S.D. Admin. R. 61:24:03:10
Upon application for an initial dealer license, a dealer shall furnish the original surety bond before issuance of a license.
The original surety bond must be of a continuous nature unless it is revoked or canceled by the surety company, at which time the surety company shall notify the department of such cancellation by certified mail.
Upon renewal of a dealer license, the dealer shall verify possession of a surety bond on the renewal license notice that is sent out by the department. The dealer shall verify on the renewal license notice that a surety bond is in effect and that the surety bond must be maintained and continued for the entire license period.
The surety bond must be made available for inspection at the dealer's place of business at any time upon request by an inspector or enforcement officer.
S.D. Admin. R. 61:24:03:10
General Authority: SDCL 32-6B-7, 32-6C-4, 32-7A-5, 32-7B-20.
Law Implemented: SDCL 32-6B-7, 32-6C-4, 32-7A-5, 32-7B-6