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.
Structure South Dakota Codified Laws
Chapter 17 - Money Transmission
Section 51A-17-1 - Definition of terms.
Section 51A-17-2 - Permissible investments defined.
Section 51A-17-2.1 - Control defined.
Section 51A-17-2.2 - Passive investor defined.
Section 51A-17-3 - Entities exempt from chapter.
Section 51A-17-4 - License to engage in business of money transmission required.
Section 51A-17-5 - Single license to conduct business at multiple locations--Authorized delegates.
Section 51A-17-6 - Minimum net worth required.
Section 51A-17-8 - Security device or deposit required.
Section 51A-17-9 - Security after licensee ceases operations.
Section 51A-17-10 - Investments required--Waiver by director.
Section 51A-17-11 - Criminal history background check required .
Section 51A-17-12 - Application for license--Form--Contents.
Section 51A-17-13 - Corporate applicants--Additional requirements.
Section 51A-17-14 - Noncorporate applicants--Additional requirements.
Section 51A-17-15 - Waiver of license application requirements.
Section 51A-17-16 - Application fee.
Section 51A-17-17 - Applicant--Investigation by director.
Section 51A-17-18 - Denial of application--Request for hearing.
Section 51A-17-19 - Annual report and renewal fee.
Section 51A-17-20 - Time for filing renewal application, report, and fee.
Section 51A-17-21 - Limit of licensee's liability.
Section 51A-17-22 - Amendment or notice of certain events required.
Section 51A-17-23 - Notice of proposed change of control--Investigation--Approval of change.
Section 51A-17-24 - Persons exempt from change of control requirements--Notice.
Section 51A-17-25 - Public offering of securities exempt from change of control requirements.
Section 51A-17-26 - Request for determination on change of control from director.
Section 51A-17-29 - Records required and open to inspection.
Section 51A-17-30 - Confidentiality of information--Exception.
Section 51A-17-31 - Authorized delegate--Written contract required--Contents.
Section 51A-17-32 - Standards of conduct of authorized delegate.
Section 51A-17-33 - Funds received by authorized delegate constitute trust funds.
Section 51A-17-34 - Report of theft or loss.
Section 51A-17-35 - Suspension or revocation of license.
Section 51A-17-36 - Suspension or revocation of authorized delegate designation.
Section 51A-17-37 - Cease and desist order.
Section 51A-17-38 - Administrative proceeding following cease and desist order.
Section 51A-17-39 - Consent order.
Section 51A-17-40 - Fine for violation of chapter or rule.
Section 51A-17-43 - Jurisdiction of the courts.
Section 51A-17-45 - Licenses not assignable.
Section 51A-17-47 - Promulgation of rules.
Section 51A-17-49 - Collection and maintenance of records and processing of fees.
Section 51A-17-51 - Multistate supervisory processes participation.