S.D. Admin. R. 61:24:03:03

Current through Register Vol. 51, page 67, December 16, 2024

Section 61:24:03:03 - Record keeping requirements

A licensed dealer must keep the records specified in SDCL chapters 32-6 B and 32-7B in the office of the dealer's principal place of business, unless a contract is entered into between a titling service and a licensed dealer. The contract must state the terms of the agreement and must include:

(1) The exact location of where the titling service will keep the records;

(2) Define a reasonable time period, not to exceed 4 days, that the records will be kept at the title service;

(3) Require that all title records be available to the state while the records are held at the title service; and

(4) Identify the responsible party for the lost title documents between the title service and the dealer.

Any record subject to inspection, pursuant to law must be maintained by the dealer for five years.

S.D. Admin. R. 61:24:03:03

16 SDR 111, effective 1/7/1990; 24 SDR 180, effective 7/1/1998; 35 SDR 48, effective 9/8/2008.

General Authority: SDCL 32-6B-60, 32-7B-20.

Law Implemented: SDCL 32-6B-20, 32-7B-9, 32-7B-14, 32-7B-17.