S.D. Codified Laws § 51A-17-27

Current with legislation signed by the governor on or before 3/6/2024

Section 51A-17-27 - [Repealed Effective 7/1/2024] Examination or investigation-Acceptance of report by other examining agencies or federal government

The director may conduct an examination or investigation of a licensee or authorized delegate or otherwise take independent action authorized by this chapter, rule adopted under this chapter and promulgated pursuant to chapter 1-26, or order issued under this chapter that is reasonably necessary to administer and enforce this chapter, rules adopted under this chapter and promulgated pursuant to chapter 1-26, and other applicable law. The director may:

(1) Conduct an examination either on-site or off-site;

(2) Conduct an examination in conjunction with an examination conducted by representatives of another state agency, an agency of another state, or the federal government;

(3) Accept the examination report of another state agency, agency of another state, or the federal government, or a report prepared by an independent accounting firm. A report accepted under this subdivision is considered an official report of the director; and

(4) Summon and examine, under oath, a key individual, employee of a licensee, or authorized delegate and require the individual, employee, or delegate to produce records regarding any matter related to the condition and business of the licensee or authorized delegate.

A licensee or authorized delegate shall provide, and the director must have full and complete access to, all records the director may reasonably require to conduct a complete examination. The records must be provided at the location and in the format specified by the director. The director may utilize multistate record production standards and examination procedures when the standards will reasonably achieve the requirements of this section.

Unless otherwise directed by the director, a licensee shall pay all costs reasonably incurred in connection with an examination of the licensee or the licensee's authorized delegates.

SDCL 51A-17-27

SL 2008, ch 253, §27; SL 2022, ch 178, §8.

Repealed by S.L. 2024, ch. TBD,s. 112, eff. 7/1/2024.

Amended by S.L. 2022, ch. 178,s. 8, eff. 7/1/2022.