S.D. Admin. R. 61:24:06:03

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

Section 61:24:06:03 - Escrow or trust agreement contents

In addition to the conditions set forth in SDCL 32-6B-7.1, each escrow or trust agreement must include the following conditions in its terms:

(1)That the escrow agent or trustee pay claims within 45 days after presentation of any final judgment or execution order involving claims that arose while the vehicle dealer was a participant in the pool;

(2)That the escrow agent or trustee file with the department at least 30 days before the end of each calendar year a report listing all of the participating vehicle dealers and license numbers;

(3)That the escrow agent or trustee report quarterly to the department any vehicle dealers added or deleted from the bond pool;

(4)That the escrow agent or trustee file with the department at least 30 days before the end of each calendar year a financial report concerning the bond pool; and

(5)That all pooled assets be deposited only in a federally insured account of the financial institution or invested in the securities stated in SDCL 4-5-6.

For purposes of this section, a final judgment is a judgment rendered by a court of competent jurisdiction after all avenues of appeal have been exhausted or time to file an appeal has elapsed.

S.D. Admin. R. 61:24:06:03

17 SDR 98, effective 1/15/1991.

General Authority: SDCL 32-6B-7.1.

Law Implemented: SDCL 32-6B-7.1.