South Dakota § 51A-17-87 Report of bankruptcy, administrative proceeding, or revocation or suspension of license.

South Dakota Statutes

§ 51A-17-87 — Report of bankruptcy, administrative proceeding, or revocation or suspension of license.

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

(1)A licensee must file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events:

(a)The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. § 101-110 (January 1, 2024) for bankruptcy or reorganization;

(b)The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or (c) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.

(2)A licensee must file a report with the dir

Free access — add to your briefcase to read the full text and ask questions with AI

(1) A licensee must file a report with the director within one business day after the licensee has reason to know of the occurrence of any of the following events: (a) The filing of a petition by or against the licensee under the United States Bankruptcy Code, 11 U.S.C. § 101-110 (January 1, 2024) for bankruptcy or reorganization; (b) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors; or (c) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed. (2) A licensee must file a report with the director within three business day after the licensee has reason to know of the occurrence of any of the following events: (a) A charge or conviction of the licensee or of a key individual or person in control of the licensee for a felony; or (b) A charge or conviction of an authorized delegate for a felony.

South Dakota § 51A-17-87 (Report of bankruptcy, administrative proceeding, or revocation or suspension of license.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.