Members of an incorporated automobile dealers' association establishing a pool of assets to satisfy the vehicle dealer bond requirements shall submit a written application to the department administrator. The application shall include the following:
- (1) The name, address, and registered agent of the incorporated dealers' association;
- (2) Copies of the organization's articles of incorporation, the last annual report, and a certificate of good standing from the secretary of state;
- (3) The name and address of the South Dakota financial institution where the pool funds will be deposited in escrow or trust;
- (4) An executed copy of the escrow or trust agreement and related documents; and
- (5) The name and license number or numbers of all participating vehicle dealers.
Source: 17 SDR 98, effective January 15, 1991.
General Authority: SDCL 32-6B-7.1.
Law Implemented: SDCL 32-6B-7.1.