South Dakota Administrative Code

Rule 20:07:19:09 Examination of licensees. 20:07:19:09. Examination of licensees. The division may annually, or as often as the director considers necessary, conduct an examination of business records, accounts, and any other documents required to be kept by § 20:07:19:08, of any…

Rule 20:07:19:10 Proof of experience. 20:07:19:10. Proof of experience. Repealed. Source: 33 SDR 226, effective July 1, 2007; repealed, 39 SDR 55, effective October 8, 2012.

Rule 20:07:19:11 Continuing education requirements. 20:07:19:11. Continuing education for mortgage loan originators. In order to meet the annual continuing education requirements referred to in SDCL 54-14-13.2, a licensed mortgage loan originator shall complete at least eight hou…

Rule 20:07:19:12 Pre-licensing education of mortgage loan originators. 20:07:19:12. Pre-licensing education of mortgage loan originators. In order to meet the pre-licensing education requirement in SDCL 54-14-13.1(4), an individual shall complete at least twenty hours of educatio…

Rule 20:07:19:13 Testing of mortgage loan originators. 20:07:19:13. Testing of mortgage loan originators. In order to meet the written test requirement referred to in SDCL 54-14-13.1(5), an individual shall pass a qualified written test in accordance with the standards establishe…

Rule 20:07:19:14 Challenge process. 20:07:19:14. Challenge process. A mortgage licensee may challenge information entered into the nationwide mortgage licensing system and registry by the division. Any challenge must be in writing and identify the information being challenged and…

Rule 20:07:19:15 Reports of condition. 20:07:19:15. Reports of condition. Each licensee required to submit a report of condition pursuant to SDCL 54-14-36 shall provide to the nationwide mortgage licensing system and registry, loan activity data for the licensee's operations in S…

Rule 20:07:20:01 Original license fee. 20:07:20:01. Original license fee. Any person who applies for an original license shall include a non-refundable license fee of one thousand dollars with the application. Source: 24 SDR 180, effective June 30, 1998; 30 SDR 193, effective Jun…

Rule 20:07:20:02 Renewal fee. 20:07:20:02. Renewal fee. The annual renewal fee for any person licensed under SDCL 54-4-40 is eight hundred dollars and is non-refundable. Source: 24 SDR 180, effective June 30, 1998; 30 SDR 193, effective June 15, 2004; 31 SDR 165, effective May 11…

Rule 20:07:20:03 Records required to be kept -- Duration. 20:07:20:03. Records required to be kept -- Duration. The following records shall be kept for a period of at least three years, and shall be available for investigation, examination, and copying by the division: (1) A repo…

Rule 20:07:21:01 Original filing fees. 20:07:21:01. Original filing fees. Any person who applies for an original license pursuant to SDCL chapter 51A-17 shall include a nonrefundable application fee of five hundred dollars and an original license fee of one thousand dollars with …

Rule 20:07:21:02 Annual renewal fee. 20:07:21:02. Annual renewal fee. The annual renewal fee for any person licensed under SDCL chapter 51A-17 is eight hundred dollars. Source: 30 SDR 193, effective June 15, 2004; 31 SDR 165, effective May 11, 2005; 34 SDR 322, effective June 30,…

Rule 20:07:22:01 Supervision fee schedule. 20:07:22:01. Supervision fee schedule. A state-chartered trust company shall pay an annual fee for supervision at the rate of seven cents per $10,000 of total assets under management, administration, or custody, as reported as of the end…

Rule 20:07:22:02 Remittance. 20:07:22:02. Remittance. A state-chartered trust company shall remit the annual fee with the report of trust assets to the division within 30 days following December 31. Source: 30 SDR 193, effective June 15, 2004; 31 SDR 87, effective December 19, 20…

Rule 20:07:22:03 Private trust company defined. 20:07:22:03. Private trust company defined. A private trust company is one that does not engage in trust company business with the general public or otherwise hold itself out as a trustee or fiduciary for hire by advertising, solici…

Rule 20:07:22:04 Trust administration defined. 20:07:22:04. Trust administration defined. For purposes of SDCL 51A-6A-11.1, trust administration means that at least three of the following are performed wholly or partly in this state for accounts under the management, administrati…

Rule 20:07:23:01 Definitions. 20:07:23:01. Definitions. Terms defined in SDCL 51A-1-2 have the same meaning when used in this chapter. The use by a bank of a third party unaffiliated courier service does not constitute a mobile branch bank. Source: 32 SDR 38, effective September …

Rule 20:07:23:02 Mobile branch banks requiring only notification to director. 20:07:23:02. Mobile branch banks requiring only notification to director. Any bank desiring to establish a mobile branch bank in the municipality in which the bank has an existing permanent bank or bran…

Rule 20:07:23:03 Mobile branch banks requiring application to director. 20:07:23:03. Mobile branch banks requiring application to director. Any bank desiring to establish a mobile branch bank outside the municipality in which the bank has an existing permanent bank or branch bank…

Rule 20:07:23:04 Repealed. 20:07:23:04. Commission approval of application. Repealed. Source: 32 SDR 38, effective September 6, 2005; repealed, effective 34 SDR 322, effective June 30, 2008.

Rule 20:07:23:05 Notice required to discontinue mobile branch banks. 20:07:23:05. Notice required to discontinue mobile branch banks. At least 30 days before terminating an existing mobile branch bank, the bank shall submit a letter of notice to the director that includes the fol…

20:08:03:01. Registration for broker-dealers, broker-dealer agents, and agents of the issuer. (1) Definitions. Terms in this chapter mean: (a) "CRD," the Central Registration Depository; (b) "Division," the Division of Insurance, South Dakota Department of Labor and Regulation; (…

Rule 20:08:03:02 Record keeping requirements for broker-dealers. 20:08:03:02. Record keeping requirements for broker-dealers. (1) Unless otherwise provided by order of the SEC, each broker-dealer registered or required to be registered under SDCL chapter 47-31B shall make, mainta…

Rule 20:08:03:03 Broker-dealer minimum financial requirements. 20:08:03:03. Broker-dealer minimum financial requirements. (1) Each broker-dealer registered or required to be registered under SDCL chapter 47-31B, shall comply with SEC Rules 15c3-1 (17 C.F.R. § 240.15c3-1), 15c3-2 …

Rule 20:08:03:04 Net capital requirements of broker-dealers. 20:08:03:04. Net capital requirements of broker-dealers. A broker-dealer registered or required to be registered under SDCL chapter 47-31B shall have and maintain an adjusted net capital in compliance with Rule 15c3-1 (…

Rule 20:08:03:05 Waiver of certain broker-dealer records and financial requirements. 20:08:03:05. Waiver of certain broker-dealer records and financial requirements. Upon written application, the director may waive the requirements of §§ 20:08:03:02, 20:08:03:03, and 20:08:03:04 …

Rule 20:08:03:06 Dishonest and unethical practices, broker-dealer, broker-dealer agents. 20:08:03:06. Dishonest and unethical practices, broker-dealer, broker-dealer agents. Any broker-dealer or agent who engages in one or more of the following practices shall be deemed to have e…

Rule 20:08:03:07 Fraudulent practices of broker-dealers, broker-dealer agents, and agents of the issuer. 20:08:03:07. Fraudulent practices of broker-dealers, broker-dealer agents, and agents of the issuer. The purpose of this section is to identify practices in the securities bus…

Rule 20:08:03:07.01 Certifications and professional designations. 20:08:03:07.01. Certifications and professional designations. (1) The use of a senior specific certification or designation by any person in connection with the offer, sale, or purchase of securities, or the provis…

Rule 20:08:03:08 Written supervisory procedures. 20:08:03:08. Written supervisory procedures. Each broker-dealer shall establish and keep current a set of written supervisory procedures and a system for applying such procedures, which may be reasonably expected to prevent and det…

Rule 20:08:03:09 Copies of complaints to be filed with director. 20:08:03:09. Copies of complaints to be filed with director. A broker-dealer shall file with the director a copy of any complaint related to its business transactions or operations in this state, which names the bro…

Rule 20:08:03:10 Notice of transfer of control or of name change. 20:08:03:10. Notice of transfer of control or of name change. A broker-dealer shall promptly file with the director a notice of transfer of control or change of name not less than 30 days before the date on which t…

Rule 20:08:03:11 Notice of net capital deficiency. 20:08:03:11. Notice of net capital deficiency. A broker-dealer shall file with the director an immediate notice whenever the net capital of the broker-dealer is less than is required in § 20:08:03:04. Source: 27 SDR 5, effective …

Rule 20:08:03:12 Repealed. 20:08:03:12. Notice required of opening or closing of branch office. Repealed. Source: 27 SDR 5, effective July 31, 2000; 30 SDR 211, effective July 1, 2004; repealed, 33 SDR 63, effective October 18, 2006.

Rule 20:08:03:13 Notice of thefts required. 20:08:03:13. Notice of thefts required. Each broker-dealer shall give immediate notice to the director of the theft or mysterious disappearance of any securities or funds from any of its offices in this state, stating all material facts…

Rule 20:08:03:14 Broker-dealer conduct on the premises of financial institutions. 20:08:03:14. Broker-dealer conduct on the premises of financial institutions. (1) No broker-dealer may conduct broker-dealer services on the premises of a financial institution where retail deposits…

Rule 20:08:03:15 Cross-border exemptions from registration for broker-dealers and agents. 20:08:03:15. Cross-border exemptions from registration for broker-dealers and agents. (1) Broker-Dealer Exemption. A broker-dealer that is registered in Canada and who has no office or other…

Rule 20:08:03:16 Employee of the issuer exemption. 20:08:03:16. Employee of the issuer exemption. An employee who represents an issuer and who effects transactions in the issuer's securities exempted by SDCL 47-31B-202(11) and 47-31B-202(14) is exempt from agent registration unde…

Rule 20:08:03:17 Finders. 20:08:03:17. Finders. (1) The term, agent, as defined in SDCL 47-31B-102(2), does not include a finder. (2) The term, broker-dealer, as defined in SDCL 47-31B-102(4), does not include a finder. (3) The term, finder, means a person who directly or indirec…

Rule 20:08:03:18 Business brokers. 20:08:03:18. Business brokers. (1) If a "business broker" as defined in subsection (2) below is involved in the sale of a business that results in a securities transaction, the business broker is exempt from registration as a broker-dealer and t…

20:08:04:01. Definitions. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:02. Selling expenses. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:03. Expense limitation for mutual funds. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:04. Options to underwriters. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:05. Selling security holders. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:06. Offering price. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.

20:08:04:07. Offering price of common stock of issuers not in the promotional or developmental stage. Repealed. Source: 16 SDR 185, effective May 16, 1990; repealed, 28 SDR 48, effective October 10, 2001.