51A-17-27. Examination or investigation--Acceptance of report by other examining agencies or federal government.
The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter, rule adopted under this chapter and promulgated pursuant to chapter 1-26, or order issued under this chapter that is reasonably necessary to administer and enforce this chapter, rules adopted under this chapter and promulgated pursuant to chapter 1-26, and other applicable law. The director may:
(1)Conduct an examination either on-site or off-site;
(2)Conduct an examination in conjunction with an examination conducted by representatives of another state agency, an agency of another state, or the federal government;
(3)Accept the examination report of another state agency, agency of another state, or the federal government, or a report prepared by an independent accounting firm. A report accepted under this subdivision is considered an official report of the director; and
(4)Summon and examine, under oath, a key individual, employee of a licensee, or authorized delegate and require the individual, employee, or delegate to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.
A licensee or authorized delegate shall provide, and the director must have full and complete access to, all records the director may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the director. The director may utilize multistate record production standards and examination procedures when the standards will reasonably achieve the requirements of this section.
Unless otherwise directed by the director, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.
Source: SL 2008, ch 253, §27; SL 2022, ch 178, §8.
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.