South Dakota Codified Laws 51A-17-31. Authorized delegate–Written contract required–Contents
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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;
Terms Used In South Dakota Codified Laws 51A-17-31
- Contract: A legal written agreement that becomes binding when signed.
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(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, § 31.