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
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.