No person may engage in the business of selling, or may offer to sell, display, act as a broker, or advertise the sale of new or used boats, without a license as provided in this chapter. Any violation of this section is a Class 2 misdemeanor. Any subsequent violation that occurs within two years from any violation of this section is a Class 1 misdemeanor. The licensing requirements of this section do not apply to any regulated lenders as that term is defined in § 54-3-14, any insurance company authorized to do business in this state, or any financing institution as defined in and licensed pursuant to chapter 54-4 that acquires new or used boats as an incident to its regular business.

Source: SL 1998, ch 185 , § 2; SL 2014, ch 137 , § 8.