S.D. Codified Laws § 54-14-27

Current through the 2024 Legislative Session

Section 54-14-27 - Conditioning, denial, nonrenewal, suspension, or revocation of license

The director may condition, deny, decline to renew, suspend for a period not to exceed six months, or revoke a license if the director finds:

(1) Any fact or condition exists that, if it had existed at the time the licensee applied for its license, would have been grounds for denying the application;

(2) The licensee violated any provisions of this chapter or any rule or order promulgated by the director;

(3) The licensee refuses to permit the director to make any examination authorized by this chapter or rule promulgated pursuant to this chapter, or any federal statute, rule, or regulation pertaining to mortgage lending;

(4) The licensee willfully fails to make any report required of this chapter;

(5) The competence, experience, character, or general fitness of the licensee indicates that it is not in the public interest to permit the licensee to continue to conduct business;

(6) The bond of the licensee has been revoked or cancelled by the surety;

(7) The licensee or any partner, officer, director, manager, or employee of the licensee has been convicted of a felony or a misdemeanor involving any aspect of the financial services business;

(8) The licensee or any partner, officer, director, manager, or employee of the licensee has had a license substantially equivalent to a license under this chapter, and issued by another state, denied, revoked or suspended under the laws of that state;

(9) The licensee has filed an application for a license which as of the date the license was issued, or as of the date of an order denying, suspending, or revoking a license, was incomplete in any material respect or contained any statement that was, in light of the circumstances under which it was made, false or misleading with respect to any material fact.

The director may revoke a license for good cause pursuant to chapter 1-26. If the licensee is the holder of more than one license, the director may revoke any or all of the licenses.

SDCL 54-14-27

SL 2007, ch 279, §16; SL 2009, ch 251, §16.