South Dakota § 51A-17-72 Acquisition of control--Approval required--Application--Fee--Promulgation of rules.

South Dakota Statutes

§ 51A-17-72 — Acquisition of control--Approval required--Application--Fee--Promulgation of rules.

South Dakota·Title 51A BANKS AND BANKING·Ch. 51A-16 MONEY TRANSMISSION

(1)Any person, or group of persons acting in concert, seeking to acquire control of a licensee must obtain the written approval of the director prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to these acquisition of control provisions when that individual becomes a key individual in the ordinary course of business.

(2)A person, or group of persons acting in concert, seeking to acquire control of a licensee must, in cooperation with the licensee:

(a)Submit an application in a form and in a medium prescribed by the director; and (b) Submit a nonrefundable fee not to exceed one thousand dollars. The director shall establish the fee by rule promulgated pursuant to chapter 1-26 .

(3)Upon request, the director may per

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(1) Any person, or group of persons acting in concert, seeking to acquire control of a licensee must obtain the written approval of the director prior to acquiring control. An individual is not deemed to acquire control of a licensee and is not subject to these acquisition of control provisions when that individual becomes a key individual in the ordinary course of business. (2) A person, or group of persons acting in concert, seeking to acquire control of a licensee must, in cooperation with the licensee: (a) Submit an application in a form and in a medium prescribed by the director; and (b) Submit a nonrefundable fee not to exceed one thousand dollars. The director shall establish the fee by rule promulgated pursuant to chapter 1-26 . (3) Upon request, the director may permit a licensee or the person, or group of persons acting in concert, to submit some or all information required by the director pursuant to this section without using NMLS. (4) The application required by this section shall include information required by §§ 51A-17-62 and 51A-17-63 for any new key individuals that have not previously completed the requirements of §§ 51A-17-62 and 51A-17-63 for a licensee.

South Dakota § 51A-17-72 (Acquisition of control--Approval required--Application--Fee--Promulgation of rules.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.