58-14-43. Restrictions on brokers connected to a firm or association.
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/sd/title-58/chapter-58-14/58-14-43·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
No person may act as a broker in this state if the broker maintains an office either directly or as a member or employee of a firm or association, or an officer, director, or employee of a corporation:
(1)In this state, unless the broker is a licensed producer in this state; or
(2)In another state, unless the broker is a licensed producer in this state or another state having a law substantially similar to this law or the broker is licensed in this state as a nonresident reinsurance intermediary.