S.D. Admin. R. 61:24:06:02

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

Section 61:24:06:02 - Application for operation of dealer bond pool

Members of an incorporated automobile dealers' association establishing a pool of assets to satisfy the vehicle dealer bond requirements shall submit a written application to the department administrator. The application shall include the following:

(1)The name, address, and registered agent of the incorporated dealers' association;

(2)Copies of the organization's articles of incorporation, the last annual report, and a certificate of good standing from the secretary of state;

(3)The name and address of the South Dakota financial institution where the pool funds will be deposited in escrow or trust;

(4)An executed copy of the escrow or trust agreement and related documents; and

(5)The name and license number or numbers of all participating vehicle dealers.

S.D. Admin. R. 61:24:06:02

17 SDR 98, effective 1/15/1991.

General Authority: SDCL 32-6B-7.1.

Law Implemented: SDCL 32-6B-7.1.