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2017 South Dakota Codified Laws
Title 51A - BANKS AND BANKING
Chapter 17 - Money Transmission
§ 51A-17-31 Authorized delegate--Written contract required--Contents.
Universal Citation: SD Codified L § 51A-17-31 (2017)
51A-17-31. Authorized delegate--Written contract required--Contents. Any licensee desiring to conduct licensed activities through an authorized delegate shall authorize each delegate to operate pursuant to an express written contract. Any such contract entered into after July 1, 2008, shall provide the following:
(1) That the licensee appoints the person as its delegate with authority to engage in money transmission on behalf of the licensee;
(2) That neither a licensee nor an authorized delegate may authorize subdelegates without the written consent of the director; and
(3) That licensees are subject to supervision and regulation by the director.
Source: SL 2008, ch 253, ยง 31.
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