51A-17-35. Suspension or revocation of license.
The director may suspend or revoke a licensee's license if the director finds that:
(1)Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying such application;
(2)The licensee's net worth becomes inadequate and the licensee, after ten days written notice from the director, fails to take such steps as the director deems necessary to remedy such deficiency;
(3)The licensee violates any material provision of this chapter or any rule or order promulgated by the director under authority of this chapter;
(4)The licensee is convicted of a violation of a state or federal anti-money laundering statute or is subject to an enforcement action for a violation of a state or federal anti-money laundering statute;
(5)The licensee is conducting its business in an unsafe or unsound manner;
(6)The licensee is insolvent;
(7)The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(8)The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;
(9)The licensee refuses to permit the director to make any examination authorized by this chapter;
(10)The licensee fails to make any report required by this chapter; or
(11)The competence, experience, character, or general fitness of the licensee indicates that it is not in the public interest to permit the licensee to conduct its business.
Source: SL 2008, ch 253, ยง35.
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.