized delegate or licensee only if the director has a reasonable basis to believe that the licensee or authorized delegate is in noncompliance with this chapter. If the director examines an authorized delegate's operations, the authorized delegate shall pay all reasonably incurred costs of such examination. If the director examines a licensee's location within the state, the licensee shall pay all reasonably incurred costs of such examination. Source: SL 2008, ch 253, §28.
SD Codified L § 51A-17-29 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-29 - Records required and open to inspection.

51A-17-29. Records required and open to inspection.Each licensee shall make, keep, and preserve the following books, accounts, and other records for a period of three years and which shall be open to inspection by the director:(1)A record or records of each payment instrument and stored value sold;(2)A general ledger, which general ledger shall be posted at least monthly, containing all assets, liabilities, capital, income, and expense accounts;(3)Bank statements and bank reconciliation records;(4)Records of outstanding payment instruments and stored value;(5)Records of each payment instrument and stored value paid within the three-year period;(6)A list of the names and addresses of all of the licensee's authorized delegates; and(7)Any other records the director reasonably requires by rule promulgated pursuant to chapter 1-26.Maintenance of such documents as are required by this section in a photographic, electronic, or other similar form constitutes compliance with this section. Records may be maintained at a location other than within this state if they are made accessible to the director on seven business days written notice. Source: SL 2008, ch 253, §29.
SD Codified L § 51A-17-30 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-30 - Confidentiality of information--Exception.

51A-17-30. Confidentiality of information--Exception.All information or reports obtained by the director from an applicant, licensee, or authorized delegate, whether obtained through reports, applications, examination, audits, investigation, or otherwise, including all information contained in or related to examination, investigation, operating, or condition reports prepared by, on behalf of, or for the use of the director, or financial statements, balance sheets, or authorized delegate information, are confidential. However, the director may disclose confidential information to officials and examiners of other state or federal regulatory authorities or to appropriate prosecuting attorneys.This section does not prohibit the director from disclosing to the public a list of persons licensed under this chapter or the aggregated financial data on those licensees. Source: SL 2008, ch 253, §30.
SD Codified L § 51A-17-31 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-31 - Authorized delegate--Written contract required--Contents.

51A-17-31. Authorized delegate--Written contract required--Contents.Any licensee desiring to conduct licensed activities through an authorized delegate shall authorize each delegate to operate pursuant to an express written contract. Any such contract entered into after July 1, 2008, shall provide the following:(1)That the licensee appoints the person as its delegate with authority to engage in money transmission on behalf of the licensee;(2)That neither a licensee nor an authorized delegate may authorize subdelegates without the written consent of the director; and(3)That licensees are subject to supervision and regulation by the director. Source: SL 2008, ch 253, §31.
SD Codified L § 51A-17-32 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-32 - Standards of conduct of authorized delegate.

51A-17-32. Standards of conduct of authorized delegate.An authorized delegate shall adhere to the following standards of conduct:(1)No authorized delegate may make any fraudulent or false statement or misrepresentation to a licensee or to the director;(2)All money transmission or sale or issuance of payment instrument activities conducted by an authorized delegate shall be strictly in accordance with the licensee's written procedures provided to the authorized delegate;(3)An authorized delegate shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized delegate. The failure of an authorized delegate to remit all money owing to a licensee within the time presented shall result in liability of the authorized delegate to the licensee for the licensee's actual damages. The director may establish, by rules promulgated pursuant to chapter 1-26, the maximum remittance time;(4)An authorized delegate is deemed to consent to the director's inspection, with or without prior notice to the licensee or authorized delegate, of the books and records of authorized delegates of the licensee if the director has a reasonable basis to believe that the licensee or authorized delegate is in noncompliance with this chapter; and(5)An authorized delegate is under a duty to act only as authorized under the contract with the licensee. An authorized delegate who exceeds the authority grant under the contract is subject to cancellation of the contract and further disciplinary action by the director. Source: SL 2008, ch 253, §32.
SD Codified L § 51A-17-33 (2021)
2021 South Dakota Codified Laws|Title 51A - Banks and Banking|Chapter 17 - Money Transmission|Section 51A-17-33 - Funds received by authorized delegate constitute trust funds.

51A-17-33. Funds received by authorized delegate constitute trust funds.Any funds, less fees, received by an authorized delegate of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized delegate for transmission shall, from the time such funds are received by such authorized delegate until such time when the funds or an equivalent amount are remitted by the authorized delegate to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized delegate commingles any such funds with any other funds or property owned or controlled by the authorized delegate, any commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee. Source: SL 2008, ch 253, §33.