2024 South Dakota Codified Laws
Title 51A - Banks and Banking
Chapter 17 - Money Transmission
Section 51A-17-60 - Licensing--Director authority.
51A-17-60. Licensing--Director authority.
(1)To establish consistent licensing between this state and other states, the director is authorized and encouraged to:
(a)Implement all licensing provisions of this chapter in a manner that is consistent with other states that have adopted this chapter or multistate licensing processes; and
(b)Participate in nationwide protocols for licensing cooperation and coordination among state regulators provided that such protocols are consistent with this chapter.
(2)In order to fulfill the purposes of this chapter, the director is authorized and encouraged to establish relationships or contracts with NMLS or other entities designated by NMLS to enable the director to:
(a)Collect and maintain records;
(b)Coordinate multistate licensing processes and supervision processes;
(c)Process fees; and
(d)Facilitate communication between the division and licensees or other persons subject to this chapter.
(3)The director is authorized and encouraged to utilize NMLS for all aspects of licensing in accordance with this chapter, including, but not limited to, license applications, applications for acquisitions of control, surety bonds, reporting, criminal history background checks, credit checks, fee processing, and examinations.
(4)The director is authorized and encouraged to utilize NMLS forms, processes, and functionalities in accordance with this chapter. In the event NMLS does not provide functionality, forms, or processes for a provision of this chapter, the director is authorized and encouraged to strive to implement the requirements in a manner that facilitates uniformity with respect to licensing, supervision, reporting, and regulation of licensees which are licensed in multiple jurisdictions.
(5)For the purpose of participating in the Nationwide Multistate Licensing System and Registry, the director is authorized to waive or modify, in whole or in part, by rule, regulation or order, any or all of the requirements and to establish new requirements as reasonably necessary to participate in the Nationwide Multistate Licensing System and Registry.
Source: SL 2024, ch 196, §9.
