32-7A-5. Bond required for license.
No license as provided in §32-7A-3 may be issued to anyone, until the applicant executes a bond issued by a company licensed to do business in this state, as surety in the amount of twenty-five thousand dollars. The bond shall be payable to the Department of Revenue for the use and benefit of any purchaser or holder of lien to pay any loss, damages, and expenses resulting from the failure of any title for any fraudulent misrepresentation or breach of warranty as to freedom from a lien. If any claim is made to the department against such bond, which claim is based upon a final judgment of a court of record of this state, the dealer shall execute an additional bond for the amount necessary to maintain the security at the original level.
Source: SL 1984, ch 223, §5; SL 2004, ch 17, §98; SL 2004, ch 207, §4; SL 2011, ch 1 (Ex. Ord. 11-1), §161, eff. Apr. 12, 2011.
Structure South Dakota Codified Laws
Chapter 07A - Dealers And Manufacturers Of Manufactured Homes And Mobile Homes
Section 32-7A-1 - Definitions.
Section 32-7A-2 - Established place of business.
Section 32-7A-3 - License required--Exceptions--Violation as misdemeanor.
Section 32-7A-4.1 - Application required--Contents.
Section 32-7A-4.2 - Grounds for denial of license or application of §§ 32-7A-4.3 to 32-7A-4.8.
Section 32-7A-4.3 - Cease and desist order for specified violations--Period of effectiveness.
Section 32-7A-4.4 - Hearing on question of whether violations occurred--Procedures.
Section 32-7A-4.5 - Finality of cease and desist order.
Section 32-7A-4.7 - Hearing to contest order to pay fine or suspend or revoke license--Procedures.
Section 32-7A-4.8 - Finality of order to pay fine or suspend or revoke license.
Section 32-7A-5 - Bond required for license.
Section 32-7A-5.1 - Notice to surety company of denial, suspension, or revocation of license.
Section 32-7A-6 - Separate licenses for places of business in different counties.
Section 32-7A-7 - Fee for license--Renewal.
Section 32-7A-8 - Disposition of fees.
Section 32-7A-8.1 - Increase in dealer bond amount--Implementation.
Section 32-7A-9 - Time for grant or denial of license--Issuance of certificate--Form.
Section 32-7A-10 - Dealers' plates--Issuance--Use--Fees.
Section 32-7A-10.1 - Mailing fees.
Section 32-7A-11 - Transportation of manufactured and mobile homes owned by dealer.
Section 32-7A-12 - Books, records, and files kept by licensees.
Section 32-7A-16 - Sales on consignment--Title requirements.
Section 32-7A-18 - Appointment of dealer inspectors--Entry--Complaints.
Section 32-7A-19 - Investigation--Purpose--Inspection--Examination.
Section 32-7A-23 - Application for injunction--Issuance without bond.