South Dakota Administrative Rules
Title 61 - Department of Public Safety
Article 61:24 - VEHICLE DEALER LICENSING
Chapter 61:24:06 - Dealer bond pool
Section 61:24:06:02 - Application for operation of dealer bond pool

Universal Citation: SD Admin Rules 61:24:06:02

Current through Register Vol. 51, page 43, September 23, 2024

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.

General Authority: SDCL 32-6B-7.1.

Law Implemented: SDCL 32-6B-7.1.

Disclaimer: These regulations may not be the most recent version. South Dakota may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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