South Dakota § 47-31B-601 - Administration.

§ 47-31B-601. Administration.

(a) Administration. This chapter shall be administered by the director.

(b) The director shall designate one of the director's employees to administer the provisions of this chapter in the event of the director's absence or disability.

(c) This chapter shall be administered under the direction and supervision of the Department of Labor and Regulation and the secretary thereof, but shall retain the quasi-judicial, quasi-legislative, advisory, and other nonadministrative functions, as defined in § 1-32-1, otherwise vested in it and shall exercise those functions independently of the secretary of the Department of Labor and Regulation.

(d) The director shall be appointed by the secretary of the Department of Labor and Regulation and may be removed at the pleasure of the secretary. The appointment and removal of the director shall be subject to approval by the Governor.

(e) The director shall receive travel expenses, in accordance with the rules of the Board of Finance, incurred in the discharge of official duties.

(f) The director shall employ, from time to time, such clerks and employees as are necessary for the administration of this chapter, and they shall perform such duties as the director shall assign.

(g) The director may be included in the state's employees' blanket bond pursuant to § 3-5-5.1.

(h) The director may use the seal with the words, Director of Insurance, South Dakota, with a design the director prescribes engraved on the seal to authenticate the director's signature and proceedings.

(i) Unlawful use of records or information. It is unlawful for the director or an officer, employee, or designee of the director to use for personal benefit or the benefit of others records or other information obtained by or filed with the director that are not public under § 47-31B-607(b). This chapter does not authorize the director or an officer, employee, or designee of the director to disclose the record or information, except in accordance with § 47-31B-602, 47-31B-607(c), or 47-31B-608.

(j) No privilege or exemption created or diminished. This chapter does not create or diminish a privilege or exemption that exists at common law, by statute or rule, or otherwise.

(k) Investor education. The director may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on the prevention and detection of securities fraud. In developing and implementing these initiatives, the director may collaborate with public and nonprofit organizations with an interest in investor education. The director may accept a grant or donation from a person that is not affiliated with the securities industry or from a nonprofit organization, regardless of whether the organization is affiliated with the securities industry, to develop and implement investor education initiatives. This subsection does not authorize the director to require participation or monetary contributions of a registrant in an investor education program.

Source: SL 2004, ch 278, § 39; SL 2011, ch 1 (Ex. Ord. 11-1), § 162, eff. Apr. 12, 2011; SL 2018, ch 278, § 5.