South Dakota Codified Laws 51A-17-35. Suspension or revocation of license
The director may suspend or revoke a licensee’s license if the director finds that:
(1) Any fact or condition exists that, if it had existed at the time when the licensee applied for its license, would have been grounds for denying such application;
Terms Used In South Dakota Codified Laws 51A-17-35
- 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.
- Statute: A law passed by a legislature.
- 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) The licensee’s net worth becomes inadequate and the licensee, after ten days written notice from the director, fails to take such steps as the director deems necessary to remedy such deficiency;
(3) The licensee violates any material provision of this chapter or any rule or order promulgated by the director under authority of this chapter;
(4) The licensee is convicted of a violation of a state or federal anti-money laundering statute or is subject to an enforcement action for a violation of a state or federal anti-money laundering statute;
(5) The licensee is conducting its business in an unsafe or unsound manner;
(6) The licensee is insolvent;
(7) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(8) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement, or other relief under any bankruptcy;
(9) The licensee refuses to permit the director to make any examination authorized by this chapter;
(10) The licensee fails to make any report required by this chapter; or
(11) The competence, experience, character, or general fitness of the licensee indicates that it is not in the public interest to permit the licensee to conduct its business.
Source: SL 2008, ch 253, § 35.