The borrower is responsible for the following:

1. (1) Identifying collateral by the following:

   1. (a) Year;
   2. (b) Type;
   3. (c) Brand name;
   4. (d) Model number; and
   5. (e) Serial number;
2. (2) Paying fees for the perfection of a security interest;
3. (3) Maintaining financial information and accounting records; and
4. (4) Submitting management reports, financial reports, and accounting records to the office and commission upon request.

Source: 12 SDR 117, effective January 19, 1986; 12 SDR 128, 12 SDR 154, effective July 1, 1986; 17 SDR 141, effective March 25, 1991.

General Authority: SDCL 38-6-8.1.

Law Implemented: SDCL 38-6-3 , 38-6-8.