<html> <head> <title>Rule 61:24:03:10 Dealer surety bond.</title> <META NAME="Keywords" Content="Administrative Rules 61:24:03:10"> <META NAME="Description" Content="Administrative Rules 61:24:03:10 Dealer surety bond."> <meta name=Generator content="Microsoft Office HTML Filter 2.0"> <meta http-equiv=Content-Type content="text/html; charset=windows-1252"> <meta name=Originator content="Microsoft Word 10"> <style> <!-- --> </style> </head> <body lang=EN-US> <div> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>61:24:03:10.&nbsp;&nbsp;Dealer surety bond.</b> Upon application for an initial dealer license, a dealer shall furnish the original surety bond before issuance of a license.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The original surety bond must be of a continuous nature unless it is revoked or canceled by the surety company, at which time the surety company shall notify the department of such cancellation by certified mail.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Upon renewal of a dealer license, the dealer shall verify possession of a surety bond on the renewal license notice that is sent out by the department. The dealer shall verify on the renewal license notice that a surety bond is in effect and that the surety bond must be maintained and continued for the entire license period.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The surety bond must be made available for inspection at the dealer's place of business at any time upon request by an inspector or enforcement officer.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Source:</b> 24 SDR 180, effective July 1, 1998.</p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>General Authority:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-6B-7">32-6B-7</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-6C-4">32-6C-4</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-7A-5">32-7A-5</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-7B-20">32-7B-20.</A></p> <p>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <b>Law Implemented:</b>SDCL <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-6B-7">32-6B-7</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-6C-4">32-6C-4</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-7A-5">32-7A-5</A>, <A HREF="/statutes/DisplayStatute.aspx?Type=Statute&Statute=32-7B-6">32-7B-6</A></p> </div> </body> </html>