Section 37-19-8 - Notice to department of intention to discontinue redemption--Direction to set asideredemption funds. - South Dakota Statutes

37-19-8. Notice to department of intention to discontinue redemption--Direction to set aside redemption funds. Any person, firm, corporation, limited liability company, or association furnishing trading stamps to retailers and agreeing to redeem trading stamps as provided herein shall not discontinue the redemption of trading stamps without first notifying the Department of Revenue and Regulation of such intention to discontinue redemption. Upon such notice, the Department of Revenue and Regulation shall direct that all funds set aside by the person, firm, corporation, limited liability company, or association for the redemption of trading stamps and such additional funds as in the judgment of the Department of Revenue and Regulation may be necessary, be retained by such person, firm, corporation, limited liability company, or association responsible for the redemption of trading stamps for a period of six months for the purpose of redeeming outstanding stamps in merchandise or reimbursing the holders thereof in cash.

Source: SL 1965, ch 268, § 7; SL 1994, ch 351, § 87; SL 2003, ch 272 (Ex. Ord. 03-1), §§ 20, 121.