Each holder of or applicant for a permit under this chapter shall notify the board in writing, within thirty days after its occurrence, of any change in the identity of any partner, officer, shareholder, member, or manager whose principal place of business is in this state, any change in the identity of the person in charge of the firm, and any issuance, denial, revocation, or suspension of a permit by any other state.

Firms failing to comply with the provisions of this chapter due to changes in firm ownership, after receiving or renewing a permit, shall take immediate corrective action to return the firm to compliance. The board may grant a reasonable period of time for a firm to take corrective action as specified by rule promulgated pursuant to chapter 1-26. Failure of the firm to comply within a reasonable period as defined by the board shall result in the suspension or revocation of the firm permit.

Terms Used In South Dakota Codified Laws 36-20B-35

  • Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2

Source: SL 2002, ch 179, § 36; SL 2013, ch 175, § 5.

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