South Dakota § 51A-17-83 Notice of adding or replacing key individual by licensee--Notice of disapproval by director.

South Dakota Statutes

§ 51A-17-83 — Notice of adding or replacing key individual by licensee--Notice of disapproval by director.

South Dakota § 51A-17-83

Title 51ABANKS AND BANKING

Ch. 51A-16MONEY TRANSMISSION

This text of South Dakota § 51A-17-83 (Notice of adding or replacing key individual by licensee--Notice of disapproval by director.) is published on Counsel Stack Legal Research, covering South Dakota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.D. Codified Laws § 51A-17-83 (2026).

Text

(1)A licensee adding or replacing any key individual must:

(a)Provide notice in a manner prescribed by the director within fifteen days after the effective date of the key individual's appointment; and (b) Provide information as required by §§ 51A-17-62 and 51A-17-63 within forty-five days of the effective date.

(2)Within ninety days of the date on which the notice provided pursuant to this section was determined to be complete, the director may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee.

(3)A notice of disapproval must contain a statement of the b

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(1) A licensee adding or replacing any key individual must: (a) Provide notice in a manner prescribed by the director within fifteen days after the effective date of the key individual's appointment; and (b) Provide information as required by §§ 51A-17-62 and 51A-17-63 within forty-five days of the effective date. (2) Within ninety days of the date on which the notice provided pursuant to this section was determined to be complete, the director may issue a notice of disapproval of a key individual if the competence, experience, character, or integrity of the individual would not be in the best interests of the public or the customers of the licensee to permit the individual to be a key individual of such licensee. (3) A notice of disapproval must contain a statement of the basis for disapproval and shall be sent to the licensee and the disapproved individual. A licensee may appeal a notice of disapproval pursuant chapter 1-26 within thirty days of receipt of such notice of disapproval. (4) If the notice provided pursuant to this section is not disapproved within ninety days after the date on which the notice was determined to be complete, the key individual is deemed approved. (5) If a multistate licensing process includes a key individual notice review and disapproval process pursuant to this section and the licensee avails itself or is otherwise subject to the multistate licensing process: (a) The director is authorized and encouraged to accept the determination of another state if the investigating state has sufficient staffing, expertise, and minimum standards for the purpose of this section; or (b) If this state is a lead investigative state, the director is authorized and encouraged to investigate the applicant pursuant to this section and the timeframes established by agreement through the multistate licensing process.