South Dakota Codified Laws 51A-17-22. Amendment or notice of certain events required
Within fifteen business days of the occurrence of any one of the events listed in this section, a licensee shall electronically file an amendment or an advance change notice through the nationwide mortgage licensing system and registry describing the event and its expected impact on the licensee’s activities in the state. The events include:
(1) Any material changes in information provided in a licensee’s application or renewal report;
Terms Used In South Dakota Codified Laws 51A-17-22
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Conviction: A judgement of guilt against a criminal defendant.
- Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(2) The filing for bankruptcy or reorganization by the licensee;
(3) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority with regard to the licensees’ money transmission activities;
(4) Any felony indictment of the licensee or any of its executive officers, key individuals, or directors related to money transmission activities; and
(5) Any felony conviction of the licensee or any of its executive officers, key individuals, or directors related to money transmission activities.
Source: SL 2008, ch 253, § 22; SL 2022, ch 178, § 6; SL 2023, ch 159, § 13.